Payment Service Providers Research Articles

ПОЛИТИКА РАЗВИТИЯ ЦИФРОВЫХ КОММУНИКАЦИЙ НА ФИНАНСОВОМ РЫНКЕ

It is determined that the implementation of strategic vectors will make it possible to realize the main tasks of developing the financial services market and digitalizing the financial market, improving the quality of financial services and accessibility of financial products and services for the population and business of the Russian Federation. The key directions of the development of financial policy in the field of digital communications in the period 2024 are the strategic regulation of the turnover of large databases, the formation of new ecosystems and the development of already formed ecosystems, the development of new forms and types of non-bank payment service providers, improving the quality of electronic document management and interaction between financial market participants, government, business. The Central Bank of the Russian Federation continues to actively develop and implement technologies in the field of information security in order to implement strategically important policy directions for the development of digital communications in the financial market. A systematic list of digital communications in the financial market is presented, the main results of scientific research are systematized and the main factors of the development of digital communications are highlighted, which will allow taking into account these factors for the development of a set of measures when forming a policy for the development of digital communications. The key policy directions for the development of digital communications in the financial market have been identified, which will become the basis of the financial market development strategy in the near future and include the main directions of state policy, which is regulated by the Central Bank of the Russian Federation.

Comparative Analysis of Income Before and After Using QRIS at the Bintang Mawar Ayam Pedas Depot in Balikpapan

Based on Bank Indonesia Regulation No.21/18/2019 concerning the implementation of the international QRIS standard for payment, starting January 1 2020 Bank Indonesia requires all non-cash payment service providers to switch to the QRIS (Quick Response Code Indonesian Standard) system. This requires UMKMs to provide QRIS as a means of payment to make transactions easier. This research aims to find out and analyze the comparison of income at the Bintang Mawar Ayam Pedas Depot before and after using QRIS. Data collection techniques include interviews and documentation. The collected data was then analyzed using descriptive data, normality test, and partial test (t-test) using SPSS 26.0. The results of the t test calculation show a sig value. amounting to 0.006 0.05, so it can be concluded that there is effectiveness of QRIS to increase income at the Bintang Mawar Ayam Pedas Depot, the average increase per month at the Bintang Mawar Ayam Pedas Depot is IDR. 5,522,111.

Strategies and Challenges of Unified Payment Interface

The Indian economy is gradually curtailing its overdependence on currency-based transactions and thereby moving closer to digital and mobile-based payment transactions. The main objective of the paper is to provide an in-depth theoretical understanding of the Unified Payments Interface (UPI), its current pace of growth and the possible future penetration based on polynomial trendline projection, the possible challenges that limit future penetration, and the various strategies to overcome these challenges. The paper used the previous six years’ UPI penetration statistics from 2016 to 2017 and established trends using polynomial trendline equation for the purpose of anticipating future penetration. The study also used statistics from published reports of the Reserve Bank of India (RBI) and the National Payment Corporation of India (NPCI) to draw meaningful conclusions on future UPI penetration. The study finds that the targeted one billion UPI transactions per day is achievable. The article contributes towards applied research by providing a decision-making tool to support policymakers, the government, and payment service providers, among others. Strategic applications of this research outcome include Unified Dispute and Issue Resolution processes, the RBI’s lapse management, customer protection measures, UPI limit management, expansion of Internet user base and promoting digital financial inclusion in India.

Sosialisasi Pengenalan dan Implementasi Sistem Pembayaran Digital Menggunakan QRIS pada UMKM

This study aims to describe the process of socialization, introduction, and implementation of QRIS (Quick Response Code Indonesian Standard) in Micro, Small, and Medium Enterprises (MSMEs). QRIS is an electronic payment system that allows non-cash transactions using QR codes, which has been introduced by Bank Indonesia to improve efficiency and financial inclusion in Indonesia. This study was conducted using a qualitative approach and descriptive research methods. Data was collected through interviews with MSME owners, as well as through direct observation of QRIS implementation in several places. Data analysis was carried out using an inductive approach, by identifying themes and patterns that emerged from the collected data. The results of this study indicate that QRIS socialization to MSMEs is an important step to increase understanding and acceptance of this payment technology. Socialization was carried out through various methods, including counseling, training, and technical guidance organized by the research team. The introduction of QRIS among MSMEs also involved payment service providers, who provided the necessary technical and infrastructure support.

