{"id":17804,"date":"2022-12-08T20:03:53","date_gmt":"2022-12-08T18:03:53","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=17804"},"modified":"2022-12-08T19:36:42","modified_gmt":"2022-12-08T17:36:42","slug":"worldwide-digital-payment-market","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/worldwide-digital-payment-market\/","title":{"rendered":"Baryshevska I., Melnyk O., Kuhlyar A. Worldwide digital payment market"},"content":{"rendered":"

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JEL Classification<\/strong>: G21; G35
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V35(2022)-03<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Inna Baryshevska, <\/strong>Candidate of\u00a0 Economic Sciences, Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0003-3851-160X<\/a>
\ne-mail: <\/strong>Baryshevskaiv@mnau.edu.ua<\/a><\/p>\n

Olha Melnyk, <\/strong>Candidate of Economic Sciences, Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0001-8639-7755<\/a>
\ne-mail: <\/strong>melnikoi@mnau.edu.ua<\/a><\/p>\n

Anna Kuhlyar, <\/strong>applicant of higher education, Mykolayiv National Agrarian University, Mykolaiv, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0003-4724-3950<\/a>
\ne-mail: <\/strong>kuglyar05@gmail.com<\/a><\/p>\n

 <\/p>\n

Worldwide Digital Payment Market<\/strong><\/h2>\n

\u00a0\u00a0<\/strong><\/p>\n

Abstract. Introduction<\/strong>. Information Technology has revolutionized various aspects of our lives; in particular, it provided an easy way to make digital payments. Common people have started shifting from traditional payment system to digital payment systems that provide safety, security and convenience. Thanks to the giant technological advances in smartphones and easy access to the Internet, the Ukrainian market began to accept digital payments. Changes in consumer preferences and technological innovation have fueled competition in the private sector and the diversity of payments. Global digitalization processes have contributed to the transition of the world’s transition to digital payments. Payment systems have proven to be reliable and durable, and continue to enjoy a high level of trust from the public. However, the global crisis that began in 2020 led to a decrease in the total volume of transactions. All actors in the digital payments ecosystem need to evolve and adapt quickly in this direction to facilitate the recovery and shape the emergence of a new normal in payments.<\/p>\n

Purpose.<\/strong> Defining the current state of digital payments in the world. Consideration of the latest means of electronic payment.<\/p>\n

Results.<\/strong> \u0421onsidered payment systems in Ukraine and the growth of the digital payments market in the world. The Law of Ukraine about Payment Services was considered. \u0406dentified the leading countries in the digital payments market. Give the graph of the number of mobile payment users by country of the world. Defined the region that will dominate the digital payments market in the coming decade has been. Considered the growth of instant payments in the world.<\/p>\n

Conclusions.<\/strong> Highlighted the main modern means of payment, which are already used in the global market of digital payments. Specified four main trends that contributed to the development of payment systems are.<\/p>\n

Keywords:<\/strong> market; development; means of payment; digitization.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Verkhovna Rada of Ukraine. (2021).About payment services (Act No. 1591-IX, June 30). Retrieved from https:\/\/zakon.rada.gov.ua\/laws\/show\/1591-20#Text [in Ukrainian].<\/li>\n
  2. Buria, & Khorozian, E. (2021). The current state and prospects for the development of payment systems in Ukraine.<\/em> Materialy IV Vseukrains’koi naukovo-praktychnoi internet-konferentsii. <\/em>[Modern money, banking services and financial innovation in the digital economy], Vseukrains’ka naukovo-praktychna internet-konferentsiia [All-Ukrainian scientific and practical Internet conference]. Dnipro : Seredniak T. K., 22-25 [in Ukrainian].<\/li>\n
  3. Electronic money – advantages and disadvantages, how to use it. Retrieved from http:\/\/radka.in.ua\/poradi\/elektronni-groshi-perevagi-i-nedolik.html [in Ukrainian].<\/li>\n
  4. Market analysis Report. (2020). Retrieved from https:\/\/www.grandviewresearch.com\/industry-analysis\/digital-payment-solutions-market [in English].<\/li>\n
  5. Diving Deep into Digital Payment Dynamics in the CMR Alpha Brands Study (2022). Retrieved from https:\/\/cmrindia.com\/diving-deep-into-digital-payment-dynamics-in-the-cmr-alpha-brands-study\/ [in English].<\/li>\n
  6. McKinsey Global Payments Report 2021: Transformation amid turbulent undercurrents (2021). Retrieved from https:\/\/www.mckinsey.com\/industries\/financial-services\/our-insights\/global-payments-2021-transformation-amid-turbulent-undercurrents [in English].<\/li>\n
  7. Digital 2021: global overview report. DataReportal (2021). Retrieved from https:\/\/datareportal.com\/reports\/digital-2021-global-overview-report [in English].<\/li>\n
  8. Sudha, , Sornaganesh, V., Thangajesu Sathish, M. & Chellama A. V. (2020). Impact of Covid-19 Outbreak in Digital Payments. International<\/em> journal<\/em> for<\/em> innovative<\/em> research<\/em> in<\/em> multidisciplinary<\/em> field<\/em> 6, 8. Retrieved from https:\/\/scholar.google.com\/citations?view_op=view_citation&hl=en&user=QLJcX9cAAAAJ&citation_for_view=QLJcX9cAAAAJ:roLk4NBRz8UC [in English].<\/li>\n
  9. Baryshevs’ka, I. V., Mel’nyk, O. I., Tishechkina, K. V. & Kuhliar, A. A. (2021). Adaptation of banking institutions to crisis phenomena and innovative progress. Modern Economics<\/em>, 30, , 28-33 [in Ukrainian].<\/li>\n
  10. Sirenko, N., Baryshevska, I. & Melnyk, O. (2021). The genesis of financial market institutionalisation in Ukraine: An international perspective. Scientific Horizons<\/em>,<\/em> 24, 10, 97-108 [in English].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 20 October 2022<\/p>\n

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    Baryshevska I., Melnyk O., Kuhlyar A. (2022). Worldwide digital payment market. Modern Economics, 35(2022), 18-22. DOI: https:\/\/doi.org\/10.31521\/modecon.V35(2022)-03.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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    [vc_row][vc_column][vc_column_text] JEL Classification: G21; G35 DOI: https:\/\/doi.org\/10.31521\/modecon.V35(2022)-03 [\/vc_column_text][vc_column_text]Inna Baryshevska, Candidate of\u00a0 Economic Sciences, Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine ORCID ID: 0000-0003-3851-160X e-mail: Baryshevskaiv@mnau.edu.ua Olha Melnyk, Candidate of Economic Sciences, Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv,
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