Payment System Research Articles

The intersection of digital safety and financial literacy: Mitigating financial risks in the digital economy

As the digital economy continues to expand, individuals and businesses alike face an increasing range of financial risks, from cybercrime to online fraud. The intersection of digital safety and financial literacy is essential in addressing these risks and ensuring individuals can navigate the complexities of modern financial systems securely. This paper examines the growing need for financial literacy in the context of digital safety, focusing on how individuals can protect themselves from financial threats in the digital economy. It explores the role of digital security measures, such as encryption, secure payment systems, and multi-factor authentication, in safeguarding financial transactions and personal data. Simultaneously, it emphasizes the importance of financial education in equipping individuals with the knowledge and skills to recognize and mitigate online financial risks, such as phishing scams, identity theft, and fraudulent investment schemes. By analysing the current state of digital financial literacy, this paper highlights the gaps in knowledge that leave individuals vulnerable to financial exploitation in the digital space. It also discusses best practices for integrating digital safety education into financial literacy programs, both at the individual and policy levels. Furthermore, the paper outlines the responsibilities of financial institutions, tech companies, and governments in promoting digital safety and financial literacy. Through a multidisciplinary approach, the paper argues that fostering a comprehensive understanding of both digital security and financial management is crucial for mitigating financial risks and enhancing economic resilience in the digital economy.

The Mediating Impact of Organizational Innovation on the Relationship Between Fintech Innovations and Sustainability Performance

The paper explores the impact of digital payment systems, blockchain technology, and AI/machine learning on innovation and sustainability in financial organizations. As part of the analysis, the study has adopted an explanatory research design and has used SmartPLS in order to analyze the data collected from 230 professionals of different fields through a structured questionnaire. The results show positive effects of digital payment systems and blockchain technology on organizations’ innovations with the impact of digital payments being the most pronounced. Empirical results suggest that these technologies are important to improve sustainability performance, depending on measures of internal consistency and discriminant validity among the proposed constructs. Al, also machine learning, has the highest relevance with environmental sustainability, thereby underlining the importance and work of such measures. Based on the Resource-Based View (RBV) theory, the study also explains the need for the organization to assimilate these innovations to enhance the organizational operations, customer satisfaction, and compliance with the laws. The study highlights fintech’s potential to address environmental issues and enhance societal goals, but geographical limitations may obstruct its transportability.

Evaluating the benefits and risks of facial recognition payment systems adoption in Malaysia

PurposeCurrent developments in the FinTech payment industry have shown a rapid revolution in Industry 4.0, and understanding the factors affecting individual acceptance of facial recognition payment (FRP) is crucial. Hence, this study aims to evaluate the benefits and risks of FRP system adoption in Malaysia.Design/methodology/approachThe perceived risks and benefits framework is adopted as the foundation in this study to examine the various risks and benefits that users perceive, along with the trust factor, to study the relationships between these variables. Data were collected via an online questionnaire, and the hypotheses were tested using Partial Least Squares analysis on 277 responses.FindingsThe results revealed that perceived risk is a significant predictor of users' intention to use the FRP system. Privacy risk and financial risk significantly influence perceived risks, while security risk does not. Although convenience, perceived ease of use and perceived trust positively influence perceived benefits, perceived benefits do not significantly influence adoption intention. Moreover, perceived trust negatively affects perceived risks while positively affecting both perceived benefits and adoption intention. Additionally, personal innovativeness moderates the relationship between perceived risks and the intention to use the FRP system.Practical implicationsThis study helps policymakers and service providers understand individuals’ concerns and expectations regarding FRP systems. It aids practitioners in developing strategies to build trust, address innovativeness differences and mitigate risks, serving as a roadmap for integrating these systems into Malaysia's financial landscape.Originality/valueThis study distinguishes itself from prior research by evaluating FRP system adoption in Malaysia through the lens of perceived risks and benefits framework. It also explores personal innovativeness as a moderator, examining its impact on the relationship between usage intention and perceived risks and benefits. Additionally, it highlights perceived trust as a crucial factor influencing individuals' intention to adopt FRPs.

