Payment Instruments Research Articles

Forecasting banknote returns in a changing payments environment

This paper provides a model for forecasting cash returns to central banks. Using data from Ireland, the study identifies a recent structural shift in the relationship between banknote returns and cashbased personal consumption expenditure, likely due to the adoption of contactless payments. Projections of banknote returns are informed by three elements: forecasts of personal consumption, the cash share of that spending, and the returns ratio — that is the ratio of (the log of) banknote returns to the (log of) cash-based personal consumption. To illustrate the modelling approach, the study considers the effects of future payment instrument choices and of COVID-19 on consumption to forecast cash returns for Ireland up to 2030.

UTAUT VARIABLES TO INCREASE REUSE BEHAVIOR OF E-MONEY IN INDONESIA

Rapid advances in technology and information have changed almost the lifestyle of people in the world. Todays society tends to use and utilize technology in every way. In fact, recently the development of technology and information has encouraged the development of payment instruments into e-money. Indonesia is also one of the countries that supports the development of e-money, and now the development of e-money in Indonesia itself can be said to be growing rapidly. However, this certainly has an impact on the competition in the e-money industry, which is getting tougher every year. Therefore, it is important for the e-money industry to continue to increase actual usage, of course, in order to remain competitive in the midst of fierce competition in the e-money industry. The purpose of this study was to determine the effect of Performance Expectancy, Effort Expectance, Social Influence, Facilitating Condition, Hedonic Motivation, Habit, Intention to reuse and Reuse Behavior on gopay users in Surabaya. The benefit of this research is to be an input in knowing what factors influence Reuse Behavior. This research is a causal research using quantitative methods and processed with the help of a statistical program, namely SPSS version 22.0. Data was collected by distributing questionnaires using the snowball sampling technique to 120 respondents.Based on data analysis is that from seven proposed hypotheses, six hypotheses are supported and one hypothesis is rejected.

Choosing Between Innovative and Traditional Payment Systems: An Empirical Analysis of European Trends

The current variety of payment methods offers faster settlements and reasonable security, however payment innovations may be met with inertia or resistance. This study addresses the characteristics which may be associated with the adoption of novel payment systems and salient user trends in this respect. We investigate whether the reliance on traditional payment methods across European countries is related to socio-economic aspects, and also delve into the payment habits at the individual level. Results from an econometric model suggest that financial market development and education-related factors are negatively related to the use of traditional payment instruments. When considering consumer payment habits and awareness about novel facilities, particular differences across generations emerged. Cash and debit cards are most widely used and it seems that such choices are related to perceived convenience rather than due to aversion towards novel systems.

Drivers of financial well-being in socio-economic deprived populations

This paper draws on qualitative and quantitative data from social housing tenants in Ireland, exploring how the subjective experience of financial well-being can be understood, and correlating this experience to behavioural and contextual factors. The findings suggest that despite working within tight budgeting constraints, residents are self-disciplined in living within their means, put aside money for unplanned expenditure, and “do without” when money runs out. Residents are using mobile phones predominantly to shop and check bank balances, with online banking used to access traditional payment instruments (e.g. Direct Debits) for fixed outgoings, to receive incoming revenue and to save. There is little evidence that residents get value from personal finance management tools. Instead, we conclude that financial well-being is a set of behaviours, necessitating self-discipline and control to avoid unsustainable indebtedness. The design of financial services should take the lived experience of citizens into account, in particular promoting resilience through savings instead of credit.

Pengaruh Harga Kredibilitas Religiusitas Kualitas Produk dan Kualitas Layanan Terhadap Minat Transaksi pada Produk Paytren di Kota Yogyakarta

The development of the use of applications or non-cash payment instruments (fintech) received special attention by Bank Indonesia. The development of non-cash payments is expected to reduce the burden of using cash which will further increase the efficiency of the economy in society. The purpose of this study was to determine how the effect of price, credibility, religiosity, product quality, and service quality on the interest in Paytren product transactions in Yogyakarta City. This research is important because researchers want to see how developments in the 4.0 era, especially developments in the fintech field. This research method uses descriptive quantitative research methods. In this study, researchers used primary data, where primary data was obtained by distributing questionnaires using Google Form and then filled in by respondents with a population of partners or agents or users of the Paytren payment application in Yogyakarta City, with a total sample of 100 respondents. The variables of this study are 6 variables each with 5 dependent variables (x) including price, credibility, religiosity, product quality, and service quality and 1 independent variable (y), namely transaction interest. The data is then processed using theapproach Partial Least Square (PLS)and using the Smartpls version 3.0 software. By using the method above, the results of this study based on regression coefficient analysis (t-statistic and p-value) show that price has a positive but insignificant effect, credibility has a positive and significant effect, religiosity has a negative and insignificant effect, product quality and service quality have a positive effect. and significant to transaction interest. Then the r-square analysis resulted in 69% of the variable (x) in this study affected the variable (y) and the rest was influenced by other variables (x).

