FinTech – new phenomena in the financial services market

Szpringer, Włodzimierz

doi:10.15219/em64.1240

Cited by 10 publications

(5 citation statements)

References 8 publications

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“…Analyzing determinants of BLIK success factors from the perspective of a business model defined as the architecture of a firm and its network of stakeholders established for creating, delivering, and developing value for customers to generate profitable and sustainable market competitive performance will contribute to the open innovation theory in the field of organisational innovations, as well as developing research on the business model concepts. In our research, we have decided to focus on the macroeconomic environment, technological infrastructure, legislative framework, and socio-demographic conditions for the development of financial innovations in the Polish retail payment market, which is consistent with the determinants of payment innovations presented in previous research (e.g., Szpringer 2016;Harasim and Mitręga-Niestrój 2018;Golubić 2019;Polasik et al 2020). In this way, the retail payment market landscape is characterized by comparing the situation in 2014 (a year before the implementation of BLIK) and 2018 (covering the most recent data).…”

Section: Methodsmentioning

confidence: 68%

“…Following the list of success factors for payments innovations presented by (Polasik et al 2020;Szpringer 2016;Harasim and Mitręga-Niestrój 2018;Golubić 2019;Hernández-Murillo et al 2010), we have analyzed the most important determinants related to the macroeconomic environment, technological infrastructure, legislative framework, and socio-demographic conditions for the development of financial innovations in the Polish payment market. The analysis of market data confirmed the general tendency towards digitalization of payments instruments, which is consistent with findings discussed by the Bank for International Settlements (BIS 2020, https://stats.bis.org/statx/toc/CPMI.html, accessed on 8 July 2021).…”

Section: Discussionmentioning

confidence: 99%

“…Whereas FinTechs have already been a subject of studies focusing on factors of their development, cross-organisational cooperation, competition with banks, their impact on the stability of the banking sector, and blockchain technology usage to financial market applications, the field of PayTech entities were studied so far mainly in addition to other aspects of FinTech (Szpringer 2016;Gomber et al 2017;PWC 2017;Grzywacz and Jagodzińska-Komar 2018;Folwarski 2018;Hill 2018;Górka 2018;Milic-Czerniak 2019;Polasik et al 2020) or as an alternative payment innovations providers. In this case, the majority of studies focuses on innovation drivers and barriers of adoption, as well as on the relationship between mobile innovations and their impact on regions, financial inclusion, customers' well-being (Nejad 2016 1 ;Weichert 2017;Górka 2018;Szumski 2020;Tang et al 2021).…”

Section: Authormentioning

confidence: 99%

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The Determinants of PayTech’s Success in the Mobile Payment Market—The Case of BLIK

Błach

Klimontowicz

2021

JRFM

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FinTech and its interaction with banking is widely discussed today as a new phenomenon notwithstanding the relationship between technology and financial services is not a new topic. Most of the research focuses on innovations and determinants of their adoptions including among other innovations in the payment system. The studies dedicated directly to PayTechs as a special kind of a FinTech entity and its market activity are a relatively new field of research. This paper aims to fill this gap. The multidimensional character of this exploratory research causes the necessity to apply various research methods, including both inductive and deductive methods, together with comparative analysis. The theoretical analysis conducted in the paper for defining PayTechs from the perspective of business model and market behavior was based on an in-depth literature review. In this section, the inductive method and comparative analysis were mostly applied. The empirical part of the paper includes the analysis of quantitative data published by the National Bank of Poland (NBP), Central Statistical Office (GUS), and Bank for International Settlements (BIS). The subject of the case is the Polish Payment Standard referred to as BLIK implemented in Poland in 2015 for mobile payments. The BLIK diffusion is measured by the number of entrants and acceptants as well as the scope of transactions while the adoption by the number of customers using BLIK in everyday transactions. The results present the market behavior of BLIK as an open business model and the key success factors of BLIK adoption and diffusion and the determinants for further open payment innovations’ development. The newly developed definition of PayTechs, the identification of the major components of the PayTech open business model, as well as the indication of the key success factors of adoption and diffusion of m-payments, constitute the original contribution of the paper.

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Section: Methodsmentioning

confidence: 68%

Section: Discussionmentioning

confidence: 99%

Section: Authormentioning

confidence: 99%

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The Determinants of PayTech’s Success in the Mobile Payment Market—The Case of BLIK

Błach

Klimontowicz

2021

JRFM

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“…Another narrow definition was proposed by McAuley (2015) who considered FinTech to be 'an economic industry composed of companies that use technology to make financial systems more efficient'. Szpringer (2016) emphasises that FinTech provides an opportunity to transform the entire financial sector, regulations, and business models known thus far. FinTech combines traditional financial services and new technologies using large amounts of data.…”

Section: Introductionmentioning

confidence: 99%

The role of regulatory sandboxes in the development of innovations on the financial services market: the case of the United Kingdom

Butor-Keler¹,

Polasik²

2020

EiP

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“…China's global financial technology sector is expanding, broadening the financial market. The Chinese market leads in total uses and full market size worldwide (Włodzimierz, 2016). In this market, capital businesses of the internet start-ups have developed a broader market, which focuses on the payment sector and accounts for over 12 trillion renminbi, more than half.…”

Section: A) Global Ownership Of the Blockchain And Cryptocurrencymentioning

confidence: 99%

A review of Blockchain and Cryptocurrency in the South African Banking

Proceedings of the International Conference on Industrial Engineering and Operations Management

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What are Blockchain and Cryptocurrencies? Can they be used in the banking sector? Is South Africa using them? These are various questions this paper attempts to answer. This paper looks for an in-depth overview of blockchain and cryptocurrency applications over the years, their current trends and challenges, innovations, and how the technology brings value to the finance industry. The paper fills a gap in South Africa by providing more insights into blockchain applications. This paper used research tools to understand the topic better to obtain relevant literature reviews from articles, reviews, conference papers, and journals. One hundred forty-two sources were reviewed, and only 24 were retained and identified as suitable to aid the completion of this paper. These sources varied from 2018 to 2022 and included book chapters, conference papers, reviews, journals and articles. Results revealed that Blockchain is a way of managing a dataset distributed across a global network of computers with no single point of control. It creates blocks of all records kept as chains on a distributed network. Each block corresponds to coins that people hold (Cryptocurrency). As much as blockchain and cryptocurrencies are technologies that have been used in other countries, South Africa still has a long way to go to fully adopt them. Factors such as education on these technologies and infrastructure readiness are still significant challenges in the country; nevertheless, there is still hope for the country to use those technologies as humans are dynamic continuously.

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FinTech – new phenomena in the financial services market

Cited by 10 publications

References 8 publications

The Determinants of PayTech’s Success in the Mobile Payment Market—The Case of BLIK

The Determinants of PayTech’s Success in the Mobile Payment Market—The Case of BLIK

The role of regulatory sandboxes in the development of innovations on the financial services market: the case of the United Kingdom

A review of Blockchain and Cryptocurrency in the South African Banking

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