The Essence of Commercial Bank, principles and functions

The paper describes the relevance of the topic, sets the goal and objectives, specifies the theoretical and methodological foundations, specifies that the banking system guides the country's payments and settlements system, defines the essence, principles and functions of a commercial bank. The banking system is a wide range of diverse services, starting from traditional savings-loan and settlement-cash operations, ending with modern monetary credit and financial instruments. The bank is an intermediary link that attracts the temporarily free resources of economic subjects and supplies them to those subjects of the economy who experience a temporary shortage of these resources. The bank assumes the risk of non-return of resources. The effective operation of the payment system in any country requires the improvement of settlement operations and their technologies. Banks are the centers through which the majority of settlement and payment transactions are carried out. Settlements and payments of an individual or a legal entity, as well as of the entire economy, are carried out through banks. The theoretical and methodological basis of the work is - the researches of Georgian and foreign scientists on the regulation of the banking sector, the analytical works of various authors, the information-statistical and analytical materials of the National Bank of Georgia. Key words: Banking system, active bank transactions, passive operations.

A model for integrating palliative care into Eastern Mediterranean health systems with a primary care approach.

Palliative care in the Eastern Mediterranean Region (EMR) faces challenges despite the high number of patients in need. To provide accessible, affordable, and timely services, it is crucial to adopt a suitable care model. World health organization (WHO) recommends integrating palliative care with primary health care (PHC). Given the unique conditions of EMR countries, there is a need to design a model tailored to these contexts. This study is a multi-method research project conducted through several sub-studies, including a literature review, policy analysis, expert opinion (Delphi Method), dimension-specific analysis, model development, and its validation and refinement (Delphi Method). Drawing from the WHO model, six dimensions: policy, drug availability, education, community integration, service delivery, and research were considered to developing the model and implementation requirements. Within each dimension, evidence-based solutions tailored to the region's context were explored. A successful palliative care model requires, in the policy dimension, oversight by the Ministry of Health (MOH). Having a focal-person or working group within the MOH is crucial for policy-making, formulation, and approval of clinical guidelines, as well as addressing care challenges. It is essential to provide access to morphine and other essential medications, along with facilitating the administration and consumption of morphine at home. Conducting empowerment courses for care providers, can address various challenges. Community involvement through volunteers, charities, and non-governmental organizations (NGOs) is also important. To ensure service provision, monitoring and evaluating systems are crucial, along with striving for service continuity through an appropriate payment system. Lastly, research is necessary for needs assessment, evidence-based practice, and designing evaluation indicators. The proposed model relies on community health workers, especially nurses, as multitasking professionals available for community palliative care. In the presented model, special attention has been given to networking, collaboration, and the use of digital health technologies to support nurses. The model proposed for integrating palliative care into PHC should serve as a framework that enhances access to available and affordable services for countries in the region. While this model was developed based on the overall conditions of the region, each country can tailor it to its unique strengths and opportunities.

The New Paradigm of Russia’s International Financial Relations

The objective of this study is to explore the fundamental features of the emerging international financial framework in Russia, to pinpoint potential risks and central issues in its development. The distinctive characteristics of Russian companies’ international trade activities are explored through a comparative and economic-statistical analysis. The identification of risks was done by creating checklists using logical and analytical methods to organize information about the research topic. The risk analysis was based on the Ishikawa method (“fish bone”). The framework of Russia’s international financial interactions from 1991 to 2014 was centred on the goal of swiftly integrating the country into the global monetary and financial framework, fully embracing the standards set by the global power, while also acknowledging the increasing reliance on the collective West, which could potentially compromise national interests. The New Paradigm envisions a balanced integration of diverse subsystems and individual components — nations and groups of nations — within a cohesive geographical context. This framework envisions the enhancement of mutually beneficial international collaboration with allied nations and the development of novel settlement and payment systems, which are based on the utilization of national currencies and/or cutting-edge digital instruments.

