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Research Paper | Economics & Finance | India | Volume 13 Issue 4, April 2024 | Popularity: 5.7 / 10

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Revolutionizing Digital Payments and Transforming Global Economies: A Drive Promoting Cashless Market Scenarios

Kartik Lakhotia

Abstract: Before the onset of the current pandemic, digital payments had started setting an apparent passage for continued payment flow growth across the globe and the pandemic further expedited this process. The primary developments navigating this evolution were: acceleration in digital technology, smartphone revolution and data connectivity which steered the rapidly augmenting volume of connected and digitally active consumers, and the thriving e - commerce markets fortifying the demand for digital solutions. This competitive landscape was simultaneously gearing up, with the admission of robust unique players comprising of telecommunications enterprises, fintech firms and other digital marketing conglomerates amplifying their fresh endeavors and inventions. Research Question: There is a worldwide smartphone revolution, digital transformations with the introduction of 5G connected with refinements in artificial intelligence (AI) algorithms, quantum computing and blockchain technology and the evolution of Fintech corporations. Is a Cashless economy the new reality? How is the emergence of a Cashless Economy impacting businesses? What is the anticipated future index? These and much more would be attempted to be addressed in the course of the research paper.

Keywords: Cashless Economy, Fintech Services, 4Digital Transformation, Anticipated Future Index, Artificial Intelligence

Edition: Volume 13 Issue 4, April 2024

Pages: 581 - 595

DOI: https://www.doi.org/10.21275/SR24406144130

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