The first paper money was probably used in 1024 in China. In Europe, paper money was issued for the first time in 1483 in Spain when there was a shortage of coins. The increasing trade demanded increased payment, and it was inconvenient to pay large amounts with heavy coins. Therefore, banks began to keep coins and to issue receipts-also called as bank notes-for them. These were valid means of payment. They gave their owners the right to demand the corresponding amount of coins from the bank at any time. Similarly, today we have plastic ATM cards issued by a bank that can be used for money withdrawal and other types of transactions, often through interbank networks.
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