Authors: Anjanappa. T
Abstract: Digital payment has revolutionized the global financial landscape, transforming how individuals, businesses, and governments conduct transactions. With the rapid advancement of technology, digital payment systems have become integral to modern economies, enabling secure, convenient, and efficient financial interactions across diverse sectors. This paper provides a comprehensive analysis of digital payment, focusing on its evolution, importance, merits and demerits, and recent developments. It also examines related research, applications, and limitations, with a special emphasis on innovations such as mobile wallets, Unified Payments Interface (UPI), Near Field Communication (NFC), blockchain based systems, and biometric authentication. While digital payments have strengthened financial inclusion, reduced dependency on cash, and promoted transparency, challenges related to cybersecurity, digital literacy, and infrastructural gaps persist. The study concludes by emphasizing the necessity of robust policies, advanced technologies, and global collaboration to ensure sustainable adoption of digital payment systems in the future.
