National Payment System Research Articles

НАЦИОНАЛЬНАЯ ПЛАТЕЖНАЯ СИСТЕМА И ЕЕ ПЕРСПЕКТИВЫ

The banking system plays a key role in the development and regulation of the economy, as it has a major impact on the stabilization of the economy. Uninterrupted operation and the ability to conduct financial transactions are the most important elements of the economic process. All this develops the national payment system, which controls the movement of money in the country. The article discusses the national payment system, its features and prospects. The ways of its strategic development are proposed.

Development of the Russian Payment System in the Conditions of Digitalization of the World Economy

The subject of the study is the national payment system of Russia in the context of accelerating the processes of digitalization of the world economy. The purpose of the work is to identify the key areas of development of the national payment system. The article states the importance of expanding the capabilities of the Mir payment system in the direction of the development of P2P settlement mechanisms and Internet payments. The possibilities of using the payment system for the development of trade and economic cooperation with friendly countries have been identified, consisting in the formation of a single payment space of the EAEU, expanding the practice of connecting foreign banks to the payment system of the Bank of Russia, as well as increasing the volume of cooperation between state development institutions of the EAEU and SCO countries. The need to create favorable conditions for the work of Russian economic entities in the financial markets of friendly countries has been established. The prospects of issuing the digital ruble of the payment system are evaluated, its importance for increasing the innovative potential of the national payment system is emphasized. It is determined that the digitalization of payment systems can be considered as an additional factor in improving the quality of life, increasing consumer welfare and increasing human capital. The conclusion is made about the expediency of developing a system of fast payments by improving the settlements of economic entities with public authorities.

Роль корреспондентских отношений в системе трансграничных платежей в условиях цифровизации

The current state of the network of banking correspondent relations serving a significant part of cross-border payments and international transactions is of concern to specialists and international organizations. The relevance of the tasks of improving the efficiency of cross-border settlements through correspondent banks determined the choice of the subject and the purpose of the study. The subject of the study is correspondent banking relations in the system of cross—border payments. The purpose of the work is to identify trends in the development of banking correspondent relations in the modern system of global payments, which is being transformed under the influence of digital technologies. The article analyzes the state and development trends of the global network of correspondent banks. As a result of the conducted research, it is concluded that correspondent relations are gradually losing their leading role in national jurisdictions due to the digitalization of national payment systems. However, they are still used in cross-border payments, ensuring the interconnection of payment systems of various levels and multilateral platforms. Digitalization of national and international settlement systems leads to the spread of alternative models of their implementation and the reduction by banks of networks of foreign correspondents to increase the efficiency of the use of funds and reduce costs and risks. However, the gradual degradation of the global system of correspondent banking relations is becoming a serious problem, fraught with an increase in the cost of cross-border payments, a decrease in the availability of settlement and payment financial services for participants in international economic relations, and in the context of increasing sanctions pressure on correspondent banks - fragmentation of the existing global system of cross—border payments.

Трансформація платіжних систем в умовах цифрової економіки

The article examines the evolutionary development of payment systems, which takes place in the unity of technological and organizational modernization through the innovatization of payment instruments. It is substantiated that one of the fundamental factors for the stable development of the State’s economy is the availability of an efficient and smoothly functioning modern national payment system that allows real-time payments in accordance with generally accepted standards. It is specified that payment systems ensure uninterrupted circulation of money flows of the State, the commercial and non-commercial sectors, and individuals. Under the influence of scientific and technological progress, the payment market is being digitalized, and new non-financial participants are being involved in the standard processes of providing payment services. It is shown that the functional significance of payment systems in the development of the digital economy is that they are the most convenient and universal financial intermediaries that create a digital culture and instill digital skills, rules and traditions that represent the core of the digital environment. Practice shows that payment systems are characterized by a rapid response to changing demands in servicing economic relations, the speed of diffusion of scientific and technological progress, and a high degree of adaptability to the risk environment, which is manifested in accelerating the penetration of financial innovations and their spread between system elements. It is underlined that the payment system in a broad sense is a universal financial category that unites a totality of financial institutions that carry out systemic activities in the field of monetary circulation of the economy and its individual sectors to ensure sustainable macroeconomic development and socioeconomic efficiency of functioning of its subjects.

