Search

Technological evolution has encouraged migrating more and more towards the smart tech in every domain of human life activity, from being able to order a cab and watch the route followed on our smartphones to using our smartwatches to pay for groceries and even in niche domains like e-readers (electronic readers) everything is becoming smart, instead of having single purpose dedicated devices now any of our devices can fulfill most roles all others can. The electronic payment sector is one that has also seen a migration towards the smart, specifically, point of sale devices (POS) either fixed or mobile are more and more moving towards being either full computers running a general use operating system like Windows or Linux or smartphone/tablet style devices running Android. While the migration has advantages such as making it harder for an onlooker to steal credit/debit card PINs by randomizing the numeric keyboard there are serious security concerns associated with using general tech in processing e-transactions considering operating system or hardware vulnerabilities can be detected at any point and are easier to identify by malicious actors than on the classic POS devices which offered security through obscurity. This paper proposes an analysis of a mobile POS device (ZJIANG ZJ-6000) to gain a better understanding of the security situation of smart electronic payment devices.

Objective: to reveal the legal challenges impeding the smooth operation of electronic payment systems in Nigeria, given that Nigerian official bodies and individuals have already taken some steps to regulate the electronic payment system in the country, but the said step are insufficient.Methods: the study is built on several approaches to the issues of the legal regime of electronic payments in Nigeria. Alongside with the doctrinal interpretation of the legal framework regulating the relations associated with the use of electronic payment system, the authors used sociological cognitive tools and conducted a survey of respondents residing in different geopolitical zones of Nigeria. The description and analysis of the data obtained shows the actual attitude of the respondents to the ongoing processes.Results: international regulation and national legislation on electronic payments in force in Nigeria were examined. The study revealed that e-payments are an effective means of transactions but there are some legal challenges that may hinder the smooth use of e-payments in Nigeria. It was found that although the country has enacted a number of laws relating to the regulation of banking and other financial activities, they are not sufficient to address the challenges posed by modern technologies. The article reflects the issues of electronic signature, trust in technology, data privacy, security of electronic transactions, fraud, authentication and authorization, certainty of rights and obligations, jurisdiction and platforms for resolving online disputes, taxation of electronic payments, and others. The authors note that the task of creating a secure digital environment for the smooth operation of e-commerce and e-payments in Nigeria should not be solely imposed on the government.Scientific novelty: by the example of one of the most promising African states, the authors revealed a spectrum of issues related to the work of electronic payment systems, supporting it with a survey of public opinion. They managed to find out the citizens’ attitude to a number of issues that are most often faced when using the system of electronic payments, and possible areas of change.Practical significance: the current legal issues raised in the study largely hinder the smooth use of the electronic payment system in Nigeria. Hence, the possible ways to improve it suggested by the authors are increasingly significant.

The properties of money commonly referenced in the economics literature were originally identified by Jevons and Menger in the late 1800s and were intended to describe physical currencies, such as commodity money, metallic coins, and paper bills. In the digital era, many non‐physical currencies have either entered circulation or are under development, including demand deposits, cryptocurrencies, stablecoins, central bank digital currencies, in‐game currencies, and quantum money. These forms of money have novel properties that have not been studied extensively within the economics literature, but may ultimately determine which currencies prevail in the forthcoming era of currency competition. This review makes the first exhaustive attempt to identify and organize all properties of physical and digital forms of money. It examines both the economics and computer science literatures and categorizes properties within an expanded version of the canonical Jevons–Menger framework. [ABSTRACT FROM AUTHOR]

At present, the prevalence of mobile phones in the country and the availability of capabilities such as encryption, key generation, and authentication present an appropriate opportunity for a variety of payment platforms. The preparation of equipment and a comprehension of the technical possibilities and difficulties in this field are necessary to achieve this capability. This paper introduces a secure electronic payment system that utilizes the Kerberos cryptography protocol to guarantee authentication, integrity, and confidentiality. The system ensures secure transactions between users and merchants by utilizing the ticket-granting mechanisms of Kerberos and symmetric key encryption. It mitigates the risk of unauthorized access and fraud by guaranteeing that all parties are authenticated prior to the exchange of any payment information. This method addresses critical challenges in the digital financial environments of today by improving the trust and privacy of electronic payments. The proposed model effectively safeguards sensitive financial data while simultaneously ensuring user convenience. The experimental results demonstrate that the proposed method maintains robust security characteristics while simultaneously achieving high quality and low computing complexity. [ABSTRACT FROM AUTHOR]

Financial Inclusion (FI) is one of the most important indicators of inclusive growth of an economy. This paper examines the status of FI in India by constructing a comprehensive financial inclusion index (FII). The data analysis indicates that states such as Goa, Kerala, Tamil Nadu, Maharashtra, and Telangana performed well in FI. Further, a panel data regression model is estimated to know the determinants of financial inclusion in 27 Indian States for the period 2005 to 2020. The composite index can be used to monitor and assess financial inclusion over time and at the grass root level also. The estimated results show that per capita NSDP, literacy rate, urban population share, road length, and number of factories are perhaps the most important financial inclusion determinants. The novelty of this study is to provide a comprehensive understanding of financial inclusion levels across different states in India for two-decade period along with rural and urban financial inclusion levels.

