Modern Payment System: a Systematic Literature Review and Bibliometric Analysis

Introduction. The modern payment system has evolved dramatically over the past few decades, fueled by technological advancements and the global trend toward digitization. Digital finance, fintech, and mobile banking solutions have revolutionized transaction processes for individuals, institutions, and governments. This paper provides an in-depth review of modern payment systems, focusing on their emergence, the role of innovations such as mobile wallets, UPI, QR-code payments, and the impact of the COVID-19 pandemic. Materials and Methods. This study combines a systematic literature review (SLR) with bibliometric analysis to examine existing research trends, innovations, and academic impacts related to modern payment systems. The SLR synthesizes theoretical and empirical research, while bibliometric analysis, using tools like VOSviewer and Bibliometrix, identifies key trends, prolific authors, and influential studies within the domain. Results of the study. Recent studies highlight the integration of technologies like blockchain, UPI, and mobile payments into financial ecosystems. The COVID-19 pandemic has further accelerated the adoption of contactless payment methods, driving a shift in consumer behavior. The research emphasizes the importance of digital inclusion, with mobile payments and digital banking solutions contributing to financial accessibility, especially in underbanked regions. Implications for Future Research. The paper identifies critical research gaps in digital payments, particularly concerning security, user trust, and regulatory frameworks. Future studies should explore the implications of Central Bank Digital Currencies (CBDCs) and blockchain on global financial systems. Conclusion. Modern payment systems have substantially changed financial transactions globally. While they offer immense potential for fi nancial inclusion, they also introduce challenges related to security, data privacy, and technological access.