The technique and technology of payment settlement systems has completed an enormous journey from the 18th century to modern times. Nowadays, we have gone from bilateral settlements to global payment systems. Numerous payment options are available to us, from paper based settlements to mobile wallets. In my study, I am primarily tracking the development of the technology on the basis of the payment systems of the USA, introducing the primary open and closed loop systems, as well as the changing customer needs which have brought the bank card and Bitcoin to life.