Alternative payments – taxonomy, development, and related risks
Journal Title: BEZPIECZNY BANK - Year 2017, Vol 69, Issue 4
Abstract
Alternative payment methods become more and more popular among customers. Today, there is over 300 alternative payment schemes and more than 200 alternative payment methods what makes understanding the alternative payments difficult. Today APMs are the initial stage of their development. Despite the growing interest in alternative payment methods and instruments, there is still a lack of commonly accepted definition and precise market data. The purpose of the paper is to identify the alternative payment methods, provide their taxonomy, assess their development and describe associated risks of frauds. The review of APMs classification shows that they use different criteria: objective, subjective or combined. The paper proposes the definition that has changed those paradigms and has focused on payments’ innovativeness and their ability to fulfil customers’ expectations. The lack of homogenous taxonomy makes the assessment of the stage of APMs development difficult, but the paper presents the probe of such assessment based on the data of APMs usage in different regions of the world. The paper also identify frauds and threats related to APM : phishing, goods wheedling, keylogger software, malicious software, partner and DBOD risks. In the final part it discusses the factors influencing APMs further development such as new regulations, developing multichannel platforms and new business models, changes in consumer behaviour and concerns about the security. The results of the study are based on the critical analysis of available, not extensive existing literature regarding alternative financial services (including payments), statistical data of research companies and institutions altogether with consultancy firms’ reports.
Authors and Affiliations
Monika Klimontowicz, Janina Harasim
Keywords
Related Articles
- EP ID EP272829
- DOI 10.26354/bb.3.4.69.2017
- Views 81
- Downloads 0
Funding of Banks in Resolution
The article presents the outcome of the research executed by the author, which formed the position of the European Financial Congress (EFC) in relation to the Financial Stability Board’s consultative document on Funding...
Two Years of the Bank Tax in Poland – an Analysis of Effects
The main purpose of the paper is an attempt to assess the effects of introducing a bank levy in Poland on selected indicators of the banking sector using the difference-in-differences method. The employment of the differ...
Governance, Cohesion and Banking in Spain from a Spatial Perspective
During the global financial crisis, regional banks – dependent on local savings and only able to lend these savings to customers within their respective regions – helped avoid a credit crunch in some countries; while in...
Nadzór religijny nad muzułmańskimi instytucjami finansowymi
Artykuł traktuje o uwarunkowaniach i cechach ładu korporacyjnego w muzułmańskich instytucjach finansowych. Ład ten, przyjmuje za swą bazę cele i zadania wypływające z religijnej oraz społeczno-ekonomicznej doktryny islam...
Uwarunkowania regulacyjne prowadzenia działalności przez banki spółdzielcze w Polsce
Globalny kryzys finansowy oddziaływał na polskie banki spółdzielcze jedynie w sposób pośredni, jednak po kryzysie sytuacja banków spółdzielczych zaczęła się pogarszać. Na taki stan rzeczy wpływ miały liczne zmiany zachod...