Can we classify cashless payment solution implementations at the country level?

Ng, Dennis; Kauffman, Robert J.; Griffin, Paul R.; Hedman, Jonas

doi:10.1016/j.elerap.2020.101018

Cited by 24 publications

(23 citation statements)

References 39 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Depending on the amount of cash and the amount of payment, such a transaction lasts from a few seconds (when the client has prepared the exact payment amount in advance and there was no interference of other factors) to several minutes (when the client pays in banknotes or coins of insignificant value for a rather expensive purchase-for example, EUR 1 or 2 coins for a purchase worth 500 euros). Many countries, however, seek to displace cash in order to expand access to financial services, to modernise the international financial architecture, and to reduce fraud and related crimes [101,102]. However, as noted by Mersch, a member of the Executive Board of the ECB for Project Syndicate, "the differences among member states are pronounced: the share of cash transactions ranges from 42% in Finland to 92% in Malta.…”

Section: Conclusion and Discussionmentioning

confidence: 99%

Energy Losses Due to Imperfect Payment Infrastructure and Payment Instruments

Melnychenko

2021

Energies

View full text Add to dashboard Cite

One of the strategic objectives of the European Union is a reduction in greenhouse gas emissions and improvement of energy efficiency by at least 32.5% in different areas of the economy by 2030. However, little is known about the impact of payment in retail on energy consumption. The purpose of this paper is to assess the chain of losses of time and energy, and therefore financial losses, that occur due to the imperfection of payment infrastructure and instruments using data of cashiers’ working time. The research is based on a regression analysis method, where the energy cost per payment transaction is considered in this study as a function of the number of customers per hour and the energy cost. The results of the panel models highlight that the number of customers per hour has a negative impact on the cost of energy per payment transaction. Furthermore, modern means and methods of payment, including cryptocurrencies, do not solve the problem of the excessive time that it takes to service payments, which entails a waste of energy and money. The empirical results give valuable insights into how to best organise payment in retail to achieve lower energy costs and improve energy efficiency in payment infrastructure.

show abstract

Section: Conclusion and Discussionmentioning

confidence: 99%

Energy Losses Due to Imperfect Payment Infrastructure and Payment Instruments

Melnychenko

2021

Energies

View full text Add to dashboard Cite

show abstract

“…Unlike cheques, online payments and transfers are free of charge in Malaysia. In addition to cost savings, going cashless through internet and mobile banking are innovations to develop a digitalized economy (Ng, Kauffman, Griffin, & Hedman, 2021). The digitalization of financial services is further emphasized in the central bank's latest The usage of the internet and mobile banking has increased but it is uncertain if it is the preferred payment method.…”

Section: Asian Economic and Financial Reviewmentioning

confidence: 99%

Empirical analysis of internet and mobile banking in Malaysia

Ong

Jaffar

Yap

et al. 2023

5002

View full text Add to dashboard Cite

Internet and mobile banking deliver banking services through various cashless payment tools, such as debit and credit cards, direct transfers and electronic wallets. The usage of internet and mobile banking in Malaysia has increased, but it is uncertain if they facilitate retail consumption. If internet and mobile banking are the preferred banking services, their usage could stimulate retail consumption; otherwise, their usage will be short-lived and more work must be done to develop the internet and mobile banking sector. This study aims to determine the influence of internet and mobile banking on retail consumption in Malaysia. The diffusion of innovation theory is applied by examining how technologically aids cashless payment systems and how internet and mobile banking might facilitate retail consumption. The short-run and long-run influences of internet banking and mobile banking are analyzed based on the autoregressive distributed lag (ARDL) unrestricted error correction model. The ARDL unrestricted error correction model was estimated for retail consumption, represented by the monthly retail trade index, and internet banking and mobile banking are represented by the number of monthly internet and mobile transactions. The results suggest a bi-directional causal relationship between retail consumption and internet banking in the short run. In the long run, the internet and mobile banking transactions were found to significantly facilitate household retail consumption, but not vice versa.

show abstract

“…The vast majority of authors quite rightly believe that operational risk management in EMI activities should be based on the general recommendations of national regulators for managing the risks of the functioning of payment systems (Kellogg, 2003;Ng et al, 2021). To prevent risks, almost all EMIs set limits on the amount of transactions.…”

Section: Literature Reviewmentioning

confidence: 99%

Operational risk management of using electronic and mobile money

Mishchenko¹,

Naumenkova

Grytsenko³

et al. 2022

Banks and Bank Systems

View full text Add to dashboard Cite

The extensive use of electronic and mobile money causes additional risks, which complicates the work of electronic money issuers (EMIs) and the functioning of payment systems. The paper aims to investigate operational risk management in the process of using electronic and mobile money. A classification of operational risk types was carried out and the forms of their manifestation in payment systems using electronic and mobile money were characterized. The list of key risk indicators has been compiled to assess the operational risk factors of payment systems using mobile and electronic money; a classification of costs (losses) as a result of the implementation of operational risk events is proposed, dividing them into direct and indirect. Based on the statistics of the International Monetary Fund and the National Bank of Ukraine, the use of electronic and mobile money in certain countries of the world is analyzed. The results on the intensity of electronic money use are presented, and the value of the electronic money multiplier in Ukraine is calculated. To improve operational sustainability of EMIs, a general scheme for organizing the operational risk management process in payment systems using electronic and mobile money is presented. Particular attention is paid to the regulatory and supervisory measures aimed at supporting the operational sustainability of EMIs and payment systems under their control. The issues discussed in this paper are relevant for the debate directed at the implementation of balanced approaches to operational risk management in the process of using electronic and mobile money in developing and emerging economies.

show abstract

Can we classify cashless payment solution implementations at the country level?

Cited by 24 publications

References 39 publications

Energy Losses Due to Imperfect Payment Infrastructure and Payment Instruments

Energy Losses Due to Imperfect Payment Infrastructure and Payment Instruments

Empirical analysis of internet and mobile banking in Malaysia

Operational risk management of using electronic and mobile money

Contact Info

Product

Resources

About