Money Transactions Research Articles

ТЕОРІЯ ГРОШЕЙ ТА КРЕДИТУ У ПОГЛЯДАХ СУЧАСНИХ МОНЕТАРИСТІВ

The article discusses the main provisions and ideas of the new monetarists. Unlike the "classical" monetarism, the new one is the result of the challenges that arise in modern economies and the partial inability of classical monetary instruments to adequately influence the money and financial markets. The main ideas and approaches of modern new monetarists are that the use of the main monetary policy instruments has different efficiency and time lags. This is due to the fact that specific economic decision makers at the macro level make decisions about spending money or obtaining a loan. To take this fact into account, new models of money and credit need to be created using microanalysis tools and institutionalism. It should not be forgotten that money or credit markets at different economic levels can be differentiated or homogeneous, so there can be "friction" between money market participants and economic phenomena or, on the contrary, they can go smoothly and without any complications or losses. The new monetarists also drew attention to the fact that the money market is subject to the phenomena of "sticky" prices, "menu costs," bank raids, and "noise search." Representatives of the new monetarism analyzed in detail the role of central banks and electronic money. As they point out, the role of central banks will grow and their influence will become so significant that they can only announce the need to raise or lower interest rates without conducting real financial transactions, and the market will do everything in the right direction. According to the new monetarists, electronic money is in its infancy and its potential is still unexplored, but it is real and should be taken into account when developing monetary policy. According to the new monetarists, the market is significantly influenced not only by money transactions and the money supply that serves them, but also by credit and the processes that arise around it. While classical monetarism regulates the money supply through the money supply, the discount rate, and the purchase/sale of securities, modern monetarists believe that the money supply is influenced by the supply of credit funds and imperfect market information.

Determinants of Money Demand: An Empirical Examination

Tremendous changes have been witnessed in the developing countries' macroeconomic landscape over the past few decades. For instance, several forms of financial innovations have been witnessed in the sub-Saharan African region over the past decades. These changes can shift various parameters of the money demand model and function. However, few empirical studies have been carried out in this scope in East Africa. It is against this backdrop that this study will employ the panel estimation technique to analyse the major determinants for money demand in East Africa for the period 2007 to 2020. The study will consider mobile money transactions, ATMs, inflation, interest rates and economic growth variables. The result of the pooled ordinary least squares estimator has identified mobile money, ATMs, and economic growth has a positive influence on money demand while interest rates negatively influence the money demand function. The result has identified the role of monetary authorities and policymakers in controlling use of mobile money, ATMs, income and interest rates to grow money demand in East African economies.

DOCUMENT FLOW IN ELECTRONIC MONEY TRANSACTIONS IN THE CONTEXT OF ACCOUNTING INFORMATION SUPPORT FOR FINANCIAL SECURITY

Introduction. The formation basis of the digital economy is the transition of business entities to electronic transactions. It is necessary to revise the order of document circulation at the enterprise, since electronic transactions involve the operation of electronic means of payment and cryptocurrencies, information about which is transferred between participants of settlement operations. First of all, the method of forming and processing primary documents in cash flow accounting will undergo changes. Accounting forms information arrays for cash management, which is an element of ensuring the financial security of enterprises. The purpose of the article is to research the transformational trends in the electronic document flow of electronic money transaction systems from the accounting point of view to ensure the financial security of enterprises. Methods. In the process of carrying out scientific research, a systematic methodical approach in combination with innovative, functional methods and methodical tools of generalization, bibliographic and comparative analysis was used to realize its aim. Results. The accounting positioning of the bank statement as a primary document improved, which replaced in the conditions of electronic communication with financial institutions by information orders on the transfer of funds to the recipient and confirmation of the receipt of a payment from the electronic transaction system. The method of generating electronic invoices for payment, receipts and other supporting documents has been optimized through the recombination of data from the electronic transaction system in traditional regulated forms for informational participation in the formation and execution of electronic contractual relations and smart contracts. It is proposed to use blockchain technology in the organization of electronic document flow in electronic money transactions to ensure the financial security of enterprises regarding: fragmentation of information with the possibility of storing each of the elements with different stakeholders; optimization of document flow management, which involves automatic identification of the type and content of documents with sending to responsible persons; elimination of information barriers (oversaturation, redundancy, insufficiency, distortion of data); storing the history of data changes, which prevents financial fraud and accidental errors. The procedure for using the electronic signature system for authenticating the official responsible for monetary transactions in the electronic transaction system and obtaining stakeholder access to confidential reporting has been clarified. An information scheme and principles of a separate software module have been developed, which is a communication platform for information synchronization between electronic money transaction services and an automated system of accounting and management of transactions, and can be implemented at various enterprises to ensure their financial security. Conclusions. The need to optimize electronic document flow in the system of electronic money transactions based on author’s proposals and developments to ensure financial security in combination with cyber protection of the enterprise. Cyber protection of electronic document management against internal and external cyber threats requires further research.

