Research Article
BibTex RIS Cite
Year 2022, Volume: 15 Issue: 1, 175 - 176, 30.07.2022
https://doi.org/10.17261/Pressacademia.2022.1613

Abstract

References

  • Ali R, Barrdear J, Clews R, Southgate J, (2014) Innovations in Payment Technologies and the Emergence of Digital Currencies. Bank of England Quarterly Bulletin 2014 Q3, Available at SSRN: https://ssrn.com/abstract=2499397
  • Carr, M. (2007). Mobile Payment Systems and Services: An Introduction. Mobile Payment Forum.
  • Eswaran, K. K. (2019). Consumer perception towards digital payment mode with special reference to digital wallets. Research Explorer, 22.
  • Fatonah, S & Yulandari, A & Wibowo, Ferry. (2018). A Review of E-Payment System in E-Commerce. Journal of Physics: Conference Series. 1140. 012033. 10.1088/1742-6596/1140/1/012033 .
  • Hsiao-Cheng Yu, Pei-Jen Kuo and Kuo-Hua Hsi, "An analysis and comparison of different types of electronic payment systems," PICMET '01. Portland International Conference on Management of Engineering and Technology. Proceedings Vol.1: Book of Summaries (IEEE Cat. No.01CH37199), 2001, pp. 154 vol.1-, https://doi.org/10.1109/PICMET.2001.951879 .
  • Hidayanto, A. N., Hidayat, L. S., Sandhyaduhita, P. I., & Handayani, P. W. (2015). Examining the relationship of payment system characteristics and behavioural intention in e-payment adoption: A case of Indonesia. International Journal of Business Information Systems, 19(1), 58-86. https://doi.org/10.1504/IJBIS.2015.069065
  • Kang, J. Mobile payment in Fintech environment: trends, security challenges, and services. Hum. Cent. Comput. Inf. Sci. 8, 32 (2018). https://doi.org/10.1186/s13673-018-0155-4
  • Karnouskos S., Fokus F. (2004). Mobile Payment: a journey through existing procedures and standardization initiatives, IEEE Communications Surveys and Tutorials. 6(4) 44-66.
  • Kristensen, L. B. K., & Solvoll, M. (2019). Digital payments for a digital generation. Nordic Journal of Media Studies, 1(1), 125-136.
  • Lee, Z., Yu, H., & Ku, P. (2001). An analysis and comparison of different types of electronic payment systems. PICMET '01. Portland International Conference on Management of Engineering and Technology. Proceedings Vol.1: Book of Summaries (IEEE Cat. No.01CH37199), Supplement, 38-45 vol.2.
  • Mohan, Sumathy & Kp, Vipin. (2021). Digital payment systems: perceptions and concerns among urban consumers. 3. 1118-1122.

DIGITAL PAYMENT SYSTEMS: A FUTURE OUTLOOK

Year 2022, Volume: 15 Issue: 1, 175 - 176, 30.07.2022
https://doi.org/10.17261/Pressacademia.2022.1613

Abstract

Purpose- This study examines the development of digital payment systems with the evolution of communication technologies, financial institutions and fintech companies. Also, this study analyzes the expected effects of developing payment systems and fintech applications.
Methodology- The study defines different types of digital payment systems, compares general characteristics of digital payments, provides a timeline of developments for digital payment systems and compares most used digital payment applications.
Findings- The payments market is changing in line with consumer behavior.
Cashless economies, mobile banking, instant payments, digital commerce, and the growing impact of regulatory agencies are a few trends affecting the payments market. Contactless payments also make the payment process easier and more convenient for consumers who benefit from shorter lines, cash-on-hand issue elimination, and faster moving queues.The Asia-Pacific region is anticipated to witness significant growth in the market such as China and India. Digital and mobile wallets account for 58% of regional e-commerce payments in the region and are expected to reach 68.2% by 2023. The e-commerce sector is witnessing a spike in demand as consumers order essential items such as food and clothes through e-commerce websites, where most consumers prefer the digital mode of payment.Transition towards the cashless economy, emergence of new online financial institutions, a decentralized monetary governance with the adoption of blockchain and cryptocurrencies are envisioned. Advancements in payment technologies as well as digital payment systems adoption will create momentum and create further investments towards digitalization of monetary exchange.
Conclusion- It is concluded that evolution of digital payment systems will extend convenience, return, convergence, cross-border and time-limitless transaction. Inclusion of the unbanked is expected to drive growth and create new opportunities. There is a clear transition towards a cashless economy with the increasing adoption of digital payment systems by all spenders. Speed, privacy, convenience, security and decentralization will mean a wider inclusion for all global citizens; even including some unbanked population. Decentralization and blockchain will mean a blur in distribution of wealth, some money leaving the traditional banking systems. Digital payment systems provide a wide range of transaction options to its users; swiped credit cards, electronic checks, mobile wallets and contactless payment. By 2050s, the circulation of physical money is expected to vanish, leaving its place to virtual currencies changed on digital platforms.

