Physical Currency Research Articles

Crossover to Crypto Currency Using E-RUPI

Abstract: Crypto currencies have recently gained a lot of attention from investors, central banks and governments, On August 2 2022, the Prime Minister, Shri Narendra Modi launched a digital payment solution e-RUPI, a cashless and contactless instrument for digital payments. He said that e-RUPI is a symbol of how India is progressing by connecting people’s lives with technology. This paper Reviews and surveys popular way of Exploring Opportunities and the Impact on Business Specifically on Rural and Urban Retail Business World, to provide a technical overview of e-Rupi, outline open challenges, and review the Fundamental Questions like Digital Wallet Holder can have equal Anonymous transaction Benefit as Physical Currency. As we all are living in a 21st century known as a technological era. In this as per various observation researcher focused on holistically Awareness and Acceptance of the e-rupi

A Study on Customer Preferences towards Buy Now Pay Later (BNPL) Services and its Impact on their Financial Well-Being in Chennai City

The technological revolution has seen a massive change in the payment systems and has resulted in a plethora of options for making a payment for any transaction. The popularizing FinTech industry has given various solutions for making payments digitally without the involvement of physical currency. It has reshaped the customer behaviour and the market as a whole. The emergence of this industry has resulted in several digital payments options such as Unified Payment Interface (UPI), Neo Banks and Payment Banks, Payment Gateways, Cryptocurrencies and even Point of Sale (POS) Credit like Buy Now Pay Later (BNPL) services. India has been quite conservative towards credit and has always seen it as a debt trap instrument. But the new FinTech startups managed to change the customer mentality by increasing the awareness and providing more valuable solutions using BNPL. Furthermore, the COVID-19 pandemic postulated itself as an opportunity for the players in the credit industry. This paper adds to the growing literature exploring the impact of BNPL services on the users’ financial well-being along with the customer preference towards them over other forms of credit. It helps in understanding how the demographic factors such as age and income have had an impact on the users of BNPL in terms of their preference and financial soundness.

Modelling the intention and adoption of cashless payment methods among the young adults in Malaysia

PurposeCashless payment is gradually replacing physical currency in almost every financial transaction across the world. Even though cashless payment methods have been available in Malaysia since a decade ago, their usage has remained relatively low in comparison to other countries. This study aims to analyse the elements that affect the Malaysian youth’s adoption intention and actual use of cashless payment by extending the unified theory of acceptance and use of technology (UTAUT) model with two key factors (perceived security [PS] and lifestyle compatibility [LC]).Design/methodology/approachData were gathered online from 364 Malaysian youths and processed using partial least squares structural equation modelling.FindingsThe findings revealed that performance expectancy (PE), LC and PS had a positive and substantial effect on the intention to use cashless payment (ICP). In contrast, effort expectancy (EE) and social influence did not have any considerable influence on ICP. Furthermore, ICP had substantial mediating effects between the adoption of cashless payment (ACP) and PE, LC and PS. In the analysis of the moderating effect of age, gender, experience and voluntariness, only experience had moderating effects on the associations between PE and ICP and between FC and ACP.Research limitations/implicationsThis study’s findings will be highly useful for marketers and the management as they plan their promotional and marketing tactics, with a focus on the factors that inspire customers to adopt cashless payments. Besides, architects and designers can benefit from the study results while designing and updating their services by consolidating consumers’ lifestyle standards as well as enhancing security features. Finally, governments may support service providers with security building through legislative measures and policy campaigns to strengthen the trustworthiness and mass adoption of contactless payment.Originality/valueThis study extended the UTAUT model with two new variables, i.e. PS and LC.