Inventory control and accounting valuation of electronic money and crypto assets in electronic transactions

The monetary basis of the digital economy is electronic money and cryptographic objects that have specific characteristics, consideration of which significantly complicate accounting and control. In order to ensure the identification, inventory and valuation of crypto assets, it is necessary to optimize the methodology and organization of accounting for electronic money transactions in the digital economy. The purpose of the article is to improve the inventory control and accounting assessment methodology from the point of view of the current and future value of electronic and cryptographic money in the context of electronic money transactions. The article substantiates the possibility of a permanent automatic inventory of electronic and cryptographic money funds based on the information synchronization of crypto exchanges (electronic transactions operators) with specialized software for automation of accounting. The procedure for carrying out inventory control of electronic money and cryptocurrencies in terms of types of electronic transactions has been improved. The features of accounting valuation of crypto assets characterized by intangible nature, significant volatility, speculative nature, confidentiality, decentralization, etc. have been determined. The methodology of accounting valuation of crypto assets has been optimized with the determination of their initial and future value in the context of distinguishing types of electronic transactions, as well as the need to revalue accounting objects used as a means of circulation or as investment and financial instruments. The methodology for valuation of newly created crypto assets has been clarified in terms of taking into account the costs of labor and social insurance, electricity and utilities, and depreciation of equipment related to the maintenance of the electronic transaction system. The use of the author's proposals will contribute to reliable and timely accounting of electronic and cryptographic money funds.

Autonomous Vehicles With a 6G-Based Intelligent Cybersecurity Model

Sixth-generation (6G)-based communications have many applications and are emerging as a new system to utilize existing vehicles and communication devices in autonomous vehicles (AVs). Electric vehicles and AVs not supporting the integration of intelligent cybersecurity will become vulnerable, and their internal functions, features, and devices providing services will be damaged. This paper presents an intelligent cybersecurity model integrating intelligent features according to the emerging 6G-based technology based on evolving cyberattacks. The model’s novel design was developed using the necessary algorithms to provide quick and proactive decisions with intelligent cybersecurity based on 6G (IC6G) policies when AVs face cyberattacks. In this model, network security algorithms incorporating intelligent techniques are developed using applied cryptography. Money transaction handling services implemented in an AV are considered an example to determine the security and intelligence level depending on the IC6G policies. Intelligence, complexity, and energy efficiency (EE) are assessed. Finally, we conclude that the model results are effective for intelligently detecting and preventing cyberattacks on AVs.

DOES DIGITAL FINANCE AND FINANCIAL INCLUSION STRENGTHEN ENVIRONMENTAL SUSTAINABILITY: EVIDENCE FROM ASIA

Digital finance and financial inclusion are considered to be significant development strategies in many economies. Promoting both of these strategies helps increase environmental sustainability. Access to financing improves people's ability to engage in economic activities that degrade the environment. The goal of this research is to look at the impact of digital finance and financial inclusion on environmental sustainability in a few emerging Asian countries. From 2015 through 2021, the research study used quantitative secondary annual data acquired from World Development Indicators provided by the World Bank. The study's dependent variable is environmental sustainability, as measured by carbon dioxide emissions (CO2-EMS), and the independent variables are mobile money transactions (MMT), automated teller machines (ATMs), financial institution’s branches (FIB), and deposit accounts (DACC). The study also used some control variables, like population growth (POPG), industrialization (IND), and financial literacy (FL). The panel data from ten Asian nations was analyzed by using a fixed- or random-effects model. The outcomes revealed that mobile money transactions (MMT), automated teller machines (ATMs), and financial institution’s branches (FIB) have a significant negative relationship with CO2-EMS, whereas deposit accounts (DACC) have a significant positive association with CO2-EMS. The study has significant implications for countries seeking to improve their overall energy efficiency, thereby reducing environmental degradation. Countries should modernize technology and implement improved environmental practices to help improve environmental sustainability. In order to attain economic success and environmental sustainability, policymakers should develop policies that increase digital financial inclusion. Keywords: Digital finance, financial inclusion, mobile money transactions, financial literacy, environmental sustainability.

