Development Of Electronic Payment Systems Research Articles

Behavior Intention Analysis of E-Money Users: A Study Based on Maqashid Sharia and Fatwa DSN MUI

E-money can be used for various purposes such as online purchases, fund transfers, and financial transactions, providing convenience and efficiency in transactions by eliminating the need for physical cash. The development of new technologies and lifestyle changes have significantly influenced the development of electronic payment systems, also known as non-cash payments. The use of electronic money must adhere to Islamic principles of ethics and morality, avoiding transactions that are prohibited or harmful to others and prioritising the security and privacy of user data. This research involves a document review of electronic money instruments in Indonesia and the current advantages of electronic money with data collection by reading related literature. This article aims to analyse the behaviour intention of e-money users using maqhasid shariah approach and DSN MUI fatwa. The attitude of e-money users determines in carrying out economic activities, of course, what will be considered is the benefit for themselves and others, besides that the implementation of economic activities using e-money is influenced by the environment and the people around them, this is called subjective norms, (normative belief) and perceived behavioural control, There are two indicators to assess hifdz al-mal, namely macro indicators with a top-down approach, and micro focusing on a bottom-up approach, hifdz al-mal can be implemented in various aspects of life in the realm of finance and business practices, this concept emphasises ethical and responsible behaviour in acquiring, managing and distributing wealth, ensuring the welfare of individuals and society.

The impact of Covid-19 on electronic payment system: Lesson learned from Indonesian banking

The Indonesian economy suffered a recession due to the COVID-19 pandemic, the first case of which was announced on March 3, 2020. In response to this disaster, various economic sectors carried out digital transformation, including the banking sector. This research is a case study of how Indonesian banking responded to the pandemic through various central bank policies complemented by literature review on the impact of the pandemic on the banking sector in the world, as well as the development of electronic payment systems before, during and after the COVID-19 pandemic. The central bank issued several regulations of relaxation to reduce the impact of the pandemic on the banking sector. From the perspective of society, the pandemic has actually accelerated the use of digital payment systems in Indonesia. The most widely used electronic payment instrument is electronic money, followed by RTGS transactions with data periods ranging from 2016 to 2021. ATM/Debit card transactions show relatively no fluctuating increases, while credit card transactions show a decline during the same observation period. The trend of increasing electronic transactions is expected to continue after the pandemic and will become a necessity in the Indonesian economy onwards

E-commerce: global trends, diagnostics, strategic guidelines

The aim of the article. The aim of the article is to study the global trends of e-commerce as a complex form of economic relations and to provide its diagnostics based on key performance indicators, as well as to substantiate the strategic guidelines for e-commerce development in Ukraine and the world. Analyses results. E-commerce has become an integral part of the economy since the birth of the Internet and the active digitalization of modern life and business processes. The COVID-19 pandemic and related quarantine restrictions have led to the active growth of e-commerce in the world, as well as the development of forms and methods of its realization. During 2019-2020, the number of sellers and buyers who enjoy benefits from online transactions has significantly increased. Business processes in e-commerce are characterized by an increased level of innovation, but also increased risk and uncertainty. The Internet access is spreading rapidly around the world, with the number of e-commerce entities increasing. In 2020, more than two billion people bought goods or services online, and global e-retail sales exceeded $ 4.28 trillion. The expected figure for 2021 is $ 4.5 trillion. More than 40% of the world's retail online sales are made through Amazon network, and its subsidiary Amazon Web Service is the world leader in online services. In terms of GMV, Amazon (USA) ranks third after China. Taobao and Tmall platforms, managed by Alibaba Group, are leaders in online commerce in Asia and the world. In addition to the main key performance indicators of digital technologies, such as bounce rate, page time and conversion rate, the following indicators were used for diagnostics: time spent per page; the share of unseen content; site pages scroll rate. Another important trend in e-commerce is the spread of mobile commerce, i.e. the use of mobile devices to search for goods and services and make online transactions. Mobile phones account for the bulk of online traffic in all industries, and in 2020, 64% of Internet traffic came from smart phones. The e-commerce effectiveness indicator is the failure rate – the share of transactions not finalized by making an order and payment, i.e. the percentage of "abandoned baskets". The average industry-wide failure rate has not changed since 2019 and was 47% in 2020. Choosing a reliable platform and e-commerce payment system is an important aspect of doing business online as it reduces bounce rates. The time spent on the page is an indicator of the site visitors' satisfaction with the available content or their interest in the information. On average, a user spends a little less than a minute (54 seconds) on each page during their visit. The “Unseen content share” is the ratio of information that is not viewed to the total amount of information on the site. In 2020, it was discovered that 45% of all content is not seen by visitors in all industries. The page scroll rate in 2020 was 56.8%. Therefore, a large number of page views is not enough, the pages should be optimized so that users do not stop at half the page and do not skip content that can be valuable. The indicator that has the biggest impact on a business final performance is the conversion rate. The average conversion rate is 1.82%. The decline in e-commerce conversions in 2020 as compared to the previous period is due to the effects of the Covid-19 crisis: decreased consumer demand, lower consumer incomes, increased uncertainty. Conclusions and directions for further research. The main trends and problems of e-commerce in the world are identified and strategic guidelines for the future are presented, including: development of mobile commerce; wider use of the Online to Offline business model; development of electronic payment systems; supporting multichannel operations; personalization in digital marketing; increasing brand awareness; providing better quality information for customers; active promotion of innovations in e-commerce. The obtained scientific results can be applied in practice to optimize the work of online stores and to reduce costs by increasing the e-commerce efficiency. Further research in this area will address the rationale for e-commerce marketing strategy.

