Payments in the digital realm are increasingly being brainstormed amongst banking and currency experts worldwide. Cashless and contactless payments are the most trending terms debated among payment merchants and regulating bodies alike. The fantasy of cutting the middlemen of the slot and, in turn, experiencing faster, cheaper, and reliable payment transactions is coming close to reality with the advent of the digital dollar.  It all started with cryptocurrencies like Bitcoin and Ethereum gaining reputation for cross border payments outside the traditional banking realm. The anonymity that came with these transactions were a deep concern but at the same time the effectivity of the system was worth a consideration. This led to central banks globally looking into the power of cryptocurrencies and devising their own reliable and secure digital dollar