Digital Transformation of Payment System By Rafi Ullah (@rafiafridi19) The term payment is an ancient concept meaning, it is the trade of value (something which is rare) from one party to another for a cause and that cause can be goods, or services, or to fulfil a legal obligation. Payments can be done in multiple forms. The exchange of valuable rare things, goods or services for another valuable thing is the conceptual definition of payment. Today’s payment evolves from ancient payment methods that greatly involve some rare gems, diamonds or gold to today’s cashless concept of payment. Even salt, X-shaped trinket (Katanga Cross), Potlatch (Payment in form of Gifts), Bafia Potato mashers were also used as a currency in payment. Stones and jewellery were also used sometime in ancient Greek era. Today’s most common payment methods are debit cards, charge cards, direct debit, bank transfer, prepaid cards and online or e-banking services for payment. A Huge amount of the population nowadays are involved in commerce where people exchange goods and services. These financial transactions did not always involve monetary payments. There was a time when standard money did not even exist and people utilised other forms of payment to perform transactions. As technology evolves, money and payments have changed drastically. Current credit card processing technology and advanced business solutions make financial transactions possible at almost any time and virtually any place. As compared to old payment technique today’s payments methods require most attention towards security, reliability and availability. Trust level, security (Strong mechanism / guard should be implemented towards all loopholes in modern payment methods), availability etc are some of the concerns that should be considered for payments methods implementation.