scholarly journals EVOLUTION OF THE USE OF ELECTRONIC PAYMENT INSTRUMENTS: FINANCIAL AND LEGAL ASPECT

2020 ◽  
Vol 33 (20) ◽  
pp. 82-87
Author(s):  
M.A. Pozhydaeva
Keyword(s):  
Legal Aspect ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Money ◽  
Electronic Payments ◽  
Goods And Services ◽  
The United Kingdom ◽  
Payment Instruments ◽  
History Of ◽  
Xix Century

The evolution of the use of electronic payment instruments from a finance law position is analyzed in the article. In the context of the latest technology dynamic introduction in the field of payments, the beginning of the history of modern electronic payment instruments can be conditionally linked to the creation of the London Clearing House in 1775 in the United Kingdom and the subsequent active use in the calculation of promissory notes and cheques, as well as other payment documents on the basis of the clearing. At the same time, we propose to periodize the evolution of the use of electronic payment instruments in the calculation of foreign and domestic experience, which includes three main stages: Stage I (end of the XVIII century – end of the XIX century) formation of legal preconditions for the birth of the first electronic payment instruments in the form of promissory notes and cheques, as well as payment documents on the basis of clearing; Stage II (XX century) electrification of payment transactions with the support of their electronic means of payment (bank cards, mobile payment instruments), electronic purses for initiating payments, as well as the use of the first electronic money in order to pay for goods and services. Stage III (XXI Century – nowadays) digitization of payments, characterized by the active use of contactless chipped cards, contactless mobile instruments, electronic money, electronic payment means based on widespread electronic payments in the world of electronic payment ecosystems, such as PayPal (1998), Payoneer (2005), Skrill (2001), Stripe (2009), TransferWise (2010), etc., virtual money in the form of virtual currencies, Quick Response codes, and the introduction of digital currencies of central banks. The suggested periodization of the evolution of electronic payment instruments is based on historical facts, economic conditions, the introduction of the latest financial technologies, national preferences, and the legislation development in the field of payments. At the same time, the genesis specificity of the use of electronic payment instruments in Ukraine is conditioned by the imperfect special law on payment systems and the transfer of funds, which, unfortunately, does not meet the current international and European Union standards. Therefore, there is an urgent need to reform outdated domestic legislation in the field of payments by adopting a new Law of Ukraine «On Payment Services». Keywords: electronic payment instrument, electronic means of payment, use of electronic payment instruments, electronic payment instruments evolution, financе law.

scholarly journals Evolution of the use of electronic payment instruments: financial and legal aspect

2020 ◽  
pp. 82-87
Author(s):  
M.A. Pozhydaeva
Keyword(s):  
Legal Aspect ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Money ◽  
Electronic Payments ◽  
Goods And Services ◽  
The United Kingdom ◽  
Payment Instruments ◽  
History Of ◽  
Xix Century

The evolution of the use of electronic payment instruments from a finance law position is analyzed in the article. In the context of the latest technology dynamic introduction in the field of payments, the beginning of the history of modern electronic payment instruments can be conditionally linked to the creation of the London Clearing House in 1775 in the United Kingdom and the subsequent active use in the calculation of promissory notes and cheques, as well as other payment documents on the basis of clearing. At the same time, we propose to periodize the evolution of the use of electronic payment instruments in the calculation of foreign and domestic experience, which includes three main stages: Stage I (end of the XVIII century – end of the XIX century) formation of legal preconditions for the birth of the first electronic payment instruments in the form of promissory notes and cheques, as well as payment documents on the basis of clearing; Stage II (XX century) electronization of payment transactions with the support of their electronic means of payment (bank cards, mobile payment instruments), electronic purses for initiating payments, as well as the use of the first electronic money in order to pay for goods and services. Stage III (XXI Century – nowadays) digitization of payments, characterized by the active use of contactless chipped cards, contactless mobile instruments, electronic money, electronic payment means based on widespread electronic payments in the world of electronic payment ecosystems, such as PayPal (1998), Payoneer (2005), Skrill (2001), Stripe (2009), TransferWise (2010), etc., virtual money in the form of virtual currencies, Quick Response codes, and the introduction of digital currencies of central banks. The suggested periodization of the evolution of electronic payment instruments is based on historical facts, economic conditions, the introduction of the latest financial technologies, national preferences and the legislation development in the field of payments. At the same time, the genesis specificity of the use of electronic payment instruments in Ukraine is conditioned by the imperfect special law on payment systems and the transfer of funds, which, unfortunately, does not meet the current international and European Union standards. Therefore, there is an urgent need to reform outdated domestic legislation in the field of payments by adopting a new Law of Ukraine «On Payment Services».

