The Technology-Driven Shift in Card-Based Payments and Bank Accounts

This report examines the significant technology-driven transformation in card-based payments and bank accounts, highlighting the shift towards digital banking and smart payment systems. It explores the impact of mobile applications, contactless payments, and digital wallets on consumer behavior and financial efficiency. The report delves into technological disruptions, regulatory outcomes, and the advantages and challenges of contactless payments. It further analyzes the role of competition, the impact of the COVID-19 pandemic on digital banking, and the rise of fraud and cyber-security concerns. The analysis also includes insights into the global cashless payment trends, the evolution of payment systems, and the emergence of new payment models like buy-now-pay-later and cryptocurrencies, providing a comprehensive overview of the evolving financial landscape.

The technology-based shift in card-based payments and bank accounts

Introduction
With the immediate evolution of digital banking, the consumer is finding it more efficient for managing
their overall finance via online platforms. It is observed that people are now easily applying for loans,
opening new accounts and also investing in financial markets as it becomes simple and takes less time.
According to Wang v Ouyang (2019)1, previously people had to invest lots of time to conduct such
processes but because of digital marketing, it has become easy for them. Moreover, the mobile
application is allowing the consumer to implement a wide range of tasks with just some taps on their
mobile phones and therefore, creating an enjoyable as well as user-friendly experience for them.
Smart payments
In today’s era, technology is increasing at a very rapid pace, but a very drastic change in the payments
system. Smart payment is all one payment which reduces the friction during checkout, all apps are
provided in one where an individual can access the apps and pay to the different vendors these online
payments become a helping hand for the local business which plays an integral part in boosting the scale
of business as it saves them time and cost which is there if one uses the old conventional
method .however the rapid evolution of smart payment system has radically affected the need if having
payments card and even bank accounts (Zsarnoczky, 2018). 2These include debit cards, credit cards,
electronic fund transfer, direct cards, directs debt and e-commerce payment system payments should be
physical or electronic but each has its protocols and process. A different version of apps are available for
Android, iOS, smartphones depending on the system one can install and recommends version and easily
enjoy the process online payments system which surely curbing rye users to go to the bank and use their
facilities for the various purposes
Technological disruption and efficiency
The economy is the backbone of every country and to make it alive or to sustain the different aspects like
money laundering, parallel economy banks play many roles. “The core one consists of maturity
transformation and liquidity provision taking deposits” from the public to make them long term. The
information is preceded by the customers as borrowers and depositors are very sensitive, conventional
secretive (Moniruzzaman v Khezr, 20203). The electronic revolution has largely boosted the weightage of
modifiable communication and means which boost this is Artificial Intelligence Machine learning. Then
the system is more related to data such as payments, and transaction services will be more affected.
Digital disruption in the finance side is propelled by both supply and technological advancement. The
consumer expectation toward the usage of facilities has changed from the technological viewpoint the
1 Wang, S., Ouyang, L., Yuan, Y., Ni, X., Han, X. and Wang, F.Y., 2019. Blockchain-enabled smart contracts: architecture, applications, and future
trends. IEEE Transactions on Systems, Man, and Cybernetics: Systems, 49(11), pp.2266-2277.
2 Zsarnoczky, M., 2018. The digital future of the tourism & hospitality industry. Boston Hospitality Review, 6, pp.1-9.
3 Moniruzzaman, M., Khezr, S., Yassine, A. and Benlamri, R., 2020. Blockchain for smart homes: Review of current trends and research
challenges. Computers & Electrical Engineering, 83, p.106585.
1

