Development Of Payment Systems Research Articles

The best machine learning model for fraud detection on e-platforms: a systematic literature review

The internet has been instrumental in the development and facilitation of online payment systems. However, its associated fraudulent activities on eplatforms cannot be overlooked. As a result, there has been a growing interest in the application of machine learning (ML) algorithms for fraud detection on financial e-platforms. The goal of this research is to identify common types of fraud on financial e-platform, highlight different machine learning algorithms employed in fraud detection, and derive the best machine learning algorithms for fraud detection on e-platforms. To achieve this goal, the research followed a nine steps systematic review approach to retrieve Journals and conference publications from science direct, Google Scholar and IEEE Xplore between 2018 and 2023. Out of 2,071 articles identified and screened, 44 publications (23 articles and 21 conference proceedings) satisfied the inclusion criteria for further analysis. The random forest algorithm turned out to be the best ML algorithm because it ranked first in the frequency of usage analysis and ranked first in the performance analysis with an average accuracy of 96.67%. Overall, this review has identified the kinds of fraud on financial e-platforms, and proclaimed the best and least ML algorithm for fraud detection on financial e-platform. This can help guide future research and inform the development of more effective fraud detection systems.

Factors influencing the development of the cashless payment system: Comprehending the function of the involved participants

Purpose: The prevalence of cashless payments has increased globally owing to their myriad benefits. Furthermore, the use of cashless payments has also increased. Nevertheless, there is a need for more comprehensive research on the acceptance and current methodologies of cashless transactions. This study aims to gain a thorough understanding by identifying the entities involved and their pivotal functions in the payment ecosystem. Research Methodology: This report seeks to answer two research questions: i) Which factors are involved in the cashless payment ecosystem? What key elements influence the players in adopting a cashless payment ecosystem? Six key ecosystem players and their influencing elements were identified by comprehensively evaluating 63 publications published between 2015 and 2021. Results: Several benefits are associated with cashless payments, which have led to their growing popularity worldwide. Furthermore, during the COVID-19 epidemic, there was a significant increase in the use of cashless payment methods. Limitations: On the other hand, more holistic studies on the widespread use of cashless payment methods and their respective modern behaviors are needed. Contribution: In addition to providing a foundation for further empirical research, this study contributes to resolving adoption-related concerns. Novelty: This study’s original approach to understanding the various elements driving cashless payment system development by focusing on participant roles and functions is unique. Unlike previous studies, this study examines human dynamics rather than technology or regulatory issues.

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.

ОКРЕМІ АСПЕКТИ МІЖНАРОДНОГО ДОСВІДУ ОРГАНІЗАЦІЇ ПОДАТКОВОГО КОНТРОЛЮ

At the current stage of the development of the domestic economy, tax control is one of the main problems before the executive authorities, since the issue of replenishing the budget is one of the most important, because the country is under martial law and the level of the shadow economy is growing. Creating an effective tax control system requires rational approaches using the practical experience of foreign countries in this area. The article analyzes and characterizes the specific features of the organization of tax control in European countries (France, Germany, Poland), the United States of America (USA), and Canada. The main principles, forms and directions of tax control in these countries are considered according to two main approaches – European and Western (American). The legal framework and institutional environment for ensuring the tax control process are considered. Cases of imposition of administrative and/or criminal punishment for committing a tax offense in accordance with the legislation of each individual country are outlined. The main directions of the effective organization of tax control in Ukraine are outlined, taking into account world experience.. It is noted that the tax services in Western countries are largely endowed with the powers of law enforcement agencies. The active development of non-cash payment systems with the wide use of computer systems helps to develop the market economy of countries, which accordingly improves the tax control of tax services. The tax control system of Ukraine is close to the European approach, but the reform of the administrative tax system is very slow. Tax authorities should not only be able to receive tax reporting at their disposal, but also the reporting of other financial institutions related to the activities of the taxpayer. The main directions of the organization of tax control in Ukraine are reflected, taking into account the experience of other countries. One of the main ones is the need to improve the technical support of Ukrainian tax authorities and accelerate the process of digitalization of policy in the context of tax control.

