The Role of IoT in Revolutionizing Payment Systems and Digital Transactions in Finance

The revolutionary impact of the Internet of Things (IoT) on payment systems and digital transactions within the financial industry is investigated so as to better understand its implications. During this period of unparalleled digitalization in the financial environment, the Internet of Things has emerged as a crucial participant in the process of altering traditional payment paradigms. For the purpose of improving efficiency, security, and the overall user experience, this article analyzes the incorporation of Internet of Things (IoT) devices into financial transactions. These devices include smart cards, wearables, and linked appliances. The paper elucidates how Internet of Things-driven innovations are expediting payment processes, reducing transaction costs, and mitigating fraud risks. This is accomplished through a comprehensive investigation of case Researches, technology breakthroughs, and regulatory frameworks. In addition to this, the article investigates the implications of the Internet of Things (IoT) in terms of promoting financial inclusion by providing digital payment services to groups that were previously underserved. This research gives useful insights for policymakers, financial institutions, and technologists who are looking to navigate and harness the potential of the Internet of Things in transforming payment systems. These insights are gained through an examination of the obstacles and opportunities related with the adoption of IoT in the financial sector.