Electronic Financial Transactions Research Articles

Financial Technology Adoption on Payment Systems and Financial Transactions Among Millenials in Indonesia

This research aims to see how far the adoption of digital payment systems and electronic financial transactions in Indonesia is based on the factors used in the theory acceptance model (TAM) method, such as perceived usefulness and perceived ease of use. Several factors, such as social influences, financial literacy, security and privacy, and government support, are added to the effects of the intention to adopt digital payments, especially after the COVID-19 pandemic. Data processes with SmartPLS 3 and uses SEM-PLS method to see that all the factors are supported to adopt digital payment systems in Indonesia. Results show that perceived usefulness and ease of use are the factors that drive the intention to adopt digital payment systems. Besides that, government support drives the intention to adopt digital payment systems by regulations to develop digital payment ecosystems. Others such as social influences, financial literacy, and security-privacy aren’t influenced on intention to adopt digital payment systems in Indonesia.

Assistance in the Use of Fintech Payment (QRIS) for SMEs in Gatak Tamantirto Village

Abstract. Micro, small, and medium-sized enterprises (MSMEs) have been significantly impacted by the advancement of information and communication technology. One of the technological advancements that enable MSMEs to perform electronic financial transactions instead of traditional cash transactions is fintech payment. Not all MSMEs, particularly several in the Gatak region, have embraced fintech payments. This program intends to educate MSMEs in the Gatak region about fintech payments (QRIS) and the digital financial application of BukuKas. Through mentoring, coaching, training, demonstrations, and counseling, the activities will be carried out. As a result of this initiative, MSMEs in the hamlet of Gatak have a greater awareness of and use of QRIS. In addition, the partners will be competent in using the BukuKas application.

Situational features of smartphone betting are linked to sports betting harm: An ecological momentary assessment study.

Smartphones extend the situational characteristics of sports betting beyond those available with land-based and computer platforms. This study examined 1) the role of situational features and betting platforms in harmful betting behaviours and short-term betting harm, and 2)whether people with more gambling problems have preferred situational features, engage more in harmful betting behaviours, and experience more severe short-term betting harm. An ecological momentary assessment analysed 1,378 betting sessions on sports, esports or daily fantasy sports, reported by 267 respondents (18-29 years; 50.9% male) over 10 weeks. Factor analysis revealed five situational features of betting sessions: 1) quick, easy access from home, 2) ability to bet anywhere anytime, 3) privacy while betting, 4) greater access to promotions and betting options, and 5)ability to use electronic financial transactions. Regression models underpinned the analyses. Greater short-term betting harm was significantly associated with the ability to bet anywhere anytime, privacy when betting, and greater access to promotions and betting options. Betting sessions when these features were prioritised were more likely to involve impulsive betting, use of betting inducements, and betting with more operators. Respondents with more gambling problems were more likely to prioritise privacy and the ability to bet anywhere anytime; and to bet on in-game events, use promotional inducements, bet with more operators, and report greater betting harm. Certain situational features of sports betting are empirically associated with engagement and subsequent harm. Only smartphone betting combines all three features associated with betting harm.

빅테크의 보험시장 진입과 법적 과제

Insurance companies, insurance agents, and insurance planners strongly resist the announcement of the Korean Financial Services Commission(FSC)'s policy to allow Big Tech's insurance comparison and recommendation service. Big Tech's entry into the insurance market, which has a large customer base and customer information, may threaten existing insurance companies. However, the financial authorities allow entry in stages, as is currently the case. Suppose we design and apply an appropriate regulatory system for permitted business activities. If this is done, the existing insurance industry and Big Tech can coexist while growing the pie in the insurance market, contrary to the insurance industry's concerns. Ultimately, it is expected that the competitiveness and financial inclusiveness of the insurance market will be strengthened due to Big Tech's entry into the insurance market.
 The FSC stated that insurance brokerage is possible for platform operators but limited the available services to comparing and recommending insurance products that fall under the recommendation, which is step 1 of the five steps of brokerage, and linking operators. Accordingly, if the three big tech companies start the above service, it is unclear whether this corresponds to insurance brokerage and whether insurance brokerage regulations can be applied. Insurance brokerage has different characteristics from other brokerages. Even if the concept of insurance brokerage is analyzed to determine the insurance brokerage of Big Tech's insurance product comparison·recommendation services and provider connection services, it takes work to identify brokerage due to the problems inherent in the 5-step brokerage theory of the FSC. Among the two interpretation theories presented in this paper, even if it is based on the negation theory of brokerage, considering the reality of the service provided by Big Tech and the need for responsibility, the concept of insurance brokerage is widely interpreted for Big Tech, leaving room for acknowledgment of brokerage. If the requirements for appearance liability are met, Big Tech should bear brokerage liability. In the case of future regulation through revision of the law, it is a desirable direction in the legal system to include Big Tech in the insurance intermediary regulations under the Commercial Act and Insurance Business Act rather than preparing regulations in the Electronic Financial Transactions Act. Also, we need to add insurance brokerage clauses in the insurance section of the Korean Commercial Act.