“relevant factors are application programming interfaces, cloud computing, smartphones, digital
currencies and blockchain technology” (Hartawan v Putra, 20204).
Mobile phones become the second hand in the daily activities of the consumers as they provide financial
assistance to the users through different apps some are encouraging advice and others are helping in
regulating money transactions there are apps like money control that can supervise the finances of users.
The 3rd Party designers capture the customer interface and provide various functions like payments,
money transfers, online shopping (Zheng v Sang, 20185). Digital wallets become very popular among the
users as it is convenient and time friendly even though the old conventional system like visa master card
is still leading the market for the transaction it has been seen in western countries like Africa, Asia where
people at more likely to engaged with the online payment system rather having regular bank accounts
Traditional system
The digital currencies have deteriorated the old traditional system the traditional system of money has
advantages as it has proper a tire value unit of account many examples of digit currency like Alipay, wet
play in China as it is not awful to sit that ancestral payment system is better because Ut curbs the danger
of hacking controlling all the money (Karim v Haque, 20206). In the world of digitalization, some ample
hackers can hack the data and convert consumers' money into their accounts whereas the banking
payment system provides the full surety of confined information.
Competition and the role of regulations
What are the regulatory outcomes of digital disruption? “How should BigTech and FinTech firms be
regulated”? Guideline will impact the sort of contest among occupants and contestants. The primary issue
is whether guideline ought to focus on a level battleground or whether it ought to incline toward
contestants to work with rivalry.
The 2007–2009 financial crises have given rise to new approaches concerning competition in the
financial services sector. “A case in point is the 2015 UK reform in which the FCA gained concurrent
powers for enforcement of competition policy” (Singh v Miah, 2020) . 71 Supervisory authority of several
countries now holds some contest-associated powers. Synchronous abilities among bosses and
competition specialists introduce some complicatedness, yet it is positive that customer and financial
backer assurance in the monetary area are under a similar rooftop as rivalry, since purchaser
4 Hartawan, M.S., Putra, A.S. and Muktiono, A., 2020. Smart City Concept for Integrated Citizen Information Smart Card or ICISC in DKI
Jakarta. International Journal of Science, Technology & Management, 1(4), pp.364-370.
5 Zheng, P., Sang, Z., Zhong, R.Y., Liu, Y., Liu, C., Mubarok, K., Yu, S. and Xu, X., 2018. Smart manufacturing systems for Industry 4.0: Conceptual
framework, scenarios, and future perspectives. Frontiers of Mechanical Engineering, 13(2), pp.137-150.
6 Karim, M.W., Haque, A., Ulfy, M.A., Hossain, M.A. and Anis, M.Z., 2020. Factors influencing the use of E-wallet as a payment method among Malaysian
young adults. Journal of International Business and Management, 3(2), pp.01-12.
7 Singh, H. and Miah, S.J., 2020. Smart education literature: A theoretical analysis. Education and Information Technologies, 25(4), pp.3299-3328.
2

Advantages of contactless payments
 Easy to use - People always have hassle in punching their pin however contactless payments can
make the quicker transaction Safer technology- Tap to pay method of payment are far better than the other mode of payment
system The flexibility of the payment system – Unlike the banking system e payment are available 24/7 a
person can use the facilities any time with the easily accessible norms which are not present in the
traditional payments system
Challenges of contactless payment Limited acceptance –retailers and consumers who are not technology friendly can find it
difficult. Consumers will always be disappointed by the spotty coverage
 Technical limitations- customers can face some problems because of technical glitches
such as hacking, no user-friendly apps and much more
 Limited international availability- mobile contactless payment may not work
internationally. As there are some app which doesn’t support the online transaction
Critical analysis
The shift towards the digital realm has been accelerated due to the covid-19 pandemic. With lockdown
restrictions holding the typical bank-office development back from happening, and with social-isolating
measures further diminishing the open doors for in-person commitment, virtually all parts of the world
has seen the utilization of the web and portable “financial administrations soar since the beginning of the
infection toward the finish of the principal quarter” (Luna v Liebana, 20198). COVID-19, for example,
has "massively affected" advanced bank, with the end goal also that specialist has predicted that its whole
market would grow at a CAGR (compound annual growth rate) of 10% somewhere between 2019 and
2026, resulting in a pay of $1,702.4 million.
The research represents how vulnerable banks did become. A review distributed in January 2020 from
investigation firm FICO, for example, found that just about four of every five Asia-Pacific banks (78%)
accepted the presentation of constant instalment stages like P2P (shared) moves and portable instalments
had brought about expanded extortion misfortunes. Right around a quarter (22 per cent) said that they
anticipated misrepresentation to rise fundamentally over the accompanying year, while an extra 58 per
cent anticipated a moderate ascent in extortion (Wenner v Bram, 20189). "While the comfort of
8 Wenner, G., Bram, J.T., Marino, M., Obeysekare, E. and Mehta, K., 2018. Organizational models of mobile payment systems in low-resource
environments. Information Technology for Development, 24(4), pp.681-705.
9 de Luna, I.R., Liébana-Cabanillas, F., Sánchez-Fernández, J. and Muñoz-Leiva, F., 2019. Mobile payment is not all the same: The adoption of mobile
payment systems depending on the technology applied. Technological Forecasting and Social Change, 146, pp.931-944.
3

