Electronic Payment Systems Research Articles

Financial development, electronic payments, and residents' consumption: Evidence from Rural China

The development of rural finance, by providing convenient credit, introducing modern financial services, and improving electronic payment systems, addresses the financial needs of rural residents, fosters the growth of rural industries, and improves the quality of life. This study utilizes provincial panel data from China covering the period 2011 to 2021 to examine the impact of rural financial development on the consumption levels of rural residents. The findings indicate that rural financial development exerts a significant positive influence on rural consumption, with rural electronic payments serving as a transmission mechanism in this relationship. A heterogeneity analysis further reveals that the effect of rural financial development on consumption levels differs according to the level of digital financial inclusion. Specifically, the positive impact is more pronounced in provinces with higher levels of digital financial inclusion compared to those with lower levels.

Account for the Role of Digital Literacy and Behavior Intention on Electronic Payment and Its Impact on Customer Satisfaction

Digital literacy and behavioral intentions have emerged as critical elements within the Micro, Small, and Medium Enterprises (MSMEs) ecosystem, particularly due to their importance in improving electronic payment systems and ensuring customer satisfaction. This study aims to examine how digital literacy and behavioral intentions influence electronic payment systems and assess their impact on customer satisfaction. A survey methodology was employed, gathering responses from 260 participants. Data were analyzed using Structural Equation Modelling (SEM) through Smart-PLS (Partial Least Square) software. The findings suggest that both digital literacy and behavioral intentions have a positive effect on electronic payments, which in turn significantly enhances customer satisfaction. The study provides valuable insights for MSME operators on improving e-payment processes and increasing customer satisfaction with their offerings.

The Current State of Using the Factors Affecting the Digitalization of Tourism in the Regions

In the regions, the current state of using the factors affecting the digitization of the tourism sector is developing at different levels. In this topic, the main factors such as the availability of technological infrastructure, the possibilities of using digital services and online platforms, the digital skills of personnel, the introduction of electronic payment systems, and the use of digital marketing and advertising tools are analyzed. Also, the implementation of the state policy and regulatory framework at a different level by region, attention to security and privacy is also important. In order to improve the current situation, it is emphasized the need to develop technological infrastructure, provide personnel with digital knowledge, and use state programs more widely. In these processes, digitization of the tourism sector is considered as the main factor serving economic development.

The impact of a cashless electronic payment system on hyperinflation in Bangladesh

The increase of electronic payment methods, or payments that don't include the use of currency has transformed financial transactions. Non-cash transactions are convenient, simple, and fast, among other benefits. Furthermore, payments without cash have an effect on Bangladesh's currency management. The practicality that comes with using transactions without cash causes the velocity of money to increase. The society has seen a decline in payments in cash, yet the velocity of currency causes an intense pace when transactions without cash are used. It is thought that increased money transmission capacity will have hyperinflation implications. The purpose of this study is to ascertain how the cashless payment method affects hyperinflation. This research utilized an analytical approach and additional information from the beginning of 2021 to the end of 2023 that had been collected through Bangladesh Bank using verification methodologies. Multiple linear regression analysis is the process of research. The findings indicated that the factors related to digital currency experienced significant adverse effects, the factors related to debit cards, credit cards, online banking, or mobile banking had a major beneficial effect, the parameters related to credit cards had a meaningless unfavourable impact, and the variables related to rates of interest had an important beneficial effect.

The Problems Faced By Consumer on Electronic Payment System: With Reference To Chennai City

The Problems Faced By Consumer on Electronic Payment System: With Reference To Chennai City

Development trends of payment ecosystems as a key link of the e-commerce infrastructure

The article provides an analytical assessment of trends and prospects for the development of payment ecosystems as a key link of e-commerce infrastructure. The factors of the development of electronic payment systems are systematized: the formation of technical and technological prerequisites related to general digitalization (payment infrastructure, network of POS terminals; mobile telephony capabilities; Abstract. The article provides an analytical assessment of trends and prospects for the development of payment ecosystems as a key link of e-commerce infrastructure. The factors of the development of electronic payment systems are systematized: the formation of technical and technological prerequisites related to general digitalization (payment infrastructure, network of POS terminals; mobile telephony capabilities; blockchain technology; creation of robots-consultants; innovative financial services; built-in financing); formation of socio-psychological prerequisites (digital literacy of the population; affordability of mobile phones with appropriate payment services; mental understanding of the importance of the transition to digitization of payments; convenience, security and speed of cashless payments; the impact of advertising). A modern paradigm of the renewed payment ecosystem of Ukraine is proposed, which will lead to its profound positive transformation. The necessity of applying European experience in the organization and operation of payment systems in order to improve the forms of interbank settlements and increase the efficiency of the payment system of Ukraine is substantiated.