Harvesting payment data for fiscal purposes: The EU’s Central Electronic System of Payment Information

Tax authorities in the European Union are to be given a new tool in the fight against VAT fraud: starting in 2024, payment service providers will be obliged to report substantial amounts of data on cross-border payments, to be pooled in and made accessible through the upcoming Central Electronic System of Payment information (CESOP). This paper discusses the underlying economic and fiscal motivation and outlines the legal and procedural setup of CESOP. This is then reflected by implementation requirements and challenges from the perspective of banks and other payment service providers. The paper concludes with a critical discussion of the legal framework, with particular reference to the interlinking of European payment and tax law that underpins CESOP, and an outlook on possible policy developments.

Penggunaan Mobile Payment Pada Mahasiswa Telkom University

This research aimed to analyze the effect of perceived usefulness, perceived ease of use, perceived trust, and perceived risk on the use of mobile payments by Telkom University students. The use of mobile payments is a method that can be used as an alternative to cash, checks, credit cards, and debit cards and can create new opportunities for payment methods. The population in this study was all Telkom University students. The sampling technique used is the probability sampling technique. The sample used was 282 respondents. Data was obtained through the distribution of questionnaires through Google Forms. The analytical method uses multiple linear regression analysis using SPSS version 26 software. The results show that perceived usefulness, perceived ease of use, perceived trust, and perceived risk have a positive effect on the use of mobile payments. The results of this study are expected to provide an overview for digital payment service providers to improve service quality in using mobile payments so that they can maintain user consistency, increase security so the user trust does not decrease, and pay attention to risks that may occurarticle.

Can central bank digital currencies help advance financial inclusion?

Central banks around the world are considering how retail central bank digital currencies (CBDCs) may help to advance financial inclusion. While CBDCs are not a magic bullet, they could be a further tool to promote universal access to payments and other financial services if this goal features prominently in the design from the get-go. In particular, central banks can consider design options to: (1) promote innovation in the two-tiered financial system (eg allowing for non-bank payment service providers); (2) offer a robust and low-cost public sector technological basis (with novel interfaces and offline payments); (3) facilitate enrolment (via simplified due diligence and electronic know-your-customer processes) and data portability; and (4) foster interoperability (both domestically and across borders). Together, these features can address a range of specific barriers to financial inclusion: geographic remoteness, institutional and regulatory factors, economic and market structure issues, characteristics of vulnerability, lack of financial literacy and low trust in existing financial institutions. This paper draws on interviews with nine central banks with advanced work on CBDCs and financial inclusion — the Central Bank of the Bahamas, Bank of Canada, People’s Bank of China, Eastern Caribbean Central Bank, Bank of Ghana, Central Bank of Malaysia, Bangko Sentral ng Pilipinas, National Bank of Ukraine and Central Bank of Uruguay. It gives concrete examples from the central banks’ work and discusses challenges, risks and regulatory and legal implications. It argues that while CBDCs hold promise for furthering financial inclusion, CBDC issuance may also require new laws and regulations to be enacted, or existing laws to be revised.

THE EFFECT OF EXCHANGE RATES, INFLATION AND BI RATES ON PROFITABILITY IN ISLAMIC COMMERCIAL BANKS DURING THE 2016-2022 PERIOD

A bank is a place to raise distribute and funds public funds. In addition, banks also provide payment services to the public. The main goal of a bank is to obtain profitability. This trial purpose to examine the effect of inflation, exchange rate, and BI rate on profitability (ROA) in Islamic commercial banks for the 2016-2022 period. The residents of this study incoporate all Islamic trade banks for the 2016-2022 period. The type of investigation used in this analysis is quantitative analysis. The data used is secondly data with a causal associative approach. The consequence of this study argue that the independent variables of Exchange Rate, Inflation, and the BI Rate have a significant effect on the dependent variable of Islamic Banking profitability (ROA). And partially, inflation and the BI Rate have a positive effect on ROA at the level α = 10%, while the exchange rate has a negative effect on ROA.

A Study on Customer Satisfaction and Awareness on Digital Payment Systems at Kottayam District

Nowadays we can see that the tremendous growth in use of internet banking and mobile phone in India. Digital payment is a way of payment which is made through digital modes. In digital payments, payer and payee both use digital modes to send and receive money. India is moving forward on the way of the most significant digital revolution and digital payment system will be an important landmark in the regime of cashless economy in the coming years. Digital payment system is an electronic medium that allows consumers to make electronic commerce transactions for their purchase and also financial transactions. The development of the digital payment in India is anticipated to be driven by digital payment service providers, effective banking regulatory mechanism and experience of consumers and these are also growth enhancing factors for digital payment in India.