Analisis Pengaruh Alat Pembayaran Menggunakan Kartu (APMK), Pendapatan Nasional, dan Inflasi Terhadap Konsumsi di Indonesia

There are many reasons why macroeconomic analysis needs to pay attention to household consumption in depth. The first reason, household consumption provides income to the National Income. In most countries, expenditures account for about 60-75 percent of National Income. The second reason is that household consumption has an impact in determining fluctuations in economic activity from one time to another. This study aims:1) To determine and analyze the effect of non- cash transactions, national income, and inflation simultaneously on consumption; and 2) To find out and analyze the effect of non-cash transactions, national income, and inflation partially on consumption. The data used is secondary data in the formof quarterly time series data from 2010-2019 with quantitative data types. analysis technique used is the method of multiple linear regression analysis with the Ordinary Least Square (OLS) model. The results of the study show that: 1) Card- Based Payment Instruments (CBPI), national income, and inflation simultaneously affect consumption in Indonesia; and 2) Card-Based Payment Instruments (CBPI), national income, and inflation partially have a positive and significant effect on consumption in Indonesia.

The Role of Cultural Worldviews in Willingness to Pay for Environmental Policy

Recent research in the social psychology literature suggests that personally held beliefs may play a pivotal role in individuals’ acceptance of environmental policy. Using the contingent valuation method framework, we investigate the role of cultural worldview on individuals’ support for, and valuation of, an environmental policy that differs by its underlying cause. Results suggest that willingness to pay point estimates for management action (1) can be influenced by cultural worldviews; and (2) are dependent on the cause of environmental degradation. We also extend the examination of potential endogeneity in ex-post perceived survey consequentiality and willingness to pay measures. We find some evidence that cultural worldviews influence consequentiality and that the framing of the environmental policy scenario can also influence whether an endogenous relationship exists between the randomly assigned payment instrument and the consequentiality measure.

Theoretical basis of functioning of payment systems and payment instruments in Russia

Theoretical basis of functioning of payment systems and payment instruments in Russia

ЧИННИКИ, ЯКІ ВПЛИВАЮТЬ НА ЖИТТЄЗДАТНІСТЬ КРИПТОВАЛЮТ

Summary. Today, the relevance of cryptocurrency has risen sharply again. The cryptocurrency market has increased and is in no hurry to fall. However, this topic is still ambiguous and surrounded by many myths. Before becoming a stable means of payment, the cryptocurrency began to resemble financial instruments. After all, it is more common to invest in cryptocurrency than to use it when shopping. Despite many different types of cryptocurrencies, they have very similar shortcomings that may prevent them from continuing to emerge in the financial market. To understand the place of blockchain technology among financial instruments, it is necessary to delve into the technical features of this phenomenon and identify possible solutions to the problems underlying the underlying technology and philosophers of the decentralized payment system. The main concern and, at the same time, the advantage of cryptocurrencies is their limited number. In this way, the digital currency acquires values such as gold or silver. This paper raises the question of the viability of digital money as a financial instrument and a means of payment. After all, it is assumed that after extracting the maximum amount of a cryptocurrency, it will cease to exist as a blockchain will no longer be supported by miners. The paper proposes a scientific approach to determining the place and role of cryptocurrency as a payment instrument. The emergence of the cryptocurrency market is considered because it is regarded as a new stage in the development of financial relations. Existing types of cryptocurrencies are analyzed, which are improved examples of previous versions. However, this topic is ambiguous because in many countries, the virtual currency has an inaccurate legal status or no legal status, which is why the life cycle of cryptocurrencies was studied, on the example of the most successful today. To determine the place of cryptocurrencies in the system of financial instruments and their properties, the main idea, and basis of the technical features of this phenomenon were analyzed.

