Method of Electronic Payment and Technology in the Global Context: An Overview
Author : Dr. Regina Mathias
Abstract :
An Electronic Payment System is defined as a mode of payment over an electronic network, such as the Internet. The Indian economy has developed at a rapid pace since the growth of e-commerce, electronic payments, and digital payments have gone a long way. Electronic payments have been rising since the implementation of demonetization and will continue to do so with the current government ensuring that these types of payments are promoted. Like everything else in our world, payment transactions are rapidly shifting towards digitalization, driven by innovative digital payment technologies. Digital payments have undergone a remarkable evolution over the years, evolving from conventional methods to sophisticated, technology enabled solutions. Here, it is very important to know how digital payments work, examines common payment methods used, and highlights the role of key participants in this payment ecosystem. Digital payments refer to electronic financial transactions conducted over the Internet or other electronic devices, allowing individuals and business to send and receive money without the need for physical currency. The ecosystem of digital payments encompasses various technologies, platforms, and digital payment services that enable individuals and business to conduct transactions electronically. To understand how digital payment work, we need to examine the participants of this process. Integrating new digital payment technologies with existing financial systems can pose challenges, particularly in ensuring compatibility and navigating complex transaction processes.
Keywords :
Payment System, Machine Learning, Artificial Intelligence, Speed, Security, etc.
