New views on classification of payment systems in the context of modern functioning and development
Journal Title: Формування ринкових відносин в Україні. Збірник наукових праць - Year 2019, Vol 3, Issue 3
Abstract
The scope of financial services is undergoing constant changes as a result of global dyzitalization of the economy. This factor has a great influence on the development and functioning of payment systems in Ukraine. Such transformations are reflected in the classification of payment systems. In our opinion, a detailed classification of payment systems will make it possible to understand more deeply all the innovations that are taking place in payment systems, which in turn will have a positive effect on their further development, while users of the payment system will receive a payment service of a higher quality, reliable, secure, out of duty legislative regulation. It is worth noting that any financial institution that currently provides payment services is interested in expanding and attracting new customers, which in turn leads to the emergence of new payment systems. Another important factor is that every year our economy is becoming more and more digital and globalized. And payment systems also change, because time does not stay in place. Therefore, taking into account the above–mentioned factors of influence on the sphere of payment services, we have revised previously introduced scholars different classification of payment systems, and proposed his vision of such a classification. The article presents new views on the classification of payment systems in the new modern conditions and proposed a shortened and expanded classification. At the same time, the experience of domestic and international practitioners in the sphere of payment services, as well as research and conclusions of scientists from both the economic and legal points of view were taken into account when illuminating and disclosing this issue. The influence of dedjitalization and globalization of the economy on the current and future functioning of domestic payment systems was also outlined, different approaches to the classification of payment systems were considered, and perspective directions and main trends of payment systems development were determined.
Authors and Affiliations
I. P. SYTNYK
Keywords
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- EP ID EP587022
- DOI 10.5281/zenodo.2678031
- Views 104
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