Customer Shopping Behavior on E-Commerce Effectiveness Using the Information System Success Theory Approach

In addressing the purpose of this research, it seeks to unravel the intricacies of payment systems in e-commerce, particularly focusing on the challenges posed by the indirect nature of transactions. The design and methodology of the study involve a comprehensive examination of customer perceptions and concerns, emphasising payment security and privacy in the digital landscape. This investigation stems from recognising that security is a linchpin for the successful development of Internet-based payment systems. Within the discourse of e-commerce, customer apprehensions regarding the security of their payment and financial information, encompassing details like credit card transaction numbers, are prevalent. As the e-commerce market in Indonesia experiences rapid growth, exemplified by the leadership of Tokopedia, the competition among companies and organisations intensifies. The endeavour to satisfy customers becomes a formidable challenge for many, underscoring the need for nuanced insights into the factors influencing customer satisfaction. Adopting the Information System Success Theory as a theoretical framework, this study posits that customer concerns about the payment system significantly impact the perceived quality of service. In this context, quality serves as a yardstick for measuring effectiveness by delving into the intricate layers of customer satisfaction. The research employs Structural Equation Modelling (SEM) as the chosen methodology, engaging with the perspectives of 100 respondents to derive meaningful conclusions. Despite its contributions, the study acknowledges its limitations, including the inherent subjectivity in customer perceptions. Nevertheless, the implications drawn from this research carry significance for the ongoing refinement and enhancement of e-commerce payment systems, providing valuable insights for practitioners, researchers, and policymakers navigating the dynamic intersection of technology and consumer satisfaction in the digital age.

Integrated institutional care based on comprehensive assessment – a case study of Yanda Long-term Care Centre in China

Introduction: Long-term elderly care institutions in China usually solely provide care for daily living to the residents. In response to the multiple needs of the elderly and the policies of integrating health and care by the government, some elderly care institutions started exploring new care models.Yanda Long-term Care Centre is a private institution with more than 5000 beds participating in the interRAI initiative in China. Partnering with a built-in community health care center, it explored integrated institutional care based on interRAI assessment.
 Practice change implemented: The Centre has established a service model of ""integrated multidisciplinary care based on comprehensive assessment"" to provide integrated health and social care for the elderly. The main concept of the model is to provide comprehensive and effective care through care management and multi-professional teamwork. This care model started its official operation in 2010 and the development is ongoing.
 Targeted population and stakeholders:The targeted population is all residents in the center especially those with disability or other chronic conditions. Key stakeholders include the management team of the facility, the case managers, the multi-disciplinary care team, the interRAI company in China and the residents’ families. 
 Highlights
 
 Yanda Long-term Care Centre adopted a three-tier assessment model. A basic ADL assessment was conducted as initial screening, with disabled residents entering into the next comprehensive assessment which used Long Term Care Facility Assessment Scale (InterRAI-LTCF) as the tool. Specialist assessment scales measuring functional, cognitive, nutritional, spiritual and other dimensions will be employed for specific conditions, such as mini nutritional assessment (MNA), Braden scale for predicting pressure score risk etc.
 The case managers are responsible for assessing the needs of the elderly and the quality of long-term care services, developing and guiding the implementation of integrated long-term care plans, integrating care resources.
 Multi-disciplinary care team supported by the built-in community health center，include physician, nurse, therapist, nutritionist, pharmacist, physical and occupational therapist , social worker and so on. They provide comprehensive services, including medical, nursing and rehabilitation services, health management upon needed.
 
