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Review Papers | Computer Science and Information Technology | United States of America | Volume 13 Issue 9, September 2024 | Popularity: 5.2 / 10

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The Evolution and Impact of Instant Bill Payments in Modern Financial Systems

Kumar Shanmugasamy

Abstract: Instant bill payments have revolutionized financial management for individuals and businesses. This paper examines the evolution from traditional methods to real-time systems, highlighting the role of technologies such as RTP networks and APIs enabling instant payments. With benefits ranging from improved cash flow and customer satisfaction to streamlined business operations, the impact of instant payments is evident across various sectors, including utilities, telecommunications, e-commerce, and healthcare. As consumer demand for speed and convenience grows, instant bill payments are expected to become a global standard feature in financial systems.

Keywords: Instant payments, Real-time payments, Bill payments, Payment Systems, Cash flow management

Edition: Volume 13 Issue 9, September 2024

Pages: 546 - 550

DOI: https://www.doi.org/10.21275/SR24908191749

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