Study of Digital Payments: Revolutionizing Commerce and Economic Systems

Abstract

The character of global trade and economic systems brought about by the spread of digital payment systems has changed dramatically. With an eye towards the factors driving their extensive use, the technology enabling their expansion, and the ways in which these developments have impacted various sectors of the economy, the evolution of electronic payment systems We examine how new payment technologies—such as mobile wallets, cryptocurrencies, and contactless payments—are influencing government legislation, corporate practices, and consumer behaviour. Furthermore evaluated in the study are the financial consequences of digital payments—greater access to financial services, reduced transaction fees, and more successful international trade. Using regional case studies, with an eye on cybersecurity, regulatory systems, and digital literacy, looking at digital payment prospects and hazards across areas. Although digital payments have huge potential to enhance the economy and bring fresh ideas, the findings demonstrate that we must move deliberately to tackle security concerns, develop confidence, and ensure everyone could utilise them. about the direction of electronic payment systems and their essential role in the ever changing global economy.