The Future of Digital Payments: Innovations, Trends, and Security

The Future of Digital Payments: Innovations, Trends, and Security

*A.Vasanthy - Ph.D. Research Scholar, Alagappa Institute of Management, Alagappa University, Karaikudi, Tamilnadu –630003.

**Dr.S.Chandramohan - Professor, Alagappa Institute of Management, Alagappa University, Karaikudi, Tamilnadu – 630003.

Abstract

The expansion of information and communication technologies paved the way for current payment options. The proliferation of smartphones and internet connectivity made people's lives simpler, paving the way for digitalization. Digitalization not only boosted trade and commerce, but it also made payment transactions seamless and quick. Transactions utilizing technology are the best way to be nimble and provide better service to customers in the digital age. In India, the digital payment system has altered the nature of financial transactions. However, thanks to the digital payment system, payments are now made in a matter of seconds. During the Demonetization phase, the Indian government obliged citizens to do all economic transactions digitally, either directly or indirectly. People began to shift away from traditional payment systems and towards digital payment solutions that provided safety, security, and convenience. With massive technological advances in smart phones and simple internet access, the Indian market has begun to embrace digital payments.

Keywords: Digital Transactions, Consumer Perception, Transaction Security and Safety, and Payment Systems.