전자금융거래법 개정(안)의 종합지급결제사업자 관련 쟁점 분석 - 윤관석 의원 대표발의안을 중심으로 -

2020년 11월 윤관석 의원이 발의한 전자금융거래법 개정안(의안번호: 5855)은 IT 혁신에 걸맞게 전자금융 관련 제반 법적 인프라를 제공하고자 하고 있다. 그러나 개정안이 도입하려는 종합지급결제사업자를 둘러싼 논란이 적지 않다.<BR> 우선 종합지급결제사업자는 이용자에게 계좌개설을 하고 후불결제를 통한 여신기능을 수행하는등 사실상 은행업을 영위한다. 그럼에도 종합지급결제사업자는 엄격한 은행업 인가를 취득하는 대신 전자금융거래법상 금융위원회의 지정만으로 업무를 영위할 수 있다. 뿐만 아니라 금융소비자보호법상 이용자(금융소비자)에 대한 제반 의무가 적용되지 않으며 금융산업구조개선법상 적기시정조치 등 다양한 건전성 확보를 위한 제한을 받지 아니한다. 종합지급결제사업자에게 주어질 규제차익은 공정한 경쟁을 훼손하여 시장을 왜곡시킬 수 있다.<BR> 또한 개정안은 종합지급결제사업자인 빅테크가 그 플랫폼에서 행해지는 모든 전자지급거래에 대하여 내부·외부거래를 가리지 않고 모두 외부청산할 의무를 부여하고 있는데 이는 이례적인 입법으로 그 실익을 찾기 어렵고 결제시스템의 안정성 이슈, 빅브라더 이슈, 사이버보안 이슈 등 논란을 야기하고 있다.<BR> 개정안이 예정하는 종합지급결제사업자 제도는 비대칭 규제로 시장 참여자들에게 기울어진 운동장을 제공한다는 지적은 물론, 건전성 규제나 소비자보호 규제가 적정하게 적용되지 아니하여 부작용이 예상된다. 따라서 종합지급결제사업자 제도는 전면 재검토 되어야 하며, 동등업무-동등규제가 적용되도록 하여 규제차익을 최소화하여야 한다.

Exploring usage of mobile banking apps in the UAE: a categorical regression analysis

The banking sector has seen major changes with advances in technology. Electronic financial transactions are gradually taking over traditional banking services in terms of transferring funds, utility payments, insurance premium, mortgages and even stock trading. Despite the widespread popularity of smartphones and the advantages of mobile banking, the adoption rates of the mobile apps have been very low all over the world. Our study explored the consumer acceptance of mobile apps in the United Arab Emirates (UAE) by using a structured online questionnaire that was designed using standard variables from the Technology Acceptance Model. Principal component analysis was used to identify and score these factors for the subsequent categorical regression analysis. Consumers were assigned numerical categories depending on their level of usage of the app, and the CATREG nonlinear technique was used to determine the significance of technology acceptance factors. The results show that almost two-thirds of the sample were currently using Mobile Banking apps, and they predominantly belonged to the 30–40 age-group. Perceived usefulness and available information were identified as the main factors influencing acceptance and level of usage of mobile banking apps. This study makes a significant contribution to the existing literature by identifying consumers according to their level of usage and adopting the categorical regression model, which has not been attempted earlier. The results provide important insights for banking professionals in the UAE, in terms of marketing initiatives, information technology and customer service.

