Issue Details

The Evolution of Digital Payments: Trends, Challenges, and Future Prospects

ABSTRACT

Digital payments have transformed the global financial landscape, reshaping commerce, banking, and economic transactions. With advancements in technology, payment systems have evolved from cash-based transactions to contactless, mobile, and blockchain-driven solutions. This paper examines the evolution of digital payments, exploring key trends such as mobile wallets, contactless payments, and central bank digital currencies (CBDCs). It also highlights major challenges, including cybersecurity risks, regulatory hurdles, and financial inclusion. Finally, the study discusses future prospects, including artificial intelligence (AI) in payments, biometric authentication, and the role of digital currencies in shaping a cashless economy. The findings indicate that while digital payments offer enhanced convenience and efficiency, strategic policies are required to address security concerns and regulatory issues to ensure sustainable growth.

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