СТАН ГРОШОВОЇ І ПЛАТІЖНОЇ ІНФРАСТРУКТУРИ В УКРАЇНІ

Today, in the developed countries of the world, there is a completion of the transition to a state characterized by the dominance of services in the economy and the introduction of information technology that greatly facilitates people's lives, while these countries are forming a consumer society. The emergence of the global Internet and providing easy access to it, the development and implementation of modern mobile technologies, significantly reducing the cost of Internet use has significantly changed the world economy and people's lives, leading to digital (information) revolution in the world. Under these conditions (development of digital economy) one of the most important factors in the stability of the financial and credit system of Ukraine and its national economy is an effectively functioning payment system. In addition, the modern payment system is one of the most important elements of the monetary and payment infrastructure of the state, which has been developing rapidly in Ukraine recently. Settlements with the help of monetary and payment infrastructure are spreading more and more in Ukraine, while their share in the segment of Ukrainian payments is constantly increasing. The development of monetary and payment infrastructure plays an important role in the formation of new mechanisms for the functioning of the country's payment system, the introduction of new payment instruments and forms of cash and cashless payments, has a significant impact on society, while stabilizing economic growth in various industries and economies. in general. It should also be noted that the country's current monetary and payment infrastructure affects various transformational changes in the country's economy and can eliminate various potential and real threats from the macro and micro environment, which in general forms a secure component of the state payment system. Given the above, in today's world, the development of modern monetary and payment infrastructure in our country is very important. Studies of the state's monetary and payment infrastructure are becoming even more relevant now that Ukraine has suffered military aggression from the Russian Federation. Characteristics of the current state of monetary and payment infrastructure, analysis of its impact on various areas of activity, assessment of its sufficiency for comprehensive demand for both businesses and individuals for these services, as well as its reliability, which can ensure financial security of all users and economic security of the Ukrainian economy.

Специфіка впливу фінансової грамотності на суверенітет споживача в умовах цифровізації

The article emphasizes the importance of forming a culture of financial literacy of the population as a necessary condition for creating a secure financial environment in the context of digitalization. The influence of banking technologies and digitalization on consumer behavior is analyzed and it is noted that consumer ignorance and insufficient digital literacy (low awareness of modern banking services in the market, mechanisms for purchasing goods and services through online platforms) limit consumer sovereignty. The experience of using various payment instruments in the national national market is considered. It is proved that a significant increase in non-cash payments stimulates the emergence of new banking services, which include junior bank cards as an effective financial product that solves the issue of security of money transfers and control over the status of the account (on the part of parents or guardians). On the basis of the expert method, the features of the use of junior cards and the level of financial literacy of consumers of this banking product are researched. It is emphasized that today the definition of priority directions, instruments and appropriate information support for the practical implementation of measures to improve financial literacy will provide an opportunity to increase the level of economic security of the State and strengthen the financial sovereignty of citizens. According to the results of the research, recommendations on the effectiveness of educational programs for the formation of financial literacy as a necessary competence in the context of digitalization and financial awareness as an important component of the formation of financial sovereignty of the consumer are suggested.

Ակրեդիտիվով կատարվող հաշվարկների հիմնախնդիրները և դրանց լուծման ուղիները/Main Problems of Settlements by Letters of Credit and Ways of Their Solution

The development of economic relations and, at the same time, their complication, leads to the replacement of simple payment instruments with more complex and interesting instruments. It is noteworthy that this fact creates both opportunities and a number of problems. One of the most complex payment instruments is a letter of credit, settlements with which have both advantages and disadvantages. The paper reveals both economic and legal features of a letter of credit. Much attention is paid to the essence of the letter of credit, the legislative gaps related to the regulation of the letter of credit, which were identified as a result of comparing the relevant articles of the Civil Codes of the Republic of Armenia and the Russian Federation. As a result of studying foreign and domestic literature, the legal nature of a letter of credit, the terms of payment under a letter of credit, the types of obligations under a letter of credit, and their features were identified.