An Analysis on the Environmental Cost from the Deregulation of the Regulation on Supervision of Electronic Financial Transactions

An Analysis on the Environmental Cost from the Deregulation of the Regulation on Supervision of Electronic Financial Transactions

Penerapan Deep Learning dalam Deteksi Penipuan Transaksi Keuangan Secara Elektronik

The rapid development of information technology coupled with an increase in public activity in electronic financial transactions has provided convenience but has been accompanied by the occurrence of fraudulent financial transactions. The purpose of this research is how to find the best model to be implemented in the banking payment system in detecting fraudulent electronic financial transactions so as to prevent losses for customers and banks. Fraud detection uses machine learning with ensemble and deep learning with SMOTE. Financial transaction data is taken from bank payment simulations built with the concept of Multi Agent-Based Simulation (MABS) by banks in Spain. To build the best model, not only pay attention to the accuracy value, but the value of precision is a value that needs attention. A precision score is very important for fraud prevention. Fraud detection gets the best results without the SMOTE process by using deep learning with an accuracy score of 99.602% and precision score of 90.574%. By adding SMOTE, it will increase the accuracy score and precision score with the best model produced in the Extra Trees Classification with an accuracy score of 99.835% and precision score of 99.786%.

Localization of Blockchain and E-Currency Model for E-Government Services

Blockchain can reduce bureaucracy and increase the efficiency and performance of administrative processes through a platform possessing features and attributes such as storing and exchanging electronic messages in a decentralized environment and executing high level of security transactions and transparency, if used in government public service delivery. Many scholars believe that this distributed technology can bring new utilizations to a variety of industries and fields, including finance and banking, economics, supply chain, and authentication and increase economic productivity and efficiency dramatically by transforming many industries in the context of today's economy. The present study, presents the characteristics of the localized blockchain and e-currency conceptual model for the evolution of e-government services. It also examines the impact of the blockchain and e-currency model on the economy and electronic financial transactions as a viable, practical and constructive solution (rather than blocking and filtering of e-currency and blockchain). Ultimately designing a localized block chain and e-currency model, has played an effective role in exploit its high potential to speed up the administrative processes and reduce costs related to electronic transactions and payments in e-government and increase e-government revenues and ultimately it can speed up the customer service delivery and increase their satisfaction with the government.

Republic of Korea

Technological innovation in Korea holds great potential for the deepening of its financial system, that could lead to an increase of product offerings and lowering of transaction costs. Korea’s financial sector legal framework, particularly the recently announced open banking initiative and anticipated amendments to the legal frameworks for electronic financial transactions and use of personal data, will play a key role in shaping the direction of innovation and competition in the financial sector. The already highly modernized and digitally connected state of the Korean financial sector will amplify the impact of these changes to market structure and competition. Korea’s fintech experience illustrates that even within an already highly technologically advanced, efficient, and inclusive financial sector, significant benefits can still be reaped from innovation in financial services.

Digital Wallet as a Transaction Media in The Community

The purpose of this research is to analyze and determine the level of effectiveness and efficiency of digital wallets as a medium for transactions. Digital wallets bring the concept of cashless society. This study used descriptive qualitative research method by doing literature study of various research and handing out questionnaires. The results of this study indicated that digital wallet users are increasing overtime. The number of smartphone users is one of the various aspects triggering the increasing use of digital wallets. However, using a digital wallet certainly has advantages and disadvantages. Based on the results, the use of digital wallets will continue to increase, with the development of internet-based electronic systems that are increasingly sophisticated every year. Therefore, it is possible for countries to switch from conventional financial transaction activities into electronic financial transactions.

Policy implementation of multi-modal (shared) mobility: review of a supply-demand value proposition canvas

ABSTRACT Urban mobility options have increased in recent years, assisted by the widespread availability of smart device software apps, geo-positioning technology, and convenient electronic financial transactions. Multi-modal shared mobility consists of public transit systems and shared mobilities that support first/last mile travel, denoting the capability of Mobility as a Service (MaaS), and to stimulate additional non-private car travel demand. This paper reviews the supply and demand sides of implementation of multi-modal shared mobility. It found that an abundance of shared modes of car, bike, and e-scooter that are linked to public transport, can improve transport accessibility to meet specific public preferences, reduce social inequality, and minimise dilemmas from the demand side. This study introduces government policy innovations and other supporting system to improve the implementation of multi-modal shared mobility. Government policies play a key role in supporting shared mobility and technology development. However, governments do not have much information about new products such as shared mobility, which creates difficulties in subsidising multi-modal shared mobility services and potentially leads to policy failures around shared mobility schemes. This study suggests that policy entrepreneurship in collaboration with other partners, policy innovation, and the notions of merit goods and second-best policymaking can enable policy initiatives towards multi-modal shared mobility and provide supporting arguments if policies encounter failures. Implementing multi-modal shared mobility requires a collaborative partnership for a paradigm shift: service providers and government must jointly set a merit-based business model, with the support of organisations to achieve improved infrastructure provision, and smart technology applications. The findings will assist the community, business providers and government policymakers to promote multi-modal shared mobility as a pathway towards more efficient, environmentally sustainable, and socially responsive mobility solutions.

