Efficient Payment Research Articles

QRIS as a Single Payment Gateway as a Solution for Payment Efficiency and Legal Protection for e-commerce Consumers Through a Comparison With China

The increasing interest in shopping through e-commerce is accompanied by consumers' desire for easy, fast, and efficient payment methods, leading to a decline in cash usage as transactions can be conducted without spatial or temporal limitations through various payment gateways. In response to this phenomenon, Indonesia introduced a national payment gateway called QRIS. However, QRIS still faces several weaknesses, particularly in terms of effectiveness and consumer protection, which necessitate improvements. A single payment gateway is considered an effective solution to address these issues. This study used the statute approach and the comparative approach. It examined laws and regulations related to payment systems and consumer protection in e-commerce implemented in Indonesia, with China serving as a comparative study. The study results indicate that certain features of QRIS are not yet adaptive to current cutting-edge technologies, highlighting the need for more specific regulatory provisions in several Indonesian laws, particularly the importance of independent regulations governing e-commerce to create inclusivity in digital transactions.

Manajemen Operasional UMKM: Peran Sistem Pembayaran, Inovasi dan Kinerja Operasional terhadap Kemampuan Bersaing

This study aims to analyze the effect of payment systems and innovation on the operational performance and competitiveness of Small and Medium Enterprises (SMEs) in Makassar City. The study found that an efficient payment system impacted competitiveness, although not directly through increased operational performance. This underscores the importance of a well-functioning payment system in SMEs' competitiveness. Data were collected from 156 SMEs in Makassar through questionnaires and analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. The results showed that payment systems did not have a significant effect on operational performance but had a significant impact on competitiveness. Conversely, innovation significantly affected operational performance but did not directly increase competitiveness. In addition, operational performance was shown to be an essential mediator in the relationship between innovation and competitiveness but not in the relationship between payment systems and competitiveness. The conclusion of this study emphasizes the importance of innovation in improving the operational performance of SMEs, which ultimately contributes to increased competitiveness. The implications of this study provide recommendations for SMEs in Makassar to prioritize innovation in operations while improving payment systems to achieve better competitiveness in a competitive market.

Mitigating smart contract vulnerabilities in electronic toll collection using blockchain security

The Internet of Vehicles (IOV) is a distributed network that provides several services based on vehicle information (e.g., location, speed), such as Electronic Toll Collection (ETC). ETC has been introduced to replace traditional toll booths, where vehicles need to line up to pay, especially during peak travel times. The main advantage of ETC is improved traffic efficiency. However, existing ETC systems often fail to secure the privacy of vehicle information and are vulnerable to fund theft. This makes automatic payments inefficient and susceptible to attacks like the Reentrancy attack.In this paper, we leverage the Ethereum blockchain and smart contracts to facilitate automatic payments within the ETC system. The primary challenges addressed include authenticating vehicle data, automatically deducting fees from users’ wallets, and safeguarding against Reentrancy attacks in smart contracts, all while maintaining the confidentiality of distance-related information necessary for fee calculation. To address these concerns, we implement a decentralized application featuring a comprehensive end-to-end verification algorithm that operates at both entry and exit toll points, incorporating robust measures to protect sensitive distance data from potential leaks.Results show that the accuracy of fees remains relatively high, with reasonable execution times. Additionally, our system’s gas consumption is more efficient compared to related works, making transactions more cost-effective. These outcomes demonstrate that the proposed system not only secures transactions but also ensures correct and efficient payment services, positioning it as a viable solution for improving the security and functionality of ETC systems.