The Issue of Own Money


 
 
 
 
 Charging own money on vehicles has become a norm in Pakistan’s automobile * industry. Own is a form of premium charged by the car dealers over and above the price of the vehicle for express delivery of the vehicle. An artificial shortage, primarily due to low production numbers, allows dealers and other investors to pre-book vehicles and charge own from end buyer for immediate transfer of ownership once the demand for vehicle rises in the market.
 As per our estimates, in the last five years at least PKR 150-170 billion was paid as own money on cars in Pakistan, with own being charged on 80 to 90 percent of vehicles. This means, Pakistani car consumers pay an additional PKR 30-34 billion annually in undocumented transactions under the disguise of own money for the purchase of cars. In the last five years, Pakistan produced less than a million vehicles under the cars and jeeps category (See Fig 1). During the same period, Morocco produced twice as many vehicles while Turkey’s production remained over six times more than Pakistan. Moreover, Brazil’s vehicle production remained nearly thirteen (13) times more than vehicles produced in Pakistan.
 In addition to low production numbers, lack of effective regulations allows the automobile companies, dealers, and other investors to foster the own money culture in the automobile market. While the invoice amount of vehicle is paid through banking channels directly to the automobile manufacturer, the own money transactions occur through cash only, thus, creating a significantly large black economy in the automobile sector of Pakistan. PIDE Knowledge Brief No. 41:2021 details the ground realities of the nuisance of the own money culture.
 
 
 
 

E-Money sebagai Instrument Pembayaran Micro Payment Dalam Perspektif Maqashid Syariah


 The current rapid development of technology has penetrated all aspects, including financial institutions with the existence of e-money digital financial services. The use of E-money as a payment system has shifted payment methods from cash to non-cash by the general public and Muslims. Then it is necessary to carry out a sharia review related to the use of e-money regarding the mechanism for using e-money, the contract used, and a review of sharia maqasyid. The type of research used is library research using descriptive analysis techniques. The results of the Electronic Money Transaction Mechanism (e-money), namely the operator can only be carried out by the issuer himself or another party, the operator who provides the infrastructure for its implementation. This then provides security guarantees for its users in transactions. Electronic money (e-money) in mashed shari'ah. guaranteed security, and guaranteed halal in the transaction. The contract is used in Electronic Money (e-money). Sales Purchase Agreement, Wadi'ah Agreement, and Ijarah Agreement. This contract is used when the issuer hires the services of a merchant who provides payment services.
 Keywords: Electronic Payment E-money, Maqashid Syariah

DIGITALISASI PELAPORAN KEUANGAN PERSPEKTIF UMKM DI KOTA MATARAM

This study aims to determine the perspective of MSMEs in Mataram City in responding to the digitization of financial reporting. The perception of MSMEs in Mataram City is the object of this research. The method used is descriptive analytical. The results showed that 75.74% of the 136 MSMEs in Mataram City recorded money transactions related to business, but less than 25% compiled their financial statements. The results of this study also show that 9.56% of MSMEs could store and access financial reports compiled online.

Governance of Money Laundering: An Application of the Principal-agent Model

Money laundering has an element of a bate for one individual and a tool of exploitation for another individual and carries an externality (positive or negative) for the society. Its multifarious nature is analysed in perspective of Principal-Agent-Client Model of Provan and Milward (2001). Model of Network Evaluation by Provan and Milward (2001) is originally used for health and social sector; however this model is extended and applied for governance of money laundering. In this model we evaluate the affectivity of the network of money transaction with the objective function to minimise transaction of money through money laundering by making laws and procedure and get these implemented through agents. As there is involvement of multiple stakeholders, therefore, evaluation of network effectiveness is made at three levels i.e. at community level to analyse: community, the network itself and the network’s organisational participants. These levels are of interest to three major constituents of money transaction network such as principal, agent, and clients.

