Transforming Transactions: The Evolution of Fintech in Indian Banking Sector

Abstract

The payment systems in the Indian banking sector have undergone a remarkable transformation over the past few decades, evolving from traditional cash-based transactions to digital platforms. This research article explores the evolution of payment systems in India, tracing the journey from the early days of barter and cash transactions to the latest advancements in digital payment systems. The study highlights the key milestones, technological advancements, regulatory frameworks, and the impact of these changes on the economy and banking sector. The findings reveal that while technological innovations have greatly enhanced efficiency and convenience, challenges such as cybersecurity and regulatory compliance still remain. Future prospects indicate continuous growth and integration of advanced technologies like blockchain and artificial intelligence, promising further improvements in the payment landscape.