ГРОШОВІ РОЗРАХУНКИ ЗА ТОВАРНИМИ ОПЕРАЦІЯМИ: ОСОБЛИВОСТІ ОБЛІКУ, АНАЛІЗУ, ФІНАНСОВОГО КОНТРОЛЮ В БАНКАХ І НА ПІДПРИЄМСТВАХ

The article defines the essence of non-cash payments and their forms. Non-cash settlements are the transfer of a certain amount of funds from the accounts of payers to the accounts of the recipients of funds, as well as the transfer by banks on behalf of enterprises and individuals of funds deposited by them in cash to the bank's cash register, to the accounts of the recipients of funds. It is shown that calculations are carried out by the bank on the basis of settlement documents on paper media or in electronic form. Payment instruments are: memorial order; payment order; payment request-order; payment claim; settlement check; letter of credit; collection order. Systematized the requirements for registration of payment instruments and internal control of the bank's settlement operations in terms of verifying the authenticity and formal compliance of the document. The main problems of monetary settlements for commodity transactions are clarified: the imperfection of the system of their legal regulation, which does not guarantee the unconditional fulfillment of obligations due to the existence of risks for one of the parties: in the case of prepayment, the risk is borne by the buyer, in the case of payment for actually shipped finished products, goods, services provided, work performed, the owner of the risk is the seller. It has been proven that the improvement of the accounting, analytical and control provision of cash settlements for commodity transactions is connected with the substantiation of the criteria for choosing a payment method by the buyer and seller. They should facilitate the acceleration of settlements and the reduction of transaction costs, reduce their urgency, normalize the circulation of funds, ensure a smooth process of buying and selling finished products, goods, works and services. The areas of improvement of the system of monetary settlements for commodity transactions are substantiated: minimization of costs for their implementation based on the use of electronic money and cryptocurrencies; reducing the risks of non-fulfillment of mutual obligations by the buyer and seller based on the spread of the system of guarantees and sureties, the use of more complex forms of non-cash settlements (letters of credit), where the bank's participation is significant and it assumes the function of guarantor.

Time is Money: A Survey of the Social Cost of Payment Instruments

The number of payment transactions in Hungary has increased by almost one and a half times over ten years. The use of electronic payment instruments has grown dynamically, while only a moderate increase in cash use was observed. The analysis shows the evolution of the payments market and quantifies the social costs attached to the use of payment instruments. The value of the latter was HUF 832 billion in 2019, representing real growth of 20 per cent over 10 years, mainly due to the costs of developing the acquiring infrastructure and the significant increase in the number of transactions. The real cost per transaction has fallen by 10 per cent for cash, by one half for cards and by one sixth for credit transfers, reflecting the improved efficiency. As electronic payment is now available in most retail payment situations, the cost per transaction is expected to decrease further in the coming years as volume increases.

Coexistence of Money and Interest-Bearing Bonds

This paper revisits how coexistence of money and bonds can make a society better off. For this purpose, a model is constructed in which payment instruments matter for settling real transactions and savings instruments matter because agents differ in how they discount future utility. Because bonds and money differ in their characteristics as payment and savings instruments, the model is able to explain the coexistence puzzle for an optimally chosen monetary policy. Such a policy trades-offs efficiency in financial markets, in which money is traded for bonds, with efficiency in goods markets, in which money is traded for a real good. Financial markets can achieve a better distribution of savings when agents are constrained by their money holdings, but this is bad for efficiency in goods markets. The former effect can dominate the latter so that optimal policy deviates from the Friedman rule.

Affecting Factors Social Influence and Intention to Use on Gopay in Indonesia

This study aims to determine the effect of using Gopay e-money in Indonesia, which is influenced by perceived usefulness, perceived ease of use, compatibility, personal innovation, individual mobility, intention to use, and social influence. The development of information technology and current payment systems has encouraged the development of an electronic payment instrument known as Electronic Money. E-Money is very safe to use. Electronic money is divided into electronics money is divided into two types. First, chip-based electronics money in the form of cards, such as e-Money, Flazz, and Brizzi. The second type server-based electronics money. This type of electronic money is usually in the form of applications such as Gopay, OVO, Shoppe Pay, Dana, and LinkAja, where this electronic money makes transactions easier. Develop the previous research model by adding social influence variables. Data processing method using SEM. The study results show that all hypotheses are supported except for perceived ease of use on intention to use.