Factors affecting the decision to use electronic payments of the middle-aged customer group in Vietnam

With the aim to develop e-commerce and achieve the government's goal of cashless transactions in Vietnam, the adaptation of online payments by people is compulsory. However, it is reported that a large proportion of middle-aged consumers in both urban and rural areas are unfamiliar and not ready to access online payment forms. The study utilises qualitative and quantitative analysis methods to test the research hypotheses. By surveying 295 middle-aged consumers working in various businesses, political and social organizations, and government agencies, the research has revealed that there are 3 groups of factors affecting the decision to use online payment of middle-aged consumers, including consumer trust, subjective norms, and perceived behavioural control - in which the trust of middle-aged consumers is also influenced by the perceived usefulness of online payments. Last but not least, the paper has proposed a number of issues to help businesses and payment service providers develop specific solutions to promote consumer behaviour and online payment of this large group of potential customers.

The Influence of Personal Innovativeness, Perceived Usefulness, Perceived Ease of Use, and Trust on Intention to Use Mobile Payment

Because of technological advances, the role of cash as a means of payment began to shift and was eventually replaced by digital payments. Quick Response Code Indonesian Standard is one of the digital payment methods developed in Indonesia (QRIS). The goal of this study is to determine what factors influence people's intentions to use QRIS as a mobile payment in Indonesia, as measured by personal innovativeness, perceived usefulness, perceived ease of use, and trust. Non-probability sampling was used in this study. Researchers collected data from 241 respondents by distributing questionnaires online via Google Form. The measurement scale used in this study is a linear scale. SEM-PLS is used to process data. According to the findings of this study, perceived usefulness, perceived ease of use, and trust influence the intention of Indonesians to use QRIS, whereas personal innovativeness has no effect. As far as researchers are aware, there are still few studies that specifically discuss the phenomenon of increasing QRIS transaction volume in Indonesia in general, so this research is expected to contribute to the advancement of business and management science. The findings of this study suggest alternative strategies for mobile payment service providers in countries with similar characteristics.

Analisis Minat Nasabah Untuk Melakukan Pembiayaan Pada Bank BSI KC Kualasimpang

Banks that carry out their business activities based on sharia principles, or principles of Islamic law, are called sharia banks. As time goes by, Islamic banks are starting to have more Muslim customers. Bank BSI Kc Kualasimpang, for example, has active Muslim customers. Muslims are known to have great interest in Islamic sharia banking. BSI Bank Kc. Kualasimpang operates based on sharia principles and does not provide payment services. Because the data was obtained from direct observations at BSI Kc Kualasimpang, this is a type of field research. This study uses a qualitative methodology. Primary and secondary data were used in this research. Primary data consists of a description of the factors that influence non-Muslim customers. Secondary data consists of books related to the research topic. The author found two components: internal and external factors. The research results show that of the internal and external factors studied, the dominant external factors influencing non-Muslim customers' interest in BSI Kc Kualasimpang are promotion, service, location and social level. Work and motivation are internal factors. The more promotions and services offered by banks to non-Muslim customers, the more likely they will join an Islamic bank.

Understanding perceived risk factors toward mobile payment usage by employing extended technology continuance theory: a Vietnamese consumers’ perspective

PurposeThis study aims to examine the impact of perceived risk dimensions, confirmation, perceived usefulness and perceived ease of use on user satisfaction and their continuance intention to use mobile payments across Vietnam based on the extended technology continuance theory (TCT).Design/methodology/approachThis study used an online questionnaire-based survey design to collect data from 417 respondents using judgmental and snowball sampling techniques. The respondents in this survey are personal users of mobile payments across Vietnam. Data analyses and hypothesis testing were carried out using the partial least squares structural equation modeling.FindingsThe findings demonstrate that physical risk, time loss risk, opportunity cost risk, confirmation, perceived ease of use and perceived usefulness are important elements influencing consumers’ satisfaction toward continuance intentions to use mobile payment services. Satisfaction is also significantly associated with continuance intentions to use mobile payments across Vietnam. Other relationships, including functional risk, social risk, financial risk and information risk are not significantly related to satisfaction. These results are expected to be useful for mobile payment service providers. Understanding the factors mentioned in this study enables mobile payment service providers to improve their offerings strategically and then motivate their clients to keep using mobile payments.Originality/valueThe work is among the very few bodies of empirical research to investigate the continuance intention to use mobile payments using the extended TCT by incorporating the various dimensions of perceived risk construct in the fintech sector to develop a research model for this study. Furthermore, combining with perceived risk dimensions, this study expands the TCT model’s mobile app to the fintech sector, and advances the understanding of the use of the extended TCT in the fintech sector and adds to the theory.

