Smart technologies have changed the financial landscape in the past decade. It has revolutionized the payment systems. These changes should be discussed to understand its implication on the financial market. The article has reviewed papers related to the smart technologies in the area of payment systems. In order to comprehend how the structured payment ecosystem will contribute to the development of a safe, secure, dependable, accessible, and inexpensive payment system, data pertaining to India's payment systems is also examined. The study's findings demonstrate the rise in payment volume and value, highlighting the need to enhance current payment system features in order to decrease friction and raise acceptance and usage rates. These findings will help the financial institutions, regulators and policymakers to reap the benefits of the smart technologies.
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Doifode et al. (2024) studied this question.
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