 
 Comments on sustainability and transfer-ability: The service model could be sustainable if the current management team of the facility remains stable. The service procedures, assessment methods, case management and multidisciplinary team formation based on the built-in health care center all provide valuable experiences for other elderly care facilities to learn and practice in China.
 Discussion: Despite progress made, there are still some barriers, including the lack of training systems for professional assessors, underdevelopment of the insurance system for integrated long-term care services.
 Conclusion: The model develops individualised service plans based on comprehensive assessment and establishes a case management system, providing integrated interventions and services to high-needs residents. It reduces the incidence of risk, improves residents’ quality of life and acquires high satisfaction from both residents and their families. Attention should be given to a more standardised implementation pathway for comprehensive assessment, cultivation of professional talents and further development of financing and payment systems for integrated long-term care services.
 

Analysis of the Current Situation, Opportunities, Challenges and Countermeasures of China's Digital Payment System in the Post-epidemic Era

In recent years, under the influence of the COVID-19 pandemic, China's digital payment system has encountered significant opportunities, challenges, and changes. The digital payment system mainly includes three parts: electronic currency, electronic payment, and digital currency. This paper takes the perspective of the post-pandemic era and integrates the previous research on the digital payment system. It comprehensively analyzes the current situation, challenges, and development opportunities of China's digital payment system from different angles by examining the development of China's digital payment market. It is found that the pandemic has stimulated the continuous development of digital payment, gradually replacing cash settlement. In the post-pandemic era, emerging industries have shown strong vitality for digital payment. However, digital payment also has risks of inadequate information security, digital divide, and private enterprise monopolies. In the post-pandemic era, digital payment has more development opportunities and presents a sustainable development trend with the promotion of legal digital currency, stimulation of emerging industries, and support of government policies. This article proposes corresponding forward-looking suggestions from the perspectives of governments, companies, and individuals to further promote the development of China's future digital payment system in response to the above risks. Specifically, it should improve risk control and data security protection mechanisms, help vulnerable groups cross the digital divide and mobile payment dilemma, and accelerate the promotion and use of China's legal digital currency.

GENERATION Z CASHLESS PREFERENCES IN THE POST COVID-19 PANDEMIC ERA: IDENTIFYING THE CONTINUITY OF DIGITAL PAYMENT USAGE

This quantitative study aims to identify factors affecting the intention of continuity of digital payment use in Generation Z in the post-Covid-19 pandemic. Based on the concepts of ECM (Expectation Confirmation Model) and TAM (Technology Acceptance Model), perceived ease of use, usefulness, and satisfaction were selected as determining variables. Data were collected through questionnaires from 150 Generation Z respondents as digital payment users and tested based on the SEM-PLS technique using SmartPLS software version 4.0. This research has proven that perceived ease of use and satisfaction are the main factors for the continuance intention of digital payment use in Generation Z, especially in the post-Covid-19 pandemic. In contrast, perceived usefulness is not a significant predictor that affects the continuance intention of use. The results of this study are expected to contribute to the expansion of literacy and increase the development of digital payment systems to meet consumer needs in the current cashless era. Further research is needed in describing the continuance intention of digital payment use in Generation Z by adding more variables and increasing the sample to get better findings.

Factors Affecting MSMEs in Using QRIS and Electronic Data Capture (EDC) as a Cashless Payment Method: Evidence from Sorong City, Southwest Papua

Rapid progress has been made in the development of cashless payment systems. As can be seen from the positive level of public acceptance of this payment method development standard, moreover this trend has become necessary for rural communities. QRIS and debit card payment via EDC are the non-cash methods that MSMEs players in Sorong city utilize the most frequently. Sorong city is quite developed province of Southwest Papua Indonesia, which is well regarded as a commercial and industrial hub. According to reports as of January 2022, the use of QRIS by merchants in the Sorong city itself has not met the target set by Bank Indonesia. This research aims to examine the variables that affect MSMEs players decision to use QRIS and EDC for cashless transactions. In this quantitative research, the variables predictor used are the extended Technology Acceptance Model (TAM) by Davis, with are perceived risk as X1, perceived ease of use as X2, and perceived usefulness as X3. Convenience sampling was the sampling technique utilized, with questionnaires distributed to the 60 MSMEs players throughout Sorong city. Multiple linear regression analysis is used to determine the significance relationship between predictor variables and response variable. The findings demonstrate that there is significant relationship between perceived ease of use and perceived usefulness on the decision of MSMEs players to use QRIS and EDC for cashless payments in their businesses, while the usage decision not significantly affected by the variable of perceived risk. The research's empirical evidences are expected to increase local business literacy and provide a reference for the government and policymakers who make rules about cashless payment systems.

