From Connectivity to Smart Finance: Evaluating the Impact of 5G on Digital Transactions

Background: The emergence of 5G networks represents a significant milestone in the evolution of digital finance, offering enhanced bandwidth, ultra-low latency, and large-scale device connectivity that enable more efficient and sophisticated financial services. Objective: This narrative review aims to systematically examine the implications of 5G for mobile payments, digital banking, and financial market infrastructure, emphasizing technological, economic, and regulatory dimensions. Methods: A narrative review approach was employed to examine the impact of 5G on financial services. Relevant literature was identified through a comprehensive search of electronic databases, including Scopus, Web of Science, and Google Scholar, covering publications from 2015 to 2025. Studies focusing on mobile payments, digital banking, and financial market infrastructure in the context of 5G were included. Articles were screened for relevance, and data were extracted on technological, economic, and regulatory aspects. The findings were synthesized qualitatively to highlight trends, opportunities, challenges, and future research directions. Key Findings: The analysis demonstrates that 5G enhances transaction speed, reliability, and user experience while enabling advanced applications such as real-time analytics, AI-driven personalization, and secure remote onboarding. The review identifies opportunities, including improved financial inclusion, business model innovation, and productivity gains, as well as challenges such as emerging security vulnerabilities in complex device ecosystems. Conclusion: 5G has the potential to transform digital finance, and future research should focus on its integration with AI and blockchain, regulatory considerations in interconnected financial systems, and potential transformations associated with the transition toward 6G.