Modernization of wallets, smart cards, and contactless payment interfaces

As a part of daily shopping, both social and individual, at least some operations must be carried out for the exchange of goods or services for payment in currency form. From historical data, these currency exchanges have evolved from the barter method, where people's needs for goods and services matched each other, to the modern global markets through different stages including the use of metals, banknotes, and coins. Similar variations exist for settlement operations in e-commerce as well. The barter system, which had direct utility for trading parties for their common needs, had significant shortcomings for large populations, which were gradually overcome with the adoption of new payment methods and intermediaries. With the substantial growth in mobility of populations and commerce, and with the development of financial instruments and diverse goods and services provided by new suppliers, providing effective and secure payment methods becomes challenging. The evolution in payment systems began with the introduction of paper-based currency, subsequently for the digital form with the advent of computers, and recent developments include cryptographic mechanisms for the digital currencies in various forms.