Evaluation of Non-Tender Services in the Procurement of Goods and Services in the Goods/Services Procurement Services Section of Andalas University Hospital

This research aims to evaluate non-tender services in the procurement of goods and services in the Goods/Services Procurement Services Section of Andalas University Hospital. This research was conducted at the Andalas University Hospital, with data collected and processed through interviews, document studies, and observations using qualitative analysis techniques and descriptive methods. The results of this research show that the evaluation was carried out on Reliability, Responsiveness, Guarantee, Empathy and Physical Evidence. Evaluation of the quality of non-tender services in the procurement of goods and services at Andalas University Hospital revealed strengths in the dimensions of reliability and physical evidence, but showed the need for improvement in responsiveness, assurance and empathy. Obstacles in non-tender services in the procurement of goods and services in the goods/services procurement service section of Andalas University Hospital are miscommunication, budget limitations, uncertainty about payment times, high workload are factors that influence the efficiency and effectiveness of the procurement process. Efforts in non-tender services in the procurement of goods and services in the goods/services procurement services section of Andalas University Hospital include conducting in-depth and periodic evaluations, conducting training and technical guidance, improving communication and coordination between units, optimizing budget management, more efficient payment management. Improved Administrative Procedures and Work Efficiency, Improved Quality and Cleanliness of Goods Received.

Impact of Internal Control in the Management of Payments to Suppliers of Construction Companies

ABSTRACT Purpose: Determine to what extent internal control affects the management of payment to construction company suppliers. Theoretical Framework: Focuses on the importance of streamlining and avoiding delays in payment to suppliers through improving internal control in construction companies, based on COSO 2013 and the theory of Arthur Holmes. Method: A quantitative study of causal correlation type was carried out in a population of less than 50 individuals (38), so that we worked with a list of 38 workers related to the tax management of construction companies, given the small population, all of them. people were included in the study. Results and Discussion: The results obtained reveal a heterogeneous perception of internal control among the workers involved. A minority of consumers (5.3%) value it positively, while a slightly larger group (10.5%) consider it negative. Regarding the management of payment to testers, 73.7% of the participants rated it as regular. These findings suggest the existence of areas of opportunity in the implementation of internal controls, particularly in relation to payment processes. Research Implications: The results of this research highlight the importance of strengthening internal control systems in construction companies, especially with regard to the management of payments to suppliers. Given the dependence of these companies on their suppliers for the acquisition of supplies and services, efficient payment management is a key factor for the success of their projects. Originality: It presents a point of view on the role of construction companies in building efficient payment to suppliers through internal control. Conclusion: Internal control has a significant impact (80.2%) on the management of payment to suppliers of Construction Companies, which supports the formulated hypothesis of the study. It is necessary to encourage the active participation of employees through a clear understanding of their roles in tax management to achieve supplier payment management with efficiency and commitment.

Optimizing Shopping Experience by Integrating Augmented Reality and Payment Gateway in SME Storefronts

In the rapidly evolving digital era, leveraging advanced technologies to enhance the online shopping experience has become crucial, especially for small and medium-sized enterprises (SMEs) aiming to compete in the global market. This research focuses on optimizing the shopping experience by integrating Augmented Reality (AR) and Payment Gateway technologies into a storefront platform specifically designed for women's clothing SMEs. The study begins with a comprehensive analysis of market trends, customer behavior, and the challenges faced by SMEs in adopting these technologies. A detailed literature review provides the foundation for developing a robust conceptual framework. The prototype development phase involves designing 3D models using CLO | 3D Fashion Design Software, converting these models into AR experiences with Meta Spark Studio, and integrating the Midtrans Payment Gateway using Laravel. The AR feature enables users to virtually try on clothes via Instagram, while the Payment Gateway ensures quick and secure transactions. The final phase involves rigorous functional and substantive testing, focusing on user experience, transaction efficiency, and overall system performance. Results demonstrate that the integrated prototype significantly enhances the shopping experience, providing seamless AR interactions and efficient payment processing. Users reported high satisfaction levels with the system's usability and security. The study concludes that integrating AR and Payment Gateway technologies into SME storefronts can substantially improve their competitiveness in the digital market, offering practical insights and guidelines for future implementations in the e-commerce sector.