The influence of policy advocacy and education on medical staff’s adaptation to diagnosis related groups payment reform in China: an analysis of the mediating effect of policy cognition

IntroductionIn recent years, China has been carrying out the Diagnosis Related Groups (DRGs) payment reform, which has an impact not only on payment methods and medical expenses, but also on the behaviors of medical staff. Some of these behaviors are unexpected by policymakers, such as turning away critically ill patients, disaggregating hospitalization costs, setting up disease groups with higher points, and so on. This phenomenon attracted the attention of some scholars, who put forward a few positive intervention measures, mainly including policy advocacy and system improvement. The scholars believed that the former was more feasible. However, there is a lack of research on the effects and influencing processes of these interventions. Therefore, this study aims to explore the influence of policy advocacy and education on medical staff’s adaptation to DRGs payment reform in China and the role of policy cognition in this process, in order to provide experiences for the smooth implementation and sustainable development of DRGs payment system.MethodsA questionnaire survey was conducted among 650 medical staff in five large general hospitals in Zhejiang Province, China, to understand their participation and feedback on policy advocacy and education, their adaptation to the current DRGs payment reform, and their cognition of relevant policies. After descriptive statistical analysis, partial correlation analysis, multiple linear regression models and bias correction Bootstrap sampling method were used to analyze the mediating effect of policy cognition factors.ResultsAll respondents had participated in organized collective policy advocacy and education activities in the past year, but the degree of satisfaction and recognition was not very high. 59.5 percent said their adaptation to the DRGs payment reform was average. Nearly half did not regularly pay attention to and participate in the management of the medical costs of patients with DRGs through compliance. And they had a low understanding of the specific rules of DRGs payment and did not form a high policy identity. The mediating effect values of policy cognition were 0.148, 0.152, 0.108, and 0.057, respectively, when the frequency and quality of policy advocacy and education influenced medical staff’s adaptive perception and adaptive behaviors.DiscussionThe organized collective policy advocacy and education can promote medical staff’s adaptation to DRGs payment reform by improving their policy cognition, and the action paths are diverse. Policymakers and hospital managers need pay attention to this phenomenon, and formulate demand-centered, value-oriented whole-process advocacy and education strategies while constantly improving the DRGs payment system. All of these provided a basis for further research and practice of positive intervention in DRGs payment reform.

Employee Engagement - A Literature Review

Employees are one of the main resources and part of the organization. They play a crucial role in running to the organization. Good relation between owner and employees is important for achieving the desired goal and better working condition, payment system, relations between employees etc. in also so important for an employee for smoothly helping to operate the business. Employee Engagement is that construct which can do all the above works effectively. For remaining the employees engaged for a long time, it is important for the employer that he recognize their work, appreciate their work when needed, allow them to participate for making any important decision making etc. In this paper, various definitions and thoughts and aspects of Employee Engagement has been explained. This is a review paper and many articles, research papers are included for studying this research paper.

Abstract 4136705: Complexity and Inconsistency of Echocardiogram Prices at Top-Rated Hospitals in the United States

Background: Recent U.S. policies require hospitals and health insurers to post payer-specific negotiated prices for services. Few studies, if any, have thoroughly investigated the accuracy of these payer-specific prices for individual hospitals. Hypothesis: Top-rated medical centers charge consistent prices for echocardiograms, which are reflected in price transparency files. Aim: To evaluate the concordance of prices of echocardiograms using three datasets: 1) hospital price transparency, 2) payer price transparency data, and 3) Electronic Remittance Advice (ERA) claims data, reflecting actual payments. Methods: We extracted prices for transthoracic echocardiograms (CPT 93306) at 22 top-rated hospitals by US News&World Report from 1/1/2022 to 12/31/2022. We used price transparency data aggregated by Turquoise Health and compared with ERA claims data. This analysis included 9,171 insurance claims, matched to either payer or hospital-reported prices. For each claim, concordance between datasets was determined by evaluating whether each claim payment fell within a $10 margin of a publicly reported payer-specific price. Findings: In the payer and hospital price transparency files, reported prices ranged from $1.3 to $34,424. In the ERA claims data, the median payment for the professional fee was $203 (Q1 = $116, Q3 = $245), and the median payment for the facility fee was $2682 (Q1 = 1829, Q3 = $4531). There was a ten-fold difference in median price between the cheapest and most expensive facility. Only 27.4% of claim payments had a concordant price in the payer price transparency dataset, and 11.9% in the hospital dataset. Conclusion: Deriving accurate price estimates for patients requires precise matching of the insurance plan, place of service, and fee type. This process highlights the complexity of insurance contracting, and it is not surprising that there is some disagreement in prices. Regardless, we are hopeful that highlighting variation and complexity in prices is a step towards a better system of healthcare payments in the United States.