Issues of integrating central bank digital currency into the fiat money system

Since 2020, a digital equivalent of legal tender became one of the most discussed topics among the international community of central banks. Moreover, the Bahamas’ “Sand Dollar” – the world's first actually operating platform has been launched. With the onset of the pandemic, the acceleration of events is influenced by a non-economic factor – the demand for all methods of remote socio-economic interaction. In 2021, based on previous public consultations, the Bank of Russia published the Digital Ruble Concept. The article discusses the background, goals and side effects of creating central bank digital money. The idea of digital transformation of banknotes meets the public demand for a payment instrument that is practical in modern realities, but its implementation is associated with uncertain consequences for the banking sector and the future development of technologies and security standards for settlements using digital solutions. In this context, the rationale for placing on a reimbursable basis the services of private financial agents on the digital money platform is given.

The Impact of the use of E-money on Interest Rates with the Amount of Money Circulation as an Intervening Variable: A case study of Indonesia

Users of e-money payment instruments in Indonesia continue to experience growth every year. An increase in the need for e-money users to transact, causes an increase in the need for money supply in Indonesia. So that the stability of money circulation needs to be controlled, namely through monetary policy interest rates. The purpose of this study is to examine the impact of the use of e-money on interest rate policies in Indonesia, through the money supply as an intervening variable. The study was conductedat Bank Indonesia, using a statistical test model of path analysis. The test results show that the use of e-money has a significant direct effect on interest rates. While the indirect effect tests, shows that the use of e-money through the variable money supply as an intervening variablehas no significant effect

РОССИЙСКО-КИТАЙСКОЕ ЭКОНОМИЧЕСКОЕ СОТРУДНИЧЕСТВО В КОНЦЕПЦИИ ГЛОБАЛЬНОЙ ЦИФРОВИЗАЦИИ

The article is devoted to the analysis of the formation on the territory of Eurasia of an international credit and financial institution, which has some common features with the International Monetary Funds, on the basis of partnership with the participation of China, India, Pakistan, Iran and other countries. This international integration financial and credit institution can become a reality only on the basis of the general global digitalization of the countries that are members of the union. This integral community will remain open to other states. The contradictions that arise during international integration can receive their civilized forms of resolution in the model of the conflict-compromise paradigm. This formulation of the problem of the formation of an international financial and credit institution in the territory of responsibility of the countries of Southeast Asia, Russia, the countries of the Eurasian Economic Union made it possible to finally undermine the position of the US dollar in international settlements. The purpose and objectives of the study are to reveal the global trend in the formation of a new financial and economic reality in the context of increasing activity in the formation of a single digital space, switching to settlements in national currencies and switching to digital currency means of payment in settlements, and in the future, to global reserve digital payment instruments facilities. The object of the study is the regional financial and credit system, which is capable of reducing the risks of losses of foreign exchange funds from the implementation of the hostile sanctions policy of other states, primarily the United States. The subject of the study is the model for creating global means of payment based on digital currency means of payment of countries that are members of the Union of Southeast Asian countries, Russia, as well as other countries wishing to join the Union. The conclusions obtained have scientific and practical value as a result of sufficient verification, provided by the use of modern scientific research methods, including historical and logical, comparative analysis, methods of scientific induction, comparative analysis. The use of a comparative-functional, systematic approach makes it possible to obtain results that have a sufficient evidence-based, methodological basis in the formation of the Eurasian Monetary Fund. The analysis of modern economic and political literature testifies to the recognition of a large theoretical and practical problem regarding the new architecture of economic, financial, and monetary relations within the framework of the proposed future model of the Eurasian Payments Union

The Effectiveness of the Implementaton of Blended Learning in Economics

This research aims to compare the effectiveness of blended learning and online learning in influencing students’ learning outcomes, as well as the effectiveness of blended learning application based on the students’ learning outcomes, learning activities, and student responses in central bank, payment systems, and payment instruments chapter. This is a quasi-experimental study with a non-equivalent control group design. The sample used in this research consisted of 68 students from class X IPS 1 and X IPS 3 of SMAN 1 Porong 2020-2021. The data used in this study were obtained using tests, questionnaires, and observations which were analyzed using non-parametric statistical analysis, N-gain calculation, and descriptive statistical analysis. The results showed that (1) learning models affect student learning outcomes; (2) there is a significant difference in the average students’ learning outcomes between blended learning and online learning, (3) blended learning is more effective to be implemented than online learning, based on the students’ learning outcome, and (4) blended learning is effective to be implemented based on learning outcomes, activities, and student responses.