Usage Analysis of Mobile Payment System to Consumer Continuance Intention in Jabodetabek

This research aims to study the continuous intention of mobile payment usage using the Technology Acceptance Model (TAM) theory with the extended model using perceived trust and subjective norms. A survey conducted through 25 questions questionnaire using a 5-point Likert scale with a total of 158 respondents was obtained by multiplying indicators by 6, with SEM-PLS method using SmartPLS 4.0. The analysis shows that perceived satisfaction significantly affects continuance intention to use mobile. The effect of subjective norms on continuance intention to use mobile payment is significant, and perceived ease of use and perceived usefulness have shown a positive relationship to perceived satisfaction. The perceived trust does not significantly affect the continuance intention to use mobile payment. In the previous study, continuance usage of mobile payment is conducted in South Africa, which is a gap in people's finances. The main limitation of this research is the limited data and a very diverse profile of respondents, which may have needed to be more fairly represented in this study. These results suggest that the mobile payment service provider effectively improves customer satisfaction. Gaining more trust in many aspects to make customers use mobile payment continuously. Perceived satisfaction has a positive relationship to keep the continuance intention to use mobile payment systems.

Payment service provision in times of accelerated market and regulatory change: The case of India

This paper presents an analysis of the Indian payment system with a focus on payment service providers (PSPs). At the core, it assesses the state of competition by analysing market concentration, barriers to entry and the counterbalancing influence of buy-side market power. This is preceded by a detailed presentation of the institutional characteristics of the Indian payment landscape, in particular the role of the Unified Payments Interface (UPI) and regulatory intervention. Throughout the course of this investigation, we contrast India with the European payment markets (Eurozone plus affiliated countries), which helps to gauge the role of governmental bodies in the light of the very different state of e-commerce market development. The analysis arrives at the conjecture that, despite significant institutional, regulatory and market structure differences, the state of competition is remarkably similar to the European benchmark. The diversity of viable business models furthermore indicates a well-developed and differentiated PSP service offering in India (as in Europe).

Examining the Influencing Factors of Customer Loyalty in Mobile Payment: A Conceptual Model and Research Propositions

Along with the rapid advancement of mobile internet technology in recent years, the mobile payment industry has witnessed tremendous development and greatly changed people’s lives. The rapid development of mobile payment has attracted hundreds of participants who want to cut a slice of the cake, thus leading to unprecedented fierce competition. To ensure sustainability and success, mobile payment service providers need to find strategies to retain existing users and achieve customer loyalty. This research aims to examine the different factors that impact mobile payment users’ loyalty. This paper proposed a research framework by integrating two fundamental consumer behavior theories, the cognitive-affective-behavior (CAB) model and the theory of consumption values (TCV). Our study fills the knowledge gap in lacking post-adoption stage consumer behavior research in the mobile payment context. It is among the few studies that examine mobile payment customer loyalty from a multi-dimensional value perspective. A quantitative research method is designed and partial least squares structural equation modeling technique (PLS-SEM) will be adopted in the future data analysis stage to validate the developed framework. The expected findings of this study would unveil the factors that would best predict the loyalty of mobile payment users. These findings would enable mobile payment service providers to identify the specific consumption values that determine mobile payment users’ loyalty, thus guiding them to develop strategies to cultivate customer loyalty accordingly.

PENGARUH BRAND IMAGE, BRAND SATISFACTION DAN BRAND TRUST TERHADAP BRAND LOYALTY FINANCIAL: E-WALLET

The number of domestic companies in the fintech industry makes e-wallet applications still the primadonna for cashless solutions in Indonesia. LinkAja is a server-based payment service provider which is a product of PT. Fintek Karya Nusantara (Finarya) and has been registered with Bank Indonesia. With so much e-wallet competition in Indonesia, LinkAja must set effective strategic steps in order to create and grow a positive brand loyalty in the minds of LinkAja users. This study aims to explain the influence of brand image, brand satisfaction, and brand trust on brand loyalty. This research was conducted in Denpasar City with a total sample of 130 respondents with a data collection method in the form of a questionnaire using the Google form. The sample was determined using the purposive sampling method. The data analysis technique used is multiple linear regression with the help of the SPSS program. The results of the analysis show that brand image has a positive and significant effect on brand loyalty, brand satisfaction has a positive and insignificant effect on brand loyalty, brand trust has a positive and significant effect on brand loyalty. 
 Keywords: Brand Image; Brand Satisfaction; Brad Trust; Brand Loyalty

