A cross-impact analysis of the bank payment card market parameters and non-financial sectors’ indicators in the Ukrainian economy

Mints, Aleksey; Kolodiziev, Oleh; Krupka, Mykhailo; Vyshyvana, Bohdana; Yastrubetska, Lesya

doi:10.21511/bbs.17(2).2022.14

Cited by 4 publications

(2 citation statements)

References 13 publications

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“…Research conducted by BCG has revealed that transitioning to a cashless model could boost a country's annual GDP by up to 3 percentage points. Conversely, cash-based economies tend to miss out on significant opportunities in the global commercialization landscape and may experience slower economic growth (Massi et al, 2019). However, it is important to note that the impact of adopting cashless payment methods on economic growth is a phenomenon that becomes significantly observable in the long run.…”

Section: Introductionmentioning

confidence: 99%

“…Fluctuations in interest rates can affect borrowing costs, spending patterns, and saving behavior, all of which impact the adoption and usage of digital payment platforms. A favorable interest rate environment could encourage consumers and businesses to option for digital payments, while high-interest rates might promote cash usage as a means of evading transaction costs (Massi et al, 2019;Simon Oyewole et al, 2013).…”

Section: Introductionmentioning

confidence: 99%

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Towards a Digital Revolution: Investigating the Impact of GDP, Tax Collection, and Interest Rates on Cashless Economy in India

Zargar,

Niroula,

Fatimah

et al. 2023

J. Pop. Dev.

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The rapid advancement of digital technologies have propelled economies worldwide towards a transformative shift to cashless transactions. In the context of India's ambitious journey towards a digital revolution, this research aims to investigate the impact of Gross Domestic Product (GDP), tax collection, and interest rates on the adoption and usage of a cashless economy in India. The objectives of the study were to explore the relationships between GDP and the cashless economy, tax collection and the cashless economy, and interest rates and the cashless economy. Three hypotheses were formulated to test these relationships, positing that as GDP, tax collection, and interest rates increase, the adoption and usage of cashless payment methods in India. Using OLS multiple regression analysis through STATA software, data from the years 2001 to 2020 were meticulously analyzed. The research findings revealed a significant positive correlation between GDP and the cashless economy, indicating that as India's economy grows, there is an increased inclination towards digital payment methods. Similarly, effective tax collection initiatives were found to play a pivotal role in promoting formal financial transactions and driving the adoption of cashless payments in the country. However, contrary to the hypothesis, the study results showed that the impact of interest rates on cashless payment adoption was not as prominent as anticipated. This research contributes valuable insights into the dynamics of India's digital revolution, emphasizing the role of key macroeconomic factors in shaping the cashless ecosystem. The findings offer strategic implications for policymakers, financial institutions, and businesses in devising evidence-based strategies to accelerate India's transition towards a robust and inclusive cashless economy.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Towards a Digital Revolution: Investigating the Impact of GDP, Tax Collection, and Interest Rates on Cashless Economy in India

Zargar,

Niroula,

Fatimah

et al. 2023

J. Pop. Dev.

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C: Financial Operations and Services

2022

World Banking Abstracts

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The article employs cause-and-effect methods to analyse the dynamics of economic development indicators in non-financial sectors and bank payment cards (BPC) systems in Ukraine. The data employed is divided into three groups: development parameters of the BPC market; development indicators of the non-financial sectors of Ukrainian economy and auxiliary indicators. Overall, the results confirm that changes in the BPC market acted as a driver of alterations in the non-financial sectors of the Ukrainian economy. However, the positive impact of the BPC market and other digital payment instruments on the development of non-financial sectors begins to manifest itself only after reaching a transaction volume that corresponds to approximately 5% of GDP. (9 figures, 1 table, references) 803/39 Consumer lending through the pandemic and the recovery Fritzdixon S., K.

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Features Functioning of the Payment System of Ukraine

Sytnyk¹,

Pugachov²,

Pugachov³

et al. 2023

ФКДПТП

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In the age of the global Internet, there were changes in the life of the human community, its needs, and requirements for the provision of payment services, that, in turn, affected the development of the payment sphere. Taking into account the transformations in the field of payment systems that occur as a result of the continuous development of the digital economy and its globalization, legislative and regulatory changes in the domestic and international legislative field, research and proposals regarding the modern understanding of the concept of "payment system" and its varieties remain important.As a result of the conducted research on the current condition of functioning of payment systems, we have proposed the author's vision of the concept of "payment system" and their varieties, which takes into account the influence of digital technology changes and globalization processes on their activity, while highlighting individual types of payment systems depending on their general economic significance, unitary position, as well as importance, significance, and functionality. In addition, the selected types of payment systems may have several variants of their interpretation, since today this concept has significantly expanded its lexical meaning.Based on the results of the assessment of the current condition of functioning of payment systems in Ukraine, the article identifies the main stages of the formation of the country's payment system, identifies its features, and establishes the factors that influence their development (political and economic, globalization, informatization of society, digitalization of the economy, development of financial technologies, the legislative basis for payment systems, use of oversite, regulator's policy, access to the Internet, level of material support of the population, competition between payment service providers, popularization of cashless payments). The study of the main development trends and the identification of the main shortcomings in the article showed the need to reform the payment system, and interbank settlements, and determine promising directions for the development of payment systems in order to create an effective, reliable and safe payment in the system of Ukraine.

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A cross-impact analysis of the bank payment card market parameters and non-financial sectors’ indicators in the Ukrainian economy

Cited by 4 publications

References 13 publications

Towards a Digital Revolution: Investigating the Impact of GDP, Tax Collection, and Interest Rates on Cashless Economy in India

Towards a Digital Revolution: Investigating the Impact of GDP, Tax Collection, and Interest Rates on Cashless Economy in India

C: Financial Operations and Services

Features Functioning of the Payment System of Ukraine

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