The Bretton Woods system of international monetary management established the exchange rates between western nations up until 1972 when there was a return to convertibility with the breakdown of the agreement.
The subsequent inflation created a shortage of coins in Italy which lead to a very high incidence of payphone vandalism and theft. To counter this the first prepaid phone card was developed to use in payphones that did not use coins but only phone cards.
These cards were made by SIDA a vending machine manufacturer. They were thin and had a magnetic strip on the back of the phone card.
The idea soon picked up and spread to other European countries in 1977. The phone cards didnt work very well, they kept getting stuck or jamming. Nippon developed Japans first pre-paid phone card which worked very well and was adopted more widely.
The next big development step came when World Telecom in the USA developed a reliable phone card with Siemens and General Electric in 1987. Two years later AT&T also entered the market in the USA when they released their first pre-paid phone cards in Hawaii.
Phone cards were first introduced into Australia in...
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