History of Money Order
In the late 18th century, Britain introduced the concept of money orders, but it didn’t catch on at first due to high fees. Cash or checks were preferred over this new system. However, things changed when a private buyer acquired the system and reduced the fees, making money orders more popular. A significant turning point in the history of money orders was when the British Post Office recognized its value. They saw it as a secure way for people to send money without the risk of theft. Unlike cash, which could easily be stolen and deposited into any account, a money order was legally binding and could only be deposited into the specified recipient’s account. The Post Office took over the system, improved its profitability, and turned it into a significant source of revenue.