A STEP TOWARD CASHLESS INDIA WITH REFERENCE TO RISING USAGE OF ONLINE WALLETS SERVICES

Background: For a long time India is trying to country dominant in digital currency compared to physical currency through various online payment methods, in which online wallets have played a significant role in this as these wallets can be operated through simple technical devices such as smartphones. Many companies have created and launched various online payment wallets and the majority of people have started accepting it in a short span of time. But many users are choosing other companies' wallets services compared to the previous service provider. Because there is a wide diversity in service of many service providers, which makes it is important to study factors responsible for the long-term usage intentions of users. The researches focusing on these aspects of quality are very small in number with factors such as quality of service, information and system. This paper aims to converge this gap through the application of a research model by connecting the two aspects of technical quality and acceptability. Methodology: This study used primary data collected through an online questionnaire from Indian users of online wallet services. For analysis of data Structural Equation Modelling was adopted. Results: The findings showed that the quality of information which users have regarding mobile wallets has a major influence on its usefulness although a major influence on the usefulness of quality of service and quality of the system was not seen. The security factor is majorly influenced by the quality of service and system. Long-term usage intentions of online wallet services are also majorly influenced by the security and usefulness of online wallet services. Originality: This research will give comprehensive insights to the managers of companies, developers of technology and providers of online payment wallet services, which will help them to give more emphasis on various aspects of quality concerning technology and proposition of value. This study is among those few studies which focused on various aspects of quality concerning the technology of online wallet services.

Central Bank Digital Currency: Welfare and Policy Implications

A model of multiple means of payment is constructed to analyze the effects of the introduction of central bank digital currency (CBDC). The introduction of CBDC has three beneficial effects. It mitigates crime associated with physical currency, permits the payment of interest on a key central bank liability, and economizes on scarce safe collateral. CBDC admits another instrument of monetary policy, but may require that the central bank take on private assets in its portfolio if CBDC significantly displaces privately supplied means of payment.

CBDCs and the More Proactive Roles of International Organizations

With the rise of cryptocurrency, along with the downward trend of physical currency usage, which was especiallyaccelerated during the COVID-19 pandemic, many national governments are exploring the idea of implementingcentral bank digital currencies (CBDCs). While CBDCs are like cryptocurrencies in that they are digital, theiroverarching concept is different. They are issued by a country’s central bank or monetary authority undergovernment control, so they are centralized and equal in value to the nation’s fiat currency. This article aims toprovide a succinct summary of what CBDC implementation could mean for nations and their citizens, with a focuson the possible routes in and impacts on developing countries in light of the potential that CBDCs could providethem. Section 1 explores the rise of CBDCs, namely, the recent surge in developing nations’ interest in themworldwide. Section 2 discusses the benefits of CBDCs, partitioning the potential upsides into four majorpoints—greater accessibility, easier domestic and cross-border transactions, cost-efficient management, and moretransparent foreign aid—with a focus on developing countries. Section 3 provides a list of the challengesaccompanying CBDC implementation, such as an exhaustive complex framework, questionable financial stability,and technological infrastructure. Section 4 presents the roles that international organizations, such as the IMF andthe BIS, could play in the entire process writ large, ranging from setting international standards, intervening duringfinancial crises, and providing infrastructural support to incentivizing CBDC adoption. Section 5 concludes thearticle.

Digital Currencies and Monetary Policy in the New Era

The centuries-old financial structure and the modern financial system are built on physical currencies. After the global financial crisis of 2008-2009 and the COVID-19 pandemic of 2020, along with the introduction of all-new cryptocurrencies and stable coins, even many central banks have voiced an interest in the introduction of digital currencies. Hence, the pros and cons of the new central bank digital currencies (CBDC) are the newest widely discussed topic. This paper focuses on the ways a new instrument, central bank digital currency (CBDC), is expected to improve the modern payment systems, increase the efficacy of monetary policy and ensure financial stability in the new era. The study concludes that although CBDCs might boost monetary policy effectiveness and financial stability, it is vital to reevaluate and thoroughly analyse the geopolitical, geoeconomic, and geostrategic implications and effects of having a CBDC.