17. Electronic payments and cryptocurrency

2019 ◽  
pp. 438-452
Author(s):  
Andrew Murray
Keyword(s):  
Electronic Commerce ◽  
Credit Cards ◽  
Legal Environment ◽  
Electronic Payment ◽  
Payment Systems ◽  
Considerable Time ◽  
Electronic Money ◽  
Electronic Payments ◽  
Payment Methods ◽  
Online Payment

This chapter examines online payment methods, including the use of tokens, in electronic commerce. It first provides an overview of token payments before looking at alternative electronic payment systems including debt substitution, payment by credit cards, and fund transfer. The chapter reviews the failure of the European Commission’s Electronic Money Directive 2000 and examines whether the current law, found in the 2009 Electronic Money Directive, is likely to provide a better legal environment for electronic money to flourish. It spends considerable time looking at the development of cryptocurrencies, including bitcoin and how blockchain is used to establish trust in cryptocurrency transactions, before concluding with an analysis of the law in relation to cryptocurrency.

Evolution, Development and Growth of Electronic Money

2011 ◽  
pp. 249-268
Author(s):  
A. Seetharaman ◽  
John Rudolph Raj
Keyword(s):  
Risk Management ◽  
Rapid Change ◽  
Management Approach ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Cash ◽  
Electronic Money ◽  
Electronic Payments ◽  
Problems And Solutions

Traditional cash has long been envisioned to be replaced with ‘virtual’ or electronic cash. Electronic money and electronic payment systems for retail transactions are commanding widespread attention. Undeniably, electronic payment cites advantages such as efficiency and convenience to the consumers. However, with the rapid change and advances in technology, has posed significant risks, related to ensuring security and integrity of electronic payment systems in today’s cyber world. Therefore, this study attempts to understand the role of electronic payments for consumers, and to identify the problems and solutions in the emergence of electronic payments. This study also explores the challenges of electronic payments from a security perspective, in particular, and provides preliminary security countermeasures for each of the issues discussed. Beside that, the study also discusses further on the prospects of electronic payment systems. It is essential to put in place an integrated, overall risk-management approach to security, including independent security assessments as one of the components in the use of electronic payment products.

scholarly journals Препоруке за бржи развој електронског банкарства у делу електронских плаћања у Црној Гори // Recommendations for the faster development of e-banking in the area of electronic payments in Montenegro

2013 ◽  
Vol 11 (18) ◽  
pp. 271 ◽  
Author(s):  
Биљана Рондовић ◽  
Саша Вујошевић ◽  
Зденка Драгашевић
Keyword(s):  
Cash Flows ◽  
Electronic Payment ◽  
Electronic Money ◽  
Banking Services ◽  
Electronic Payments ◽  
National Importance ◽  
Payment Instruments ◽  
Level Of Use ◽  
The One ◽  
Faster Development

Резиме: Анализа тренутног стања електронског банкарства, анализа фактора који детерминишу тај развој, те праћење тенденција на овом пољу треба да буде тема од националног значаја за Црну Гору. Из тог разлога, циљ овог рада је да прикаже тренутну, незавидну ситуацију на пољу електронског банкарства, са фокусом на степен употребе инструмената електронских плаћања, потом да анализира ограничења за ширу употребу електронског новца на овим просторима, и на крају да афирмише употребу електронских средстава плаћања у Црној Гори.Рад је настао као резултат, са једне стране, све веће потребе за популаризацијом новчаних токова заснованих на дигитализацији, јер финансијски системи у Црној Гори постају сложенији и захтевнији, а са друге стране као резултат потребе да се уоче и отклоне веће несавршености везане за правила, стандарде и уобичајене токове класичних плаћања који су све мање ефикасни.Summary: Analysis of the current situation regarding the development of e-banking, the analysis of factors that determine the development and monitoring of trends in this field, should be a topic of national importance in Montenegro. For this reason, the aim of this paper is to show the current, very unenviable situation in the field of electronic banking services, focusing on the level of use of electronic payment instruments, as well as to analyze the constraints for the wider use of electronic money in this area, and finally, to make recommendations for the promotion of increased use of electronic means of payment in Montenegro.The paper is created as the result of the growing need for popularization of cash flows based on digitization, on the one hand, because financial systems in Montenegro are becoming more complex and demanding. On the other hand, it’s a result of the need to detect and remove major imperfections related to the rules, standards and the usual classical payments that are less effective.

DEVELOPMENT OF ELECTRONIC PAYMENT SYSTEMS IN A PANDEMIC: ANALYSIS OF THE STATE AND FIRECASTING THE CONSEQUENCES

2021 ◽  
Vol 1 (5) ◽  
pp. 112-117
Author(s):  
V. V. TADTAEVA ◽  
◽  
B. E. BAGAEV ◽  
A. A. BESAEVA ◽  
A. E. KALMANOVA ◽  
...  
Keyword(s):  
The State ◽  
Economic Life ◽  
Modern World ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Money

Money is an integral part of the economic life of society. Payments are made both in cash and in non-cash form. During the COVID-19 epidemic, the use of electronic payment systems became the most profitable. The article examines the role of electronic money in the modern world in the context of a pandemic. Is given a rating of e-payment systems in Russia for 9 months. 2020.