Factors Influencing Continuous Intention to Use Mobile Payment Platforms in Southeast, Nigeria

This study centers on the factors influencing the continuous intention to use mobile payment platforms in south-east, Nigeria. Although the extant literature is gorged with studies on mobile payment technology adoption behaviour, empirical investigations that examine the predictors of continuous use of mobile payment platforms in a typical developing economy with huge informalities is lacking and under-reported. The broad objective of this study is to empirically investigate the factors that influence the continuous use of mobile payment platforms in South-east, Nigeria. In order to achieve this objective, positivism was adopted as the research philosophy while the area of study comprised Enugu city, Awka, Umuahia, Abakaliki and Owerri. The study population comprised active users of mobile payment platforms. The sampling technique adopted was quota sampling and a sample size of 600 respondents was statistically determined using Bill Godden Formular. The research instrument was questionnaire; validity test of the instrument was done using face and content validity while the reliability test was conducted using Cronbach’s alpha coefficient. The hypothesized relationship was tested using Multiple Linear Regression. It was found out that effort expectancy, social influence, facilitating conditions, intrinsic motivation and prior experience were positively significant to continuous intention to use mobile payment platforms while performance expectancy and price value are not. It was concluded that when used for predicting continuous intention to use mobile payment platforms in the innovation marketing field, the unified theory of acceptance and use of technology should be extended to include variable such as prior experience. It was recommended that mobile payment service providers should design and develop incentives that will encourage frequent usage, they should use social media influencers among others.

The interplay between the second payment services directive, the national Romanian law on the payment services and GDPR

The second Payment Services Directive [Payment Services Directive (Directive 2015/2366/EU of the European Parliament and of the Council of the 23rd of December 2015, hereinafter ‘PSD2’] provided new rules for the market for payment services, including rules that allow new payment service providers to obtain access to payment accounts of data subjects for the purposes of providing the said services. The PSD2 rules regarding the payment services providers were transposed in the Romanian national law in 2019 by means of Law no. 209/2019 on the payment services (hereinafter ‘Law no. 209/2019’), and National Bank of Romania Regulation no. 4/2019 regarding payment institutions and specialized suppliers in account information services (hereinafter ‘Regulation no. 4/2019’). Regarding data protection, in accordance with Article 94 para. (1) of the PSD2 and art. 217 of Law no. 209/2019, any processing of personal data, including the provision of information about the processing shall be carried out in accordance with the GDPR and with Regulation (EU) No. 2018/1725. However, in addition to that, both PSD2 and Law no. 209/2019 provide for certain specific rules regarding consent, security, sensitive payment data, and silent party data, among others. Therefore, the paper will analyse the interplay and overlap in the regulatory regimes regarding the legal basis for processing data, the conditions for explicit consent, the processing of silent party data, the processing of special categories of data and sensitive payment data, and the way the payment service providers shall ensure data minimization, security, and transparency.

Predicting the intention and adoption of wearable payment devices using hybrid SEM-neural network analysis

This study aims to examine the mediating effect of the intention to use wearable payment devices (WPD) between perceived ease of use (PE), perceived usefulness (PU), social influence (SI), perceived trust (TR), and lifestyle compatibility (CM) on the adoption of WPD. Examination was made on the moderating effect of age and gender to improve the understanding of the adoption of WPD as a new payment system. Empirical data was collected through an online survey from 1094 respondents in Malaysia. Furthermore, this study employed dual-stage data analysis through partial least squares structural equation modelling (PLS-SEM) to test the causal and moderating effects, including artificial neural network (ANN) to examine the predictive power of the selected model. As a result, it was found that PE, PU, TR, and CM had a significant positive influence on the intention to use WPD. Furthermore, facilitating conditions and the intention to use WPD exhibited strong positive impacts on the adoption of WPD among Malaysian youth. The intention to use WPD positively and significantly mediated all predictors of adoption of WPD. Following that, ANN analysis confirmed high prediction accuracy of the data fitness. Overall, the findings for ANN highlighted the importance of PE, CM, and TR on the intention to adopt WPD and the impact of facilitating conditions on the adoption of WPD among Malaysian youth. Theoretically, the study extended UTAUT with two additional determinants (e.g., perceived trust and lifestyle compatibility), which were found to have significant influences on the intention to use WPD. The study results would be able to help payment service providers and the smart wearable device industry offer an innovative spectrum of products and present effective marketing tactics to encourage the prospective consumers of Wearable Payment Devices in Malaysia.