Medicine as Art: The Potential Role of Non-Fungible Tokens (NFTs) in Plastic Surgery

Plastic surgery has long prided itself on being perpetually positioned at the cusp of innovation. In a field in which aesthetics, presentation, and tangibility hold such importance, keeping current with trends and developments both inside and outside of the operating room is paramount. Within society at large, it is impossible to ignore the rise of digital and virtual commodities, experiences, and interactions. To this end, a recent phenomenon garnering substantial attention is the nonfungible token. Nonfungible tokens are perhaps best thought of as a variant cryptocurrency through which an individual can assert ownership rights over a unique digital asset.1 These include but are not limited to works of art, images, media files, and even tweets.2 The “nonfungible” aspect of their nature lies in the fact that, unlike other forms of cryptocurrency or physical currency such as the U.S. dollar, a nonfungible token has no interchangeable equivalent. Nonfungible tokens afford their creators an opportunity to generate profit from created content that previously could be freely traded without any material benefit to them. Thus, the benefits of nonfungible token use include its uniqueness and secure, decentralized transaction method on the blockchain. Professionals creating content of all forms have moved quickly to capitalize on the recent nonfungible token craze, particularly as society becomes more heavily invested in the “Internet of things” and cloud-based content management. Although a discrete role for nonfungible tokens in the field of plastic surgery is yet to emerge, it is important to remain cognizant of their possible applications. Science and medicine have already begun to embrace them, with the University of California, Berkeley, generating over $50,000 by selling a nonfungible token based off Nobel Prize-winning cancer research.3 This leveraging of intellectual property to generate income is perhaps the most obvious application for the field of plastic surgery. Hard copy textbooks and journals are rapidly decreasing in popularity, whereas multimedia content such as videos, digital animations, and interactive simulators have demonstrated tremendous capacity as learning tools.4 Creating nonfungible tokens for these digital creations can protect their integrity and facilitate widespread access to such learning tools while still ensuring payment and credit for the original content creators. For example, augmented and virtual reality are becoming more heavily intwined with clinical and surgical training, providing a platform for distance learning with a more hands-on feel and experience than two-dimensional video. For both individual plastic surgeons and larger departments aiming to promote themselves and their craft, the demonstration of novel techniques or the commemoration of pioneering advances present tremendous potential for marketing and distribution in the form of nonfungible tokens. Most academic medical centers already contain homages to landmarks in surgical history in the forms of artwork or museum-like displays. Digitization and distribution as nonfungible tokens would open the door for a much wider audience to interact with and experience such content. In discussing nonfungible tokens, it is imperative to acknowledge the unique position of plastic surgery. Unlike other industries, the treatment of patients who place themselves in our care takes precedence above all else. Personal interests such as marketing and self-promotion must never interfere with this, but by maintaining a keen awareness of these potential pitfalls, plastic surgeons can continue to embrace and benefit from the ever-changing technological landscape. DISCLOSURE The authors have no financial interest to declare in relation to the content of this article.

Normalising the Digital Currency as an Innovation in Digital Banking Practice

Modern electronic payment systems by banks and other sectors have introduced the significant innovations in recent days. This paper covers, what would be the impact if the ‘Digital Currency’ is normalised as existing physical currency in banking and other transactions. That is involving digital currency in day-to-day transactions in e-payment as digital banking practice. Effect of Digital currency in the general economy, is it a boon or bane for the society? how the general public will get affected by this technological change in money. In the study we managed to collect the primary data from the general public from various localities of Karnataka and organized their opinion about the normalizing the digital currency.

Acceptance of E-Wallet Among Mobile Phone Users in China

Coronavirus, also known as COVID-19, has compelled and encouraged the global public to avoid all activities involving physical contact, including money transactions. During the COVID-19 pandemic, the use of e-payment activities has increased due to people's concern that direct traditional payment methods could transmit the virus through physical currency, hence relieving consumers of the need to carry cash. Using a well-established unified theory of adoption and use of technology, this study seeks to identify the factors that influence the deployment of cashless payment among China students. This study contributes to the existing body of knowledge by investigating the influence of perceived danger, perceived usefulness, perceived technology security, hedonic incentive, and government backing on the adoption of e-wallets during the COVID-19 outbreak. Respondents from universities have been sent online questionnaires using the convenience sample technique. As a result, the study discovered that the effectiveness of e-wallet and e-payment among university students, as well as the relationship between social influence and innovativeness, are positively associated with the adoption of cashless payments.

