Digital Payment Systems Research: A Review of Empirical Studies

Sunil Jagannath Ghadge

doi:10.69968/ijisem.2026v5i190-96

Authors

Sunil Jagannath Ghadge Associate Professor.

DOI:

https://doi.org/10.69968/ijisem.2026v5i190-96

Keywords:

Digital Financial Services, Fintech Innovations, Consumer Perceptions, Financial Technologies

Abstract

When provided effectively and responsively in a structured setting, digital financial services like mobile money, digital payments, and more recent digital payment systems or financial technology will allow a nation to thrive and meet its Sustainable Development Goals (SDGs) more quickly. This review paper focuses on empirical studies of the evolution, adoption and impact of digital payment systems, with a particular focus on India. It delves into the factors of technological innovations, government policies, financial technology (fintech) innovations, and the impact of the coronavirus on accelerating the adoption of digital payments. The research also examines consumer perceptions and adoption determinants, as well as major challenges including security, infrastructure and financial literacy. Emerging trends such as UPI, digital wallets, cryptocurrencies, CBDCs and buy now pay later models are addressed. The review emphasises the increasing importance of digital payments for financial inclusion, economic efficiency and sustainable digital transformation

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