Перспективи використання банківських електронних засобів платежу

The article explores the current trends in the development of the market of electronic payment systems, which involves the active use of innovative means of payment and strengthens the importance of non-cash payments for electronic customer service. It is substantiated that payment systems, forming an infrastructure of non-cash cash turnover, must meet the objectives of the country’s monetary policy as to targeting inflation, accelerating money circulation, maintaining liquidity, and sovereignizing national payment turnover. It is noted that the material embodiment of electronic technologies is obtained in specific payment instruments that allow carrying out settlement transactions in real time and become integral elements of the payment system. It is shown that under the influence of electronic technologies the banking business acquires new features: first, the share of traditional banking operations is reduced simultaneously with the increase in new settlement services; secondly, banking products and services based on modern information and communication technologies are constantly being improved; thirdly, the banking sector is increasingly acquiring the features of a knowledge-intensive industry, with cardinal technological changes in the process of building of payment systems. The authors call attention to that most of the reforms of national payment systems, already implemented or in the process of implementation, in order to modernize them, focus on improving payment systems mainly for large sums, although in a significant number of regions retail cash payments are still quite active. The need to increase attention from the part of the State in the person of the financial regulator to the development of the retail segment of the national payment system is emphasized.

THE REGIONAL LEADERSHIP: THE EXPERIENCE OF THE ISLAMIC REPUBLIC OF IRAN

Based on statistical data, the author analyzed specific measures of the united West against the Islamic Republic of Iran to apply sanctions in response to the creation of a nuclear program. It is determined that, based on the principles of the "economy of resistance", Iran has managed to reorient its industry, solve the problems of technology development, establish a national payment system, change the assortment and volumes of exports and imports. The author states that the anti-sanctions experience of the Islamic Republic of Iran makes it possible to claim the role of a regional leader.

Preferensi Konsumen Terhadap Penggunaan Sistem Pembayaran Non Tunai QR CODE Indonesia Standart (QRIS): Studi Kasus di Kota Tegal

This research is entitled "Consumer Preferences against the Use of Non-Cash Payment System Indonesian Standard QR Code (QRIS): A Case Study in Tegal City". This research is a quantitative method with the aim of analyzing (1) the Perception Ease of Use, Perception of Usefulness, Income, Age, Education Level on the use of QRIS by visitors at the three largest malls in Tegal City. (2) The influence between Perception Ease of Use, Perception of Usefulness, Income, Age, Education Level that have the greatest influence on the use of QRIS by visitors at the three largest malls in Tegal City. This research was conducted in Tegal City, Central Java Province, which focused on the three largest malls in Tegal City. The analytical method used is Binary Logistics Regression (Logit Regression) analysis using primary data collected through questionnaires. The results of this study indicate that (1) Perception Ease of Use, Perception of Usefulness and income affect the preference for using the QR Code Indonesia Standard (QRIS) non-cash payment system on consumers of 3 malls in Tegal City. Meanwhile, age and education level did not affect the preference for using the QR Code Indonesia Standard (QRIS) non-cash payment system for consumers in 3 malls in Tegal City. (2) Perception Ease of Use has the greatest influence on the preference for using the QR Code Indonesia Standard (QRIS) non-cash payment system for consumers in 3 malls in Tegal City. The implication of this research is that for Bank Indonesia as the regulator of the national payment system that launched QRIS in order to continue to expand the use of the QR Code Indonesian Standard (QRIS), it is better to take several steps to increase or expand the network and facilities for using QRIS through merchants and continue to improve education and outreach to the public. about QRIS and its benefits to society. So that the public has education about QRIS to increase Easy Perception of Use and Usefull Perception of Use towards preferences for using the QR Code Indonesia Standard (QRIS) non-cash payment system

