{"id":18490,"date":"2023-07-28T13:02:10","date_gmt":"2023-07-28T10:02:10","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=18490"},"modified":"2023-07-28T13:02:10","modified_gmt":"2023-07-28T10:02:10","slug":"development-of-the-payment-services","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/development-of-the-payment-services\/","title":{"rendered":"Volkova N., Kryvoruchko A. S., Yanishevskyi B. S. Development of the payment services market in the face of uncertainty"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification<\/strong>: G14
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V39(2023)-03<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Volkova\u00a0Nelia, <\/strong>PhD in Economics, Associate Professor of the Department of Finance, Banking and Insurance, Vasyl\u2019 Stus Donetsk National University, Vinnytsia, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0003-3790-3636<\/a>
\ne-mail: <\/strong>n.volkova@donnu.edu.ua<\/a><\/p>\n

Kryvoruchko A.\u00a0S., <\/strong>student, Vasyl\u2019 Stus Donetsk National University, Vinnytsia, Ukraine<\/p>\n

ORCID ID:<\/strong> 0009-0003-5082-3160<\/a>
\ne-mail: <\/strong>kryvoruchko_a@donnu.edu.ua<\/a><\/p>\n

Yanishevskyi B.\u00a0S., <\/strong>student, Vasyl\u2019 Stus Donetsk National University, Vinnytsia, Ukraine<\/p>\n

ORCID ID:<\/strong> 0009-0008-9251-1356<\/a>
\ne-mail: <\/strong>ianishevskyi.b@donnu.edu.ua<\/a><\/p>\n

 <\/p>\n

Development of the Payment Services Market in the Face of Uncertainty<\/strong><\/h2>\n

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

Abstract. Introduction<\/strong>. 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.<\/p>\n

Purpose.<\/strong> 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.<\/p>\n

Results.<\/strong> 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.<\/p>\n

Conclusions.<\/strong> 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.<\/p>\n

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.<\/p>\n

Keywords:<\/strong> cashless payments; payment services market; financial literacy; shadow economy; destination measures; payment system; statistical significance.<\/p>\n