This paper brings into dialogue recent critical scholarship on smart cities and geographies of the future by examining how city dwellers encounter normative visions of the future supplied by government actors under smart urbanisation. I focus specifically on the prosaic but significant ways in which people (re)interpret and (re)produce urban futures in and through their everyday affective and material engagements with digital technologies. Drawing on ethnographic fieldwork and semi‐structured interviews, I discuss the extent to which state‐promulgated imaginings of digital urban futures projected by electronic payment infrastructures are negotiated by urban inhabitants in Singapore, at both the levels of the individual and the collective. Although there is a tendency in Urban Studies to read the smart city as depoliticising, the findings in this paper suggest that urban dwellers' lived encounters with digital urban futures are characterised and bound up with politics. Furthermore, this paper casts attention on forms of negotiation that emerge not from grassroots movements and/or democratic activism that have so far attracted social and cultural geographers working on the future, but everyday lived practice around the digital. Such a fine‐grained, practice‐based approach productively foregrounds emancipatory potential for reworking and reimagining normative digital urban futures. Equally importantly, it takes seriously the diverse and uneven future‐making capacities of urban inhabitants in the digitally mediated city, contributing to ongoing projects that seek to develop a globally oriented alternative smart urban agenda for cities and urban spaces in the 21st century. This paper brings into dialogue recent critical scholarship on smart cities and geographies of the future by examining how city dwellers encounter normative visions of the future supplied by government actors under smart urbanisation. Drawing on ethnographic fieldwork and semi‐structured interviews, it discusses the extent to which state‐promulgated imaginings of digital urban futures projected by electronic payment infrastructures are negotiated by urban inhabitants in Singapore, at both the levels of the individual and the collective. [ABSTRACT FROM AUTHOR]

This paper constructs the money demand function including the variable of electronic payments while adopting the Autoregressive Distributed Lag (ARDL) bounds testing approach to investigate the relationship between electronic payments and money demand in China. The empirical results show that there is the cointegration among the variables in the constructed function with stability, and the e-payment variable is negatively correlated with the demand for money. According to the findings of this paper, in the long run, for every 1 percent increase in the e-payment variable, the demand for M1 will decrease by approximately 0.01 percent. In addition, the money demand function that contains the e-payment variable performs better than the one that does not in the forecast evaluation. [ABSTRACT FROM AUTHOR]

Copyright of AIS: Ars Iuris Salmanticensis is the property of Ediciones Universidad de Salamanca and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Complex economic relationships have a significant impact on consumer opportunities. When using the services of enterprises operating in the field of e-commerce, buyers get the opportunity to save money through more affordable prices and the opportunity to compare the cost of goods, choosing the most profitable ones. This allows them to save time as well, as they can shop from the comfort of their homes, choose the most convenient method of payment and delivery. The Internet opens the market, expands its geography and increases the competition of goods, does not set any restrictions except for access to the network. The article is devoted to the analysis of features of accounting and taxation system in modern Internet business. The impact of digital transformation on accounting and taxation is considered, taking into account the dynamic nature of this sector of the economy. An overview of the current challenges of Internet business in the context of accounting, including the issues of taxation of e-commerce and activities in the online environment, is proposed. In the article, trade in the field of e-business is considered as an object of accounting. An algorithm for conducting trade on the Internet and accounting for settlements with buyers, determining income and financial result is provided. Modern methods of payment for goods are outlined. The methods of reflection in the cost structure of operations related to the creation of a website, the use of a domain and the receipt of hosting services are analyzed. It is proposed to include in the initial cost of intangible assets the costs of website development and domain prolongation, and to reflect the hosting operation as part of sales costs. The rules for the use of cash registers in conducting business transactions in e-commerce, as well as individual cases in which it is not necessary to use cash registers in online stores, are considered. The problematic aspects of normative regulation and accounting of transactions related to e-commerce are highlighted. Recommendations have been developed that can improve taxation in the field of e-commerce – they provide for the improvement of tax administration for entities engaged in e-business.