Digitalization Management in the Corporate Banking Sector of Ukraine

Introduction. Digitalization in trendy banking services requires changing their relationships with corporate clients within the framework of an individual approach to each client in the context of the development of the latest information and communication technologies and Internet marketing. Therefore, improving the business customer service system based on innovative technologies in banks to increase their competitiveness and profitability remains relevant. Aim and tasks. This study aims to examine the trends in banks’ service of corporate clients in the context of the latest financial technology development and to determine the directions for forming a digitalization strategy in corporate banking in Ukraine. Results. The growth of corporate clients in the banking system of Ukraine in 2022-2024 became possible due to the digitalization of management and the implementation of electronic payment systems, which contributed to the growth in the number of open accounts, which increased by 27%, while the growth of remote servicing increased from 78% to 89% of business clients. The top 10 banks in Ukraine account for 75% of the funds in corporate clients’ accounts. Along with high reliability, the clients of these banks have come to value the digital services that banks provide that meet global standards. As a result of the growth in the volume of banking services provided to corporate clients in 2023 using digital technologies, the volume of fee and commission income of the Ukrainian banking system increased by 13% compared to 2022. Conclusions. The banking system of Ukraine is in the process of digital transformation that promotes the transformation of financial institutions into high-tech platforms capable of creating new algorithms for generating profit from digital technologies. Implementing digital transformation in the banking sector increases the number of banks` corporate clients and their satisfaction with banking products and services. This leads to an increase in the efficiency of banking activities and banks’ profitability through increased commission income. The forecasting of commission income of Ukraine’s banking system conducted in this study showed that further introduction of digitalization into corporate banking could contribute to their growth by at least 8% annually.

Electronic payment systems’ characteristics and accounting information systems effectiveness: the moderating impact of perceived customers’ uncertainty

Electronic payment systems’ characteristics and accounting information systems effectiveness: the moderating impact of perceived customers’ uncertainty

REVOLUTIONIZING USER EXPERIENCE: ARCHITECTURAL INNOVATIONS IN OVO PAYMENT APPLICATION

In the era of digital transformation, mobile-based payment applications have become an important element in everyday life, changing the way transactions and managing finances. Online payment applications provide significant benefits by making financial transactions easier without cash, providing flexibility in choosing brands, and supporting the progress of fintech businesses and startups in the digital financial sector. Lippo Group, through OVO, presents innovation in electronic money payment systems. OVO's rapid growth lies not only in the ease of financial transactions, but also in its mobile application which is designed to provide a better user experience. This research analyzes architectural innovation in the OVO mobile application, aiming to revolutionize the user experience and increase OVO's competitiveness in the mobile payments industry. Using descriptive qualitative methods, this research utilizes user cards, storyboards, and customer journeys to analyze the implementation of Microservices Architecture and Load Balancing. The results show that this innovation provides significant benefits, improving the system's scalability, reliability and maintenance efficiency. Using Load Balancing is effective in solving balance problems and customer service response. This research provides in-depth insight into the evolution of financial applications in Indonesia.