continuous instalments is incredible information for clients, progressively, banks have no opportunity to
clear an exchange or instalment. Simulated intelligence can't dial back the clock, however, it can assist
with making frameworks that are fundamentally speedier to perceive an exchange that smells prone to be
deceitful," said Dan McConaghy, leader of FICO in Asia-Pacific. "Banks should move past passwords
and OTPs [one-time passwords] and add biometrics; gadget telemetry and client conduct investigation to
stay aware of the changing instalments scene."
As indicated by the “Consumer Sentinel Network”, which is completely maintained by the US purchaser
security body “the Federal Trade Commission (FTC), there were 3.2 million” buyer extortion and fraud
protests documented in 2019, either with government, state or nearby regulation authorization offices or
secretly (Lara v Villarejo, 202110). Of those filings, a powerful 651,000 were protests connected with
fraud, with Mastercard extortion the absolute most announced wholesale fraud grievance. Also, with
online retail turning out to be more essential to customers as time passes, those possessing taken Visa data
can purchase products over the web substantially more effectively than they would genuinely figure out
how to do in a shop.
Ought to digital aggressors have the option to hack into a bank's advanced foundation, data fraud turns
into a significant gamble for clients that is difficult to disregard. What's more, in later times, account
takeovers have become particularly famous (Dastan v Gurler, 201611). A sort of fraud, this digital danger
implies a terrible outsider accessing a client's record from which the lawbreaker can change the record
subtleties by acting as the client. With all resulting updates to the record being redirected to the crook's
contact address, the client is regularly unaware of the assault until it is past the point of no return.
Navigating the payments matrix
According to a research study, it was observed that near about 42% of the total population has increased
towards global cashless payment volumes. It is the main reason why 86% of the total population have
agreed that traditional payments providers would collaborate with fintech as well as technology givers as
their key innovation sources (Aydin v Burnaz, 201612). Based on the analysis, it is confirmed that 89% of
people have agreed that there will be an increase in the e-commerce site soon. Moreover, 42% of the total
population have strongly felt that there will be an inclination toward B2B, cross-currency and cross-
border payments in near future. As per the analysis, it is seen that over the next five years some areas
would be highly impacted by these regulatory changes.
10 Liébana-Cabanillas, F., Sánchez-Fernández, J. and Muñoz-Leiva, F., 2014. Antecedents of the adoption of the new mobile payment
systems: The moderating effect of age. Computers in Human Behavior, 35, pp.464-478.
11 Daştan, İ. and Gürler, C., 2016. Factors affecting the adoption of mobile payment systems: An empirical analysis. EMAJ: Emerging
Markets Journal, 6(1), pp.17-24.
12 Aydin, G. and Burnaz, S., 2016. Adoption of mobile payment systems: A study on mobile wallets. Journal of Business Economics and
Finance, 5(1), pp.73-92.
4

