“DIGITAL WALLETS AND THE EVOLUTION OF PAYMENT SYSTEM”

Abstract

The rapid advancement of technology has revolutionized the way financial transactions are conducted globally. This study delves into the evolution of payment systems with a specific focus on the emergence and impact of digital wallets. Digital wallets, also known as e-wallets or mobile wallets, represent a paradigm shift in the way individuals and businesses manage their finances. This research employs a multifaceted approach, combining comprehensive literature reviews, data analysis, and case studies to illuminate the transformative journey of payment systems. It traces the historical development of payment methods, from cash-based transactions to the digitization of financial services.