Neoteric Finance and Evolution in Banking Operation in India

The Sustainability of economic growth is the primary motive of all nations. The Transformation of hard cash to an e - wallet is a phenomenon. Today all money - related transactions are dine digitally to avoid the wastage of paper and increase the awareness of digital currency in the economically weaker parts of the world. The utilization of electronic money will lead to a faster , easier , and more reliable way of doing day - to - day transactions. All corporate companies and businesses are shifting from paper money to digital money. The purpose of this research paper is to substitute traditional banking practices with digital banking practices. The advancement in technology and the internet has changed banking services to a much faster, easier, and secure way of doing a money transaction. People can send and receive money at anytime and anywhere without doing any paperwork. Government can always keep an eye on all the big transactions as the digital world make all the thing much transparent. All the miscellaneous and tedious work of manually filling up the form to apply for every banking service is shifted online which makes the process of verification easy for the banks.

The Concept of Digital Money in Islamic Economic Perspective

Money is one of the most Important elements in transaction activities, this is because money can facilitate the transaction process along with the times and technology, community activities in conducting transactions have started using technology, namely digital money. His study focuses on the problem of how the Islamic economic view of digital money transaction tools is a case study of the GoPay digital money application. The researcher uses a qualitative approach, this type of research is descriptive, namely the data collected in the form of words and not numbers. In the research that has been done, the findings are based on the focus of the research, namely how Islam views digital money transactions. The use of digital money in transactions is allowed for good purposes.

ICT adoption, bank performance & development in Sub-Saharan Africa: a dynamic panel analysis

ABSTRACT This paper examines the effect of information and communication technology on bank performance and development in the Sub-Saharan African banking industry. We employ a generalized method of moments technique with a panel data of 35 sub-Saharan African countries on the access and use of automated teller machines, mobile money transactions, return on assets, returns on earning, and net interest margin. The results reveal that while the access and use of automated teller machines are negatively associated with return on assets, they have positive and significant effects on return on earning and net interest margin. The findings suggest that information and communication technology adoption affects bank performance mainly in the short run. We conclude that the discrepancy in how it affects return on assets compared to return on earnings and net interest margin is mainly based on how bank performance is measured.

Case Study of Touch ‘n Go in Malaysia: Are You a User of E-Wallet?

Touch ‘n Go is a Malaysian digital wallet and online transaction for making any payment that is available in the application. Malaysia has started to implement online payment through Touch ‘n Go which are available in the places that required money transactions such as grocery shops, restaurants and so on. We intended to examine how the six key factors: convenience, customer satisfaction, customer loyalty, e-wallet, brand awareness and service quality lead to users’ awareness of the usage of Touch ‘n Go in Malaysia. A total of 150 people participated in the online survey via Google Forms. The findings revealed the information regarding customer satisfaction with the quality of service provided and customer loyalty toward the brand. This research paper provides new insights, and some recommendations are presented to increase users’ awareness of the services provided by Touch ‘n Go. Keywords: brand awareness, convenience, customer satisfaction, customer loyalty, e-wallet, service quality

Go Cashless! Mobile Payment Apps Acceptance in Developing Countries: The Jordanian Context Perspective

Despite the expanding global usage of mobile phones in money transactions, the adoption of mobile payment systems in Jordan remains slow. This study employed the technology acceptance model (TAM) to identify the factors with a potential impact on mobile payment systems acceptance. The impact of perceived privacy (PP) and the mediating function of perceived certainty (PC) on the behavioral intention (BI) of mobile payment systems among Jordanian ministries were examined. Data obtained from 270 respondents were analyzed using partial least-squares structural equation modeling (PLS-SEM). The empirical findings show a positive link between perceived usefulness (PU) and PC on the BI of mobile payment systems. The mediation analysis demonstrated that PC partially mediated the association of PP with the BI of mobile payment systems. The final section concluded the paper by presenting the key theoretical and practical ramifications, as well as the research’s limitations and future directions.