The Roles of Central Bank Digital Currency over Physical Currency

The technology and innovation are the keys used to unlocked impossible imaginations to become possible towards achieving unexpected individual and organizational desired objectives. This study focused on the roles of unprecedented phenomenon called central bank digital currency (CBDC) over physical currency. Initially, the total of 146 articles from various research databases ranging from the year 2018 to 2021 were downloaded. However, 35 articles were reviewed from the total articles downloaded and selected as the study sample size by meeting the title, abstract and contents criteria. Furthermore, the results of this study employed systematic literature review (SLR) to explain in details why CBDC should be chosen and how it supersede the traditional physical currency based on individual and organizational perspectives. The study assesses the roles of CBDC based on three parameters such as features, perceived benefits and challenges of both CBDC and Physical Currency. It also revealed that CBDC can replaces the use of physical currency depends only on how people, businesses perceive the features, benefits (better allocation, accessibility, interest bearing, convertibility and cost reduction) and possible challenges (reverse of the benefits) associated with CBDC compare to it counterpart.

Pertimbangan Pengambilan Pajak dari Pemilik Bitcoin di Indonesia

In this modern era, sellers will do their best to have people purchase their things. Globalisation era has a strong connection to advanced technologies. It is not only science that gets more advanced, almost every aspect in modern society will grow and develop better and better. Nowadays, peopla do not only use physical currency such as coins and money. People now are being exposed to Bitcoin. It is a new means of transaction that has been widely known for the last 4 years. Digital money such as bitcoin kind of has complicated calculation, thus its nominal gets bigger and bigger each year. This bitcoin phenomenon is not only popular in indonesia. Some other countries even try to ban it. However, there are more countries that make bitcoin legal. In indonesia, bitcoin users are not proected by any laws if some unexpected circumtances happen. The reason why cryptocurrency is not legal yet in Indonesia is because bitcoin cannot be easily taxed. It happens because bitcoin is used without any third party; only between bitcoin beholders. The country and its financial departments cannot intervene. Thus, they cannot tax bitcoin beholders, which commonly hold huge nominals that can reach million hundreds of rupiah.

The Role of Central Bank Digital Currency on Features, Perceived Benefits and Challenges Compared to Physical Currency

The Role of Central Bank Digital Currency on Features, Perceived Benefits and Challenges Compared to Physical Currency

Should Central Banks Issue Digital Currency?

Abstract We study how introducing a central bank digital currency affects equilibrium allocations and welfare in an environment where both currency and bank deposits are used in exchange. We highlight an important policy tradeoff: while a digital currency tends to improve efficiency in exchange, it may also crowd out bank deposits, raise banks’ funding costs, and decrease investment. We derive conditions under which targeted digital currencies, which compete only with physical currency or only with bank deposits, raise welfare. If such targeted currencies are infeasible, we illustrate the policy tradeoffs that arise when issuing a single, universal digital currency.

Second Thoughts About Central Bank Digital Currencies

Sustained decline in central banks’ monetary liabilities (reserves and currency in circulation), which the emergency of cryptocurrencies may have hastened, has been enabled by technological innovations that over time have allowed financial institutions and their customers to execute transactions and settle their debts without resorting to central bank currency. Policymakers are concerned about their ability to guarantee public’s access to government-backed currency. This has implications for central banks’ balance sheet and income position, which central bank digital currency might reconstitute. But the introduction of central bank digital currency (CBDC) comes with its own risks and could be disruptive for financial markets. We believe that retaining the option to have access to government-guaranteed currency is of utmost importance, despite the sporadic demand for physical currency in the modern society, but it could be addressed within existing institutional structures without the introduction of CBDC. However, policy authorities are right in seeking oversight and regulation for cryptocurrencies to address the destabilizing potential of cryptocurrencies for financial markets, and they should continue modernizing payment infrastructures to bring retail settlement systems at par with cryptocurrencies in terms of settlement speed but without associated liquidity and credit risks. These steps would preserve the status quo and allow private sector to continue innovating while limiting central banks’ footprint in the financial markets.