Design of a chatbot in a mobile application for managing payments and controlling activities in a fast school organization

The fast school (FS) educational organization, like many contemporary educational institutions, faces challenges in efficient payment management and rigorous control of activities. Technology, particularly through mobile applications, has shown to be a potential solution to these problems, allowing institutions to stay at the forefront and provide optimized services to their educational community. Therefore, this research work focuses on how a chatbot, integrated into a mobile application, can improve payment management and control of activities in the FS educational organization. Through a detailed study on current trends in educational technology, the design and development of a chatbot adapted to the specific needs of the organization is presented. This chatbot not only facilitates payment processes, offering immediate responses and managing transactions, but also allows for more efficient control of academic and extracurricular activities, improving the experience of its users. In conclusion, the integration of chatbots in mobile applications is presented as a viable and promising solution to face and overcome management challenges in modern educational environments, providing adaptive and user-centered tools that enhance the operational efficiency of institutions. This work is developed with the Scrum methodology and presents a security gateway validated by a digital token.

Innovative Entrepreneurship Case Study for Virtual Business: The Cultural Phenomenon of Rentaru Kareshi in a Post Modern Consumer Society

This research explores the cultural phenomenon of Rentaru Kareshi as an innovative manifestation of entrepreneurship in virtual business among consumers in postmodern society. Rentaru Kareshi, or girlfriend rental service, is a service that offers temporary social connections through virtual and face-to-face media, reflecting changing social dynamics and identity expressions in the digital era. Using qualitative methods and a case study approach, this research analyzes various aspects of this business model, including business opportunities, marketing strategies and operational procedures. The research focus is the Instagram application on the Sewapacarbdgg account, namely @sewapacarbdgg, then the researcher will conduct in-depth interviews with informants. The data analysis technique used is the Manual Data Analysis Procedure (MDAP), from the results of interviews accompanied by triangulation of sources and theories to produce findings regarding Business Opportunities which link the themes to the propositions Inspiration, Benefits, Recognizing Needs, Current Trend, Think Uniquely and Innovatively. by using Marketing Strategy Contact Form, Advertising System, Payment System and Rental Partner operational systems, Vision Rental Partner, Agency Rental Partner, Talent Rental Partner. The research results show that Rentaru Kareshi not only meets consumers' emotional and social needs but also creates a new market niche in the digital economy. The service successfully combines effective advertising strategies and an efficient payment system to build strong and sustainable customer relationships. This research contributes to a deeper understanding of innovative business opportunities in a postmodern consumer society and offers valuable insights for the development of business strategies in the context of an evolving digital economy.

FAKTOR-FAKTOR YANG MEMPENGARUHI PREFERENSI KONSUMEN TERHADAP KEPUTUSAN PEMBELIAN DI WEBSITE K24Klik.com APOTEK K24 CIKIJING TAHUN 2024

Online drug purchases have become a popular choice among consumers in the growing digital era, especially in Indonesia, where online pharmacy services are increasingly attracting people to meet their health needs in a more efficient and practical way. This study aims to analyze the factors that influence consumer preferences for drug purchase decisions on the K24Klik.com Apotek K24 Cikijing website. Descriptive quantitative methods were used to collect data from 100 respondents through structured questionnaires. The variables studied include the practicality of the purchasing process, security, service quality, convenience, and consumer trust in the K24 Pharmacy. The results showed that the efficient payment process, responsiveness to customer inquiries, ease of communicating with the pharmacy, and previous experience with the K24Klik.com website should be improved. Keywords: Factors, Consumer Preference, Website

