Abstract
In order to increase efficiency, security, and convenience in financial transactions, next-generation payment technologies have completely changed the financial landscape. The main developments and trends influencing the development of payment systems are examined in this essay. Peer-to-peer (P2P) platforms, mobile payments, and contactless transactions have all grown in popularity and are now widely available, giving users smooth payment experiences on their smart phones and wear ables. Traditional banking methods are being challenged by the decentralized, transparent, and secure payment options provided by block chain and crypto currencies. Instantaneous financial transfers made possible by real-time payments have revolutionized how people and corporations manage their finances. Strong security is provided by biometric authentication techniques, and the Internet of Things (IoT) gives smart devices the ability to make payments on their own. Through the creation of third-party applications, open banking efforts encourage innovation, while machine learning and artificial intelligence are important for detecting fraud and providing individualized financial services. By substituting distinctive tokens for sensitive data, tokenization improves security. The advent of Central Bank Digital Currencies (CBDCs) also raises the possibility of established monetary systems being disrupted. The revolutionary potential of next-generation payment systems and its consequences for the future of financial services are discussed in this study.
Keywords: Financial transactions, Payments, Internet, Digital Currencies
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