Payment System Research Articles

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.

Regulated Revenues and Hospital Behavior: Evidence from a Medicare Overhaul

Abstract We study a 2008 policy reform in which Medicare revised its hospital payment system to better reflect patients’ severity of illness. We construct a simulated instrument that predicts a hospital’s policy-induced change in reimbursement using pre-reform patients and postreform rules. The reform led to large persistent changes in Medicare payment rates across hospitals. Hospitals that faced larger gains in Medicare reimbursement increased the volume of Medicare patients they treated. The estimates imply a volume elasticity of 1.2. To accommodate greater volume, hospitals increased nurse employment, but also lowered length of stay.

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.

Preferences of Cancer Survivors for Follow-Up Care: A Systematic Review of Discrete Choice Experiments.

Cancer survivors frequently encounter multiple challenges, including physical, psychological, social, emotional, and financial difficulties. These challenges significantly impact their quality of life and recovery process. This systematic review intends to delineate and assess the evidence gathered from discrete choice experiments, aiming to unravel the preferences of cancer survivors towards their follow-up care. A systematic literature review was conducted across PubMed, Web of Science, Embase, CINAHL, PsycINFO, CNKI, Wanfang, and SinoMed databases up to July 2024. Two reviewers independently conducted the screening, data extraction, and quality appraisal of the studies. The collected data were synthesized through a narrative approach. Additionally, semi-quantitative analyses were used to evaluate the frequency, importance, and significance of each attribute. Eight studies conducted across four countries were analyzed, yielding 41 distinct attributes grouped into eight main categories and 14 subcategories, further refined by subject matter. Despite the differences in payment systems between countries, the type of provider topped the list of preferences for cancer survivors' follow-up care. Next in preference was the contact modality. Service quality (comprehensive plans, personalized service, detailed information) was also valued. However, opinions diverged on continuity, additional support, and service frequency. The attributes of follow-up care preferences integrated in this review demonstrate a diverse range among cancer survivors. Generally, they prioritize skilled professionals, flexible contact modality, and other high-quality follow-up care elements. Future studies should analyze cancer survivors' preferences for follow-up care from the perspectives of different stakeholders, and further consider internal and external factors to ensure authentic decision making.

Financial Innovation through CBDC – A New Era of Digital Payments in India

India, in the recent few years has witnessed a revolution in the field of payment system through innovative digital business models. Banks in India are collaborating with third-party providers to boost innovation in the payment ecosystem. Technology is evidently evolving in parallel with the end user, and use cases are increasing with the emergence of new avenues of payments. Payments form the core of any financial institution and it’s becoming imperative for central banks to provide avenues that offer new world functionalities for relevance. Central Bank Digital Currency (CBDC) is one such avenue that aims to help central banks facilitate financial services widely. The Government of India announced the launch of the Digital Rupee — a Central Bank Digital Currency (CBDC) from Financial Year 2022-23 onwards. The RBI foresees e-Rupee, an Indian CBDC as the next-generation payment mode that is seamless, ubiquitous and anonymous, delivering customers value and a satisfying experience. The present study attempts to bring out the conceptual framework of Indian CBDC and the future of digital payment system that would provide the country a boost towards growing as an economically strong nation in the world.

Payment systems innovations, substitutive effects, and the real economy: The intervening role of currency holdings and excess reserves

Payment systems innovations, substitutive effects, and the real economy: The intervening role of currency holdings and excess reserves

Relative-Value Units in Arthroplasty: Past, Present, and Future

Relative value units (RVUs) were first introduced by the Omnibus Budget Reconciliation Act of 1989 to standardize physician compensation based on the effort, skill, and resources required for medical services. This methodology replaced the "usual, customary, and reasonable" standard, which reduced variability in payments across providers. RVUs are comprised of physician work, practice expenses, and malpractice costs. In arthroplasty, declining inflation-adjusted reimbursements for total hip and knee replacements are primarily due to a lack of inflation adjustments, rather than nominal decreases values of RVUs values or the Medicare Conversion Factor. While value-based care models like the Comprehensive Care for Joint Replacement initiative and the Merit-Based Incentive Payment System aim to link RVU-based payments with quality and cost metrics, compensation remains largely tied to fee-for-service models. Major challenges include inadequate compensation for revision arthroplasty and the administrative burden of RVU management. Despite its limitations, the RVU system has enhanced transparency in physician reimbursement, though improvements are needed to better align financial incentives with value-based care principles in orthopaedics.