Legal Efforts of Conflicts Resolution in the Cash on Delivery System in E-Commerce Transactions in Indonesia

This study aimed to analyze the legal efforts of conflict resolution in the Cash on Delivery system in e-commerce transactions in Indonesia. As will be discussed in this research is the development of e-commerce in Indonesia, payment systems in e-commerce in Indonesia, and legal efforts of conflict resolution in the Cash on Delivery systems in e-commerce transactions in Indonesia. This study used normative juridical research methods and research data used were secondary legal data consisting of primary legal materials and secondary legal materials. Based on the results of the study, it is known that e-commerce in Indonesia is developed rapidly, especially during the Covid-19 pandemic. Besides the development of e-commerce followed by the development of electronic payment systems in Indonesia, one of them is the Cash on Delivery (COD) system. However, this system creates a conflict between the parties involved in the electronic transaction. Legally, there are two ways of resolving conflict can be put forward, including non-litigation, which is done to achieve peace between the parties involved in the conflict, and if peace is not reached, legal remedies can be taken in litigation by the Buyer by taking civil law action because the Seller has defaulted as regulated in Article 1243 of the Civil Code. In addition, the Buyer can also take criminal litigation efforts by arguing that the Seller has committed a criminal act of fraud as regulated in Article 378 of the Criminal Code in conjunction with Article 28 paragraph (1) of the ITE Law. However, criminal litigation is carried out as a last resort in law enforcement or as an ultimum remedium.

The development of electronic payment systems in Ukraine and their security

The paper is devoted to the study of innovations in the market of modern payment systems. The pandemic and quarantine restrictions have accelerated the expansion of the payment infrastructure in Ukraine, which in turn raises the issue of security of electronic payment systems. Ukrainians are more actively switching to electronic payments. At the same time, the trend of growing popularity of contactless payment instruments and settlements with them continues. A comparative analysis of the security of payment systems using electronic technologies in the implementation of money transfer services in Ukraine has been performed. The components of the payment system, information security measures in the electronic payment system have been also considered. The schema of electronic payments and the block diagram of the information protection subsystem of electronic payment system have been constructed. The criteria for assessing the security of the electronic payment system have been determined. A total of fifteen safety criteria have been identified, they are divided into six groups according to the degree of safety. Six electronic system payments were used for the study and the research results have been presented in this paper. The tendencies of development of electronic payment systems in modern conditions and ways of improvement of their activity taking into account the newest information technologies have been outlined.

