JEL Classification: G14 |
DOI: https://doi.org/10.31521/modecon.V39(2023)-03 |
Volkova Nelia, PhD in Economics, Associate Professor of the Department of Finance, Banking and Insurance, Vasyl’ Stus Donetsk National University, Vinnytsia, Ukraine
ORCID ID: 0000-0003-3790-3636
e-mail: n.volkova@donnu.edu.ua
Kryvoruchko A. S., student, Vasyl’ Stus Donetsk National University, Vinnytsia, Ukraine
ORCID ID: 0009-0003-5082-3160
e-mail: kryvoruchko_a@donnu.edu.ua
Yanishevskyi B. S., student, Vasyl’ Stus Donetsk National University, Vinnytsia, Ukraine
ORCID ID: 0009-0008-9251-1356
e-mail: ianishevskyi.b@donnu.edu.ua
Development of the Payment Services Market in the Face of Uncertainty
Abstract. Introduction. The article, presenting an analysis of the current state of payment systems in Ukraine. It emphasizes the importance of payment services in the Ukrainian financial system and highlights their continuous evolution in response to economic and political dynamics.
Purpose. The purpose of the article is to evaluate the impact of the recent Law of Ukraine (30.06.2021) No. 1591-IX “On Payment Services” on the regulation of payment systems. It aims to identify positive aspects and areas requiring refinement and improvement for the effective functioning of these systems. The article also addresses the main challenges and obstacles hindering the development of payment services and proposes potential solutions.
Results. The article highlights the rapid development of the domestic payment card market in recent years, emphasizing the convenience and accessibility of this payment instrument. It conducts a correlation-regression analysis to analyze the impact of changes in the amount of cash in circulation, particularly within the shadow economy. The study demonstrates the statistical significance of the model and reveals the correlation between the observed outcome and the investigated factor.
Conclusions. The research yields several significant outcomes. Firstly, it formulates a concept for the development of the payment services market in uncertain conditions. Secondly, it presents the implementation results of this concept at the state, bank, and consumer levels. The conclusions underscore the importance of adapting to uncertain circumstances and effectively navigating them for the advancement of payment services in Ukraine.
In summary, the article provides a comprehensive examination of the payment systems in Ukraine, shedding light on their current state. It identifies regulatory improvements, addresses challenges, and emphasizes the development of the payment card market. Additionally, it presents a research analysis regarding the impact of cash circulation changes and proposes a concept for the development of payment services in uncertain conditions.
Keywords: cashless payments; payment services market; financial literacy; shadow economy; destination measures; payment system; statistical significance.
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Received: 13 May 2023
How to quote this article? |
Volkova N., Kryvoruchko A. S., Yanishevskyi B. S. (2023). Development of the payment services market in the face of uncertainty. Modern Economics, 39(2023), 18-25. DOI: https://doi.org/10.31521/modecon.V39(2023)-03. |