Particulars Percentage
1 Data privacy and cyber-security 48%
2 Digital identity authentication 31%
3 Use of new technology 30%
4 Local regulatory pressures – different regulations in different regions 30%
5 Environment and climate (ESG) 28%
Even before COVID-19, these methods of payment either workers and goods demonstrated a constant
shift to electronic instalments – (a shift that could eventually prompt a credit only worldwide society).
According to a study conducted by PwC and Strategy Analytics, global cashless volumes are expected to
climb by over 80% from 2020 to 2025, from over 1 trillion to nearly 1.9 trillion, and to expand further by
2030. (Chandra v Srivastava, 201013). Asia-Pacific will become quickest; with credit only exchange
volume developing by 109% until 2025 and afterwards by 76% per cent from 2025 to 2030, trailed by
Africa (78%, 64%) and Europe (64%, 39%). Latin America comes straightaway (52%, 48%), with the US
and Canada developing least quickly (43%, 35%).
During COVID-19 lockdowns, many individuals took on computerized ways of behaving, speeding up
the expansion of versatile first advanced economies and delivering cash even less pertinent to day to day
existence than it previously was (albeit in less evolved economies, cash stayed fundamental). In our most
recent worldwide review of banking, fintech and instalments associations, 89% of respondents concurred
that the shift towards web-based business would keep on expanding, requiring huge interest in web-based
instalment arrangements, however, they concurred (97%) that there will be a shift toward all more
continuous instalments (Peng v Xiong, 201214). Under the shift to credit only lies a bigger, more
significant change. Not exclusively are conventional approaches to paying for labour and products -
including the unassuming paper check and simple solicitations - set for revolutionary change, however,
the whole framework of instalments is being reshaped, with new plans of action arising.
13 Chandra, S., Srivastava, S.C. and Theng, Y.L., 2010. Evaluating the role of trust in consumer adoption of mobile payment systems: An empirical
analysis. Communications of the Association for Information Systems, 27(1), p.29.
14 Peng, R., Xiong, L. and Yang, Z., 2012. Exploring tourist adoption of tourism mobile payment: An empirical analysis. Journal of theoretical and applied
electronic commerce research, 7(1), pp.21-33.
5

Therefore, this re-shaping would include 2 parallel trends: (1) evolution of the front-back-end parts of the
overall payment system "instant payments; bill payments and request to pay; and plastic cards and digital
wallets”. (2) A revolution on huge structural changes to the payment system and payment mix
(“emergence of so-called buy now, pay later offerings; cryptocurrencies; and work underway on central
bank digital currencies”).
The role of technology in the banking industry
With the developments in monetary approach in the world, it is so powerful for any nation large or small,
superior or developing to stay away from what is happening to them. For a country like India, it is one of
the most promising developing markets, such isolation is a form of the impossible. According to the
above analysis, the broadband network is reasonable and makes the understanding transfer elegant and
first. However this era has a cost, the establishment of this whole period was deliberate but the benefits
are limitless (Yusheng v Ibrahim, 201915). Specifically in the record generation district, wherever Bharat
is simply one step ahead of its competitors, staying away or the uniformity of global developments is not
sustainable. The economic sector at times and the agency in particular is the most essential spender and
beneficiary of data generation. The technological revolution of the Indian banking agency has been
directed in the smallest details by the methodological way of the many committees have been informed
by the methodological way of the beaten paths then of the government of Bharat to verify the
implementation of the technological change essential in the implementation of the generation was done
by the agency method until the 1980s, despite the very fact that some agencies and executive committees
created vague references to the need for mechanization of certain banking
It has become the most detailed means of rigid resistance through the incredibly robust economic
organization method of human the number ones of the 1980s were instrumental in the mechanization and
15 YuSheng, K. and Ibrahim, M., 2019. Service innovation, service delivery and customer satisfaction and loyalty in the banking sector of
Ghana. International Journal of Bank Marketing.
6