Paths for the development of financial intermediation in industry 5.0: Opportunities for developing economies (On the example of former USSR republics)

Currently, there is a unique situation in the global economy, industrial eras coexist together, there is interaction and transformation of financial systems simultaneously within the framework of Industry 4.0 and Industry 5.0. New, digital resources are entering the economy, intellectual capital is becoming virtual, artificial intelligence is increasingly finding its application in the structure of financial support. Financial intermediation in developing countries is also subject to global trends, the active development of new instruments for developing economies is especially important. The aim of the study is to identify effective ways to develop financial intermediation in Industry 5.0 for the economies of developing countries. Based on the results of the study on the development of financial institutions mediation revealed a problem related to the lack of reasonable tools that could be used to improving the efficiency of the financial intermediaries market, proposed the main directions of such a process: mobilization of savings, distribution financial assets, payment system, risk management and control over market agents involved in financial operations.

Cash to Clicks Impact of UPI in India Landscape

The overview of the Unified Payments Interface (UPI) represents a crucial shift in India's economic landscape, fundamentally altering how financial transactions are conducted. By moving the country from a heavy dependence on cash to a vibrant digital payment system, UPI has sparked significant change. Its innovative design simplifies financial transactions, providing an easy-to-use platform for both individuals and businesses. More than just a convenience, UPI has become a key driver of financial inclusion, connecting both the banked and unbanked populations.

Adoption and User Behaviour Towards Digital Payments by Millennial

The rapid adoption of digital payment systems has transformed the financial landscape, particularly among millennials, who are at the forefront of this technological shift. This study explores the adoption and user behaviour of digital payment methods among millennials in India. The research aims to identify the key factors influencing the decision to use digital payments, including convenience, security, trust, and government initiatives. Additionally, it examines how socio-cultural influences, mobile payment applications, and peer networks impact the payment choices of this demographic. Through a survey of 250 millennials, the study reveals that ease of use, trust in security features, and promotional incentives are the primary drivers of digital payment adoption. It also identifies challenges such as concerns over data privacy and digital literacy. The findings suggest that while millennials are increasingly adopting digital payment systems, their behaviour is shaped by a complex interplay of technological, economic, and social factors. The study provides insights into strategies for improving the digital payment ecosystem and encourages further research into the evolving behaviour of young consumers.

Identification and control of risks in the payment system: Russian and foreign experience

The purpose of the study is to analyse the modern mechanism of identification and risk control in the payment system both in the Russian Federation (hereinafter referred to as RF, Russia) and abroad. The objectives of the study are to analyse a standardised approach to identification and risk control in the payment system of Russia and foreign countries, as well as a review of the estimated indicators of the identification and control system in the payment system of the RF. To achieve this goal, general scientific methods (analysis, synthesis, generalisation, etc.) and a number of private scientific methods (systemic, comparative legal, statistical, etc.) are used in this work, necessary for a deeper consideration of individual issues on the research topic. The paper analysed a standardised approach to identification and risk control in the payment system of Russia, the United Kingdom and the United States of America. The review of the estimated indicators of the identification and control system in the Russian payment system is conducted. The theoretical significance of the research lies in expanding knowledge and understanding of modern mechanisms for identification and risk control in the Russian payment system, as well as international experience in identifying and controlling risks in the payment system. The practical significance of the study is to identify the features of a standardised approach to identification and risk control in the payment system in Russia and foreign countries, as well as to identify the estimated indicators of the identification and control system in the Russian payment system.

Digital Dynamics in BRICS: Exploring Digital Access and Policy Challenges

As the global economy continues to digitize, BRICS nations are at a pivotal juncture in leveraging digital technologies for economic growth. This paper investigates the dynamics of digitalization in these countries focusing on the three major parameters of digitalization- internet penetration, cost of internet and digital payment. It also analyses government strategies in these countries. As BRICS accounting for a significant share of global GDP yet experiencing disparities in digital service export and adoption, understanding these dynamics is essential for adopting comprehensive policies that harness their digital potential. The research highlights the historical context of BRICS as an influential economic bloc, its rapid digital transformation influenced by emerging technologies. Additionally, the study emphasizes the importance of internet penetration as a fundamental enabler of socio-economic activities, correlating better internet infrastructure with increased economic participation. Employing a comparative analysis methodology, this research examines the performance of individual BRICS nations, revealing challenges and opportunities in enhancing connectivity and fostering financial inclusion through digital payment systems. The study also analyses the relationship between cost of internet and internet users in the BRICS countries. This study ultimately aims to put forward analysis about the diverse digital ecosystems within BRICS, advocating for collaborative strategies to navigate inherent challenges while maximizing economic growth and inclusivity.

