THE FUTURE OF PAYMENT SYSTEMS: HARNESSING TECHNOLOGY TRENDS FOR A REVOLUTIONARY PAYMENT ECOSYSTEM
Abstract
In light of recent developments and prevalent patterns, this research investigates how recent trends can impact the future of financial transactions. As the world continues to become increasingly digital and networked, the traditional means of payment are being put to the test by new technologies and business models. This study is to uncover opportunities and difficulties for stakeholders in the payment systems sector in light of recent technological breakthroughs such as blockchain, mobile payments, and biometrics. The research will be carried out in order to do this. By performing a literature review and polling payment industry specialists, this research investigates the current state of payment systems as well as the potential impact that emerging technologies may have on their foreseeable future. According to the findings of the research, even though new technologies have the potential to enhance the payment system in a variety of ways, such as by making it more effective, secure, and accessible, there are also significant risks and challenges associated with their adoption. These risks and challenges include those pertaining to regulation, privacy, and security. In the end, the paper concludes with some recommendations for the numerous parties involved in the payment systems industry on how they can best make use of technological advancements to bring about a truly innovative payment ecosystem that will be of service to customers, businesses, and the greater good. These recommendations focus on how to best take advantage of technological advancements to bring about a truly innovative payment ecosystem.
Keyword : Revolutionary Payment Ecosystem, Traditional Payment Methods, Emerging Technologies, Blockchain, Mobile Payments
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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