mechanization aspect of Indian banks. Fact generation improved the performance and strength of
commercial agency methods for the length of the banking sector (Dalahmeh v Obeidat, 201816). The
Indian banking sector has made rapid progress in reforming itself in the competitive environment of
fashionable commercial agencies. Indian agency is inside associated computer revolution. Technological
infrastructure has become a necessary area of reform methodology within the banking window, with the
gradual development of responsive gadgets and improved market practices.
 E-banking: It lets the financial institution offer its excessive quit customers handy services. With
the usage of Graphical User Interfaces (GUIs), banks have made their structures extra user-
pleasant for all customers, permitting human beings to get admission to their account info on their
personal computers, make bills from one account to another, print financial institution statements
and inquire approximately their economic Banks use a digital record alternate era called
Electronic Data Interchange (EDI) to switch commercial enterprise records among them and their
customers (Ali v Puah, 201817). This software program lets organizations get commercial
enterprise records in a layout that may be studied with the aid of using computers. In this case, the
consumer on the alternative quit can have smooth get admission to the information.
 NRI Banking Services: The majority of the nations which have followed this generation are
India, the United States, and the United Arab Emirates. Because many humans relocate overseas
to work, they must guide themselves and their families. They have consequently been capable of
shipping cash to their cherished ones in a less difficult way to generate (Hammoud v Baba,
201818).
 RURAL Banking: Unlike withinside the beyond whilst banking become centralized in city areas,
lately in new times it’s easier to establish banks in remote areas. For example: The Africa, they
now have the system of Mobile cash bank. The example talks about the person in the remote area
may have a bank account with a cell organization that is open for free. Where people deposit
money in the account thru a close to with the aid of using a cell cash working center. This cash
may be taken out as per depositor wish at any time and can also ship the money.
 Plastic money: Credit card also known as ‘'VISA ELECTRON'' have made the banking system
greater bendy than before. It has a system known as credit score, a client can have access to a
16 YuSheng, K. and Ibrahim, M., 2019. Service innovation, service delivery and customer satisfaction and loyalty in the banking sector of
Ghana. International Journal of Bank Marketing.
17 Ali, M. and Puah, C.H., 2018. The internal determinants of bank profitability and stability: An insight from banking sector of Pakistan. Management
Research Review.
18 Hammoud, J., Bizri, R.M. and El Baba, I., 2018. The impact of e-banking service quality on customer satisfaction: Evidence from the Lebanese banking
sector. Sage Open, 8(3), p.2158244018790633.
7

particular amount of cash from the bank to buy any element and then pay the amount at later
stage. In this case, they mustn't undergo the trouble of taking little money. Then with ''Smart
Cards'' also called visa electron, a customer can use that account to purchase for anything, and the
money is deposited directly from their bank debts; they can also use the same card to withdraw or
transfer money from their bank debts using an ATM.
Legal framework for oversight
According to the RBI, the payment and settlement Act (PSS Act) 2007 is unique and give the body the
right to modification and supervision of the payment system within the nation. The body carries out its
powers and perform the skills and showcase the obligation given to it less than the PSS act under the
"Board for Regulation and Supervision of Payment and Settlement Systems (BPSS)". It exerts its power
on the prescribed necessarily as suggested by the banks. For the transfer of the devices that encompasses
the cheques and have strong message delivery that stands from inside the SFMS (Structured Financial
Messaging System).
According to 'chapter III of the PSS acts, it says that "no legal entity aside from RBI will begin or
otherwise carry out a fee device exception beneath and by an authorization issued through manner of way
of the Reserve Bank beneath the provisions of this Act". It's very smooth that how every fee system
operational in India concerning fee duties due to reimbursement or payment of more than one type of fee
directives regarding securities, funds, or derivatives or foreign exchange or extraordinary transactions
need to have approval in the manner that RBI suggests. PSS Act moreover gives controls to banks to
problem authorization for strolling system of fee, and to change the authorization agreed by device
benefactors in case of infringements of any provisions of PSS Act, PSS Regulations, 2008, orders or
commands issued through a manner that RBI suggests for the operation of fee device is conflicting to the
conditions & terms scenario to which the authorization became allotted.
8