FINANCIAL TECHNOLOGY, BANK INTERMEDIATION, AND PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA

The performance of the small and medium-scale enterprises is a function of internal and external factors, which are challenges for the enterprises to consider in their internal operations that spur the contribution to economic development. The inability to align with financial technology and the availability of bank intermediation prowess could retard their supposed contribution to economic development due to poor levels of performance. In the peculiarity of these challenges, this study examines the combined effect of financial technology and bank intermediation on small and medium-scale enterprises' performance. The study adopted time series data from the Central Bank Statistical Bulletin from 2019 to 2022 but was converted to quarterly data to accommodate the ordinary square least regression. The findings from the short-run results in accordance with the bound test revealed that point-of-sale, loan-to-deposit ratio, liquidity ratio, and interest rate have a positive significant effect on credit for small and medium-scale enterprises, while automated teller machines and deposit mobilization have a negative significant effect on credit for small and medium-scale enterprises. It is therefore recommended that financial institutions also reconsider their reliance on ATMs in SME operations, as it has a substantial negative impact. Encouraging web-based payment systems could also be beneficial, though further studies are needed to assess their full potential. Strengthening financial indicators like loan-to-deposit ratios and liquidity ratios should be prioritized to enhance credit provision. Additionally, financial institutions should explore alternative deposit mobilization strategies that do not constrain credit flow to SMEs. Keywords: Financial Technology; Bank Intermediation; SME’s Performance; Interest Rate

National Health Insurance Claim of Pediatric Appendectomy With Mandatory Diagnosis-Related Group Payment System in Korea

IntroductionEnforcement of diagnosis-related group system for appendectomy under the National Health Insurance Service has gradually widened and since July 2013 it has been enforced in all medical institutions in Korea. We have analyzed Health Insurance Review & Assessment Service data to observe changes in claim patterns of pediatric appendectomy during this period. MethodsAll claims data for appendectomy of patients younger than 18 y from 2011 to 2015 were collected. We analyzed the following factors of all cases: age, gender, length of hospital stay, medical cost, method of insurance claim and region. ResultsA total of 112,143 claims were made for appendectomy during the study period. In that, 66,510 (59.3%) were boys and 45,633 (40.7%) were girls. Median length of stay was 5 d and median sum of reimbursement of each claim was 2,198,630 won. Annual number of claims for appendectomy showed a steady decline from 24,888 in 2011 to 19,070 in 2015. Median sum of reimbursement of each claim was 1,862,615, 1,975,500, 2,233,360, 2,376,700, and 2,468,000 won, respectively from 2011 to 2015. Reimbursement for complicated appendectomy increased from 4400 out of 24,888 cases (17.7%) in 2011 to 3865 out of 19,070 cases (20.3%) in 2015. Overall medical cost of all reimbursement for pediatric appendectomy increased from 46,113,202,580 to 47,572,253,300 won. ConclusionsFollowing the universal enforcement of the diagnosis-related group claim system for appendectomy by the National Health Insurance Service, we observed an increase in the median sum of reimbursement per claim and a rise in the rate of claims for complicated appendectomies. These changes were associated with an overall increase in national medical costs.

Retail CBDC: Implications for Banking and Financial Stability

This article reviews the literature examining how the introduction of a retail central bank digital currency (CBDC) would affect a modern economy, focusing on the implications for the banking sector and for financial stability. A CBDC can improve welfare by reducing financial frictions, countering market power in deposit markets, encouraging financial inclusion, and enhancing the payment system. However, a CBDC also entails noteworthy risks, including the possibility of bank disintermediation and associated contraction in bank credit, as well as potential adverse effects on financial stability. The recycling of the new CBDC liability through asset purchases or lending by the central bank plays an important role in determining the economic consequences of the introduction of a CBDC, raising fundamental questions about the footprint of central banks in the financial system. Ultimately, the effects of a CBDC depend critically on its design features, particularly remuneration.

FinTech and Sustainable Finance: How is FinTech Shaping the Future of Sustainable Finance?

