Aside from the banking and finance sector, the rapid digitization of the world has also influenced the pawnbroking industry. Back in the day, pawning could only be done face-to-face. After presenting your collateral to a shop, you needed to surrender your item for a few days for proper inspection. Thanks to the entrance of online pawning, people are now able to pawn their products more conveniently.

To better understand how the pawnshop industry came to be, it’s essential to have a general idea of how pawnbroking became what it is today. Take a look at this infographic courtesy of PawnHero for an informative timeline of its history.

[Click image for full size version]

How the Digital Transformation Has Changed Pawnshops

Irma Wallace

Irma Wallace

Co-founder and Vice President of SearchRank, responsible for many of the day to day operations of the company. She is also founder of The Arizona Builders’ Zone, a construction / home improvement portal.

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