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Fueled by changing consumer preferences, increasing penetration of fintech into the traditional payments space, and smartphone-enabled real-time payments, the payments industry is witnessing a dynamic transition. Instantaneous transactions, messaging capabilities, and immediate fund transfers have ushered a new phase in the payments industry. Commercialization of the payments industry has been fortified by the introduction of contactless payment technologies, such as NFC and smart wearables, which became the preferred mode of transactions amid the COVID-19 pandemic. With growing technological innovations in payment methods, regulatory bodies need to match pace. Increased cooperation between payment regulators & payment solution providers will accelerate the digitalization of payments and infuse the much-needed impetus into establishing a unified payments platform. The need for robust regulations amid the ongoing volatility in the cryptocurrency industry has expanded the payments industry spectrum into digital currencies.
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