Analysis of reforming the national payment system of the Republic of Kazakhstan

The article deals with theoretical, methodological and practical aspects of risk assessment of the national payment system. A comparative analysis of world models for assessing the risks of payment systems is presented. Due to the growth of market infrastructure around the world, technological changes and the development of the global and national regulatory environment, an increase in production volumes and, accordingly, an increase in the number of operations of business entities, including individuals and enterprises in the field of material production, as well as in In the field of financial services, the development of technologies requires the constant development and adaptation of national payment systems to the challenges of the market and the need to transform them into more modern and convenient services that meet the requirements of the market. the demands of his time.The presence of a payment system that meets the needs of the state, the financial market, individuals and legal entities in the safe and prompt transfer of funds is an important element of the national infrastructure of any developed country. At all times, timely reforms in this area were required to meet the new requirements for the organization, regulation and market demand of payment systems. Over the years, payment systems have undergone a number of significant changes due to the emergence of new payment methods, platforms and interfaces. This is due to the rapid development in the field of information and communication technologies.Until recently, the creation and development of services that allow making payments in the retail segment was entrusted to the banking community, including servicing the operations of retail customers.However, in recent years, due to the need to organize interbank services for fast, guaranteed and cheap payments, more and more central banks are introducing their own payment systems for interbank retail payments.

Тенденции развития национальной платежной системы России в условиях усиления внешнеполитического давления

The article deals with Russian national payment system (NPS) development and considers it through the factor of growing geopolitical pressure. The main scientific and practical problem of the article is increasing risk of political, financial, economic and social damage for Russia as a result of Western countries’ sanctions. The purpose of the research is to identify key trends in Russian NPS development under intensified foreign political pressure. The methodological and conceptual basis of the article includes theories of sustainable socio-economic development, financial markets and public finances, the National Security Strategy of Russia, the Strategy for the National Payment System Development for 2021–2023. The article notes significant achievements in the Russian NPS development in recent years. The authors highlight key trends in the NPS development, namely: increasing in number and volume of non-cash payments inside the country, expanding use of bank cards as a payment instrument, developing tools of bank card service, restructuring operations on bank cards, developing independent national payment instruments (Financial messaging system and “Mir” payment system). The main risks and threats for the NPS associated with negative for Russia foreign policy factors are also outlined.

An overview of developments in South Africa's payments industry

South Africa has robust interoperable payment systems, and most adults have bank accounts. Societal realities and financial inclusion continue to play significant roles in payments. While cash remains a dominant payment method, digitisation and new payment technologies are responding to the changing demands of consumers and new regulatory requirements. As a result, South Africa continues to modernise its payment systems to comply with ISO 20022 while addressing the needs of those dependent on cash with innovative payment alternatives. This paper discusses the efforts of the payments industry to modernise the country's national payment system to support the South African Reserve Bank's National Payment System Vision 2025 and its goals, including financial inclusion.

Цифровой рубль Банка России как новая форма национальной валюты

Introduction: in recent years, significant changes have taken place in Russian and international law in the sphere of monetary circulation, primarily due to the rapid pace of global digitalization of the economy, where the development and implementation of national digital currency is one of the priorities in the development of information and payment technologies in many countries. Being a new form of the Russian national currency which will be issued digitally and whose stability of functioning and circulation will be provided by the state represented by the Central Bank of the Russian Federation, the digital ruble will fully perform all the functions of money in civil circulation. As a new and alternative method of making payments, it will combine the properties of cash and noncash funds: it will have the form of identification in the form of a unique digital code like cash issued in the form of banknotes with a unique number, and also will not have a physically tangible form and provide opportunities for remote payments and settlements like non-cash monetary funds. The purpose of the study is a comprehensive study of the essence of the digital ruble as a new form of the national currency, as well as the consideration of certain legal aspects of the introduction of the digital ruble into the national payment system of the Russian Federation, necessary for its successful integration into the sphere of monetary circulation without disrupting the stability of the financial system. Methods: the universal method (dialectical materialism); the general scientific methods (logical (induction, deduction, analysis and synthesis), systemic and functional); private legal methods (formal legal, comparative legal). Results: the paper discusses and resolves the contradictions in approaches to the definition of concepts used by the legislator in the legal regulation of the digital space. It is noted that before the introduction of the digital ruble into circulation, it must first be fixed in the regulatory legal acts of the Russian Federation. In this regard, the legislative framework has been identified, which needs to be reworked in order to make changes necessary for the legitimization of the national currency in digital form into the national payment system, in particular, for a clear correlation of the digital ruble with already existing legally fixed financial instruments. Conclusions: as a result of the study, the trends have been identified that have determined the need and expediency of integrating the digital ruble into the Russian legal field. It is proved that the concept of the digital ruble as an innovative phenomenon in the system of transformation of monetary circulation at the moment only establishes the ideological mechanisms of its functioning, while the uncertain nature of the digital form of the national currency of the Russian Federation requires careful full-scale study from a legal point of view. The inexpediency and invalidity of the attempt to identify the digital ruble with such payment instruments as non-cash funds and electronic money, as well as with such a specific financial instrument as cryptocurrency, has been proved. The author focuses on the fact that despite the existence of features common with electronic money, the digital ruble by its nature is a legal phenomenon different from it. In conclusion, the foreign experience of the process of creating and implementing the digital currency of the central banks of China and the United States is analyzed.

