Fintech collision: How tech convergence is rewriting e-payments

A new bibliometric analysis published in Applied System Innovation presents compelling evidence of a paradigm shift in digital finance. Based on 6,153 academic publications spanning over three decades, the study titled "From Transactions to Transformations: A Bibliometric Study on Technology Convergence in E-Payments," dissects the convergence of four key technologies in e-payment systems, demonstrating how this fusion is reshaping the future of digital transactions globally.

The study identifies four key technologies, blockchain, artificial intelligence (AI), near-field communication (NFC), and mobile technologies, that are increasingly co-occurring in academic literature and real-world payment ecosystems. This convergence is more than additive; it’s transformative. Blockchain enhances transparency and decentralization; AI improves fraud detection and personalization; NFC enables seamless contactless transactions; and mobile platforms serve as the omnipresent user interface.

The researchers use a combination of co-word analysis, co-citation networks, and thematic mapping to demonstrate that these technologies are not merely used side-by-side, but are fusing into integrated platforms. Terms like "trust," "security," and "electronic commerce" now occupy key positions in research clusters. “Motor themes”, including cryptography, trust, and e-business, have moved from peripheral curiosity to central elements in understanding and implementing digital finance.

This transformation is reflected in publication trends. E-payment research, which began slowly in the 1990s, surged post-2010 and spiked dramatically after the COVID-19 pandemic. The crisis catalyzed adoption of contactless payments, which rely heavily on the convergence of NFC and mobile apps, supported by AI-enhanced analytics for fraud mitigation and user experience personalization.

How is tech convergence affecting security, interoperability, and financial inclusion?

The technological integration presents a double-edged sword. On the positive side, the blending of blockchain and AI into payment systems offers robust solutions to some of the field’s most persistent challenges. Blockchain provides tamper-resistant records, and AI algorithms monitor transactional behavior in real-time to flag anomalies. Together, they promise more secure, scalable, and responsive systems.

However, this convergence also exposes systemic vulnerabilities. The study warns of significant interoperability issues. Many digital payment systems remain siloed by region or platform, hampering the universal adoption of integrated solutions. Regulatory fragmentation further complicates the landscape, particularly as new technologies outpace legislation and cross-border coordination.

Perhaps most concerning is the potential exacerbation of the digital divide. Converged payment systems often require newer smartphones, stable internet, and digital literacy - resources that are unequally distributed. Without inclusive design strategies and regulatory safeguards, the very technologies that promise financial inclusion could deepen existing inequalities.

The study introduces the Convergent Adoption–Trust–Security (CATS) Framework to address these challenges. It synthesizes technological integration, user trust mechanisms, and security protocols while embedding them within the larger ecosystem of regulatory responsiveness. This model provides a comprehensive roadmap for designing resilient and inclusive payment infrastructures.

What does this mean for stakeholders across sectors?

For financial institutions and fintech developers, the findings offer clear strategic direction. Systems that integrate AI for real-time fraud analytics, blockchain for transparency, and mobile/NFC for user-friendly access are more likely to succeed in the evolving digital finance landscape. But developers must also consider usability and trust, critical factors for user adoption, especially in cultures or regions with high risk sensitivity.

Policy implications are equally critical. Regulators are urged to create frameworks that enable innovation while enforcing privacy, security, and equity. The authors emphasize the need for global standards on interoperability and digital literacy initiatives to prevent exclusion in vulnerable populations.

At a macro level, the study highlights geopolitical dimensions of payment systems. Legacy infrastructures like SWIFT still dominate cross-border settlements, but their limitations are increasingly evident in a blockchain era. The hybridization of systems, where decentralized platforms complement but do not replace SWIFT, may become the new normal. The research also notes that geopolitical conflicts, such as the exclusion of Russian banks from SWIFT, underline the need for resilient, diversified infrastructures in a volatile global economy.

The findings are particularly relevant for regions like the Global South, where fintech adoption is rising but remains fragmented. The research calls for more comparative studies on regional regulatory environments, cultural attitudes toward digital finance, and infrastructural readiness.