ТЕНДЕНЦІЇ РОЗВИТКУ ГЛОБАЛЬНОГО ПЛАТІЖНОГО ПРОСТОРУ ТА ЙОГО ВПЛИВ НА СУЧАСНІ ВІТЧИЗНЯНІ ПЛАТІЖНІ СИСТЕМИ

Abstract

The article is devoted to the consideration of current trends and development vectors of the payment space in the global aspect and the state of payment systems’ development of in Ukraine. Acceleration of the role of non-cash circulation in society and growth of the role of payments makes the payment systems’ development a dominant feature of economic growth, innovation and integration. A specialised element of almost all economic transactions that take place in the market economy, which concerns the transfer of monetary value in exchange for some goods, services or financial assets, is one of the approaches to the definition of the payment system in which it is necessary to add the payment infrastructure. The latter ensures smooth, reliable, prompt and efficient payment transfers. The last mentioned exactly that aspect that has now fuelled the growth of payment services’ digitalisation. Given the vectors of development of the payment industry, the payment systems can become a leader, in the sphere of financial services. Having considered the main directions of development in the international economy, we have highlighted the trend of globalisation of national payment systems into a common world payment space. However, this process is complex and requires working out many differences between different national payment systems and co-operation of states, regulators, enterprises and population (consumers). This approach to the development of payment systems promotes economic growth and job creation. However, the creation of a global world space is a complex task, which begins with the development and improvement of national payment systems to adapt to further integration into the global payment space. It is mentioned that there is a restructuring of the payment space, including the evolution of payment instruments (instant payments, payment cards, e-wallets, etc.) and revolutionary structural changes in the combination of classical payment technologies and technological innovations (cryptocurrencies, development of national e-money, distributed ledger technologies, blockchain networks that offer interoperability solutions, etc. The results of the analysis of existing trends, summarised by the above-mentioned scientists and experts, determine further directions for transforming the domestic payment space.