FINANCIAL TECHNOLOGIES’ IMPACT ON THE DEVELOPMENT OF BANKING

The development of financial technologies, so-called FinTech, has fundamentally changed the architecture of the modern financial services market, significantly affecting the role of banks in it. These changes determine the need of new approaches for the market behavior of both banks (to maintain competitive positions) and regulators (in order to prevent potential crisis phenomena).
 It is substantiated that at the present stage of development of financial-credit intermediation, determinants of competitive behavior of banks are nonconventional factors such as a degree of freedom to enter the market, an information asymmetry, a level of services and marketing support, an emergence of electronic channels for banking products’ distribution, the development of electronic payment systems and transfers of other banking information.
 It is investigated main approaches to the definition of financial technologies (FinTech). It is justified the necessity of distinguishing this concept and the FinTech segment, it is proposed to define financial technologies in the narrow sense as the provision of financial services by non-banking institutions using modern information technologies, which is rationalizing the analysis of the FinTech’s role in the banking.
 In the article it is identified and characterized external (caused by the objective development of society and fundamental changes in the banks’ environment) and internal (caused by the need of maintaining the competitive positions by banks) factors of financial technologies’ development.
 It is proved that the FinTech’s impact on banking is determined by changes in the structure of the financial services market, a decrease in barriers to entry the market, and an increase of its spatial coverage. The development of FinTech leads to lower costs and higher efficiency of banks, increased competition in the banking environment, reduced information asymmetry, increased financial inclusion, but at the same time leads to the generation of new financial and technological risks for banks.

Financing innovative economic development in Sub-Saharan Africa: the role of mobile payment systems

Electronic payments like mobile banking services have been associated with unprecedented access to financial services in economies, where a large section of the population was underfunded or underfunded due either due to lack of proximity to bank branches. However, the continuous development of electronic payment systems, especially mobile payment in sub-Saharan Africa has brought about a rise in volume of cashless transactions, thereby reducing the use of cash for payment. This therefore promotes financial integration among the segments of the population as it offers those without access to the formal banking system a safe and efficient payment alternative to cash. Also, electronic payment usage also has enormous benefits to governments as it will potentially help collect more tax revenue by providing a clear electronic trail and transparent transactions that can readily be taxed. Our study considers how mobile money services influence innovative economic growth. A linear regression analysis sub-Saharan African data for period 2011-2018 has been carried out. It has been revealed that mobile services and payments system have significant positive effect on economic growth, hence innovative development of the region. Based on these findings it is concluded that mobile payment services or systems are critical aspect of financial intermediation in sub-Saharan Africa as they offer them funds that can be drawn into the formal financial system from resources from both the population with bank accounts and the population without bank accounts, which can contribute to innovative economic growth in the region.

КРИПТОВАЛЮТЫ: ИСТОРИЯ И ВИДЫ

The history of the development of electronic payment systems as a prerequisite for
 the emergence of cryptocurrencies is studied. The most popular cryptocurrencies are considered, their
 advantages and disadvantages are highlighted.

Problems of development of non-banking payment systems in Ukraine

Introduction. The development of non-cash payments is the key to economic growth in any country, because on the one hand, the level of control over payments increases, and on the other - the volume of customer spending increases, which leads to increased consumption and GDP growth. However, current trends in e-commerce and online commerce require the emergence of new technological solutions in the form of electronic payment systems that can legally handle transactions with electronic money and cryptocurrencies. Given the rapid pace of growth in transactions through non-banking electronic payment systems, the issue of identifying obstacles to the development of such payment systems is urgent, especially in view of the need to ensure effective oversight of payments and the deduction of payments. Purpose. The study of the main problems of development of non-banking payment systems in Ukraine in terms of their structural features and importance for the development of the national economy, as well as the development of recommendations for improving the right regulation of payment transactions with electronic money and cryptocurrencies. Results. The features of the development of non-bank payment systems in Ukraine are investigated. The author classification of non-bank payment systems is offered. The main directions of development of electronic payment systems in Ukraine are identified and the obstacles to the integration of international electronic payment systems providing cryptocurrency payment services are highlighted. Measures to improve domestic legislation in the field of electronic payment and cryptocurrency based electronic payment systems are proposed, as well as recommendations on the creation of a state non-banking electronic payment system using blockchain technology to increase transparency and public procurement payments paying taxes.

