Articlediamond2022

Evolution of Digital Payment Systems and a Breakthrough

13 citations0/0 files storedJournal of Economics Management and Trade

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Digital Transformation in Financial Services Blockchain Technology Applications and Security FinTech, Crowdfunding, Digital Finance

Abstract

This analytical study examines the evolution of digital payment systems and the use by financial institutions and fintech companies in line with the changing user needs, along with the evolutionary developments in information technologies. It also makes a comparative analysis of digital payment platforms that are popularly used all over the world, e.g. PayPal, GooglePay, Wise. The introduction of the first ATM in 1967, the first contactless credit card payment in 1999, the introduction of blockchain in 2009, the emergence of GoogleWallet in 2011 and the introduction of Visa Click-to-pay in 2020 may be defined as the milestones of digital payment systems. Digital payment systems can be broadly classified as smart cards, online payments, mobile applications, blockchain transfers and biometric authentication. All payment systems in the world are generally shaped according to user needs. The exponential growth of e-commerce and the increasing influence of market regulators also contribute to shaping the future of payment systems. A decentralized monetary management is envisioned by the transition to a cashless economy, the emergence of new online financial institutions, and the adoption of blockchain and cryptocurrencies. It is concluded that the evolution of digital payment systems will expand convenience, refund, convergence, cross-border and time limitless transaction. With the increasing adoption of digital payment systems by all spenders, there is a clear transition towards a cashless economy. The current arguments in academic and professional platforms about the future of digital systems predict that by the 2050s, physical money will be completely out of circulation and these currencies will be replaced by virtual currencies that can easily be transferred over number of digital platforms.

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References

2016The Journal of Internet Banking and Commerce 2018Mobile payment in Fintech environment: trends, security challenges, and services 2021The Evolving Research of Customer Adoption of Digital Payment: Learning from Content and Statistical Analysis of the Literature 2017Digital Payments Adoption: An Analysis of Literature 2017Study of Consumer Perception of Digital Payment Mode 2018A Review of E-Payment System in E-Commerce 2015Examining the relationship of payment system characteristics and behavioural intention in e-payment adoption: a case of Indonesia 2002An analysis and comparison of different types of electronic payment systems

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