References

  • Ali R, Barrdear J, Clews R, Southgate J, (2014) Innovations in Payment Technologies and the Emergence of Digital Currencies. Bank of England Quarterly Bulletin 2014 Q3, Available at SSRN: https://ssrn.com/abstract=2499397
  • Carr, M. (2007). Mobile Payment Systems and Services: An Introduction. Mobile Payment Forum.
  • Eswaran, K. K. (2019). Consumer perception towards digital payment mode with special reference to digital wallets. Research Explorer, 22.
  • Fatonah, S & Yulandari, A & Wibowo, Ferry. (2018). A Review of E-Payment System in E-Commerce. Journal of Physics: Conference Series. 1140. 012033. 10.1088/1742-6596/1140/1/012033 .
  • Hsiao-Cheng Yu, Pei-Jen Kuo and Kuo-Hua Hsi, "An analysis and comparison of different types of electronic payment systems," PICMET '01. Portland International Conference on Management of Engineering and Technology. Proceedings Vol.1: Book of Summaries (IEEE Cat. No.01CH37199), 2001, pp. 154 vol.1-, https://doi.org/10.1109/PICMET.2001.951879 .
  • Hidayanto, A. N., Hidayat, L. S., Sandhyaduhita, P. I., & Handayani, P. W. (2015). Examining the relationship of payment system characteristics and behavioural intention in e-payment adoption: A case of Indonesia. International Journal of Business Information Systems, 19(1), 58-86. https://doi.org/10.1504/IJBIS.2015.069065
  • Kang, J. Mobile payment in Fintech environment: trends, security challenges, and services. Hum. Cent. Comput. Inf. Sci. 8, 32 (2018). https://doi.org/10.1186/s13673-018-0155-4
  • Karnouskos S., Fokus F. (2004). Mobile Payment: a journey through existing procedures and standardization initiatives, IEEE Communications Surveys and Tutorials. 6(4) 44-66.
  • Kristensen, L. B. K., & Solvoll, M. (2019). Digital payments for a digital generation. Nordic Journal of Media Studies, 1(1), 125-136.
  • Lee, Z., Yu, H., & Ku, P. (2001). An analysis and comparison of different types of electronic payment systems. PICMET '01. Portland International Conference on Management of Engineering and Technology. Proceedings Vol.1: Book of Summaries (IEEE Cat. No.01CH37199), Supplement, 38-45 vol.2.
  • Mohan, Sumathy & Kp, Vipin. (2021). Digital payment systems: perceptions and concerns among urban consumers. 3. 1118-1122.
There are 11 citations in total.

Details

Primary Language English
Subjects Finance, Business Administration
Journal Section Articles
Authors

Suat Teker This is me 0000-0002-7981-3121

Dilek Teker This is me 0000-0002-3893-4015

Irmak Orman This is me 0000-0002-5150-8168

Publication Date July 30, 2022
Published in Issue Year 2022 Volume: 15 Issue: 1

Cite

APA Teker, S., Teker, D., & Orman, I. (2022). DIGITAL PAYMENT SYSTEMS: A FUTURE OUTLOOK. PressAcademia Procedia, 15(1), 175-176. https://doi.org/10.17261/Pressacademia.2022.1613
AMA Teker S, Teker D, Orman I. DIGITAL PAYMENT SYSTEMS: A FUTURE OUTLOOK. PAP. July 2022;15(1):175-176. doi:10.17261/Pressacademia.2022.1613
Chicago Teker, Suat, Dilek Teker, and Irmak Orman. “DIGITAL PAYMENT SYSTEMS: A FUTURE OUTLOOK”. PressAcademia Procedia 15, no. 1 (July 2022): 175-76. https://doi.org/10.17261/Pressacademia.2022.1613.
EndNote Teker S, Teker D, Orman I (July 1, 2022) DIGITAL PAYMENT SYSTEMS: A FUTURE OUTLOOK. PressAcademia Procedia 15 1 175–176.
IEEE S. Teker, D. Teker, and I. Orman, “DIGITAL PAYMENT SYSTEMS: A FUTURE OUTLOOK”, PAP, vol. 15, no. 1, pp. 175–176, 2022, doi: 10.17261/Pressacademia.2022.1613.
ISNAD Teker, Suat et al. “DIGITAL PAYMENT SYSTEMS: A FUTURE OUTLOOK”. PressAcademia Procedia 15/1 (July 2022), 175-176. https://doi.org/10.17261/Pressacademia.2022.1613.
JAMA Teker S, Teker D, Orman I. DIGITAL PAYMENT SYSTEMS: A FUTURE OUTLOOK. PAP. 2022;15:175–176.
MLA Teker, Suat et al. “DIGITAL PAYMENT SYSTEMS: A FUTURE OUTLOOK”. PressAcademia Procedia, vol. 15, no. 1, 2022, pp. 175-6, doi:10.17261/Pressacademia.2022.1613.
Vancouver Teker S, Teker D, Orman I. DIGITAL PAYMENT SYSTEMS: A FUTURE OUTLOOK. PAP. 2022;15(1):175-6.

PressAcademia Procedia (PAP) publishes proceedings of conferences, seminars and symposiums. PressAcademia Procedia aims to provide a source for academic researchers, practitioners and policy makers in the area of social and behavioral sciences, and engineering.

PressAcademia Procedia invites academic conferences for publishing their proceedings with a review of editorial board. Since PressAcademia Procedia is an double blind peer-reviewed open-access book, the manuscripts presented in the conferences can easily be reached by numerous researchers. Hence, PressAcademia Procedia increases the value of your conference for your participants. 

PressAcademia Procedia provides an ISBN for each Conference Proceeding Book and a DOI number for each manuscript published in this book.

PressAcademia Procedia is currently indexed by DRJI, J-Gate, International Scientific Indexing, ISRA, Root Indexing, SOBIAD, Scope, EuroPub, Journal Factor Indexing and InfoBase Indexing. 

Please contact to procedia@pressacademia.org for your conference proceedings.