ARCHIVES
VOL. 10, ISSUE 7 (2023)
Electronic payment methods and technology in the digital era-an overview
Authors
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.
Download
Pages:82-84
How to cite this article:
Dr. Regina Mathias "Electronic payment methods and technology in the digital era-an overview". International Journal of Multidisciplinary Research and Development, Vol 10, Issue 7, 2023, Pages 82-84
Download Author Certificate
Please enter the email address corresponding to this article submission to download your certificate.