REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

 FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

 PUBLISHER

Liburkina L. M.

 SITE SECTIONS

Main page

Editorial staff

Editorial policy

Annotated catalogue (2011)

Annotated catalogue (2012)

Annotated catalogue (2013)

Annotated catalogue (2014)

Annotated catalogue (2015)

Annotated catalogue (2016)

Annotated catalogue (2017)

Annotated catalogue (2018)

Annotated catalogue (2019)

Annotated catalogue (2020)

Annotated catalogue (2021)

Annotated catalogue (2022)

Annotated catalogue (2023)

Annotated catalogue (2024)

Thematic sections of the journal

Proceedings of scientific conferences

Fintech in the Sphere of Payments: Global Experience, Trends and Perspectives
Skitsko V. I., Didukh I. V.

Skitsko, Volodymyr I., and Didukh, Ilona V. (2020) “Fintech in the Sphere of Payments: Global Experience, Trends and Perspectives.” Business Inform 5:402–408.
https://doi.org/10.32983/2222-4459-2020-5-402-408

Section: Finance, Money Circulation and Credit

UDC 336:004

Abstract:
Fintech provides opportunities to obtain financial services in new ways, minimizing the need for a client’s presence in the bank’s office, financial institution, etc. The development of the Internet and mobile devices has led to the rapid development of fintech, particularly in the sphere of payments. The article explores the trends and prospects for the development of payments as one of the popular directions of financial technology through the prism of companies that occupy a leading position in this sphere. The main directions and stages of development of such fintech companies, key aspects in their activities are researched. In particular, the publication compares the main stages of development of «Ant Financial» and «Paytm» in terms of indicators of market capitalization, number of users and scope of activity. It is researched how new payment services make life easier for users. The current trends in the development of the payment sphere and their spread among the leading companies in this sphere are analyzed. In particular, studies have shown that only two companies – «Ant Financial and «Paytm» – cover all relevant aspects (services) in the payment sphere, while others – less. This is because such companies (e.g. «Compass», «TransferWise» and «Klarna») have focused on a narrow sphere of activity. At the same time, all companies pay considerable attention to protecting consumers from fraud and various falsifications. «Fintech unicorns» have their electronic wallets, pay a lot of attention to the speed of payments, simplify the process of paying for purchases on the Internet and create alternative networks of retail payment services and money transfer systems. The publication describes the development prospects for the fintech companies. In particular, new ways of authenticing customers, using blockchain technology, etc. are promising and relevant.

Keywords: financial technology, payments, fintech companies, money transfers, e-wallet.

Tabl.: 2. Bibl.: 24.

Skitsko Volodymyr I. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Mathematical Modeling and Statistics, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]
Didukh Ilona V. – Student, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]

List of references in article

Definition of fintech: veb-sayt / Merriam-Webster. https://www.merriam-webster.com/dictionary/fintech
“21 termin o fintekhe, kotoryye kazhdyy dolzhen znat, chtoby ponimat, kak menyayutsya banki i dengi“ [21 Fintech Terms that Everyone Needs to Know in Order to Understand How Banks and Money are Changing]. BusinessViews. 01.10.2018. https://businessviews.com.ua/ru/finances/id/finteh-slovar-1855/
Munch, J. “What is Fintech and why does it matter to all entrepreneurs“. Information portal “Hot Topics”: veb-sayt. https://www.hottopics.ht/3182/what-is-Fintech-and-why-itmatters/
He, D. et al. “Fintech and Financial Services: Initial Considerations“. Staff Discussion Notes. International Monetary Fund. June 19, 2017. https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2017/06/16/%20Fintech-and-Financial-Services-Initial-Considerations-44985
Semenoh, A. Yu., and Tsyrulyk, S. V. “Tendentsii rozvytku Fintech posluh na svitovomu ta vitchyznianomu rynkakh finansovykh posluh“ [The Tendencies in the Development of Fintech Services in Both the Global and the National Financial Services Markets]. Biznes Inform. 2018. https://www.business-inform.net/export_pdf/business-inform-2018-10_0-pages-327_334.pdf
Shkliar, A. I. “Transformatsiia bankivskoho platizhnoho biznesu pid vplyvom fintekh-innovatsii“ [Transformation of a Banking Payment Business under the Influence of FinTech Innovations]. Ukrainskyi sotsium, no. 2 (2018): 130-143. DOI: https://doi.org/10.15407/socium2018.02.130
Klyoba, L. H. “Fintekh - tekhnolohii, yaki pokrashchuiut ta optymizuiut finansovi posluhy“ [Fintech - Technologies that Improve and Optimize Financial Services]. Problemy ta perspektyvy rozvytku, ekonomiky i pidpryiemnytstva ta kompiuternykh tekhnolohii v Ukraini. Lviv: Vyd-vo NU «Lvivska politekhnika», 2018. 63-65.
2019 Fintech100. Leading Global Fintech Innovators. https://h2.vc/wp-content/uploads/2020/02/2019Fintech100.pdf
Ant Financial. https://www.antfin.com
Koshelnik, D. “Finansovaya imperiya Alibaba Group: ot odnogo platezhnogo servisa do giganta kitayskogo rynka“ [The Financial Empire of Alibaba Group: From One Payment Service to a Giant in the Chinese Market]. https://vc.ru/story/24990-ant-financial-story
Allen, T. Cheng. “Yu'e Bao Wow! How Alibaba Is Reshaping Chinese Finance“. Institutional Investor. https://www.institutionalinvestor.com/article/b14zbky543md42/yue-bao-wow-how-alibaba-is-reshaping-chinese-finance
Zen, Soo. “Ant Financial enters Hong Kong market with AlipayHK mobile wallet“. South China Morning Post. https://www.scmp.com/tech/china-tech/article/2095546/ant-financial-enters-hong-kong-market-alipayhk-mobile-wallet
Paytm. https://paytm.com
“Paytm“. Wikipedia. https://en.wikipedia.org/wiki/Paytm
Motiani, P. “Here are two ways to buy gold online“. Economic Times. https://economictimes.indiatimes.com/wealth/spend/another-gold-buying-option-gold-accumulation-plan-or-digital-gold/articleshow/61111637.cms
TransferWise. https://transferwise.com/
Oberholzer, L., and Sieg, C. “Obzor TransferWise ot Monito“ [Review of TransferWise by Monito]. Monito. https://www.monito.com/ru/otpravlyayte-dengi-s/transferwise
Klarna. https://www.klarna.com/uk/
“Nazvan samyy dorogoy FinTech startap v Yevrope“ [Named the Most Expensive FinTech Startup in Europe]. PaySpace Magazine. https://psm7.com/money/nazvan-samyj-dorogoj-fintech-startap-v-evrope.html
“Razmyvaniye granits: Kak kompanii segmenta FinTech vliyayut na sektor finansovykh uslug. Vsemirnyy obzor segmenta FinTech Mart 2016 goda“ [Border Blurring: How FinTech Companies Affect the Financial Services Sector. FinTech Global Market Watch March 2016]. PwC. https://www.pwc.ru/ru/banking/publications/fintech-global-report-rus.pdf
Compass. https://www.compass.com
Stripe. https://stripe.com
Toss. https://toss.im/en
“TransferWise Undermines the Potential Advantage of Blockchain Technology“. Coinspeaker. https://www.coinspeaker.com/transferwise-blockchain-advantage/

 FOR AUTHORS

License Contract

Conditions of Publication

Article Requirements

Regulations on Peer-Reviewing

Publication Contract

Current Issue

Frequently asked questions

 INFORMATION

The Plan of Scientific Conferences

 OUR PARTNERS

Journal «The Problems of Economy»