OPTIMAL CENTRAL BANK DIGITAL CURRENCY DESIGN FOR EMERGING ECONOMIES

The growth of digitalisation presents the possibility for Central Bank Digital Currency (CBDC) to emerge as a secure and efficient payment method. However, despite the benefits, CBDC implementation needs to be adapted to the capabilities and needs of each country. This study uses meta-strength, weakness, opportunity, and threat (meta-SWOT) analysis to assess the internal strengths and weaknesses, as well as the external opportunities and threats, to determine the most optimal CBDC design for emerging economies. In analysing internal aspects, CBDC allows for an efficient payment system, followed by a more effective monetary policy. Furthermore, the technology creates the possibility to boost financial inclusion and trace many illicit activities. However, to achieve that, high investment costs and privacy issues must be accommodated, followed by technological risks such as the digital divide and electrical outages. Turning to external aspects, growing technology, the network effect, enthusiasm for CBDC, and the impracticality of cash usage have become catalysts for CBDC development. Despite these opportunities, central banks should be wary of the threat of cyberattacks, quickening bank disintermediation, legal issues within their respective countries, and competition with private crypto companies. Altogether, the most optimal CBDC design in emerging economies is retail and wholesale coverage, interest-bearing (wholesale) and noninterest-bearing (retail) remuneration, account-based and token-based paymentsystems, a traceable degree of anonymity, hybrid architecture, a Decentralised Ledger Technology (DLT) ledger system, and domestic and cross-border scope. These results are supported by rigorous examination of global CBDC research and development.

Coin Insertion Based EV Car Charging System Using Raspberry PI PICO

The coin insertion-based Electric Vehicle (EV) charging system represents a novel approach to enhance accessibility and convenience in EV charging infrastructure. This system integrates a coin based payment mechanism with Raspberry Pi technology to provide users with an alternative and straightforward payment option. Utilizing a Raspberry Pi as the central control unit, the system interfaces with EV charging hardware, a coin acceptor, and sensors to facilitate the charging process. Users can effortlessly charge their EVs by inserting coins, addressing the needs of individuals who prefer cash transactions or lack access to digital payment methods. The system ensures safety compliance, calculates charging duration based on coins inserted, and offers a user friendly interface displaying charging status and payment information. This abstract presents an innovative solution to broaden the accessibility of EV charging services by incorporating a familiar and efficient payment method in tandem with modern technology

Integracja systemów płatniczych w IoE oraz metaverse – wyzwania i przyszłość e-commerce w wirtualnym świecie

In the era of the burgeoning metaverse, integration of payment systems is becoming a key element to enable seamless and secure transactions in virtual environments. This paper focuses on an analysis of current payment solutions in the metaverse, as well as their challenges and future prospects. The first part of the paper discusses existing payment systems available in the metaverse, including cryptocurrencies, tokens and traditional payment methods, highlighting their impact on transaction dynamics and the perception of value in the virtual world. The main challenges of integrating these systems are then presented, such as data security, identity verification, complex processes for exchanging currencies (crypto and traditional), and interoperability issues between different virtual environments. In the final part of the paper we focus on the future of e-commerce in the metaverse, considering what technological innovations may affect the shape and nature of commerce in the virtual world, and what opportunities lie ahead for entrepreneurs and developers in terms of creating new business models. The conclusions of this publication highlight the importance of proper integration of payment systems in the metaverse for achieving sustainable and balanced e-commerce development in virtual environments, as well as underscoring the need for further research and innovation in this field to meet users’ growing expectations and provide them with secure and efficient payment methods.

Beyond Mobile Payments: Exploring the Evolution and Future of Fintech (BY IJISRT)

In today's digital age, FinTech’s have become universal, transforming the way individuals conduct financial transactions. However, with the convenience of Fintech also come challenges that users encounter. This book chapter investigates into the changing landscape of Fintech challenges, drawing insights from a comprehensive survey conducted among various respondents The survey finds three primary obstacles faced by users during Fintech: network issues, time consumption, and privacy concerns. Notably, a significant proportion of respondents reported encountering network-related problems, highlighting the critical role of stable connectivity in facilitating seamless transactions. Moreover, the chapter explores into the foiling experienced by users due to the time-and privacy nature of the payment process, shedding light on the need for streamlined and efficient payment mechanisms. Building upon the survey findings, the chapter offers valuable insights into potential strategies and solutions to address these challenges. By elucidating practical approaches and technological innovations aimed at enhancing Fintech systems' efficiency and security, the chapter equips readers with actionable knowledge to navigate the digital payment landscape effectively. This study's findings add to academic discussion and have practical implications for policymakers, industry practitioners, and educators.