INTERNATIONAL EXPERIENCE OF ELECTRONIC PAYMENT SYSTEMS USING IN UKRAINE

Introduction. In the course of this research attention was paid to the study of theoretical and practical aspects of the development of electronic payment systems in the world and in Ukraine. The general scheme of electronic payment system work is considered. The dynamics of payments by means of electronic payment systems on the territory of Ukraine is determined. The basic principles of electronic payment systems activity are substantiated. The advantages and disadvantages of electronic payments are considered. The results of the study can be used as practical recommendations for improving the electronic payment activities in Ukraine. Purpose. The purpose of this article is to study the development and status of electronic payment systems and their development in Ukraine. Method (methodology). The main tasks of the research are to consider the general theme of the work of electronic payment systems on the territory of Ukraine; analyze the dynamics of electronic settlements in Ukraine; to substantiate the basic principles of the activity of electronic payment systems; to identify the advantages and disadvantages of electronic payments. Results. The use of electronic payment systems is an extremely positive step towards the economic development of the state. After all, the rapid and effective development of electronic payment systems in Ukraine with the use of international advanced information has a number of advantages for the state economy as a whole and for the individual user in particular: reduction of cash circulation, increase of credit resources, development and wide access to the financial system, etc. It should also be noted that one more important advantage of electronic payments is saving time and minimizing fraud risks.

СИСТЕМЫ ЭЛЕКТРОННЫХ ДЕНЕГ В ФИНАНСОВЫХ ЦЕНТРАХ АЗИИ

The article analyses development and current status of e-money payments systems in the main Asian financial centers: Japan, Singapore and Hong Kong. Firstly, the classification of electronic money systems is given, according to which IC chip-based systems of e-money prevail in all economies under consideration. A significant role in the development of e-money payments is played by the companies of public transportation and retail trading enterprises. Secondly, extent of development of electronic money in Asian financial centers is defined. The analysis of development of electronic payment systems in the Asian financial centers allowed to draw the following conclusions: 1) annual value and volume of e-money transactions per inhabitant is the highest in Hong Kong; 2) Singapore takes the first position in the world by the number of e-money instruments per inhabitant. Also, it has the world’s highest share of electronic money in the total amount of non-cash payments; 3) Japan shows the highest total number of e-money instruments and the highest volume of annual transactions with the use of electronic money. The main reasons of wide use of electronic money in the financial centers of Asia are: 1) speed and convenience of payments of e-money; 2) possibility of universal use of electronic money. Thirdly, the author points at the main features of regulation of electronic money in Japan, Singapore and Hong Kong. In all economies under review it is carried out on the basis of a specialized piece of legislation. The most liberal model of regulation of e-money is seen in Singapore. Hong Kong has the most conservative legislation as a part of general policy of the national monetary and credit authorities on regulation of payment systems.

Modern Outlook on the Nature of Money

The article considers the current issues of the nature of money, the state and development prospects of money circulation. The author conducted the comparative analysis of Russian and foreign researchers’ opinions on the nature of money today. Besides, the article defines the place and role of electronic money in the total money turnover and considers the issues regarding the transformation of the global financial credit system. The author proposes the position according to which the phenomenon of electronic money demonstrates that the nature of money is not limited to their material form, but, more importantly, is characterized by its ability to perform certain functions. The article advises on developing international standards for the regulation of the electronic money circulation since its use is a relatively new practice – a prototype of a fundamentally new monetary system. The article emphasizes that the development of electronic payment systems should be subject to financial regulation. In countries with a developed economy and stable monetary system electronic money will occupy its niche, where it can be used most effectively, while its implementation should be more strictly regulated in developing countries.

Развитие электронных платежных систем в Евразийском экономическом союзе

Развитие электронных платежных систем в Евразийском экономическом союзе

Modern Outlook on the Nature of Money

The article considers the current issues of the nature of money, the state and development prospects of money circulation. The author conducted the comparative analysis of Russian and foreign researchers’ opinions on the nature of money today. Besides, the article defines the place and role of electronic money in the total money turnover and considers the issues regarding the transformation of the global financial credit system. The author proposes the position according to which the phenomenon of electronic money demonstrates that the nature of money is not limited to their material form, but, more importantly, is characterized by its ability to perform certain functions. The article advises on developing international standards for the regulation of the electronic money circulation since its use is a relatively new practice – a prototype of a fundamentally new monetary system. The article emphasizes that the development of electronic payment systems should be subject to financial regulation. In countries with a developed economy and stable monetary system electronic money will occupy its niche, where it can be used most effectively, while its implementation should be more strictly regulated in developing countries.