IMPACT OF E-PAYMENT SYSTEMS ON TRADITIONAL BANKING SYSTEMS

The banking sector is changing dramatically as a result of the quick development of technology. With the growth of e-payment systems, traditional banking—which is defined by in-person transactions and paper-based procedures—is facing more and more competition. Through the use of mobile applications and digital wallets, these digital solutions have completely changed how companies and customers connect, enabling smooth and quick transactions. E-payment systems have become incredibly popular as customer tastes move toward speed, convenience, and accessibility, which has an effect on traditional banking services. The purpose of this study is to investigate how traditional banks’ overall business models, operational effectiveness, and customer behaviour are affected by e-payment systems. Since fintech businesses and the increasing usage of smartphones are driving changes in customer expectations, this project is relevant since it aligns with current financial trends. Due to consumer preferences for speedy and simple transactions, traditional banks have had to adjust by adding e-payment options to their portfolios.