Assessing Routing Algorithms for Payment Channel Networks

Payment Channel Networks (PCNs) are a promising approach to overcome scalability issues of blockchains. To achieve efficient payments in PCNs, it is necessary to route transactions between a payer and a payee. Especially in large-scale PCNs, multi-hop routing becomes necessary, since transactions need to be relayed by nodes. For this, a scalable routing algorithm is needed, which fits the individual objectives of PCN users. In this article, we study whether routing protocols from the field of Wireless Sensor Networks can be applied in PCNs. To this end, we first derive requirements for routing in PCNs, select suitable approaches, and analyze to which degrees they perform well and meet the requirements. We adapt selected protocols and evaluate them with regard to the lengths of payment paths, fees, and success ratio.

Same Naira, More Possibilities! Assessing the Legal Status of the eNaira and Its Potential for Privacy and Inclusion

AbstractOn 25 October 2021, Nigeria became the second country in the world, and the first in Africa, to launch a central bank digital currency. Launched with the tag line “Same Naira. More possibilities”, the Central Bank of Nigeria publicized the eNaira as having the capability to deepen financial inclusion, reduce the cost of financial transactions and support a more efficient payment system. However, more than one year after its launch, its usage is yet to gain a critical mass. This article identifies the significant challenges that make the eNaira unacceptable and potentially ineffective. First, its status as legal tender is questionable; secondly, it undermines privacy, a critical component of physical cash. Thirdly, it is incapable of wide acceptance by individuals and entities across Nigeria. The article explains each of these challenges and proposes a roadmap to the eNaira's acceptance and effectiveness.

ТРАНСФОРМАЦІЯ СТРУКТУРИ СИСТЕМИ ВАЛЮТНОГО КОНТРОЛЮ В ЦИФРОВІЙ ЕКОНОМІЦІ АЗЕРБАЙДЖАНУ

Digital transformation in the banking and financial services sector largely involves a shift towards online and digital services from top-down branch banking, integrating digital systems, customer service platforms, applications and infrastructure. The purpose of the article is characterise the transformation of the structure of the currency control system in the digital economy of Azerbaijan. The subject of the study is processes of transformation of the currency control system structure in the digital economy of Azerbaijan. The methodological basis and information base of the research are current scientific and applied research, statistical information. The article uses a number of methods, including analysis, synthesis, comparison and generalization. The main hypothesis of the study was the assumption that the efficiency of economic management and the financial condition of the public sector depend on the quality of budget forecasting and planning, because they are the key to the sustainable development of socio-economic processes. Presenting main material. Technologies being implemented include blockchain, artificial intelligence (AI), cloud computing, machine learning, and customer data collection, management and analysis. With increasing adoption of FinTech (innovative technology supporting banking and financial services) disrupting the sector, it is attracting regulatory interest and prompting stricter regulatory standards.The originality and practical significance of the research.Systemic reforms of the payment ecosystem not only affect the development of financial markets and the country’s economy as a whole, but also ensure safe and efficient payments between business entities. Conclusions. Deepening digital transformation in the banking system and expanding the use of innovative payment solutions makes electronic payments an integral part of our daily lives and at the same time increases the competitiveness of the banking system as a whole

Analyzing the Impact of Loan Portfolio Management on the Financial Performance of Publicly Traded Banks in GhanaBottom of Form

The banking sector is pivotal for economic growth and development, primarily through its roles in financial intermediation, providing an efficient payment system, and supporting monetary policy execution. Over the past decade, the performance and profitability of Ghanaian banks have significantly improved. This study aimed to bridge the knowledge gap by examining the factors influencing the performance of commercial banks in Ghana. Key factors analyzed included loan portfolio management, interest expenses, administrative costs, and asset values. A descriptive survey design was utilized, focusing on management employees from commercial banks in Ghana. The sample was selected using both stratified and simple random sampling techniques, and data were collected through self-administered questionnaires. The Statistical Package for the Social Sciences (SPSS) was employed for analyzing primary data, while secondary data were sourced directly from the banks. The study revealed that fluctuations in interest margins had minimal impact on the profitability of both public and private sector banks, indicating that their profitability growth is relatively independent of interest rate changes. However, foreign banks benefited from higher returns due to these interest margin fluctuations.

