The Emerging Technologies of Digital Payments and Associated Challenges: A Systematic Literature Review

Khando Khando, M. Sirajul Islam and Shang Gao ()
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Khando Khando: Department of Informatics, School of Business, Örebro University, 70182 Örebro, Sweden
M. Sirajul Islam: Department of Informatics, School of Business, Örebro University, 70182 Örebro, Sweden
Shang Gao: Department of Informatics, School of Business, Örebro University, 70182 Örebro, Sweden

Future Internet, 2022, vol. 15, issue 1, 1-21

Abstract: The interplay between finance and technology with the use of the internet triggered the emergence of digital payment technologies. Such technological innovation in the payment industry is the foundation for financial inclusion. However, despite the continuous progress and potential of moving the payment landscape towards digital payments and connecting the population to the ubiquitous digital environment, some critical issues need to be addressed to achieve a more harmonious inclusive and sustainable cashless society. The study aims to provide a comprehensive literature review on the emerging digital payment technologies and associated challenges. By systematically reviewing existing empirical studies, this study puts forward the state-of-the-art classification of digital payment technologies and presents four categories of digital payment technologies: card payment , e-payment, mobile payment and cryptocurrencies . Subsequently, the paper presents the key challenges in digital payment technologies categorized into broad themes: social , economic , technical , awareness and legal . The classification and categorization of payment technologies and associated challenges can be useful to both researchers and practitioners to understand, elucidate and develop a coherent digital payment strategy.

Keywords: digital payment technology; digital payment system; mobile payment; e-payment; cryptocurrency; card payment; challenges; systematic review (search for similar items in EconPapers)
JEL-codes: O3 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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