Value-based reimbursement under the inpatient prospective payment system in Japan: a review of Japan’s diagnosis procedure combination/per-diem payment system

Aim The aim of this study is to review the influence of functional evaluation coefficient (FEC) II adjustments on reimbursement for hospitals in Japan operating under the diagnosis procedure combination/per-diem payment (DPC/PDPS) system. Methods Publicly available information was used to describe the FEC II adjustment system and to consider its influence on reimbursement for fiscal years (FY) 2018, 2020, and 2022. Moreover, descriptive statistics and multivariate regression analysis were used to consider how the adjustment differed based on hospital and treatment-related characteristics in FY 2022. Results In FY 2022 there were 1764 hospitals operating under the DPC/PDPS system and the FEC II adjustment was highest, on average, for hospitals in the Hokkaido/Tohoku and Chubu regions with a mean adjustment in reimbursement of 0.1033 (+10.33%), respectively, and lowest for hospitals in the Kyushu/Okinawa region with a mean adjustment of only 0.0921 (+9.21%). Based on the results of a multivariate regression analysis, hospitals in the Hokkaido/Tohoku, Kinki, or Chugoku/Shikoku regions and those that had more cases related to the nervous system, the circulatory system, hematological disorders, and traumas, burns, and poisoning had a statistically significant positive association with the FEC II adjustment. Conversely, University or Specified DPC/PDPS hospital and those having more cases related to eye, ENT, breast, mental, and musculoskeletal system/connective tissue disorders had a statistically significant negative association with the FEC II adjustment. Conclusion The FEC II adjustment varies by hospital region, hospital type, and the kind of conditions treated by DPC/PDPS hospitals in Japan. New technologies to support DPC/PDPS hospitals that focus on the treatment of musculoskeletal system and connective tissue disorders, for example, and to allow for a reduction in the length of stay of patients may lead to a higher reimbursement for some DPC hospitals.

Utilisation of ICT in the management of land administration information in Tanzania

The study investigates the use of Information and Communication Technology (ICT) in managing land administration information in Tanzania. The study specifically established the status of available ICT facilities and assessed the extent of their application in managing land administration information. The research involved a cross-sectional survey and interview with 422 stakeholders, revealing the presence of ICT facilities in land administration authorities and individuals. The result revealed the presence of ICT facilities in land administration authorities and among individuals. These technologies are used for planning, designing, surveying, and processing land documents. However, a lack of knowledge about certain ICT services hinders the government’s efforts to enhance land services. Online services in land administration, such as search, building permits, and land application, can reduce bureaucracy and increase revenue. The potential of ICTs is significant, prompting land authorities to develop strategies and invest in their efficient use. The study recommends investing in modern ICT infrastructure in land offices to modernise land services, increase client satisfaction, and achieve the land sector’s goals. Furthermore, it suggests providing online land-related services and integrating them with online payment systems to increase revenue and reduce travel time. The study also recommends improving government online platforms for land information communication, enhancing stakeholder self-service, and introducing SMS, mobile applications, and AI for land administration information services. Lastly, the study recommends reviewing the MLHHSD ICT Policy and providing training to adapt to technology trends.

The adoption of fast payment systems (FPS) in Latin America: the role of financial literacy and cash-related beliefs

PurposeIn this paper, we ask: how do individual factors affect individuals’ intentions of adopting fast payment systems (FPS)? We examine the role of financial literacy and beliefs about cash as individual-related variables that complement the technology acceptance model (TAM) in explaining the individuals’ intention to adopt financial innovations.Design/methodology/approachWe surveyed consumers in 11 Latin American countries to measure relevant variables. By applying structural equation modeling, we extended the TAM. We demonstrated that financial literacy and beliefs about cash contribute to developing a fine-grained understanding of what stimulates individuals’ adoption of financial innovations like FPS.FindingsOur results support the claim that individuals with higher levels of financial literacy exhibit a higher intention to adopt FPS through the mediation role of beliefs about cash, perceived usefulness, perceived ease of use and attitude.Practical implicationsTo improve FPS’s acceptance probability, designers must add highly usable platforms. However, it could be more important to increase the perceived usefulness of FPS as the system competes directly with traditional payment methods such as cash. If individuals exhibit strong positive beliefs about cash, their attitudes and intentions of adopting FPS will decrease. In addition, policymakers and designers may modify beliefs about cash individuals exhibit by identifying and intervening in their determinants (e.g. financial literacy).Originality/valueBesides technology-related factors, we demonstrate that beliefs about alternative technologies (e.g. cash) influence the intention to adopt financial innovations like FPS.