Financial Inclusion (FI) is one of the most important indicators of inclusive growth of an economy. This paper examines the status of FI in India by constructing a comprehensive financial inclusion index (FII). The data analysis indicates that states such as Goa, Kerala, Tamil Nadu, Maharashtra, and Telangana performed well in FI. Further, a panel data regression model is estimated to know the determinants of financial inclusion in 27 Indian States for the period 2005 to 2020. The composite index can be used to monitor and assess financial inclusion over time and at the grass root level also. The estimated results show that per capita NSDP, literacy rate, urban population share, road length, and number of factories are perhaps the most important financial inclusion determinants. The novelty of this study is to provide a comprehensive understanding of financial inclusion levels across different states in India for two-decade period along with rural and urban financial inclusion levels. Impact statement: The study serves as a critical resource for understanding the dynamics of financial inclusion in India for the two decades period and offers valuable insights for policymakers by identifying key determinants and guide the development of targeted policies aimed at improving financial inclusion, which is essential for economic growth and development. [ABSTRACT FROM AUTHOR]

With the growing trend of electronic payments, the use of blockchain technology has emerged as one of the solutions for secure money transfer. This research not only identifies the qualitative barriers but also provides a quantitative analysis and precise ranking of them. However, the implementation of this technology is accompanied by obstacles that may hinder its development and optimal usage. In some previous studies, these barriers have not been ranked in detail and have primarily focused on their identification and categorization. Some of these barriers include technical, legal, financial, and security challenges. To identify and prioritize these obstacles and to address them, multi-criteria decision-making methods have been employed. The results obtained in this study highlight the unique capabilities of the methodologies used.In this study, the Delphi method was employed to identify and rank the factors affecting the barriers in the field of electronic payments based on blockchain technology. This was done through a review of existing literature and the aggregation of opinions from 35 specialists and experts in the field. To determine the relationships and causal links among the factors, the DEMATEL (Decision-Making Trial and Evaluation Laboratory) method was utilized. Finally, the Analytical Network Process (ANP) method was applied for prioritizing the factors.Out of the 13 identified indicators, 11 indicators were subjected to final analysis. The indicators with the highest influence on other factors include the absence of clear regulations regarding insurance and taxation of transactions within the blockchain technology framework, the need for fundamental and essential changes in the current structures and processes of organizations, and the lack of data security and privacy compliance. On the other hand, the indicators that are most affected by other indicators include the lack of commitment and willingness from senior management to improve and implement fundamental changes (conservative approach), the absence of transparent laws concerning financial and cybercrimes within the blockchain technology framework, and the lack of clear regulations regarding insurance and taxation of transactions within the blockchain technology framework. [ABSTRACT FROM AUTHOR]

The number of international visitors in Tanzania has consistently remained around one million since 2012. The current study aimed to investigate the effects of electronic payment in enhancing financial flow on the performance of tour operators' supply chains, guided by the Technology Acceptance Model. A convergent parallel mixed-method design was employed using a sampling frame comprised of 543 tour operators. A sample of 230 respondents was selected using multi-stage sampling. Primary data were collected using a self-administered structured questionnaire and an interview guide. Quantitative data were analysed using descriptive statistics to compute percentages, means of respondents’ answers, and cross-tabulations. Inferential statistics employing Structural Equation Modeling was applied to test hypotheses through IBM SPSS Amos version 20. Qualitative data were thematically analysed using NVivo version 20. The findings revealed that electronic payment positively and significantly influenced tour operators’ supply chain performance. The results of the Structural Equation Modeling using three indicators namely, perceived security, transaction procedures, and regulatory framework, indicate that electronic payment directly influenced tour operators’ supply chain by increasing sales, Return on Assets, and profit. The study recommends that both the government and tour operators invest in modern electronic payment technologies to influence consumers’ purchase decisions, thereby increasing consumers’ spending. Strategic efforts and collaboration between stakeholders, including government bodies, industry regulators, and tour operators, are essential to create a secure, reliable, and trustworthy environment for the success of e - e-payment systems usage.

The digital ruble, created by the Central Bank of Russia, is an innovative form of national currency available in electronic form. The analog of the traditional ruble promises to change the ways of settlements in the banking sector. This article discusses key aspects of using the digital ruble in bank settlements. Key topics include fast and inexpensive transactions, transparency and security of transactions, integration with modern financial instruments, creation of loyalty programs and improved accessibility of services. Potential challenges and issues related to the introduction of this innovation into the financial system are also discussed. The use of the digital ruble in bank settlements opens up prospects for more efficient and flexible financial transactions in today’s world. It can help simplify settlements between countries and reduce currency exchange costs. In addition, the digital ruble can become an alternative to traditional currencies in international transactions. Also, the digital ruble can be used to create decentralized applications and services that will work without the participation of intermediaries. This will speed up the process of developing and implementing new technologies. Finally, the use of the digital ruble can increase the transparency of financial transactions and reduce fraud risks.

