Impact of Digital Payments and E-wallets on Accounting and Financial Reporting

Impact of Digital Payments and E-wallets on Accounting and Financial Reporting

M.Y. Naidu
Lecturer, Department of Commerce and Management Studies, Government College (Autonomous), Rajahmundry – 533 105, Andhra Pradesh, India

Y.V. Haritha Lochana
Lecturer, Department of Commerce and Management Studies, Government College (Autonomous), Rajahmundry – 533 105, Andhra Pradesh, India

Dr. K. Ratna Manikyam
Principal, Government Degree College, Chinturu – 533 347, Alluri Sitharama Raju District, Andhra Pradesh, India

ABSTRACT

This paper explores the profound impact of digital payments and e-wallets on accounting and financial reporting practices. The rapid evolution of financial technologies has reshaped traditional accounting methods, enhancing efficiency, transparency, and accuracy in financial processes. The integration of digital payment systems and e-wallets has necessitated changes in organizational culture, skill development, and regulatory compliance. The Paper examines the challenges and opportunities presented by this digital transformation, including the need for real-time data processing, enhanced cyber security measures, and the adoption of artificial intelligence and blockchain technologies. It also highlights the importance of continuous learning and adaptation within the accounting profession to navigate the complexities of the digital economy effectively. The findings suggest that organizations embracing these technological advancements are better positioned to achieve operational excellence, foster client trust, and maintain a competitive edge in an increasingly cashless economy.

Keywords: Digital Payments, E-Wallets, Accounting, Financial Reporting, Blockchain Technology, Artificial Intelligence, Digital Transformation, Financial Technology, Cyber Security, Regulatory Compliance