CARCASS EVALUATION SYSTEMS IN THE EU

In order to obtain market transparency carcass classification in the EU has to be carried out according to regulations for different species. Besides the carcass weight objective measurements as a basis for the assessment of lean are available for pigs and partly for beef carcasses. Classification equipments for pigs are the same in various member states, but due to regional differences concerning breeds and consumer’s preferences different formulas are used to calculate lean content. Meat quality traits are not an integrated part of the payment system as yet. Subjective assessment by looking at conformation and fat coverage is applied for most of the beef and sheep carcasses in the member states. Poultry classification also considers hygienic quality of the carcass.

Penerapan Nilai-Nilai Hukum Ekonomi Syari’ah pada Produk Murabahah pada BPR Syariah Kota Bandar Lampung

Murabahah is a form of fund raising carried out by sharia banking, both productive (for business activities) and consumptive (for daily needs). Murabahah is the sale and purchase of goods at the original price (capital) with additional agreed profits that are not too burdensome for potential buyers. In a murabahah contract, the seller must disclose the basic price he purchased and determine a level of additional profit. In the murabahah financing product provided by BPR Syari'ah Bandar Lampung, the bank is the capital provider while the customer is the borrower for the purpose of purchasing halal goods, both consumption and investigation, where the bank takes a certain amount of profit (margin) on the cost price of the goods. The payment system is by installments or agreed installments. This type of research is field research. This research was carried out directly in the field using respondent data. The product in murabahah financing at BPR Syariah Bandar Lampung City is that the bank is the capital provider while the customer is the borrower. BPR Syariah Bandar Lampung City applies the maqashid sharia approach in its consumer financing. This can be seen from the consumptive financing provided which has a role and benefit in improving the welfare of members, namely by fulfilling members' dharuriyat and hajjiyat needs and being able to safeguard members' minds and assets.

ОСОБЛИВОСТІ ВНУТРІШНЬОГО КОНТРОЛЮ РОЗРАХУНКІВ ПІДПРИЄМСТВА В УМОВАХ ВОЄННОГО СТАНУ

Introduction. In the conditions of martial law, enterprises face new challenges that affect all areas of their economic activity, including settlement operations. Internal control of settlements becomes critical for ensuring financial stability and supporting operational activities. This requires a study of the specifics of the organization of internal control of the company's calculations during the state of war, in particular the issue of ensuring the security of financial operations in conditions of instability and market uncertainty. The purpose of the article. The purpose of the study is to investigate the features and effective mechanisms of internal control of payments at enterprises operating under martial law to ensure their financial stability and competitiveness. Methods. The research methodology includes a comprehensive approach that combines general scientific methods: analysis, synthesis, comparison, as well as specific financial and economic methods of evaluating the internal control system, including methods of risk analysis and auditing of financial operations. Results. The article examines the main principles of ensuring effective internal control of the calculations of economic entities in the conditions of martial law. It was found that failures in the work of banking systems, interruptions in communications and logistics significantly complicate the timely execution of financial transactions. The need to strengthen control over payment discipline on the part of both the enterprise and its counterparties has been identified. The necessity of implementing additional measures to protect the payment system, including increased attention to the verification of counterparties and the use of digital monitoring tools, has been proven. The growing need for rapid adaptation of internal control procedures to new conditions, such as changes in legislation introduced in connection with military operations, or new requirements for financial reporting, which requires the involvement of qualified personnel capable of promptly responding to new challenges and risks, has been studied. Conclusions. It has been proven that the internal control of the company's calculations in the conditions of martial law is an important element of maintaining stable operations and financial security. Therefore, to ensure its effectiveness, it is necessary to constantly update control methods, take into account new risks and challenges associated with war, and implement modern monitoring tools on the basis.