Credit/debit cards are a ubiquitous form of payment at present. They offer a number of advantages over cash, including convenience, security, and fraud protection. In contrast, the inherent vulnerabilities of credit/debit cards and transaction methods have led many payment institutions to focus on strengthening the security of these electronic payment methods. Also, the increasing number of electronic payment transactions around the world have led to a corresponding increase in the amount of money lost due to fraud and cybercrime. This loss of money has a significant impact on businesses and consumers, and it necessitates the development of rigid and robust security designs for securing underlying electronic transaction methods. In this regard, this research introduces a novel geolocation-based multi-factor authentication method for improving the security of electronic payment transactions, especially ATM transactions. The proposed method leverages geolocation to verify the user's identity and prevent fraudulent transactions. In addition, this research also proposes a novel design approach for further controlling the ownership of transactions in a convenient way (e.g., allowing users to deactivate/reactivate authentication at any time, block the card in case it is stolen or lost, and set up a withdrawal limit). Overall, this approach does not require any major modifications to the existing banking infrastructure, which would be an ideal solution for securing ATM transactions around the world. [ABSTRACT FROM AUTHOR]

At a time when communication network technology is developing rapidly, the security of the Internet has aroused widespread concern in the academic community. In particular, electronic payment, which has been booming in recent years, has great security risks and people are prone to information leakage and property loss in the process of payment. In order to solve these problems, this study adopts the AES to encrypt the information in the payment process, introduces the RSA Public Key System (RSA) and the SM4 packet cipher algorithm for comparison, and analyses their encryption (decryption) speed, decryption (decryption) speed and encryption speed respectively. (decryption) speed, as well as PR curve, Loss function and sensitivity. The results show that the AES algorithm has a faster encryption (decryption) speed compared to the other two algorithms. In the PR curve, the AES algorithm has an AP value of 0.9988, which is significantly higher than the other two algorithms, and has a better balance between accuracy and recall, and better performance. In the sensitivity analysis, the AES algorithm can have the highest sensitivity of 97.88%. This is significantly higher than the 93.47% and 96.59% of the other two algorithms. Moreover, as shown by the Loss function of the AES algorithm, it converges faster and the Liss value varies between 0.1 and 0.9. In summary, the AES algorithm has a faster encryption speed and is better in terms of accuracy, convergence speed and security factor in all aspects. This also demonstrates the feasibility and effectiveness of this algorithm for information security protection in electronic payment processes. [ABSTRACT FROM AUTHOR]

Copyright of UCV Hacer is the property of UCV Hacer and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Now more than ever, technological developments are changing the financial ecosystem and the future of banks. New financial technology players, as well as existing technology companies, have begun to provide financial services traditionally provided by banks. At the same time, customers who are increasingly digitally savvy. to remain competitive against new players, attract customers and reduce costs, the world's major banks have identified digital transformation as a business priority for the coming years. Therefore, it is extremely important to study the impact of currently innovative forms of non-cash payments on the competitiveness of banks and some of the main factors that contributed to such a transformation. The work described the definition of "innovation" and "innovative technologies" and their functioning in view of the national experience. The process of settlement regulation from the regulatory and legal support in Ukraine is considered. The article investigated the optimization of the infrastructure for the use of payment cards, mobile wallets, payment via the Internet, etc. Quantitative and volume indicators of the use of cash and non-cash payments were analyzed and it was proven that customers still use cash in their payments despite the increase in the trend of non-cash payments. New forms of innovation used by banks to improve their work and attract new customers are described. Among the main innovations are cashback, Google Pay, Apple Pay, the NFC system. The perspective of using electronic payments to increase the competitive advantages of banks has been studied. Concepts of bank development were analyzed taking into account its specialization and based on the analysis of strengths and weaknesses, and the strategies of banks depending on their characteristics were highlighted.

