Published Paper Details:

The banking payment systems have experienced considerable transformations over the last century, due to technological innovations, regulatory changes, and shifts in consumer behavior. This evolution has drastically altered how individuals and businesses manage money and make transactions, as well as redefined the structure and role of financial institutions. From the early 20th century, when physical cash and checks dominated, to the rise of digital banking in the 21st century, key developments have included the introduction of credit cards, online banking, mobile payments, blockchain technology, and cryptocurrencies. These advancements have not only improved the efficiency, security, and accessibility of financial services but have also paved the way for new financial products, including digital-only banks and decentralized finance systems. This paper examines the key phases of this evolution, focusing on the technological advancements from the first ATMs to the rise of AI. This paper will also examine how decentralized digital currencies have changed the banking system and how it has changed the global financial landscape