Theoretical and legal issues of defining digital currencies as an administrative and legal phenomenon

The last decade has seen a rapid growth of innovations in the field of IT technologies, one of the consequences of which was a change in the approach to the payment system – for the first time in human history, electronic records rather than real funds were provided in exchange for goods and services, which made it possible to represent money and currencies in a virtual form. The emergence of cryptocurrencies and the development of electronic payment systems have created the basis for the emergence of digital currencies, a technological innovation that performs the exchange functions of money, but operates outside the modern banking sector and has developed outside the supervision of monetary regulators. Since the first digital currency, bitcoin, was created, the digital currency market has been growing rapidly and has already become significant for the global economy. Currently, digital currencies are widely used in the economic and legal environment of Ukraine. Despite certain attempts by the national legislator to regulate relations in the field of digital currencies, a number of aspects remain unaddressed by the legislator, there is legal uncertainty regarding activities related to digital currencies, there is no regulation of the procedure for the activities of entities providing services in the field of digital currencies, and, most importantly, the terminology for defining the definition of digital currencies in the legal plane is not regulated at the doctrinal level. This is important in the context of the development of administrative law and the related phenomenon of "digital currency". The purpose of the paper is to study the theoretical and legal issues of defining digital currencies as an administrative and legal phenomenon. The paper examines the definition of the category «digital currency» – a digital object intended for payment functions contained in the form of a set of electronic data (digital code or designation) in an information network operating on the basis of distributed ledger technology, the circulation of which is regulated by administrative law. The analysis has shown that there are numerous approaches to understanding legal relations in the field of digital currency circulation. These relations are based on the principles of discretion and equality of the parties with a mandatory method of legal regulation. Therefore, administrative legal relations in the field of digital currencies are social relations regulated by administrative law regarding the possession, use and disposal of digital currencies in accordance with the rules of administrative law.

Exploring the Impact of Online Payment on Consumer Behaviour: A Case Study of Nepal

The emergence of online payment has completely changed how consumers and businesses interact on a global scale. Online payment refers to payment that are made for goods or services that are ordered online or offline and are initiated using internet. Understanding how digital financial services affect consumer decision-making is becoming more and more crucial, especially in developing nations like Nepal. In Nepal, Nepal Rastra Bank (NRB) is dedicated to the security and effectiveness of Nepal's National Payments System (NPS) in recognition that payment systems are an essential component of every nation's financial system and are essential for its soundness, as well as for the execution of monetary policy and the growth of capital markets. The rise in e-commerce and mobile commerce activities in recent years can be attributed to the widespread use of mobile devices and internet connectivity. Research has indicated that the incorporation of electronic payment systems might have a noteworthy impact on consumer conduct, providing convenience and effectiveness during transactions (Jakhiya et al., 2020). Given the dynamic nature of Nepal's digital infrastructure, analyzing the differences in the adoption of these technologies and the ensuing shifts in customer behaviour might yield insightful information.

ISSUES AND CHALLENGES OF ELECTRONIC PAYMENT SYSTEMS

An electronic payment is defined as a payment service that utilize information and communications technologies including integrated circuitcard, cryptography and telecommunications networks. E-commerce (electronic commerce) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. The focus of this paper is to identify and explain the issues and challenges in e-payment system and to examine the problems faced by consumers during e-payments. Electronic payments are financial transactions made without the use of paper documents such as cheques. Electronic payments include debit card, credit card, smart card, e-wallet, e-cash, electronic cheques etc. E-payment systems have received different acceptance level throughout the world; some methods of electronic payments are highly adopted while others are relatively low. This study aimed to identify the issues and challenges of electronic payment systems and offer some solutions to improve the e-payment system quality.

Assessing the Impact of Financial Technology (Fintech) on Financial Inclusion in Egypt: An Applied Study

Financial technology (Fintech) has emerged as a transformative force in the global financial landscape, offering innovative solutions to longstanding challenges. This study delves into the Egyptian context to assess the profound impact of fintech on financial inclusion—a crucial factor for economic development and social equity. Through empirical analysis, this research endeavors to unveil the multifaceted ways in which fintech is reshaping the financial landscape in Egypt, particularly regarding expanding access to financial services for underserved and unbanked populations. The data was collected from financial statements of banks over the period of 2018 – 2022, with keywords identified in annual reports to create dummy variables for analysis and analyzing it by STATA through logistic regression to determine whether there is a significant impact or not. The results reveal that the research supports the hypothesis that fintech has a significant effect on financial inclusion, as well as on reliability, availability, accessibility, and efficiency of electronic government services. Thus, this study contributes valuable insights for the Egyptian government to develop electronic payment systems and regulations that maximize the availability, accessibility, efficiency, and responsiveness of electronic government services, ultimately improving the lives of the nation’s residents. Keywords: Fintech, E-payment bills, Modes of payment, E-government system, Financial Inclusion