The emergence of financial technology led to the expansion of the volume of electronic commerce at the global level, by accelerating, facilitating and exchanging money, and investing it without restrictions between different countries of the world, This research aims to identify the role of the Saudi Central Bank in promoting the growth of the electronic payments sector in the Kingdom of Saudi Arabia, in order to ensure stability and economic progress in it. The research concluded that the Central Bank of Saudi Arabia has developed an integrated legislative framework with the aim of upgrading electronic payment systems and means in the Kingdom of Saudi Arabia, which led to Saudi Arabia becoming a pioneer in the field of financial technology. [ABSTRACT FROM AUTHOR]

The goal of this study is to examine and identify the factors influencing customer attitude toward and intention to use digital wallets (electronic wallets, e-wallets) during and after the COVID-19 pandemic. A total of 257 correctly fulfilled questionnaires from an online survey were summarized. The main features of e-wallet payment systems were classified with a focus on consumer satisfaction via the integration of classic and modern data analysis methods. Structural Equation Modeling (SEM) was preferred to reveal the dependencies between the variables from e-wallets users' perspective. The designed model can discover and explain the underlying relationships that determine the e-wallets' adoption mechanism. The obtained results lead to specific recommendations to stakeholders in the value chain of payment processing. Financial regulatory authorities could employ the presented results in planning the development of payment systems. E-commerce marketers could utilize the proposed methodology to assess, compare and select an alternative way for order payment. E-wallet service providers could establish a reliable multi-criteria system for the evaluation of digital wallet adoption. Being aware of the most important components of e-wallets value, managers can more effectively run and control payment platforms, enhance customer experience, and thus improve the company's competitiveness. As the perceived value of customer satisfaction is subjective and dynamic, measurements and data analysis should be conducted periodically. [ABSTRACT FROM AUTHOR]

The period 2015-2020 has seen major events Indian banking history. The period saw high levels of Non-Performing Assets (NPAs), bank mergers as well as enormous thrust of financial inclusion. In this article we explore how the stock prices of banks react financial inclusion as more bank accounts are opened under the financial inclusion mandate. The study has two distinct parts. In the first part, an analytical summary of Indian banking is presented. The study then considers financial inclusion data from Pradhan Mantri Jan Dhan Yojana (PMJDY) intervention. the financial inclusion data. We consider the data involving 34 banks covering the period January 2015-March 2020. Our sample has 23 public sector banks and 11 private banks. Monthly data for these banks were obtained for share prices, number of PMJDY beneficiaries, deposits in the accounts, Rupay cards, payments made at POS, mobile payments. Thereafter we use panel regression technique to establish the relationship between financial inclusion and banking stocks. We find that, banking returns decrease as bank sizes increase or NPAs mount. Our results also establish a positive relationship between financial inclusion and share price. While the evidence of financial inclusion affecting stock prices is weak, it does establish that growth in payment instruments do have positive effects. We also find a positive relationship between financial inclusion and cashless payments. However, we do not find a strong evidence of the market rewarding cashless payments. We also find that as number of cashless instruments (cards) and the payments in such accounts increase, more and more individuals make cashless payments. This once again highlights the importance of payments into the accounts of the beneficiary. Our findings suggest that while the market doesn't reward how many new beneficiaries are added, it does reward the banks if the newly opened accounts attract deposits. This certainly augurs well as financial inclusion must play an integral part of the Indian financial system. Most importantly, our study suggests that new accounts must see deposits for the financial system to be rewarded. We also find that the market may not reward bank consolidation and hence any further consolidation may have to be relooked at. [ABSTRACT FROM AUTHOR]

Copyright of Accounting & Financial Studies Journal is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Credit/debit cards are a ubiquitous form of payment at present. They offer a number of advantages over cash, including convenience, security, and fraud protection. In contrast, the inherent vulnerabilities of credit/debit cards and transaction methods have led many payment institutions to focus on strengthening the security of these electronic payment methods. Also, the increasing number of electronic payment transactions around the world have led to a corresponding increase in the amount of money lost due to fraud and cybercrime. This loss of money has a significant impact on businesses and consumers, and it necessitates the development of rigid and robust security designs for securing underlying electronic transaction methods. In this regard, this research introduces a novel geolocation-based multi-factor authentication method for improving the security of electronic payment transactions, especially ATM transactions. The proposed method leverages geolocation to verify the user’s identity and prevent fraudulent transactions. In addition, this research also proposes a novel design approach for further controlling the ownership of transactions in a convenient way (e.g., allowing users to deactivate/reactivate authentication at any time, block the card in case it is stolen or lost, and set up a withdrawal limit). Overall, this approach does not require any major modifications to the existing banking infrastructure, which would be an ideal solution for securing ATM transactions around the world.

The world of cashless payments is developing at an accelerated pace due to the emergence of innovative payment tools that allow the processing of transactions in real time. This is the result of decades of development and evolution, and changes in information technology have had an impact on all aspects of life, including methods of paying for goods and services. The analysis of the impact of cashless payments on economic growth is justified by the many benefits they bring. In this context, it is essential to emphasize the need to implement measures that would help promote cashless payments, which in turn will help streamline the functioning of several branches of the national economy thanks to the transparency they provide.