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

    \n
  1. Khudoliy, Yu. S. & Taranets, B. V. (2021). Current state and innovative directions of development of payment systems in Ukraine. Social economics<\/em>, 61, 177\u2013191. doi: https:\/\/doi.org\/10.26565\/2524-2547-2021-62-17 [in Ukrainian].<\/li>\n
  2. Liga Zakon. (2022). How the Payment Services Act will change the market. Retrieved from https:\/\/biz.ligazakon.net\/analitycs\/215901_yak-zakon-pro-platzhn-poslugi-zmnit-rinok [in Ukrainian].<\/li>\n
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  4. Dyachenko, O. P. (2018). Scientific and methodological basis for identifying and assessing the scale of shadow economic activity. Investytsii : praktyka ta dosvid,<\/em>\u00a05,\u00a060-63 [in Ukrainian].<\/li>\n
  5. Dyachenko, O. P. (2017. Formation of theoretical approaches to the definition of the shadow economy as an economic category. Investytsii: praktyka ta dosvid, <\/em>20, 82-86 [in Ukrainian].<\/li>\n
  6. Legal newspaper. (2022).\u00a0 Payment reality that captured Ukraine. Retrieved from\u00a0: https:\/\/yur-gazeta.com\/publications\/practice\/bankivske-ta-finansove-pravo\/platizhna-realnist-yaka-zahopila-ukrayinu.html [in Ukrainian].<\/li>\n
  7. Medina, L. & Schneider, F. (2018) Shadow Economies Around the World: What Did We Learn Over the Last 20 Years?\u00a0International Monetary Fund<\/em>. Retrieved from\u00a0: https:\/\/www.imf.org\/en\/Publications\/WP\/Issues\/2018\/01\/25\/Shadow-Economies-Around-the-World-What-Did-We-Learn-Over-the-Last-20-Years-45583 [in English].<\/li>\n
  8. Minfin (2023). Number of banks in Ukraine (2008-2023).\u00a0 Retrieved from : https:\/\/index.minfin.com.ua\/ua\/banks\/stat\/count\/ [in Ukrainian].<\/li>\n
  9. National Bank of Ukraine (2021). Payment infrastructure, 2020. Retrieved from\u00a0: https:\/\/bank.gov.ua\/ua\/news\/all\/platijna-infrastruktura-2020-rik [in Ukrainian].<\/li>\n
  10. National Bank of Ukraine (2022). Payment infrastructure, 2021. Retrieved from\u00a0:\u00a0 https:\/\/bank.gov.ua\/ua\/news\/all\/platijna-infrastruktura-2021-rik [in Ukrainian].<\/li>\n
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  12. \u00a0National Bank of Ukraine (2021). Payment cards in Ukraine, 2020.\u00a0Retrieved from\u00a0: https:\/\/bank.gov.ua\/ua\/news\/all\/platijni-kartki-v-ukrayini-2020-rik [in Ukrainian].<\/li>\n
  13. National Bank of Ukraine (2022). Payment cards in Ukraine, 2021. Retrieved from\u00a0 : https:\/\/bank.gov.ua\/ua\/news\/all\/platijni-kartki-v-ukrayini-2021-rik [in Ukrainian].<\/li>\n
  14. Finance.ua (2023).\u00a0 Payment card market for 2022: Number of transactions decreased, cash turnover increased. Retrieved from\u00a0: https:\/\/news.finance.ua\/ua\/rynok-platizhnyh-kartok-za-2022-rik-kil-kist-operaciy-zmenshylysya-hroshovi-oboroty-zbil-shylysya [in Ukrainian].<\/li>\n
  15. National Bank of Ukraine (2020). Distribution of non-cash transactions using payment cards, 2019. Retrieved from\u00a0: https:\/\/bank.gov.ua\/ua\/news\/all\/rozpodil-bezgotivkovih-operatsiy-z-vikoristannyam-platijnih-kartok-2019-rik [in Ukrainian].<\/li>\n
  16. National Bank of Ukraine (2021). Distribution of non-cash transactions using payment cards, 2020. Retrieved from\u00a0: https:\/\/bank.gov.ua\/ua\/news\/all\/rozpodil-bezgotivkovih-operatsiy-z-vikoristannyam-platijnih-kartok-2020-rik [in Ukrainian].<\/li>\n
  17. National Bank of Ukraine (2022). Distribution of non-cash transactions using payment cards, 2021. Retrieved from\u00a0: https:\/\/bank.gov.ua\/ua\/news\/all\/rozpodil-bezgotivkovih-operatsiy-z-vikoristannyam-platijnih-kartok-2021-rik [in Ukrainian].<\/li>\n
  18. National Bank of Ukraine (2023). Distribution of non-cash transactions using payment cards for May-December 2022.\u00a0Retrieved from\u00a0: https:\/\/bank.gov.ua\/ua\/news\/all\/rozpodil-bezgotivkovih-operatsiy-z-vikoristannyam-platijnih-kartok-2022-rik [in Ukrainian].<\/li>\n
  19. National Bank of Ukraine (2020). The study of the shadow economy in Ukraine: almost a quarter of GDP – or 846 billion hryvnias – is in the shadows.\u00a0Retrieved from : https:\/\/bank.gov.ua\/ua\/news\/all\/doslidjennya-tinovoyi-ekonomiki-v-ukrayini–mayje-chvert-vvp–abo-846-mlrd-griven–perebuvaye-v-tini [in Ukrainian].<\/li>\n
  20. Minfin (2023). Gross domestic product (2002-2022).\u00a0Retrieved from\u00a0: https:\/\/index.minfin.com.ua\/ua\/economy\/gdp\/ [in Ukrainian].<\/li>\n
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  22. National Bank of Ukraine (2021). Over the past three years, the level of financial literacy of Ukrainians has improved – the results of the study.\u00a0Retrieved from\u00a0: https:\/\/bank.gov.ua\/ua\/news\/all\/za-ostanni-tri-roki-riven-finansovoyi-gramotnist-ukrayintsiv–polipshivsya–rezultati-doslidjennya [in Ukrainian].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 13 May 2023<\/p>\n

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    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.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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    [vc_row][vc_column][vc_column_text] JEL Classification: G14 DOI: https:\/\/doi.org\/10.31521\/modecon.V39(2023)-03 [\/vc_column_text][vc_column_text]Volkova\u00a0Nelia, PhD in Economics, Associate Professor of the Department of Finance, Banking and Insurance, Vasyl\u2019 Stus Donetsk National University, Vinnytsia, Ukraine ORCID ID: 0000-0003-3790-3636 e-mail: n.volkova@donnu.edu.ua Kryvoruchko A.\u00a0S., student, Vasyl\u2019 Stus Donetsk National University, Vinnytsia, Ukraine ORCID ID: 0009-0003-5082-3160 e-mail: kryvoruchko_a@donnu.edu.ua Yanishevskyi B.\u00a0S., student, Vasyl\u2019 Stus Donetsk National University,
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