The thesis explores the topic of payment systems through various aspects and challenges in the contemporary financial environment. Payment systems are defined as a key component of the financial system enabling money transfer among different participants using various payment instruments. Special attention is given to analyzing the functions, types, and importance of payment systems in modern business, including relevant regulatory frameworks governing them. Risk management in payment systems is highlighted as a critical element of financial stability, with a detailed examination of operational, liquidity, and security risks. Risk management strategies encompass preventive measures, ongoing monitoring, and evaluation to minimize potential losses and unforeseen situations. The thesis examines specific risks such as process digitization, geopolitical events like the Ukraine-Russia conflict, and the impact of the COVID-19 pandemic on the global financial system. Special focus is placed on the consequences of these events on payment systems and proposed strategies to mitigate adverse effects. Additionally, it thoroughly analyzes the transition to a new currency, emphasizing the challenges and necessary adjustments for successful implementation. The conclusion synthesizes key findings and recommendations, emphasizing the importance of continuous improvement of risk management strategies and adaptation of payment systems to contemporary challenges in the global market.