Экономическая безопасность банковской системы страны в условиях цифровой трансформации

The subject of the study is banking security. The purpose of the study is to identify the impact of economic crimes in the banking sector on ensuring economic security in the country in the context of growing digital risks. The objectives of the study are to consider the causes, dynamics, measures to prevent and combat crimes in the banking sector. The novelty of the study lies in the identification of factors and threats to banking security during the transition to a digital economy, digital data on economic crimes committed in the credit and banking system, the structure of economic security in the banking system and measures to ensure it are highlighted. The economic security system of a credit organization is based on the analysis of potential external and internal threats, their timely identification and forecasting, and the creation of a set of measures to prevent them. Crimes in the banking sector are a problem that has negative consequences for credit institutions, clients, and society as a whole. They are the causes of financial losses, decreasing of trust, and deterioration of the reputation of banks. Digital technologies (online banking, electronic payment systems, etc.), despite the existing advantages, create new problems and risks for the security and stability of the banking system. For the safety of banks and, accordingly, national security, it is necessary that law enforcement agencies, banks, economists and legislators respond quickly and effectively to unfavorable foreign policy and economic situations.

Electronic Payments System and Banking Industry’s Return in Nigeria: A Time-Varying Granger Causality Approach

<p class="MsoNormal" style="margin-top: 12pt; text-align: justify;"><span lang="EN-US" style="font-family: 'times new roman', times, serif; font-size: 14pt;">The paper is motivated by the growth of the electronic payments system and its relevance in enhancing the banking industry's earnings. Consequently, the paper examines the causal relationship between the electronic payments system and the banking industry's returns in Nigeria. The paper offers some important contributions to the literature involving the use of an approach that allows for data-driven identification of the change points in the electronic payments system and the banking industry's returns nexus. The paper discovered three important findings. First, the causal relationship between the electronic payments system and the banking industry's returns in Nigeria changes with time changes. Second, there is evidence of causality between the electronic payments system and returns on assets and equity, however, the causality was more evident under the recursive window. Third, the causal relationship was more evident in some specific periods such as 2020Q4, all quarters of 2015 to 2016, and 2020 to the end of 2023. The paper recommends that policymakers should revisit and reinvigorate the specific cashless policies instituted in 2012-2016 that aided higher returns to the banking industry. Similarly, the Central Bank of Nigeria and other banking industry players should intensify efforts to encourage the use of electronic payments due to their usefulness and ability to enhance the banking industry's earnings.</span></p>

A Study on Digital Payments and User Experience

This paper aims to examine the use of online payment or electronic payment system (EPS) due to various benefits of using online payment method for both the business and the user. Digitalization is a new trend in banking sector all over the world. Digitalization involves total control over the customer experience, management of all existing and future consumer needs, and development of an appropriate financial framework. Digital payments in India are a promising success. The financial institution must be customer friendly. For the purpose of the study on digital payments and user experience primary method such as survey using Google form in collected from people in and around Salem city with different demography and secondary methods such as published and unpublished journal, magazines has been used. The data is analyzed by using SPSS. Keywords: Digital payments, Banking sector, Customer experience, Electronic payments.

A Critical Examination of the E-Taxation, Improvement in Tax Compliance and Revenue Collection of Economic Development in Nigeria: An Examination covering 2008 to 2023.

This study looked into the topic of e-taxation and enhanced tax compliance in Nigeria. The study aimed to achieve two particular goals. It investigated the impact of e-taxation on tax evasion in Nigeria, as well as the extent to which e-taxation has contributed to the reduction of tax avoidance in Nigeria. The study's analysis used secondary quantitative data from the Federal Inland Revenue Services (FIRS) and the National Bureau of Statistics (NBS). The study found that e-taxation had a considerable beneficial impact on tax evasion in Nigeria. The study found that the mean value of tax revenue increased after the implementation of e-taxation when compared to the mean value before the adoption of the e-taxation system. It also indicated that e-taxation has greatly helped in curbing the issue of tax evasion in Nigeria. The data analysis revealed a greater mean value for tax revenue following the implementation of e-taxation as compared to the mean value before the e-taxation system. The report provided numerous important recommendations, including the necessity for FIRS to develop an electronic tax payment system mobile App that will raise awareness and simplify the country's e-tax system. This study concluded that the e-taxation system in Nigeria achieves higher tax compliance than the manual approach.

