A STUDY ON THE EVOLUTION OF PAYMENT SYSTEMS: LEGAL AND REGULATORY CHALLENGES

AUTHOR – AKSHAYA R* & SHREYASHINI M**

* PROFESSOR AT VELS SCHOOL OF LAW

.** STUDENT AT VELS SCHOOL OF LAW

BEST CITATION – AKSHAYA R* & SHREYASHINI M, A STUDY ON THE EVOLUTION OF PAYMENT SYSTEMS: LEGAL AND REGULATORY CHALLENGES, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 6 (4) OF 2026, PG. 689-693, APIS – 3920 – 0001 & ISSN – 2583-2344. DOI – https://doi.org/10.65393/IJLRV6I466

Introduction

Technology’s quick development has drastically changed the world’s financial scene, especially when it comes to payment methods. Digital and electronic payment systems, such as credit and debit cards, mobile wallets, cryptocurrencies, and Central Bank Digital Currencies (CBDCs), have progressively supplanted traditional cash-based transactions. Increased internet usage, fintech developments, and the rising need for quick, safe, and practical payment methods have all contributed to this change. But the development of payment systems has also brought up a number of legal and regulatory issues that call for careful consideration and policy solutions.