Enhancing Privacy in PUF-Cash through Multiple Trusted Third Parties and Reinforcement Learning

Electronic cash ( e-Cash ) is a digital alternative to physical currency such as coins and bank notes. Suitably constructed, e-Cash has the ability to offer an anonymous offline experience much akin to cash, and in direct contrast to traditional forms of payment such as credit and debit cards. Implementing security and privacy within e-Cash, i.e., preserving user anonymity while preventing counterfeiting, fraud, and double spending, is a non-trivial challenge. In this article, we propose major improvements to an e-Cash protocol, termed PUF-Cash, based on physical unclonable functions ( PUFs ). PUF-Cash was created as an offline-first, secure e-Cash scheme that preserved user anonymity in payments. In addition, PUF-Cash supports remote payments; an improvement over traditional currency. In this work, a novel multi-trusted-third-party exchange scheme is introduced, which is responsible for “blinding” Alice’s e-Cash tokens; a feature at the heart of preserving her anonymity. The exchange operations are governed by machine learning techniques which are uniquely applied to optimize user privacy, while remaining resistant to identity-revealing attacks by adversaries and trusted authorities. Federation of the single trusted third party into multiple entities distributes the workload, thereby improving performance and resiliency within the e-Cash system architecture. Experimental results indicate that improvements to PUF-Cash enhance user privacy and scalability.

Digital Payment and Its Growth in the Time of COVID – 19

The Indian payments landscape has undergone a makeover in the recent past with the decision to demonetise leading to a shortage of physical currency. The current COVID-19 pandemic created a contamination fear while exchanging and using currency. Hence, the customers started adopting digital payments. Research was conducted in this context to investigate the behaviour intentions of the customers regarding digital payment usage through application of the Unified Theory of Acceptance and Use of the Technology-2 (UTAUT2) model. This paper explores the behaviour intentions of using digital payments during the pandemic. A survey questionnaire was designed to collect the required information from 271 respondents through the judgemental sampling technique. The data were analysed using SPSS and AMOS. The results revealed that, among the seven constructs examined, effort expectancy and habit had a positive effect on behaviour intentions. No association was elicited between social influence, facilitating condition and price value on behaviour intentions. The findings also uncovered a moderately significant negative relationship between performance expectancy and hedonic motivation on behaviour intentions. Compared to prior studies, the findings regarding a few constructs from our study were in line with earlier work, whilst others were found to be not so. Also, the timing of the study might have played a role in influencing the results as most of the customers felt it was convenient to use digital payments compared to physical currency during the pandemic.

Survival of Mycobacterium abscessus complex organisms on coins.