Since the worldwide monetary disaster of 2007-08, numerous traits happened, pushing the vital aid of
using the G20 for restructuring Over Counter (OTC) derivatives markets. At that time, TRS surfaced as a
pristine kind of FMI, especially within the OTC derivatives market. In line with the G20 dedication of
worldwide traits, the PSS Act became amended to consist of Trade Repository such as some other class of
charge the structure. The PSS Act additionally observed TR, which targeted as such with the support of
using the banks.
Similarly, chapter IV PSS Act and the diverse clauses offer Supervision and Regulation of such Payment
Systems. Power to supervise, adjust and compromise:
Segment 10: Power to decide and recommend norms - in regard of organization, size and state of
instalment directions, timings to be kept up with by instalment frameworks, way of asset moves,
measures of participation of instalment situation and their privileges and commitments, and issuance of
rules for viable administration of instalment frameworks.
Segment 11: Notice of progress in the Payment System - framework suppliers will not cause any
change influencing the construction and activity of the instalment framework without earlier endorsement
of banks.
Segment 12: Power to call for returns, archives or other data - engages banks to call for returns,
reports or other data from any framework supplier in regards to activities of instalment frameworks
worked by them.
Segment 13: Access to data - engages banks to get to any data connecting with any instalment
framework with the framework supplier and the framework members.
Segment 14: Power to enter and assess - engages banks to enter and review any premises where an
instalment framework is worked and any gear including any PC framework or different archives.
Segment 16: Power to complete review and assessment - enables banks to lead or get directed reviews
and examinations of an instalment framework or framework members
Segment 17: Power to give explicit bearing - engages banks to give headings to a framework supplier or
framework member to stop any demonstration, oversight or course of lead that would bring about
foundational dangers or influences the instalment framework, financial or credit strategy of the country.
9

Conclusion
Contactless payment is consciously carving out a place for itself, either as a convenience of practise or as
a transactional momentum. "The trend of utilising smart cards and smartphones is rising across
millennials," according to the report. Organizations are embracing this technological invention not only to
educate their customers, but also to make investments of their company. The money kept in a bank
account is safe and regulated if curb the weakness of keeping money at home because of robbery however
the rapid evolution of smart payments has radically affected the need of having payments cards and even
bank accounts
10

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wallets. Journal of Business Economics and Finance, 5(1), pp.73-92.
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payment is not all the same: The adoption of mobile payment systems depending on the technology
applied. Technological Forecasting and Social Change, 146, pp.931-944.
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Hartawan, M.S., Putra, A.S. and Muktiono, A., 2020. Smart City Concept for Integrated Citizen
Information Smart Card or ICISC in DKI Jakarta. International Journal of Science, Technology &
Management, 1(4), pp.364-370.
11

Karim, M.W., Haque, A., Ulfy, M.A., Hossain, M.A. and Anis, M.Z., 2020. Factors influencing the use of
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pp.464-478.
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of current trends and research challenges. Computers & Electrical Engineering, 83, p.106585.
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empirical analysis. Journal of theoretical and applied electronic commerce research, 7(1), pp.21-33.
Singh, H. and Miah, S.J., 2020. Smart education literature: A theoretical analysis. Education and
Information Technologies, 25(4), pp.3299-3328.
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mobile payment systems in low-resource environments. Information Technology for Development, 24(4),
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12

Zheng, P., Sang, Z., Zhong, R.Y., Liu, Y., Liu, C., Mubarok, K., Yu, S. and Xu, X., 2018. Smart
manufacturing systems for Industry 4.0: Conceptual framework, scenarios, and future
perspectives. Frontiers of Mechanical Engineering, 13(2), pp.137-150.
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13