Electronic Payment

2011 ◽  
pp. 1341-1348 ◽  
Author(s):  
Marc Pasquet ◽  
Sylvain Vernois ◽  
Wilfried Aubry
Keyword(s):  
Specific Form ◽  
Historical Evolution ◽  
Future Trends ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Money ◽  
Main Thrust ◽  
General Overview ◽  
The World ◽  
General Architecture

Money has two main forms nowadays: the fiduciary money (coins, banknotes…) and the scriptural one (electronic or virtual). To pay goods, both are used. The electronic money, one specific form of the scripting money, is more and more used everywhere in the world. Electronic payment has many particularities: specific infrastructure, equipment, and software, new forms of regulations, technical agreements, normalizations, fraud limitations… The objective of this chapter is to present a general overview of electronic payment. The background section presents its historical evolution. In the main thrust, the chapter focuses first on the general architecture of electronic payment. Second, different authorization mechanisms for the processing of the banking transaction and for fraud prevention are detailed. Future trends stress the different research topics that should be investigated, especially concerning the SEPA program (Single Euro Payments Area), which will harmonize bank payment systems in Europe through 2012.

scholarly journals Indonesian Household Payment Choice: A Nested Logit Analysis

2020 ◽  
Vol 9 (s1) ◽  
pp. 291-313
Author(s):  
Nur Annisa Hasniawati ◽  
Eva R. Lase ◽  
Akhis R. Hutabarat
Keyword(s):  
Credit Cards ◽  
Nested Logit ◽  
Logit Analysis ◽  
Mobile Banking ◽  
Electronic Payment ◽  
Electronic Money ◽  
Substitution Pattern ◽  
Household Data ◽  
Payment Instruments ◽  
Cash Payment

AbstractWe examine the preferences of respondents for six types of payment instruments, namely cash, debit and credit cards, card and server-based electronic money, and internet or mobile banking. By applying a nested logit model to 500 household data covering six provincial capitals in Indonesia, we find that the decision to choose payment instruments is made sequentially. Socio-economic characteristics, including education, age, income, and transaction objectives or functionality have a significant effect on the probability of using non-cash electronic payment instruments. We find a substitution pattern between payment instruments, not only between cash and non-cash instruments but also between non-cash instruments. In light of these findings, appropriate payment system policies are in order to hasten the use of non-cash payment.

scholarly journals APPLE, SAMSUNG И ANDROID PAY: FEATURES OF CONTACTLESS MOBILE PAYMENT SYSTEMS AND THE PROSPECTS FOR THEIR IMPLEMENTATION IN RUSSIA

2017 ◽  
Vol 11 (3) ◽  
pp. 126-135
Author(s):  
Анна Силаева ◽  
Anna Silaeva ◽  
Георгий ИГНАТЕНКОВ ◽  
Georgij IGNATENKOV
Keyword(s):  
Mobile Phones ◽  
Financial Services ◽  
Mobile Payment ◽  
Strategic Analysis ◽  
Competitive Advantages ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Payments ◽  
Important Trend ◽  
Stable Growth

In recent years, the several trends are stable: growth in sales through mobile phones, increasing the share of cashless payments, access to the market for electronic payment companies that have never provided financial services before, and the simplification of tariff schedules. An important trend is the emergence of mobile payment systems, such as Apple Pay, Android Pay, Sam-sung Pay. Unfortunately, there are many myths around such services, as well as misunderstandings about how they work, for what they are in need, what they bring to the market, and whether they bring security and confidentiality. The presented material is devoted to the development of innovative technologies and services in the field of electronic payments. The relevance of the declared issue is determined by the active development of contactless payment technology in Russia, which is a good example of a symbiosis of the bank's work, payment system and telephone. Contactless payment with a mobile phone will be a step towards a denial of cash. The article reveals the essence of these payment systems, the features of their use, the competitive advantages of contactless mobile payment systems. Also, the authors discusses the implementation of these payment systems in Russia's realities, notes the problems that they may face in the process of implementation and use. The article uses methods of strategic analysis, content analysis, analysis of documents and observations. The features of the introduction and development of contactless mobile pay-ment systems identified during the research can be considered as a basis for further research in this field.

Bankcard Payment System in the People's Republic of China

2011 ◽  
pp. 184-200
Author(s):  
Michelle W. L. Fong
Keyword(s):  
Emerging Market ◽  
Payment System ◽  
Public Confidence ◽  
Open Market ◽  
Electronic Payment ◽  
Payment Systems ◽  
Technological Support ◽  
Republic Of China ◽  
Goods And Services ◽  
Electronic Payment System

An efficient payment system is necessary to support efficient trading in goods and services within open market economies. Information technology has been used by many of these economies to achieve efficiency in their payment systems. The Peoples Republic of China, an emerging market economy, regards an efficient electronic payment system as imperative for economic liberalization, for supporting low cash usage and improving monetary control within the economy. By means of the Golden Card project, it aimed for a flexible, convenient, fast, secure and seamless electronic payment system beneficial to economic performance. Although efficiencies in the electronic payment system were achieved in some of the developed regions, there have been teething problems such as low public confidence in the system, weak technological support and inadequate regulatory framework that prevent the full realization of a supportive payment system for overall economic development.

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