Melnyk Leonid, Doctor of Economic Sciences, Professor, Professor of the Department of Finance and Economic Security, National University of Water Management and Environmental Engineering, Rivne, Ukraine

ORCID: 0000-0003-3628-9160
e-mail: l.v.melnyk@nuwm.edu.ua

Trusova Natalia, Doctor of Economic Sciences, Professor, Professor of the Department of Finance, Accounting and Taxation, Dmytro Motornyi Tavria State Agrotechnological University, Zaporizhzhia, Ukraine

ORCID: 0000-0001-9773-4534
e-mail: trusova_natalya5@ukr.net

State Regulatory Policy for the Development of the Payment Segment Fintech Sector

Abstract. Introduction. The article examines the theoretical and applied aspects of state regulatory policy for developing the payment segment of the fintech sector in the context of the digital transformation of the economy. It reveals the role of state regulation in forming an effective institutional environment for payment systems, financial technology development, and ensuring the stability of the national payment market.

Purpose. The article aims to provide a theoretical justification and practical assessment of state regulatory policies for developing the payment segment of the fintech sector in the context of economic digitalization. It seeks to identify institutional and technological factors of its transformation and develop strategies to improve the regulatory environment, stimulate innovation, increase financial market competitiveness, and ensure the effective functioning of payment infrastructure.

Results. The current state of development of the payment segment in Ukraine and around the world is analyzed, and the main trends in the adoption of non-cash payments, digital payment services, and financial innovations are identified. The study establishes that the transformation of the payment segment is accompanied by a strengthening of the role of state regulators in standardizing digital financial services, protecting consumer rights, ensuring cybersecurity, and combating financial fraud. The effectiveness of state regulatory policy directly affects the speed of financial innovation implementation, the competitiveness of fintech companies, and the resilience of payment infrastructure to internal and external risks. The impact of state regulatory policy on developing a competitive environment in the fintech sector, implementing open banking, digital user identification, instant payment systems, and innovative payment instruments is substantiated.

Conclusions. Harmonizing national legislation with European regulatory requirements increases the efficiency of the payment infrastructure, expands financial inclusion, and strengthens trust in digital financial services. Key technological factors for developing the payment segment are identified, including artificial intelligence, cloud computing, blockchain technologies, biometric authentication, and open software interfaces. Priority areas for improving state regulatory policy are proposed, including developing open banking, supporting innovative financial ecosystems, introducing digital central bank currencies, improving cyber protection mechanisms, and adapting the Ukrainian payment market to European Union standards.

Keywords: government regulatory policy, financial technologies, Fintech sector, payment segment, digitalization, financial inclusion, cybersecurity.

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