To date, there have been no reports on the occurrence of nontuberculous mycobacterial (NTM) organisms (nor tuberculosis [TB]) on money, currency, banknotes, or coins, where these may act as fomites in the potential transmission of mycobacterial organisms around communities, especially in developing nations, where physical currency is still the popular mainstay of the economy, compared to electronic and digital forms of currency transaction. It was therefore the aim of this study to examine the survival of the Mycobacterium abscessus complex organisms on coins. Coins from 17 countries were examined for the presence of M. abscessus complex organisms by broth enrichment in Middlebrook 7H9 for 2 months. Nickel-plated steel and copper-plated steel coins were artificially contaminated individually with M. abscessus complex (circa 107 [7 log10] organisms/coin), including M. abscessus subsp. massiliense (n = 2), M. abscessus subsp. bolletti (n = 2), and M. abscessus subsp. abscessus (n = 1) and their surviving cells enumerated at weekly period up to 5-week postinoculation. NTM organisms were not isolated from coins from the 17 currencies examined. In all three subspecies of M. abscessus, the copper-plated steel coins caused a more rapid decline in organism numbers, which were statistically very significant (P < 0.0001), compared to the paired survival on the nickel-plated steel coins, whereby organisms were none detectable after 3-week storage on the copper-plated coins. NTM organisms survived better on the nickel-plated coins, with a mean count across all subspecies of log10 1.84 colony forming units per coin after 5 weeks of storage (range: 0.6-2.69 log10 cfu/coin). There was no statistically significant difference (P > 0.05; 5%) in the survival dynamics among the three subspecies with storage on either coin type. Health-care professionals should be aware of the survival of M. abscessus complex organisms on coins for up to 12 weeks, which may be particular relevant in high-risk areas of health-care institutions where TB or NTM is prevalent and where there are opportunities for the transmission of such organisms through contaminated fomites, including coins, through opportunities including payment for treatments/medicines/dressings, coin-operated payment facilities, such as hospital car parking, self-service vending machines, hospital canteens, coffee shops and dining halls and hospital shops, whether static or mobile onward visits. To mitigate potential infection consequences of handling coins contaminated with M. abscessus complex organisms, other NTMs organisms and TB, the authors support re-establishing the principles of basic hygiene, including proper handwashing and the avoidance of handling money when working with food or dressing wounds and skin lesions, as well as when working with respiratory devices, including nebulizers.

CRYPTOCURRENCY – DEFİNİTİON, FUNCTİONS, ADVANTAGES AND RİSKS

The emergence of “virtual currencies” is extremely recent, with a history of only 13 years. Being an ultra-new economic tool, it arouses interest and effervescent reactions, especially in terms of definition, but also about the cumulative effects it has begun to produce in the economic world. The subject also becomes controversial due to the fact that, being an economic instrument of absolute novelty, it is reflected in the legislation of very few countries in the world. One of the definitions determines as virtual currency – the digital representation of the value that is not issued or guaranteed by a central bank or a public authority, which is not necessarily linked to a legal currency and which does not have the legal status of the currency, but which can be accepted by natural or legal persons as a means of exchange and which may be transferred, stored and traded by electronic means. The evaluation of cryptocurrency publications has shown that most of them are related to attempts to establish legislative agricultural work for the operation of virtual currencies. The functions of the cryptocurrencies that we have defined are: the exchange and payment function, the hoarding function, the investment function and the attraction of funds necessary for the activity. Thus, we established that virtual currencies, as well as fiduciary ones, have the role of: means of payment, means of accumulation, means of capitalization and investments. Likewise, through this research we managed to highlight the main features and peculiarities of cryptocurrencies. Among the basic characteristics of cryptocurrencies we highlight: the high degree of security, maximum speed of transactions, full freedom from financial organizations, irreversibility of operations, full anonymity of transactions, open source, they can be ”mined”. Another approach was to determine the advantages and disadvantages and risks of using cryptocurrencies. The main advantages of using cryptocurrencies are related to its functions an caracteristics, such as: it represents a real alternative to classic banking services, market freedom, privacy of transactions, high speed of trnasactions, alternative payment methos, increasing the customer base etc. On the other hand there are some disatvantages. They are related mosly with the following risks: legal uncertainty, market volatility, low degree of acceptance, unsecured crypto wallets, risks related to use for illegal or criminal purposes, money laundering risks. Taking in consideration the global trend of the digitization of the society, the share and importance of fiat currencies will tend to decrease for the benefit of virtual currencies. Cryptocurrencies are becoming a real alternative to physical currencies, but its main disadvantage is that the public autorities are missing controlling it yet. Even so, in the nearest future the money could become digital figures.

Central bank digital currency and flight to safety

A model is developed with a novel approach to analyzing banking panics in general equilibrium. Banks may fail, and bank insolvency potentially drives banking panics in which there is payment disruption, in the absence of sequential service constraints. Policy intervention, including deposit insurance and emergency open market operations, is considered. Central bank digital currency tends to encourage banking panics, in part because panics are less disruptive with central bank digital currency than with physical currency. It may be optimal to live with banking panics, as eliminating them may be too costly.