The goal of this study is to examine and identify the factors influencing customer attitude toward and intention to use digital wallets (electronic wallets, e-wallets) during and after the COVID-19 pandemic. A total of 257 correctly fulfilled questionnaires from an online survey were summarized. The main features of e-wallet payment systems were classified with a focus on consumer satisfaction via the integration of classic and modern data analysis methods. Structural Equation Modeling (SEM) was preferred to reveal the dependencies between the variables from e-wallets users’ perspective. The designed model can discover and explain the underlying relationships that determine the e-wallets’ adoption mechanism. The obtained results lead to specific recommendations to stakeholders in the value chain of payment processing. Financial regulatory authorities could employ the presented results in planning the development of payment systems. E-commerce marketers could utilize the proposed methodology to assess, compare and select an alternative way for order payment. E-wallet service providers could establish a reliable multi-criteria system for the evaluation of digital wallet adoption. Being aware of the most important components of e-wallets value, managers can more effectively run and control payment platforms, enhance customer experience, and thus improve the company’s competitiveness. As the perceived value of customer satisfaction is subjective and dynamic, measurements and data analysis should be conducted periodically.

Copyright of Finance & Business Economies Review is the property of Finance & Business Economies Review and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The hidden economy, known in everyday vocabulary as an undeclared, underground economy, etc., is a feature of today's world, with no global temporal and spatial limits, which has as its cause and purpose the avoidance of tax payments and / or the conduct of prohibited activities. Regardless of the forms in which it manifests itself, which are very diverse, complex and sometimes difficult to detect, it largely includes tax fraud, unregistered or partially registered work and criminal activities. Institutions interested in combating this phenomenon have adapted and intensified their activity to bring it to a controllable area so that in the end, as a long-term and difficult-to-achieve goal, it can be eradicated, if not completely, at least in a insignificant share compared to the real economy. As an equivalent of goods and services and a means of exchanging and procuring them, money, depending on the method of payment, creates the possibility for the actors involved to evade taxation, which why not recognize, in most cases is burdensome. It is proven that cash payments are favorable and conducive to the hidden economy, reducing or eliminating them by using electronic payments means a deep blow under the belt given to it, not only image, which can bring this type of economy in the controllable area as stated in beginning. This effort to generalize electronic payments has been somewhat helped by the international situation created by the Covid 19 pandemic, which in addition to serious problems has played an important role in raising awareness and awareness of the benefits of electronic payments and online commerce and implicitly taxing these transactions. [ABSTRACT FROM AUTHOR]

The present study contributes to the literature by investigating the impact of E-Payment System on Currency in circulation after facing three major reforms i.e., Demonetization of 500 and 1000 rupee note, implementation of GST and Current pandemic (Covid-19) situation. Results imply that with the increase in the volume of all the respective electronic payment systems the currency in circulation (in physical form) got minimized in the economy. Moreover, NEFT shows much higher influence on currency in circulation as compare to RTGS and IMPS but PPI's shows the highest influence on currency in circulation from the selected E-Payment systems. Furthermore, Vector Autoregressive model suggests, RTGS, IMPS, NEFT, CARDS (POS), PPI's, M-Banking are expected to increase whereas NACH is expected to observe a downfall in the near future. [ABSTRACT FROM AUTHOR]

Copyright of Romanian Review of Private Law / Revista Română de Drept Privat is the property of Universul Juridic Publishing House and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Electronic payments like mobile banking services have been associated with unprecedented access to financial services in economies, where a large section of the population was underfunded or underfunded due either due to lack of proximity to bank branches. However, the continuous development of electronic payment systems, especially mobile payment in sub-Saharan Africa has brought about a rise in volume of cashless transactions, thereby reducing the use of cash for payment. This therefore promotes financial integration among the segments of the population as it offers those without access to the formal banking system a safe and efficient payment alternative to cash. Also, electronic payment usage also has enormous benefits to governments as it will potentially help collect more tax revenue by providing a clear electronic trail and transparent transactions that can readily be taxed.Our study considers how mobile money services influence innovative economic growth. A linear regression analysis sub-Saharan African data for period 2011-2018 has been carried out. It has been revealed that mobile services and payments system have significant positive effect on economic growth, hence innovative development of the region. Based on these findings it is concluded that mobile payment services or systems are critical aspect of financial intermediation in sub-Saharan Africa as they offer them funds that can be drawn into the formal financial system from resources from both the population with bank accounts and the population without bank accounts, which can contribute to innovative economic growth in the region.