Trends of development of Azerbaijan’s banking sector

Aim. To identify new trends in the development of the banking sector of Azerbaijan, one of the key links in the national economy of the country, based on the analysis of its condition in the last five years.Tasks. To analyse the mandate of the Central Bank of Azerbaijan (CBA), the structure of the country’s banking market, the level of banks’ capitalisation; to sum up the results of the analysis; to formulate proposals for improving the situation.Methods. The study relies on a systematic approach to solving the set tasks. The article presents different points of view of authors and analysts regarding reforms in the banking sector of Azerbaijan. The dialectical approach to the analysis of the main phenomena and regularities, as well as the systematic approach to the disclosure of the key factors of development of the national banking sector of the country served as the methodological basis of the study.Results. The main trends in the development of the banking sector of Azerbaijan were analysed, its current state was assessed, and the mandate of the CBA was determined. The research shows that the growth of the banking market, new trends in the expansion of banking services create significant qualitative changes in this market. During the year, the banking sector as a whole showed resistance to exogenous shocks.Conclusions. In the banking business of Azerbaijan, one of the special tendencies manifested in the activity of the banking services market is technological improvement and expansion of application of modern automatic systems. The analysis showed that in recent years, despite the growth of current expenses in the activity of banks, the most modern and productive communication technologies replacing labour-intensive processes are introduced. The mandate of the CBA was focused mainly on monetary policy, ensuring regulation and development of interbank centralised and other unlicensed payment systems. Monetary policy implemented by the CBA has been aimed at mitigating inflationary pressures. Although high global inflation remains risky in the context of uncertainty due to the global geopolitical and geo-economic situation, the accelerated recovery of economic growth, the country’s trade surplus and the increase in strategic foreign exchange reserves allow the macroeconomic environment of the financial system to remain stable.

Consumer Behaviour and Mobile Payments in the Point of Sale: Exploring the Determinants of Intention to Adopt It

This study identifies the strategic determinants of intention to use m-payment and explores how the information and availability of a mobile payment service impact on the intention to use it from a holistic perspective. Specifically, it is studied the effect of perceived ease of use, perceived security, perceived usefulness, perceived compatibility, and subjective norms in a context where mobile payment was not yet available. The research model is empirically tested through a field experimental design with 437 potential users in Spain. The results show that perceived security, perceived usefulness, perceived compatibility, and subjective norms have a significant effect on the intention to use. Especially, subjective norms play a key role if the user has the opportunity to use the mobile payment and receive adequate information. This paper also provides implications to mobile payments industry and to theoretical field of technology adoption. According to the results, it is recommended that FinTechs and companies dedicated to the development of payment systems devote efforts to increasing the compatibility of these systems with users’ lifestyles not only from a digital but also from a physical perspective. In addition, they should continue to look for ways to make users feel secure and see in this means of payment some utility that fits their needs. Finally, all these efforts must be transmitted to the consumer so that they can generate positive word-of-mouth among their acquaintances to encourage mobile payment adoption.

Optimal Care for Kidney Health: Development of a Merit-based Incentive Payment System (MIPS) Value Pathway.