The Behavior of Using Digital Money (E-Money) in the Millennial Generation Based on Islamic Perspective

OVO digital money is a means of payment in electronic form where the value of money is stored in certain electronic media. Users must first deposit their money to the publisher and store it in electronic media before using it for transaction purposes. Currently, there are two types of digital money in Indonesia, namely server-based digital money and chip-based digital money. This study aims to describe the behavior of using digital money in the millennial generation and its review based on Islamic perspective. This research is an observational study with a qualitative approach. Data were collected by interview, observation, and documentation methods. Data analysis was done descriptively. The results of the study show that forms of digital money transactions (OVO) are used as a means of payment for retail transactions, payments for online transportation orders and food orders, payments in e-commerce, and are used to pay bills such as purchasing credit or data packages. Muslim consumer behavior at IAIN Kediri students in using OVO is still in the reasonable stage and not excessive. In conclusion, IAIN Kediri students have shown the use of e-money based on Islamic perspective, namely shopping as a need, not as a desire, consuming halal goods, and not spending excessively.

ANALYSIS OF DATA SECURITY AND CYBER-ATTACK METHODS IN DIGITAL CURRENCY

With the rapid development of technology in recent years, digital data in information technology has become an indispensable area of life. The use of digital data services in our daily lives has become inevitable. Money transactions, purchases, and money transfers are made by banks and users every day. With the transition from paper systems to digital systems, the number of users is increasing day by day, but there are security concerns about these systems. In modern technologies, the possibility of information theft, the risk of cyber-attack, and the fear of breaches are constantly being worried about financial losses. Since such digital currency transactions carry the personal data and privacy of users, everyone needs to complete the correct transactions reliably. Due to the great importance of financial transactions and digital currencies in daily life, this article explains the features of digital currency and how to prevent counterfeiting. It will also analyze what tools are safe to use in a cryptocurrency. The risks that the algorithm mechanisms used in these processes can handle are examined and security problems are explained. In addition, security methods, algorithms, digital currency cyber-attack methods, and security measures of crypto money are examined.

Mobile money transactions and banking sector performance in Ghana

This study examines the effect of mobile money transactions on banking sector performance in Ghana using monthly data for the period 2015–2020. A composite index of banking sector performance was created from three indicators namely; depth, stability and efficiency of the banking sector. Using the Autoregressive Distributed Lag (ARDL) bounds test for cointegration, the Error Correction Model (ECM) and impulse responses analysis, the findings revealed that mobile money transaction has a detrimental effect on banking sector performance. Findings from the disaggregated components indicate that mobile money transactions hurt banking sector efficiency, while its effect on banking sector depth and stability is insignificant in the long run. It is concluded that the implication varies from one indicator to another concerning the direction and magnitude of the influence. The study, therefore, recommends that banks exercise much caution in their decision to consider adopting mobile money-based services when designing their business models.

Consumer Use of E-Banking in Iraq: Security Breaches and Offered Solution

After the software revolution in the last decades, the field of information technology had a tremendous evolution that made many organizations reach the best benefits from this evolution in technologies. The banking sector evolved their old system from ordinary system to the online system. The term E-banking appears to cover almost all bank operations such as money transactions, account management, instant reports, instant notifications. E-banking offers several advantages to clients, but this opens many challenges and motivates unauthorized parties to focus on creating methods and exploiting weaknesses to attack and steal critical information that belongs to the banking system or clients. Iraqi banks recently adopted E-banking serves and made them available to all their clients. However, this shift in approach leaves many clients vulnerable to cyber-attacks. This paper presents an analytical study on Iraqi clients using E-banking as a service using real case studies. Many researchers prevent these threats by introducing novel methods to support cybersecurity specialists. This paper covers related work and the most common terms involving E-banking. It also covers the risks involved in E-banking, most common attacks, and modern security methods to prevent attacks.

How efficient is Machine Learning in detecting financial fraud using mobile transaction metadata?

Global data has shown that each day the number of fraudulent transactions is exponentially increasing. As digital fraud continues to increase, machine learning and AI are being used to curb this increase. This paper will focus on the development and analysis of a machine learning model used to detect financial fraud in mobile money transactions. The aim of this paper is to discuss how effective a machine learning model can be in detecting fraud. This algorithm makes use of the Naïve Bayes model to detect fraud. To prove this, the results have been provided by using a confusion matrix, precision and recall which indicate the effectiveness of the model. The accuracy of the developed model is 0.996 with a precision and recall of both above 0.99. This work explores and develops a solution to one of the biggest breaches in digital security.