An accomplished fact is the development of the cryptocurrency market, including in Russia. At the same time, the Russian legal regulation mechanism has not yet been formed, and the existing draft law on the circulation of digital financial assets has not yet been agreed. Growing demand for cryptocurrencies from investors carries systemic risks, as well as threats of using digital financial assets for illegal purposes. In this regard, regulators in different countries are forced to take measures to legislate the circulation of such assets. At the same time, such measures can be quite different: from simply informing subjects about possible risks to the adoption of detailed laws establishing the rules for the circulation of such assets, the rights and obligations of subjects. At the same time, country approaches not only to regulation, but also to the definition of the essence of cryptocurrencies (money, assets, rights) differ greatly.The purpose of the article is to form recommendations on possible development of directions of Russian regulation of the cryptocurrency market. International approaches to the regulation of digital currencies, the practice and features of their application, as well as the proposed legal norms of the Russian bill on the use of digital financial assets in civil circulation have been analyzed in the article. As the research methodology, legal and comparative analysis of Russian and foreign practice has been used. Recommendations for making amendments to the current financial legislation and emerging digital legislation have been given. According to the author, the development of the cryptocurrency market in Russia in the near future will be influenced by the following facts: the adoption of digital legislation, international experience and practice of using cryptocurrencies, technological changes.

Just over a decade after the outbreak of the global economic crisis in 2008, the world is once again facing a global crisis caused by the Covid-19 virus pandemic. The paper compares the effects of the crisis on the banking sector with special reference to the measures of the National Bank of Serbia that were implemented in order to preserve financial stability in the Republic of Serbia. It was concluded that the Serbian banking sector has consistently submitted to the moratorium introduced by the NBS, most likely as a consequence of high liquidity and capital adequacy in previous periods. On the other hand, due to the corona virus pandemic, many factories have stopped producing gold, the transport of goods is functioning slowly, which has led to a shortage of gold, so it is almost impossible to buy a gold ducat or gold bar in Europe. As a result, the jump in demand consequently affected the increase in the value of gold. Although bankers quickly adapted to work from home and electronic delivery of services to end users, what is a fact is that in the future we will certainly face new financial shocks, so one of the goals of the work is to create foundations and recommendations for further business research in risky situations.

The new wave of information and communication technology transformation relies on the concepts of the Internet of Things, Big Data and machine learning. These concepts will enable the connection and independent communication of a large number of devices, the processing of data that arises as a result of these processes and learning based on the refined information. Payment system is a sector that will experience major impacts by the coming changes. A large number of transactions create an information basis, whose analysis can provide precise inputs for business decision making. The subject of paper is the impact of managing a large amount of transactional data on key stakeholders in the payment process. The aim of the paper is to identify the key advantages and dangers that the Big Data concept will bring to the payment industry. The general conclusion is that the use of Big Data tools can facilitate the timely distribution of payment services and increase the security of transactions, but the price in the form of a loss of privacy is extremely high.

Social networks provide solutions to more and more everyday needs of people. Appearing as a solution to people's need to communicate through technology, they have developed and integrated more and more features. In this paper a qualitative research based on the study of the existing articles is carried out. Thus, a series of statistical data on the impact and penetration of the Internet and social networks within society will be presented, and some of the benefits that social networks offer to people or businesses and a series of various functionalities and emerging technologies that presents a particular interest for future development, having the capacity to innovate in this field; electronic payments and emerging technologies such as artificial intelligence, Internet of Things devices or biometric technology to increase security.

The emergence of new information technologies, such as the Internet of Things, the fifth generation of mobile Internet, artificial intelligence, Big Data, machine learning and blockchain, has led to significant changes in the social and business environment. The potential for exponential growth in such conditions is also recognized in the field of electronic payment systems. The development of the Internet of Things, as a global technical infrastructure that connects objects by adding microprocessors and communications software to them, has become an important basis for the further progress of electronic payment systems. In the process of further improvements, the system faces the great challenge of protection against the unauthorized use, modification or destruction of data. An even greater challenge is the potential abuse of users' personal data by business entities or government agencies. The paper focuses on the challenges of protecting the privacy of users of electronic payment systems in a smart environment.

