A study on electronic payments and economic growth: Global evidences

Accounting ◽  
2021 ◽  
pp. 409-414 ◽  
Author(s):  
Abdullah Aldaas
Keyword(s):  
Economic Growth ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Payments ◽  
Financial Transactions ◽  
The Relationship ◽  
Country Specific

This study focuses on the relationship between economic growth and electronic payment systems based on a sample of countries from across the globe. The study is relevant considering the importance of payment systems in financial transactions and also because, being an evolving area, it is not much studied in literature. The study initially refers to the concept, types and other features of electronic payment systems and later on analyses the macroeconomic data from countries across the globe. No concrete evidence is found supporting or rejecting the relationship between electronic payment systems and economic growth which can be inferred as country specific issue.

A Resourceful Approach in Security Testing to Protect Electronic Payment System Against Unforeseen Attack

2021 ◽  
pp. 1279-1302
Author(s):  
Rajat Kumar Behera ◽  
Abhaya Kumar Sahoo ◽  
Ajay Jena
Keyword(s):  
Personal Information ◽  
Developed Countries ◽  
Test Case ◽  
Electronic Payment ◽  
Security Testing ◽  
Electronic Payments ◽  
Malicious Attack ◽  
Digital Era ◽  
Security Test ◽  
Financial Transactions

This article describes how electronic payments are financial transactions made over the internet for goods or services. In the digital era, the e-commerce industry has gone beyond the traditional in-store service due to the wide spread of internet-based shopping. Developed countries are greatly relying on e-commerce business and a sizable number of countries have shown concern in regard to the online payment cards such as credit cards, debit cards, e-cash, e-cheques, e-wallets and smart card security. The main downsides are concerns over privacy or a malicious attack and hence safeguard mechanisms are required to protect personal information from falling into the hands of intruders. Before commercializing electronic payment systems (EPS), security tests play a significant role in the software development life cycle to check whether the system is secure and it is safe to use. A resourceful approach covering security policies, secure coding, security attack prevention methodology, security testing tool, security testing metrics, security test case prioritization techniques and a model for effective project management methodology are presented in this article. Early detection and resolution of security weaknesses can be achieved with the authors' proposed approach and would certainly reduce the time, effort and cost of a project. The proposed approach is likely the best-fit implementation of the payment industry, covering channels like B2C (Business to Consumer), C2C (Consumer to Consumer), C2B (Consumer to Business), B2B (Business to Business), People to People (P2P), G2C (Government to Citizen) and C2G (Citizen to Government).

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.

scholarly journals Inflation and Economic Growth: a Review of The International Literature

2017 ◽  
Vol 20 (3) ◽  
pp. 41-56 ◽  
Author(s):  
Foluso A. Akinsola ◽  
Nicholas M. Odhiambo
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Negative Relationship ◽  
Threshold Level ◽  
Data Set ◽  
Developed Economies ◽  
The Impact ◽  
The Relationship ◽  
Over Time ◽  
Country Specific

This paper surveys the existing literature on the relationship between inflation and economic growth in developed and developing countries, highlighting the theoretical and empirical indications. The study finds that the impact of inflation on economic growth varies from country to country and over time. The study also finds that the results from these studies depend on country‑specific characteristics, the data set used, and the methodology employed. On balance, the study finds overwhelming support in favour of a negative relationship between inflation and growth, especially in developed economies. However, there is still much controversy about the specific threshold level of inflation that is appropriate for growth. Most previous studies on this subject just assume a unidirectional causal relationsship between inflation and economic growth. To our knowledge, this may be the first review of its kind to survey, in detail, the existing research on the relationship between inflation and economic growth in developed and developing countries.

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.

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 A Reassessment of the Relationship Between Inequality and Growth

2000 ◽  
Vol 90 (4) ◽  
pp. 869-887 ◽  
Author(s):  
Kristin J Forbes
Keyword(s):  
Economic Growth ◽  
Income Inequality ◽  
Negative Relationship ◽  
Data Set ◽  
Omitted Variable Bias ◽  
Specific Effects ◽  
Variable Bias ◽  
Time Invariant ◽  
The Relationship ◽  
Country Specific

This paper challenges the current belief that income inequality has a negative relationship with economic growth. It uses an improved data set on income inequality which not only reduces measurement error, but also allows estimation via a panel technique. Panel estimation makes it possible to control for time-invariant country-specific effects, therefore eliminating a potential source of omitted-variable bias. Results suggest that in the short and medium term, an increase in a country's level of income inequality has a significant positive relationship with subsequent economic growth. This relationship is highly robust across samples, variable definitions, and model specifications. (JEL O40, O15, E25)

Economic growth and market-based financial systems: a review

2015 ◽  
Vol 32 (2) ◽  
pp. 235-255 ◽  
Author(s):  
Sheilla Nyasha ◽  
N.M. Odhiambo
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Causal Relationship ◽  
Financial Development ◽  
Design Methodology ◽  
Data Sets ◽  
Financial Systems ◽  
Content Type ◽  
The Relationship ◽  
Country Specific

