Digital Payment System: A Review

Abstract

 Today, the world over money is not only the single method of transaction. Money has changed into paper (cheques/Demand Draft's) at that point plastic and now is in a phase where it is virtual or we can say digital in nature. The advancement in technology and innovation associated with the demonstration of payments worldwide for governments, business and shoppers has made the digital payments increasingly mainstream. There are different techniques used for cashless transactions that are habitually utilized, however because of the monetary progressions the requirement for other quicker and solid strategies has inspired all the entrepreneurs and economist to acquaint dependable and simple to utilize various strategies for digital payments. Now we are in “technology regime” in which individuals and entities are required to adopt the technology for obtaining education, business, research, entertainment, employment, and merchandising related services very quickly and at low cost. The speed in completion of a transaction has been increasing with the use of technology. The Information Technology revolution is accelerating at very high speed. For many years, the utility of technology in various commercial activities has increased due to the emergence of various new encouraging services such as e-banking, e-payment, e-shopping, etc. in the marketplace. So, this paper will explore all reviews about the digital payment systems.