This research explores the transformative role of Financial Technology (Fintech) in advancing sustainable finance, focusing on the opportunities and challenges it presents. As the global financial landscape increasingly emphasizes sustainability, Fintech innovations such as blockchain, artificial intelligence (AI), and digital payment systems are helping to democratize access to green investments, enhance transparency in Environmental, Social, and Governance (ESG) reporting, and promote financial inclusion. By examining case studies and reviewing key technological advances, the study highlights how Fintech platforms contribute to areas like carbon trading, renewable energy crowdfunding, and ESG risk assessment. However, significant challenges persist, including regulatory fragmentation, cybersecurity risks, and the digital divide, which limit the widespread adoption of Fintech-driven sustainability solutions. The findings offer valuable insights for policymakers, financial institutions, and Fintech startups, stressing the need for supportive regulatory frameworks, global standards, and stakeholder collaboration to maximize Fintech's potential in achieving sustainable development goals. Future research directions are also identified, with a focus on regulatory advancements, social sustainability, and cross-border innovations.

Cloud Computing in Financial Technology: Applications and Challenges

In the rapid development of Financial Technology (FinTech), cloud computing technology has played a crucial role. This paper aims to explore the applications of cloud computing in the field of FinTech, including payment systems, banking operations, investment management, insurtech, and regulatory technology. At the same time, this paper will also analyze the challenges brought by these applications, such as data security and privacy protection, regulatory compliance, technological dependence and risk management, and technological integration and migration issues. Through an in-depth analysis of these challenges, this paper aims to propose effective solutions and best practices to promote the healthy development of cloud computing in FinTech. The importance of the research lies in the fact that with the continuous innovation of FinTech, cloud computing has become a key factor in driving the transformation of financial services, and understanding and addressing related challenges is crucial for ensuring the stability and security of the financial system. The structure of this paper will be unfolded according to the technical foundation of cloud computing, application cases, challenge analysis, solutions, and future trends, to provide a comprehensive perspective.

Analysis of the Influence of Consumer Trust, Perceived Benefits, and Usage Risks on QRIS User Satisfaction with Ease of Use as a Mediating Variable: A Case Study of Jatinegara District, East Jakarta

This research aims to analyze the influence of consumer trust, benefits, and risks on user satisfaction with QRIS (Quick Response Code Indonesian Standard) through ease of use. In today’s era, payment or transaction systems are mostly conducted online using QR code scanning. Therefore, this research focuses on understanding the extent to which trust affects consumer satisfaction in using QRIS as a payment tool and explores the benefits of QRIS usage for the community. Additionally, the research assesses the impact of risks associated with using QRIS on user satisfaction. Ease of use serves as a mediating factor contributing to user satisfaction as the final outcome. The research employs stratified sampling as the sampling method. Data collection methods include interviews, observations, and distributing questionnaires. The analysis is conducted using SmartPLS 4 with Path Coefficient testing to measure the direct influence of independent variables on the dependent variable. The final results of this study are expected to provide insights specifically for QRIS service providers and developers.

Examining the Writings of Satoshi Nakamoto: A Monetary Analysis of the Bitcoin Protocol

ABSTRACT This paper considers the design of the Bitcoin protocol from a monetary perspective. To this end, it relies heavily on the publications of the creator(s) of Bitcoin, Satoshi Nakamoto, on different mailing lists and forums. It first expounds the political and economic motives which led Nakamoto to build an electronic system of payment based on ‘proof’ rather than on ‘trust’. Then, it considers the predetermined nature of the issue of bitcoins and support the view that one consequence of this issuing rule is that the bitcoin has no ‘monetary standard’ in any of the senses that have been attributed to this term in the literature. Finally, it deals with the concept of ‘synthetic commodity money’ and the widespread comparison of bitcoin to the Iraqi Swiss dinar. The conception of the monetary standard as a measure of the appreciation or depreciation of money is then used to distinguish the bitcoin from the Iraqi Swiss dinar.

A Study on Consumer Preference of UPI With Reference to Ahmedabad City

This study investigates the associations between age and preferences for various payment methods, particularly focusing on Unified Payments Interface (UPI). Utilizing a quantitative approach, we tested multiple alternative hypotheses to explore how age influences payment preferences and perceptions. Results indicate that younger consumers tend to favor UPI due to its convenience, while older adults exhibit a preference for traditional payment methods such as debit and credit cards. Concerns about security and usability are notably more pronounced among older users, suggesting the need for tailored educational initiatives and user-friendly designs. The findings contribute to existing consumer behavior theories by integrating age as a critical factor in technology adoption. Practical implications emphasize the importance of targeted marketing strategies, enhanced user experiences, and effective communication regarding security features to foster greater acceptance of digital payment systems across all demographics. Recommendations for future research include longitudinal studies, cross-cultural comparisons, and an exploration of emerging technologies in the payment landscape. Understanding these dynamics is crucial for stakeholders aiming to enhance digital payment adoption and ensure inclusivity in the financial ecosystem