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

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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)

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.

Suggested Citation

  • Khando Khando & M. Sirajul Islam & Shang Gao, 2022. "The Emerging Technologies of Digital Payments and Associated Challenges: A Systematic Literature Review," Future Internet, MDPI, vol. 15(1), pages 1-21, December.
    • Handle: RePEc:gam:jftint:v:15:y:2022:i:1:p:21-:d:1019935
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    References listed on IDEAS

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    1. Al-Okaily, Manaf & Lutfi, Abdalwali & Alsaad, Abdallah & Taamneh, Abdallah & Alsyouf, Adi, 2020. "The Determinants of Digital Payment Systems’ Acceptance under Cultural Orientation Differences: The Case of Uncertainty Avoidance," Technology in Society, Elsevier, vol. 63(C).
    2. Chun-Liang Chen & Yao-Chin Lin & Wei-Hung Chen & Cheng-Fu Chao & Henry Pandia, 2021. "Role of Government to Enhance Digital Transformation in Small Service Business," Sustainability, MDPI, vol. 13(3), pages 1-24, January.
    3. Arango-Arango, Carlos A. & Suárez-Ariza, Nicolás, 2020. "Digital payments adoption and the demand for cash: New international evidence," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 14(4), pages 392-410, December.
    4. Rotolo, Daniele & Hicks, Diana & Martin, Ben R., 2015. "What is an emerging technology?," Research Policy, Elsevier, vol. 44(10), pages 1827-1843.
    5. Manisha Chakrabarty & Ashutosh Jha & Partha Ray, 2021. "Demonetization and digital payments in India: perception and reality," Applied Economics Letters, Taylor & Francis Journals, vol. 28(4), pages 319-323, February.
    6. Geoffrey Goodell & Hazem Danny Al-Nakib & Paolo Tasca, 2021. "A Digital Currency Architecture for Privacy and Owner-Custodianship," Future Internet, MDPI, vol. 13(5), pages 1-28, May.
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    Cited by:

    1. Kriti Kishor & Sanjeev K. Bansal & Roshan Kumar, 2025. "The Role of Fintech in Promoting Financial Inclusion to Achieve Sustainable Development: An Integrated Bibliometric Analysis and Systematic Literature Review," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 5664-5692, March.
    2. Muhammad Faizal Samat, 2025. "Exploring the Impact of Leadership Style and Organizational Culture on Employee Performance in Malaysian SMES," GATR Journals gjbssr662, Global Academy of Training and Research (GATR) Enterprise.
    3. Sujata Seshadrinathan & Shalini Chandra, 2025. "Trusting the trustless blockchain for its adoption in accounting: theorizing the mediating role of technology-organization-environment framework," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-39, December.

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