Эволюция платежных систем в цифровой экономике

The article is devoted to the analysis of influence of legal, technical, organizational and international factors on the development of the Russian payment system. The national payment system of Russia, as part of its development, designed to provide an opportunity to implement financial innovations for all market participants. The relevance of research consists in the need to improve the efficiency of payment system regulation in the conditions of their transformation and digitalization. Improvement of regulation effectiveness is possible when the interaction of factors determining the directions of development of payment system is understood. The study is aimed at the identification and the explanation of the factors of the evolution of the national payment system and their interdependencies in digital economy. The study of the factors of development of payment system is justified by the need to expand the possibilities of their practical implementation through legal regulation in modern conditions. The purpose of the study is to identify and systematize the factors that determine the direction of payment system development. The study is based on the study of the papers of leading scientists engaged in research in the field of finance, monetary theory, payment system, economic digitalization. The theoretical study is founded on the use of mental modeling, statistical research, comparative analysis and observation. The conditions of the evolution of payment systems in the digital economy within the framework of the current government program are analyzed. Specific indicators of the influence of the national program “Digital Economy of the Russian Federation” on the evolution of the payment system are indicated. Conclusions are drawn about the nature of the impact of the digitalization process on payment system. The factors that ensure the improvement of the quality of service and determine the growth of risks level in the process of digitalization of the payment system are determined. The relationship between the innovative functions of payment system and the risks arising in this case is established. The practical significance of the study lies in the possibility of efficiency improvement of the payment system by identifying the relationship between groups of factors that determine the direction of its development.

Digital payment system of the Republic of Kazakhstan: risks and prospects

The development of payment systems is a continuous process that includes updating and updating all its elements and processes. In this article, the authors considered the issues of digitalization of the payment system of the Republic of Kazakhstan, and in particular, the possibility of creating and implementing a digital currency of the National Bank of the Republic of Kazakhstan. This measure will allow Kazakhstan to join the world experience in the use of crypto-technologies and digital assets. The key task is to be the first within the member countries of the Eurasian Economic Union. The history of digital money began with the invention of the Internet. In the early days, it was difficult to get the population used to using digital money. However, as people get used to technology, and digital technologies themselves become more secure and reliable, more and more users are ready to give preference to the use of digital money. As part of the study, the authors analyzed foreign experience in the creation and implementation of digital currencies, assessed the possible risks and prospects of this event. It is worth noting that Kazakhstan in 2020 for the first time got into the rating of the countries of the world in terms of cybersecurity. The initiative to digitalize the payment system and, in particular, payment technologies, is already giving a greater role to an effective cybersecurity strategy. Currently, the National Bank of the Republic of Kazakhstan, as part of the implementation of the program for the development of the national payment system until 2025, has already implemented a pilot project "Digital Tenge". The authors carried out a comparative analysis of the specific features and key differences between the digital tenge and other forms of the national currency of the Republic of Kazakhstan.