전자금융거래 사고와 금융기관의 책임

전자금융거래 사고와 금융기관의 책임

Accidents on Electronic Financial Transactions and the Liability of Financial Institutions

Accidents on Electronic Financial Transactions and the Liability of Financial Institutions

전자금융거래 사고와 금융기관의 책임

전자금융거래 사고와 금융기관의 책임

An Introduction to the Gross National Electronic Financial Transactions Accounting Surface (GNEFTA-Surface)

In this paper, we introduce an alternative way to measure the economic performance of any country, it is based on the implementation of the gross national electronic transactions accounting surface (GNEFTA-Surface). Subsequently, the GNEFTA-Surface works under the construction of a large, dynamic, and interactive surface that always keeps moving in real time. The real time effect, it is only possible under the constant allocation of infinite electronic financial transactions of goods and services domestically or internationally made by millions of consumers without any constrain. At the same time, the GNEFTA-Surface also adapt a new indicator is entitled “the gross national electronic transactions growth rate (ξ-Growth Rate).” The ξ-Growth Rate shows clearly the expansion, stagnation, or contraction in the performance of any economy automatically. The idea to create the GNEFTA-Surface is originated from the constant expansion in the uses of smart phones and computers. Logically, all these electronic devices (smart telephones and computers) are connected to the internet that let us to make our daily electronic transactions such as payments, shopping, and financial services. Now, it is possible with so large data visualize the full behavior of any economy graphically in real time more efficiently. The main objective of the GNEFTA-Surface is to evaluate the economic performance behavior of any country as a whole under the application of the Omnia Mobilis assumption and the Dynamic Imbalance State simultaneously. In addition, the GNEFTA-Surface offers a dynamic interactive surface that is moving in real time which in each part of the same surface can get different colors according to the consumer’s electronic transactions behavior constantly. In fact, the behavior of the GNEFTA-Surface can help to government, agencies, and policy makers to take fast actions under the uses of suitable international trade policies, fiscal policies, and monetary policies to reduce the damage in any economy just at time. Finally, this research tries to implement for first time the uses of holograms to represent the GNEFTA-Surface in a different physical space environment to generate a real time effect to have a better understanding of the economic performance of any country more realistic and simple way.

Risk Management of Credit Card Payment Gateway using Octave Allegro Methodology At Electronic Payment Provider Institution

The use of internet technology is growing very fast which is driving the development of businesses in Indonesia, one of which is in the eCommerce sector. To support payment transactions conducted by e-commerce, in conducting this business, it is necessary to collaborate with business partner engaged in the payment gateways sector. Company partner engaged in the payment gateways sector to provide solutions to electronic financial transactions where one product is a credit card payment gateways. The purpose of this research is to make a risk assessment and risk management for audit certification credit card payment gateway Company. Risk assessment can help to know what are the risks that may occur, how big the impact of these risks, as well as recommendations related control measures must be carried out if the impact of these risks occur. This research using OCTAVE Allegro methodology to identify and evaluate information security risks credit card payment gateway. This research is qualitative research consisting of observation, conducting group discussion with the respondents. The respondend of this research are VP Development and Service Provisioning, VP Operation and Infrastructure, Manager Front End 1, Manager Back End 2, and Senior Programmer. Results of this research are 9 critical information assets in credit card payment gateway in COMPANY, such as : Card Holder Data &amp; Customer Credential, Data Center, Physical Devices, Logical Storage, Logical Network, Supporting Software, Core Application, Encryption Key, and Human Resources. There are 21 risks that may occur during in credit card payment gateway. From 21 risks that were identified, obtained 15 risks are defer, 3 risks to be acceptable, and 3 risks should be mitigate.