Strengthening Public Financing of Primary Healthcare in India: A Perspective.

Resilient and high-performing health systems that can respond to the global polycrisis hinge upon the effectiveness of their primary healthcare (PHC) system. This requires adequate and sustainable financing for PHC, which should be predominantly government financed. The recent Ayushman Bharat health reforms in India aim to ensure comprehensive PHC services and enhance financial risk protection through increased government financing. The government has augmented investments to fortify the PHC system by establishing Health and Wellness Centers (HWCs), equipped with an expanded benefit package for PHC services & human resource capacity. Aligned with the National Health Mission's targeted and flexible financial mechanisms, this offers States the opportunity to contextualize solutions and offer incentives to healthcare workers. However, aligning public financing arrangements to service delivery complexities and health outcomes pose intricate challenges in shaping the required reforms. The economic growth and room for increased taxation on health products provide an avenue for increased funding. Smart and efficient payment mechanism with improved accountability should complement increased investment.

Smart Parking System using Image Detection Algorithms & Optical Character Recognition (OCR)

Abstract: The Smart Parking System is an innovative and effective solution designed to make parking more efficient in urban areas, using advanced technology to help both vehicle owners and parking operators automate and optimize the parking process. When a vehicle enters the parking lot, it is successfully identified using an advanced sensor and camera system, with a highresolution camera that records the license plate number and optical character recognition (OCR) technology. Get accurate license plate numbers. The data is then stored in the MongoDB database along with the input timestamp and when the vehicle moves, the license plate is re-identified using the same technique and the system stores the input timestamp associated with the detected license plate in the database. he does. Reading from Parking time is calculated from the time difference between entering and leaving the parking lot, and the parking fee is calculated per hour. To facilitate payment, a QR code is generated and displayed at the exit. Vehicle owners can use their mobile device to scan this QR code and connect to the secure payment gateway. After the payment is completed, the exit door will open automatically and the car can leave the parking lot. This smart parking system offers many benefits, including fewer numbers, increased accuracy, reduced waiting time, and efficient payment processing. It reduces congestion in urban areas and improves traffic flow while providing users with convenient and troublefree parking

Determinants of fintech adoption: evidence from SMEs in Indonesia

PurposeThis study aims to explore the factors that determine the perceived benefits and the perceived risks of financial technology (fintech) and to evaluate the influence of perceived benefits, perceived risks and small and medium-sized enterprises’ (SMEs') trust to continue using fintech.Design/methodology/approachThis study involves SMEs in Indonesia. Non-probability with a convenience sampling technique was used in this study.FindingsConvenience and economic benefits can explain the perceived benefits. Operational risk is stated as a risk factor felt by the respondents. Furthermore, the perceived benefits have a positive effect and the perceived risks show a negative effect on trust. At the same time, the individuals’ intention to continue using fintech is determined by trust.Research limitations/implicationsBased on the theory of reasoned action (TRA), various benefits and risks of using fintech are used to build the construction of perceived benefits and perceived risk in building trust that will determine decision to continue using fintech.Practical implicationsThis research can provide advice to managers to develop efficient payment systems, lower payment fee and error-free transactions. In addition, the fintech management needs to understand the risks related to operational risks that are a challenge for the users to decide to use fintech so that a reliable mechanism for using fintech can be developed. Furthermore, it will be useful for fintech developing companies as a reference in knowing the factors that influence users in continuing to use fintech, this allows fintech developing companies in Indonesia will be even more developed and accelerate the achievement of the Sustainable Development Goals.Originality/valueTo the best of the authors’ knowledge, research on the factors that affect the trust of SMEs in adopting fintech has not been conducted. This study can be advantageous for fintech service companies and organizers in developing fintech strategies in terms of users who are involved in SMEs which is the population in Indonesia is enormous and has a significant role in the development of the country.