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@article{189320,
        author = {Lakshita Jaju},
        title = {A Comprehensive Study on the Evolution of Payment Systems},
        journal = {International Journal of Innovative Research in Technology},
        year = {2025},
        volume = {12},
        number = {7},
        pages = {7693-7714},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=189320},
        abstract = {The Payment systems have been changed ever since the advent of trade to revolutionize trade in the global market; barter systems up till now just become punks for the digital age. This research studied the evolution of payment systems, from commodities to metal currency, then paper currency, and to electronic and digital payment fields. The rapid advance of blockchain technology, AI, and biometric validation have either disrupted the financial world or added to its security and efficiency. 
Consumer behavior mainly accelerated further uptake of receipts through convenience and security toward an increased trend of contactless payment in recent times owing to the pandemic. Regulation, on the other hand, has defined the industry; the pressures of AML and KYC regulation have also concurrently paved the way for the evolution of the extraordinary challenges posed by cryptocurrencies and decentralized finance. 
The research takes the position that electronic payment systems are central to economic advancement and financial inclusion while offering chances for persons outside any banking services.­ However, some risks remain, the greatest of which are cybersecurity, operational breakdowns, and regulatory uncertainties, which form principal challenges. Technologies like CBDC, AI powered financial services, and blockchain smart contracts will dominate the future of payment. 
The study further considers how payment systems evolved, how new technologies came into being, and how regulation came in order to secure and most notably include financial transactions needed in this era of digitization.},
        keywords = {Payment Systems, Digital Payments, Barter System, Financial Technology (Fintech), Blockchain Technology, Consumer Payment Behavior, Regulatory Frameworks, Central Bank Digital Currencies (CBDCs), E­commerce Transactions, Machine Learning in Payments, Gamification in Digital Payments.},
        month = {December},
        }