In this video, Professor Larru explores the evolution of payment methods, transitioning from traditional to nontraditional approaches, and their impact on banking and incumbent payment providers. Since the introduction of credit cards in the 1950s, followed by debit cards in the 1980s and the rise of e-commerce in the 1990s, electronic payments have gained popularity, gradually displacing cash and checks. Traditional payment systems involve various intermediaries, from customers initiating transactions to merchants accepting them via point-of-sale applications, validated by banks and payment networks.