Digital Payment System: An Innovative Method of Banking

Abstract

In an era defined by rapid technological advancements, digital payment systems have emerged as a cornerstone of modern banking. These systems, powered by the internet and mobile technology, have trans- formed how individuals, businesses, and governments transfer funds,pay for goods and services, and manage finances. By providing seamless, real-time financial transactions, digital payment systems are reshaping the global economy, increasing financial inclusion, and offering convenience that was once unimaginable. This research paper tries to analyse the recent development and innovation in the banking system, finding out the challenge faced by banking industries in implementing the digital payment system.