I did not mean that bank transfers have not developed over the years but online payment systems in general. Back in the days with DigiCash there was a payment system developed that really mimiced online cash money. Very elegant and also very efficient for micropayments. Based on this technology a whole range of derivative products were possible and some even developed.
Now we are 15 years down the road and we have actually gone back instead of having moved forward! Initiatives like Paypal or Google's are working but are a far cry of a sound online payment infrastructure.