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The world telecommunications industry caters to both wireline and wireless business. In the present fourth generation (4G) wireless world rapid change is the only constant factor. The biggest paradigm change being the move from circuit switched to packet switched technologies. Voice over packet (VoP) is transforming telephony by rapidly replacing the legacy circuit-switched technology. The VoP technology unites the telephony and data worlds allowing voice, facsimile, and video traffics to be relayed over managed IP networks or corporate intranets around the world. In this paper, various aspects of Voice over Internet Protocol (VoIP) are discussed, including the architecture for the NGMN, challenges, standards and the application areas.