The Merit-based Incentive Payment System (MIPS) is a mandatory pay-for-performance program through the Centers for Medicare & Medicaid Services (CMS) that aims to incentivize high-quality care, promote continuous improvement, facilitate electronic exchange of information, and lower health care costs. Previous research has highlighted several limitations of the MIPS program in assessing nephrology care delivery, including administrative complexity, limited relevance to nephrology care, and inability to compare performance across nephrology practices, emphasizing the need for a more valid and meaningful quality assessment program. This article details the iterative consensus-building process used by the American Society of Nephrology Quality Committee from May 2020 to July 2022 to develop the Optimal Care for Kidney Health MIPS Value Pathway (MVP). Two rounds of ranked-choice voting among Quality Committee members were used to select among nine quality metrics, 43 improvement activities, and three cost measures considered for inclusion in the MVP. Measure selection was iteratively refined in collaboration with the CMS MVP Development Team, and new MIPS measures were submitted through CMS's Measures Under Consideration process. The Optimal Care for Kidney Health MVP was published in the 2023 Medicare Physician Fee Schedule Final Rule and includes measures related to angiotensin-converting enzyme inhibitor and angiotensin receptor blocker use, hypertension control, readmissions, acute kidney injury requiring dialysis, and advance care planning. The nephrology MVP aims to streamline measure selection in MIPS and serves as a case study of collaborative policymaking between a subspecialty professional organization and national regulatory agencies.

INTERRELATIONSHIP OF INFLATION, EXCHANGE RATE AND INTEREST RATES IN THE CONTEXT OF HUNGARY'S STRATEGIC POLICY

INTERRELATIONSHIP OF INFLATION, EXCHANGE RATE AND INTEREST RATES IN THE CONTEXT OF HUNGARY'S STRATEGIC POLICY

NFC TECHNOLOGY AND ITS DEVELOPMENT PROSPECTS

The article examines a system for making contactless payments using NFC technology. The practice of acquiring as a trade method that increases the attractiveness of business for the client and simplifies trade processes for owners and employees is considered. The relevance of such a system in Ukraine and the prospects for its development have been determined. The presence on the market of such systems, combinations of systems that allow to obtain the same attractiveness for business and customers was analyzed. Despite the fact that such systems attract customers to the business, the number of services that can provide relevant services to the customer or business remains insignificant, and ready-made solutions combining functionality for the customer and the seller at the same time have not been found to date. The purpose of the article is to present the stages of development of contactless payment systems that transfer data between client applications using NFC technology and a server based on microservice architecture. The article presents a system of contactless payments based on NFC technology, its structure and algorithm of operation. It is indicated that the principle of operation consists in receiving and transmitting data from two end customers of the system to one of the payment systems in a certain order, which allows for safe payment transactions.

Customer Attitude toward Digital Wallet Services

The goal of this study is to examine and identify the factors influencing customer attitude toward and intention to use digital wallets (electronic wallets, e-wallets) during and after the COVID-19 pandemic. A total of 257 correctly fulfilled questionnaires from an online survey were summarized. The main features of e-wallet payment systems were classified with a focus on consumer satisfaction via the integration of classic and modern data analysis methods. Structural Equation Modeling (SEM) was preferred to reveal the dependencies between the variables from e-wallets users’ perspective. The designed model can discover and explain the underlying relationships that determine the e-wallets’ adoption mechanism. The obtained results lead to specific recommendations to stakeholders in the value chain of payment processing. Financial regulatory authorities could employ the presented results in planning the development of payment systems. E-commerce marketers could utilize the proposed methodology to assess, compare and select an alternative way for order payment. E-wallet service providers could establish a reliable multi-criteria system for the evaluation of digital wallet adoption. Being aware of the most important components of e-wallets value, managers can more effectively run and control payment platforms, enhance customer experience, and thus improve the company’s competitiveness. As the perceived value of customer satisfaction is subjective and dynamic, measurements and data analysis should be conducted periodically.

