THE IMPACT OF MODERN PAYMENT ON RETAIL BUSINESS PERFORMANCE
DOI:
https://doi.org/10.1234/ijebs.v1i2.103Keywords:
Adoption, Customer Satisfaction, Digital Payment, Retail Performance, Technology IntegrationAbstract
This systematic literature review investigates the impact of modern payment methods on retail business performance, focusing on key technologies such as mobile wallets, contactless systems, QR code payments, biometric authentication, and blockchain-based digital currencies. The study addresses three central questions: the types of modern payment systems adopted in retail, their effects on sales growth, customer satisfaction, and operational efficiency, and the challenges faced during implementation. Utilizing the PRISMA methodology, 2010–2023 empirical studies were sourced from major academic databases and synthesized using narrative analysis and VOSviewer-based bibliometric mapping. Results show that modern payment methods positively influence retail outcomes by reducing transaction times, improving financial and inventory management, and increasing consumer loyalty. However, disparities in infrastructure, digital literacy, and regulatory readiness continue to hinder adoption, especially among SMEs and older consumers. The findings highlight the need for collaborative strategies involving retailers, technology providers, and policymakers to ensure inclusive and effective digital transformation in the retail sector. This review contributes by providing an integrated framework for understanding how modern payment innovations shape both operational and strategic dimensions of retail business performance.
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