Internet of Things (IoT) and Future of Digital Payments: Enabling Smart, Automated Transactions

The goal of the study is to examine how the Internet of Things (IoT) will revolutionize digital payments in the future. This is done by addressing new trends and issues in IoT-enabled payment systems and concentrating on automation, efficiency, security, and financial inclusion. A thorough literature review was carried out in order to achieve the research objective. The data was obtained from several articles and papers from different databases, such as the ScienceDirect database and Google Scholar. The inclusion and exclusion criteria were then used to choose the references. According to the study's findings, smart payments are developing as a result of the Internet of Things, which offers enhanced accessibility, privacy, and productivity. In order to realize the benefits of IoT in digital payments, adoption, privacy, and data security concerns must be addressed. As IoT technology advances, it will continue to play a significant role in digital payments and fundamentally alter how people handle their funds and conduct transactions. In the future, IoT promises to make payment transactions simple, secure, and tailored to the preferences of each individual user.