Evolution of digital payment systems and a breakthrough

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dc.authorid0000-0002-7981-3121
dc.authorid0000-0002-3893-4015
dc.authorid0000-0002-5150-8168
dc.contributor.authorTeker, Suaten_US
dc.contributor.authorTeker, Dileken_US
dc.contributor.authorOrman, Irmaken_US
dc.date.accessioned2025-12-19T11:52:42Z
dc.date.available2025-12-19T11:52:42Z
dc.date.issued2022-09-26
dc.departmentIşık Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, İşletme Bölümüen_US
dc.departmentIşık University, Faculty of Economics, Administrative and Social Sciences, Department of Managementen_US
dc.description.abstractThis analytical study examines the evolution of digital payment systems and the use by financial institutions and fintech companies in line with the changing user needs, along with the evolutionary developments in information technologies. It also makes a comparative analysis of digital payment platforms that are popularly used all over the world, e.g. PayPal, GooglePay, Wise. The introduction of the first ATM in 1967, the first contactless credit card payment in 1999, the introduction of blockchain in 2009, the emergence of GoogleWallet in 2011 and the introduction of Visa Click-topay in 2020 may be defined as the milestones of digital payment systems. Digital payment systems can be broadly classified as smart cards, online payments, mobile applications, blockchain transfers and biometric authentication. All payment systems in the world are generally shaped according to user needs. The exponential growth of e-commerce and the increasing influence of market regulators also contribute to shaping the future of payment systems. A decentralized monetary management is envisioned by the transition to a cashless economy, the emergence of new online financial institutions, and the adoption of blockchain and cryptocurrencies. It is concluded that the evolution of digital payment systems will expand convenience, refund, convergence, cross-border and time limitless transaction. With the increasing adoption of digital payment systems by all spenders, there is a clear transition towards a cashless economy. The current arguments in academic and professional platforms about the future of digital systems predict that by the 2050s, physical money will be completely out of circulation and these currencies will be replaced by virtual currencies that can easily be transferred over number of digital platforms.en_US
dc.description.versionPublisher's Versionen_US
dc.identifier.citationTeker, S., Teker, D. & Orman, I. (2022). Evolution of digital payment systems and a breakthrough. Journal of Economics, Management and Trade, 28(10), 100-108. doi:https://doi.org/10.9734/JEMT/2022/v28i1030452en_US
dc.identifier.endpage108
dc.identifier.issn2456-9216
dc.identifier.issue10
dc.identifier.startpage100
dc.identifier.urihttps://hdl.handle.net/11729/6842
dc.identifier.urihttps://doi.org/10.9734/JEMT/2022/v28i1030452
dc.identifier.volume28
dc.institutionauthorTeker, Suaten_US
dc.institutionauthorTeker, Dileken_US
dc.institutionauthorOrman, Irmaken_US
dc.institutionauthorid0000-0002-7981-3121
dc.institutionauthorid0000-0002-3893-4015
dc.institutionauthorid0000-0002-5150-8168
dc.language.isoenen_US
dc.peerreviewedYesen_US
dc.publicationstatusPublisheden_US
dc.publisherMs. M. B. Mondal, Ph.D.en_US
dc.relation.ispartofJournal of Economics, Management and Tradeen_US
dc.relation.publicationcategoryMakale - Ulusal Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.relation.publicationcategoryMakale - Ulusal Hakemli Dergi - Öğrencien_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectCashless futureen_US
dc.subjectDigi walletsen_US
dc.subjectE-payment systemsen_US
dc.subjectDigi payment systemsen_US
dc.subjectIntegrated financial systemsen_US
dc.titleEvolution of digital payment systems and a breakthroughen_US
dc.typeReview Articleen_US
dspace.entity.typePublicationen_US

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