Digital payments refer to the electronic exchange of monetary value, allowing individuals and businesses to conduct financial transactions through digital means rather than cash or physical checks. This encompasses a wide range of payment methods, including online banking, mobile wallets, credit and debit card transactions, and various forms of electronic funds transfers. Digital payments can be executed via computers, smartphones, or other electronic devices, making them fast, convenient, and increasingly popular in a wide array of commerce environments, both online and in physical retail spaces. The use of digital payments facilitates quicker transactions, enhances record-keeping, and often provides increased security features compared to traditional payment methods.
The Evolution of Payment Technology In today's fast-paced digital landscape, financial technology is evolving, making transactions more accessible and efficient for small and medium-sized enterprises (SMEs) and supply chains. Mastercard…