FEATURES FUNCTIONING OF THE PAYMENT SYSTEM OF UKRAINE

In the age of the global Internet, there were changes in the life of the human community, its needs, and requirements for the provision of payment services, that, in turn, affected the development of the payment sphere. Taking into account the transformations in the field of payment systems that occur as a result of the continuous development of the digital economy and its globalization, legislative and regulatory changes in the domestic and international legislative field, research and proposals regarding the modern understanding of the concept of "payment system" and its varieties remain important.As a result of the conducted research on the current condition of functioning of payment systems, we have proposed the author's vision of the concept of "payment system" and their varieties, which takes into account the influence of digital technology changes and globalization processes on their activity, while highlighting individual types of payment systems depending on their general economic significance, unitary position, as well as importance, significance, and functionality. In addition, the selected types of payment systems may have several variants of their interpretation, since today this concept has significantly expanded its lexical meaning.Based on the results of the assessment of the current condition of functioning of payment systems in Ukraine, the article identifies the main stages of the formation of the country's payment system, identifies its features, and establishes the factors that influence their development (political and economic, globalization, informatization of society, digitalization of the economy, development of financial technologies, the legislative basis for payment systems, use of oversite, regulator's policy, access to the Internet, level of material support of the population, competition between payment service providers, popularization of cashless payments). The study of the main development trends and the identification of the main shortcomings in the article showed the need to reform the payment system, and interbank settlements, and determine promising directions for the development of payment systems in order to create an effective, reliable and safe payment in the system of Ukraine.

Digital Payment System Development in India

Digital payment methods have been growing exponentially owing to global progress in technology and high product ranges. The adoption of digital payments has gained momentum in India over recent years. Demonetization has played a prominent role in the growth of online payment technologies in the country. Nationwide lockdown during the Covid-19 pandemic has also boosted the digital payment systems in India. The present paper reviews the development of digital payment services. The paper also discusses the various modes used for digital payments in India. The study highlighted the increased use of the Unified Payment Interface (UPI) network and other payment apps for digital money transactions. Moreover, the paper studies the impact of the development of digital payment services in India. The paper is based on secondary data, taken from the RBI bulletin, Annual Reports, various research papers, journal articles, and websites. The results demonstrated that digital payments have increased convenience and transparency in payments but have provoked security and reliability issues in financial transactions. The research evidence that the digital payment systems certainly benefited the people having a low and middle income, which will eventually help to boost the economy of India.

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

Criteria for assessing the economic efficiency of payment systems

Subject. This article examines the issues of assessing the economic efficiency of payment systems, namely, the economic relations between the operators of payment systems, their participants, users of payment services, as well as regulators and organizations that ensure the functioning of the payment infrastructure. Objectives. The article aims to analyze the approaches to assessing the efficiency of payment systems reflected in the scientific literature, identify the most important criteria for such an assessment, and formulate basic recommendations for improving evaluation procedures. Methods. For the study, I used theoretical research methods. Results. Based on the results of the study, the article offers recommendations for improving the assessment procedures regarding the efficiency of the payment system functioning. Relevance. The proposed methodology can help conduct a better and more complete assessment of the efficiency of payment systems, identify the most significant problems, outline ways to solve them, and develop long-term and short-term plans for the development of payment systems. The results of the study can be used in the practical activities of specialists managing the functioning of payment systems and their separate elements, and assessing the efficiency of payment systems.

Do Payment Technology Innovations Affect Currency Demand in Tunisia?

This study investigates the impact of non-cash payment technologies on demand for currency in Tunisia using the autoregressive distributed lag (ARDL) cointegration approach from 2010M12 to 2018M7. In this context, our findings indicate a negative influence of EFT-POS terminals on currency demand. We have also shown that the demand for currency is positively influenced by the increase in the number of ATMs and the volume of transactions made by bank cards in circulation, reflecting the frequent use of cards to receive cash in Tunisia. Whereas, the impact of increase in check payments on demand for currency is negative and not significant. The empirical evidence shows that there is preference for cash in payment habits by Tunisian consumers. So, it should be noted that despite the development of payment systems, cash still attractive and an easier substitute for non-cash payments in Tunisia.