• Srinivasan Krishnan
• Dr. S. Rajarajeswari,

Financial sector reforms and banking sector reforms are part and parcel of economic development of a country. The banking Industry in India has been directed to change its function to help a massive number of people in remote rural areas as well people in urban areas. The face of Indian banking payment system is changing due to change in needs of customer and advanced development of technology. This paper examined the state of the payment system and its development in the payment system in the recent period. This article attempted to explain the requirements for such changes and trends in the payment system. The article tried to explain the latest developments such as Blockchain and cryptocurrencies, Financial Inclusion, Buy now and pay later and digital wallets etc.

Banking, Blockchain, Digital Currency, Digital payment, Financial Inclusion, Finance Industry, Payment Systems.

"EVOLUTION OF MODERN PAYMENT SYSTEM IN BANKING INDUSTRY", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.11, Issue 12, page no.e100-e105, December-2024, Available :http://www.jetir.org/papers/JETIR2412410.pdf

"EVOLUTION OF MODERN PAYMENT SYSTEM IN BANKING INDUSTRY", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.11, Issue 12, page no. ppe100-e105, December-2024, Available at : http://www.jetir.org/papers/JETIR2412410.pdf