DISPUTE SETTLEMENT ANALYSIS AND REFUSED CLAIMS IN PAYMENT GATEWAY TRANSACTIONS ON PAYPAL INDONESIA

In transactions using Paypal, of course, there are many reasons for the risk of disputes occurring, ranging from delays in delivery, damaged goods, and transactions without authorization. The problem will be different when they carry out business transactions in different regions of the country and they have different nationalities. The research method uses a normative and empirical juridical approach, a normative juridical approach is carried out by studying legal norms or rules, while the empirical approach is carried out by direct interviews with sources who will relate to research problems, the data analysis used is qualitative. In trading transactions via the internet, trade is generally carried out by people who are located and subject to different countries and jurisdictionsThe legal relationship between Payment Gateway Users and Payment Gateway Providers At Fintech Paypal Indonesia is where the parties involved in the electronic payment system include consumers, business actors, acquirers, issuers and payment gateway providers. legal relationships that arise between consumers, business actors, acquirers, issuers and payment gateway operators are born from agreements made by the parties. Dispute Resolution and Chargeback Claims in Payment Gateway Transaction activities on Paypal Fintech where the paypal system provides services can communicate directly with the seller by opening a dispute at the Paypal Dispute Settlement Center. if it is not completed in following the policies provided by paypal services, consumers or business actors can ask for recommendations to mediate to the paypal service center but if they are not finished, business actors and consumers can resolve disputes through litigation, which usually business actors are subject to the applicable law, applies where the consumer is a national.

DAMPAK PENERAPAN SISTEM E-PAJAK DAN KEKUATAN ISOMORFIK TERHADAP KEPATUHAN PAJAK

Tax revenue can be optimized when taxpayers comply with tax regulations. The government is taking various initiatives to make it easier for taxpayers to fulfill their tax obligations, including the use of electronic tax payment systems. The purpose of this study is to analyze the effects of attitude toward electronic taxation, adoption of electronic taxation, and isomorphism intensity on tax compliance. The research sample consists of SME taxpayers in Magelang. Data were collected by questionnaire and analyzed using SEM-PLS. The results indicate that attitude toward electronic taxation has a positive but not significant impact on tax compliance. On the other hand, the introduction of electronic tax payment system and isomorphic intensity affect tax compliance. This study contributes to the literature on electronic tax systems and tax compliance.

Effect of Electronic Payment System on Marketing Performance of SMEs in Akwa Ibom State, Nigeria

Although the electronic payment system is regulated, in some instances, most SME owners tend to perceive the new system as a threat due to the high rate of cybercrime, network issues, hanging of transactions, and poor description of payer identity, among others. This study examined the effect of the e-payment system on the marketing performance of selected small and medium-scale enterprises in Akwa Ibom State, Nigeria. primary data were gathered through a questionnaire administered to owners/managers of SMEs in Akwa Ibom State. The independent variables were the e-payment system (proxied via bank mobile app, POS and digital mobile app) and the dependent variable was performance (proxied via customer patronage). Data obtained for the study were analyzed with descriptive and inferential statistics. Findings showed that POS, Bank mobile app and Automated Teller Machine (ATM) were mostly used which ranked 1st, 2nd and 3rd respectively. Digital wallets, credit card online transactions and the use of crypto-currency for business were ranked 4th, 5th and 6th respectively. The study revealed that the Bank mobile app, use of point of sales (POS) machine, and Digital wallet app have significant effects on customer patronage of small and medium-scale enterprises. The study concluded that the introduction of the e-payment system (cashless policy) has a significant influence on the operation, performance and customer patronage of small and mediumscale businesses in Akwa Ibom State. It was recommended, among others, that SME operators should be trained on how to use electronic payment systems such as electronic fund transfer, mobile banking, internet banking and online remittance.