In our research we have investigated the main issues that drive or limit further adoption of cryptocurrencies, specifically as means of electronic payments. The original intention of Bitcoin, the first decentralized cryptocurrency, was to serve as electronic payment system but it still hasn’t (entirely) fulfilled its mission regardless it is sporadically used for payments. Recent studies reveal that the cryptocurrencies and the blockchain, as promising new technology, are starting to have noticeable adoption worldwide, but even with many noted advantages, this technology is not yet matured and still lacks the expected mass adoption, especially in the area of the electronic payments. Bitcoin and many newer digital currencies are more acknowledged and accepted as an investment asset but not that much as a payment method. Regarding the online payment facet of the cryptocurrencies, there are still several issues that need to be addressed in a proper way in order to ensure further adoption of this technology and to successfully compete, or even disrupt, the currently dominant electronic payment systems as digital wallets, banking cards, banking transfers and even cash on delivery. The adoption issues, that we examine in this paper include the following: decentralization, volatility, legislation, trust, security, fees, speed of transactions, scalability, interoperability and energy consumption. Relevant and current literature was studied to identify the main properties of the leading cryptocurrency projects, advantages and disadvantages of the blockchain technology, utilization for electronic payments, adoption drivers and current state of adoption. Additionally, at least 31 different cryptocurrency projects (whitepapers, websites and communities) and several relevant web resources were investigated in order to draw conclusions regarding the main adoption issues. Our findings suggest that crucial issues that still need to be solved in order to achieve wider adoption of cryptocurrencies for payments are (i) the high volatility of their value and (ii) the unfavorable legislation worldwide. The other important issues are mostly technical and since the technology is still in development and not fully matured, there is still room for further improvements before it gets ready for mass adoption. Our research adds to the existing cryptocurrencies and blockchain studies by identifying, summarizing and envisioning possible solutions for the issues for further cryptocurrency adoption. Besides for academic researchers this study may serve as a reference for blockchain developers, cryptocurrency advocates and policy makers. [ABSTRACT FROM AUTHOR]

Modern Ukraine is not an active participant in the global cryptocurrency market. The estimated factor was the volume of transactions for this type of currency, as well as the degree of infrastructure development for this currency, assessed as very specific. At the same time, according to experts in this industry, Ukraine is more likely at a development stage than an outsider in the cryptocurrency industry. We also analyzed the positive and negative aspects of working with cryptocurrency. The protocol for working with this currency is considered in sufficient detail in order to identify opportunities, shortcomings, and features of a new position in the currency sphere. Ukraine will give an explanation to the fiscal policy in this matter.

The technological progress is transforming economy, trade and also their determinants and dynamics. Technological developments have serious effects on payment services, especially in the last 20 years. The world has been in a low inflation period compared with the previous periods. In this context, this study investigates the relationship between electronic payments and inflation dynamics in Turkey. A single equation model with the electronic payments variables is applied with quarterly data between 2005:3 - 2016:3. In the equation, the total number and total volume of transactions in the electronic fund transfer system are used as proxies for the real economy and monetary policy actions. The estimation results show that both the volume and number of transactions have effects on inflation dynamics. [ABSTRACT FROM AUTHOR]

Abstract The number of electric vehicles (EVs) is steadily growing. This provides a promising opportunity for balancing the smart grid of the future, because vehicle-to-grid (V2G) systems can utilize the batteries of plugged-in EVs as much needed distributed energy storage: In times of high production and low demand the excess energy in the grid is stored in the EVs’ batteries, while peaks in demand are mitigated by EVs feeding electricity back to the grid. But the data needed for managing individual V2G charging sessions as well as for billing and rewards is of a highly personal and therefore sensitive nature. This causes V2G systems to pose a significant threat to the privacy of their users. Existing cryptographic protocols for this scenario either do not offer adequate privacy protection or fail to provide key features necessary to obtain a practical system. Based on the recent cryptographic toll collection framework P4TC, this work introduces a privacy-preserving but efficient V2G payment and reward system called P6V2G. Our system facilitates two-way transactions in a semi online and post-payment setting. It provides double-spending detection, an integrated reputation system, contingency traceability and blacklisting features, and is portable between EVs. The aforementioned properties are holistically captured within an established cryptographic security framework. In contrast to existing protocols, this formal model of a V2G payment and reward system allows us to assert all properties through a comprehensive formal proof.

The article discusses the features of distributed ledger technology based on the use of decentralized peer-topeer networks. The history of the emergence and development of distributed ledger technology considered in detail, the prerequisites for the growth of its popularity in various fields are analyzed. The main advantages and disadvantages of distributed ledger technology in general, as well as decentralized (permissionless) and exclusive (permitted) blockchain platforms in particular, are revealed. The principles of functioning of cryptocurrencies on the basis of blockchain technology, including their issue (coinage) are described. The state of blockchain technologies from the point of view of technology maturity is considered. The main trends in the development of blockchain technology at the present stage are revealed. An analysis of the possibilities of using distributed ledger technology of public administration, including in the education system, in order to improve the safety and automation of functions is presented.