Purpose – This paper aims to survey the existing literature on the causal relationship between market-based financial development and economic growth – in both developed and developing countries, highlighting the theoretical and the empirical evidence. Design/methodology/approach – The paper divides financial development into bank-based and market-based financial development, and it closely reviews the international literature on the relationship between market-based financial development and economic growth. Findings – The direction of causality between market-based financial development and economic growth varies from one country to another, depending on various country-specific characteristics, data sets and the methodology used by the researcher. On balance, there is predominant support for the supply-leading response, where the development of the market-based financial sector is expected to precede the development of the real sector. Originality/value – This review differs fundamentally from previous reviews, in that it divides financial development into bank-based and market-based financial development, and it focuses closely on market-based financial development and economic growth. The majority of the previous studies on this subject failed to make such a distinction, thereby focusing mainly on the general causal relationship between the overall financial development and economic growth. To the best of the authors' knowledge, this may be the first review of its kind to survey the existing research in detail on the causal relationship between market-based financial development and economic growth, in both developed and developing countries.

scholarly journals INTERNATIONAL EXPERIENCE OF ELECTRONIC PAYMENT SYSTEMS USING IN UKRAINE

2018 ◽  
pp. 149-153
Author(s):  
Vladyslavа Lisniak
Keyword(s):  
General Scheme ◽  
The State ◽  
Electronic Payment ◽  
Payment Systems ◽  
Basic Principles ◽  
Research Attention ◽  
Electronic Payments ◽  
Advantages And Disadvantages ◽  
The Individual ◽  
Effective Development

Introduction. In the course of this research attention was paid to the study of theoretical and practical aspects of the development of electronic payment systems in the world and in Ukraine. The general scheme of electronic payment system work is considered. The dynamics of payments by means of electronic payment systems on the territory of Ukraine is determined. The basic principles of electronic payment systems activity are substantiated. The advantages and disadvantages of electronic payments are considered. The results of the study can be used as practical recommendations for improving the electronic payment activities in Ukraine. Purpose. The purpose of this article is to study the development and status of electronic payment systems and their development in Ukraine. Method (methodology). The main tasks of the research are to consider the general theme of the work of electronic payment systems on the territory of Ukraine; analyze the dynamics of electronic settlements in Ukraine; to substantiate the basic principles of the activity of electronic payment systems; to identify the advantages and disadvantages of electronic payments. Results. The use of electronic payment systems is an extremely positive step towards the economic development of the state. After all, the rapid and effective development of electronic payment systems in Ukraine with the use of international advanced information has a number of advantages for the state economy as a whole and for the individual user in particular: reduction of cash circulation, increase of credit resources, development and wide access to the financial system, etc. It should also be noted that one more important advantage of electronic payments is saving time and minimizing fraud risks.

scholarly journals Trends and Challenges in Adoption of E-Payment Services in India

2020 ◽  
Vol 9 (4) ◽  
pp. 1048-1054
Keyword(s):  
Success Factors ◽  
Service Providers ◽  
Electronic Payment ◽  
Payment Systems ◽  
Research Directions ◽  
Electronic Payments ◽  
Raising Awareness ◽  
Public Sector Organizations ◽  
Payments Systems ◽  
Payment Services

Electronic payment services are vastly growing market around the world due to its convenience and quickness. After demonetization in India during 2016, the proliferation payment systems reached the peak with in-house service providers and global operators explore here. The proposed analysis work focus on creating conscious about different factors related to e-Payment Systems with its cons, objections and security features. The historical data and referent have been taken out in order to acquire essential data about electronic payments systems. This study on outlook of e-payment systems was carried out following search of several research directions on digital payment services. As there are multiple service providers, the digital vision will be fully utilized only by raising awareness among people and society with the huge popularity of internet and technology. To realize their success parameters, it is vital to examine the strategies of general consumers, cyber merchants, network managers, banks and other public sector organizations. Disappointed experiences may lead to establishment of a new payment system. Our results highlight straight forward explanations of the success factors of electronic payment services in India based on variety of features. The study also reveals the popularity of e-payment services in India on various criteria

scholarly journals The Role of Electronic Payment Methods in Facilitating Money Transactions in Erbil City

2019 ◽  
Vol 3 (1) ◽  
pp. 7-14
Author(s):  
Dina A. AL-Saji
Keyword(s):  
International Markets ◽  
Payment System ◽  
Electronic Payment ◽  
Payment Systems ◽  
Payment Methods ◽  
Good Ability ◽  
Awareness Programs ◽  
Customer Services ◽  
Financial Transactions ◽  
Electronic Payment System

The emergence of e-commerce has created new financial needs that in many cases cannot be effectively fulfilled by the traditional payment systems. All interested parties are exploring various types of the electronic payment system and issues electronic payment system and digital currency. Therefore, I conducted research on the availability and variety of electronic payment methods in Erbil city, to see the extent of using them in financial transactions. The sample of the research included three banks (Cihan, RT, Byblos). The distributed questionnaires were 40 and collected just 31 were valid to statistically analysis. The questionnaire was designed according to the five-dimensional Likert scale. The SPSS program was used for statistical analysis to extract results Based on the results, the following the most important conclusions were achieved. The results showed that banks have a great interest in electronic payment methods to attract customers and improve customer services. Electronic payment methods are limited only to customers who have a good ability to handle the Internet. According to the results, we made a number of recommendations: Banks should pay attention to issuing new and modern electronic payment methods to attract new customers and follow developments in global markets. Banks and other specialized organizations should conduct awareness programs for clients on the importance and ease of using electronic payment methods in financial transactions in local and international markets.

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