Digital Payments

Digital payments refer to transactions that are conducted electronically, typically through the internet, allowing the transfer of funds from a buyer to a seller without the need for physical cash or checks. This method encompasses various forms of financial transactions, including credit and debit card payments, online bank transfers, mobile payments, and digital wallets. Digital payments often utilize encryption and security protocols to ensure the safety and privacy of users’ financial information. The rise of digital payments has been facilitated by advancements in technology, increasing smartphone usage, and the growth of e-commerce, providing a more convenient, efficient, and less cash-dependent approach to financial transactions.