Countering Anti-Russian Sanctions in Payment and Currency Fields

The paper is devoted to the study of anti-Russian sanctions imposed by the United States of America and foreign states and international organizations that have joined them, as well as the analysis of measures aimed at countering unfriendly actions undertaken against the monetary system of the Russian Federation. The paper examines the historical aspects of the anti-Russian policy of Western countries, analyzes provisions of regulatory legal acts and other official documents adopted by the United States and the countries of the European Union, aimed at destabilizing payment and currency relations in Russia. The authors investigate the counter-sanctions policy and measures aimed at ensuring the stability of the Russian monetary system in general and the national payment system in particular. It is concluded that the use of the dollar and the euro as a weapon of sanctions war, the practice of confiscating reserves and assets of countries pursuing policies that do not correspond to the interests of the United States and dependent states, restricting access of financial institutions of “rogue countries” to American and European financial resources, disconnecting credit institutions from SWIFT, and other sanctions inevitably lead to the formation of a parallel international financial system, of which a fundamentally new international monetary system will become a part.

The National Payment System: a new reality

The National Payment System: a new reality

National payment system «Mir»: problems and development prospects in the context of new sanctions

National payment system «Mir»: problems and development prospects in the context of new sanctions

The role of the national payment system in achieving the sovereignty and economic security of Russia

The role of the national payment system in achieving the sovereignty and economic security of Russia

Формирование конкурентной среды на рынке электронных платежных систем

The relevance of the study of the formation of a competitive environment in the payment systems market is due to the current oligopoly of foreign payment systems. The everyday economic life of society is directly relate to the use of money and is determine by the need to consider the issues of using payment systems on the territory of the Russian Federation as a whole and assess the level and problems of their development during the period of digital transformation. The purpose of the study is to explore the Russian market of payment systems that can compete with foreign counterparts. The main task is to study the payment systems used in the Russian market and develop recommendations for promoting the national payment system MIR, as an alternative payment system Visa and Masterсard. In the course of the study, general scientific methods (analysis and synthesis, comparison) and special methods (statistical and economic analysis) were used. The article analyzed business models of electronic payment systems and the structure of cash flows for cashless payments. Three options for the implementation of transactions are considered: with foreign Visa and Masterсard, the Russian MIR card and using the Fast payment system (FPS). The advantages and disadvantages of the MIR payment card in comparison with Visa and Masterсard were analyzed. The significance of national digital currencies and their relationship with payment systems were investigated. As the results of the study, methods of struggle of domestic marketplaces with the oligopoly of foreign payment systems were identified. Based on the conducted competitive analysis of the Russian MIR card, measures were proposed to improve the development of Russian payment systems as a whole in order to popularize them among economic agents of the Russian Federation.

Measures to Neutralize the Consequences of Sanctions Against Russia at the Federal and Regional Levels

The Russian ruble depreciated sharply in 2014 after the US embargo was imposed, in just one day it lost 19% of its value, which was the biggest daily drop in the previous 16 years. Inflation has reached a three-year high. The reasons for the sharp decline in the indicators of the Russian economy were the factors of a sharp drop in oil prices, sanctions against the country and insufficient effective management. The article discusses Russia’s anti-sanctions actions at the federal and regional levels of government. It is concluded that the following measures have become the most effective in responding to sanctions: the introduction of import sanctions against countries subject to the embargo, reducing dependence on the dollar and euro in foreign trade (de-dollarization) by concluding bilateral currency agreements, changing export directions, introducing a national payment system, adopting import substitution plans within federal and regional policies, as well as a plan to support firms affected by sanctions. It is noted that the sanctions posed threats not only to the economy of Russia and its regions, but also to the economies of European countries and, ultimately, to the stability of the global financial system.

Cashless Payment in Emerging Markets: The Case of Russia

Cashless payment has rapidly developed in emerging markets following the digitization of finance. In this paper, by calculating the ratio of cashless payment in Russia, we find that it takes the shape of J-curve exponential growth, unlike in other developed and emerging economies. Although debit cards significantly dominate other types of cashless payment, the development of e-money is also significant. Internal and external factors both account for the J-curve exponential growth in cashless payment, and the external factors have a larger impact. We distinguish the peculiar features in the promotion of cashless payment that are peculiar to Russia and highlight the fact that Russia's national payment system was formed to address rising national security and geopolitical risks. Cashless payment is centralized and administered by the Bank of Russia, in order to digitize the financial sector and the government, with the goal of driving the digital economy.