Optimal ATM replenishment policies under demand uncertainty

The use of Automated Teller Machines (ATMs) has become increasingly popular throughout the world due to the widespread adoption of electronic financial transactions and better access to financial services in many countries. As the network of ATMs is becoming denser while the users are accessing them at a greater rate, the current financial institutions are faced with addressing inventory and replenishment optimal policies when managing a large number of ATMs. An excessive ATM replenishment will result in a large holding cost whereas an inadequate cash inventory will increase the frequency of the replenishments and the probability of stock-outs along with customer dissatisfaction. To facilitate informed decisions in ATM cash management, in this paper, we introduce an approach for optimal replenishment amounts to minimize the total costs of money holding and customer dissatisfaction by taking the replenishment costs into account including stock-outs. An important aspect of the replenishment strategy is that the future cash demands are not available at the time of planning. To account for uncertainties in unobserved future cash demands, we use prediction intervals instead of point predictions and solve the cash replenishment-planning problem using robust optimization with linear programming. We illustrate the application of the optimal ATM replenishment policy under future demand uncertainties using data consisting of daily cash withdrawals of 98 ATMs of a bank in Istanbul. We find that the optimization approach introduced in this paper results in significant reductions in costs as compared to common practice strategies.

How to Develop a Peer-to-Peer Electronic Accounting System

This paper introduces a peer-to-peer electronic accounting system, as the current system sufferers from the inherent weakness of double-entry accounting, for example, a time gap problem between occurring and recording transactions, ignoring billions of individual’s access to essential financial information and the possibility of fraud and error. The most efficient solution to these problems has emerged to be a peer-to-peer electronic accounting system. It is an advanced system of double-entry accounting, but instead of concentrating on one party, it views and records transactions for both affected parties at the same time. It would enable electronic financial transactions between various parties, such as electronic payment, online credit transaction, foreign exchange, and securities exchange.

인터넷전문은행에 관한 연구 : 전자금융거래법을 중심으로

인터넷전문은행이란 전자금융거래의 방법인 인터넷에 기반한 비대면방식으로 은행업무를 수행하는 금융기관으로 파악할 수 있겠다. 인터넷전문은행은 기존의 은행들과는 태생적으로 다른 유형의 은행이라고 할 수 있기에, 기존의 은행들에게 적용되는 은행법과는 다르게 특례법의 형태로 인터넷전문은행과 관련된 법률관계를 규율하는 것이 바람직 하다고 본다.BR 인터넷전문은행도 현행법제상 은행법의 적용을 받는 은행이기에 전자금융거래법의 적용을 받게 되는데, 이러한 전자금융거래법과 관련된 법적논점은 다음과 같다. 먼저 인터넷전문은행은 설립초기에 과도한 비용부담 등을 감안하여 IT전문업체 등에 대하여 전산설비의 위탁을 허용하였는데, 전산설비를 위탁받은 IT전문업체는 전자금융거래법 및 전자금융 감독규정을 종합적으로 고려하여 볼 때 전자금융보조업자의 일종으로 볼 수 있겠다.BR 전자금융거래법상 정의된 접근매체이외에 거래지시를 하는데 사용되는 수단이나 정보를 ‘접근도구’라는 개념의 신설에 대하여 긍정적인 방향이라고 생각하나, 전자금융거래법에 규정된 전자금융사고의 3가지 유형을 대체하는 무권한 거래개념을 신설하여 금융기관이 이러한 무권한거래에 대하여 무과실 책임을 부담한다는 설정은 과도한 측면이 있다.BR 또한 이용자 입장에서는 금융사고의 원인이 접근매체의 위조·변조인지 해킹인지 기술적으로 접근하여 그 유형 및 경위를 입증해 낸다는 것은 사실상 불가능에 가까운 경우가 많기에 전자금융시스템 및 기술적 영역을 지배·관리할 수 있는 금융기관이 법에서 정한 금융사고의 원인이 아니었음을 입증하는 것이 타당하다.BR 그리고 금융기관의 면책사유인 고의·중과실 요건을 삭제하고 기간내 이의미제기라는 사유 만을 금융기관의 면책사유로 본다는 것은 다양하게 나타날 수 있는 고의·중과실의 태양을 배제하는 것이 되며, 이용자가 일정기간 내 이의제기를 한 것만으로 고의·중과실 여부를 묻지 않고 금융기관이 원칙적으로 무과실 책임을 부담한다는 것도 금융기관으로서는 가혹할 수 있다. 전자금융거래법 개정안은 접근매체의 도난·분실로 인하여 이용자에게 발생한 손해에 대해서 통지 전에 발생한 손해라도 원칙적으로 금융기관이 손해배상책임을 부담하며, 다만 이용자가 언제 통지하였는지에 따라 금융기관과 이용자 간의 손해배상책임을 배분하고 있는데, 이렇게 이용자의 자의적인 통지시점에 따라 손해배상액을 배분한다는 것은 합리적이지 않으며, 자칫 이용자의 도덕적 해의가 발생할 가능성이 있다.