Mathematical Interpretation of Global Competition between Payment Systems

Abstract

The present study seeks to present a mathematical interpretation of the perception of new entrants to the global payments market on whether FinTech’s innovations promote competitiveness in the market. The study also quantitatively evaluates the competitive trends observed in the global payments market. The sampling frame consists of 504 respondents across 28 countries. The study is based on the analysis of the survey results using SPSS Statistics and Stata. The survey addressed four groups of factors influencing the competitiveness of the payment system (i.e., ‘Costs’, ‘Service Channels’, ‘Privacy and Security’, ‘Quality and Efficiency’). The respondents believe that FinTech innovations have a strong positive effect on the payment system’s competitiveness (M = 4.32). The results of the present study may be of interest to specialists and researchers who deal with the competitive dynamics of the global payments business, with payment innovations, and with convergence and transformation of the payments industry.

The Innovation of the Cashierless Store: A Preliminary Analysis in Italy

“…The concept of payments has also been implemented using new technologies, such as the mentioned NFC or Wi-Fi or through Bluetooth. Sometimes these methods are inefficient or vulnerable to hackers; therefore, privacy and safety are critical aspects of this characteristic [50][51][52][53].…”

Business and Economics Mathematics

“…Cai et al [10] have a solid contribution to the field of knowledge with their article analyzing the global competition between payment systems from a mathematical interpretation approach. The study seeks to present a mathematical interpretation of the perception of new entrants to the global payments market on whether FinTech's innovations promote competitiveness in the market.…”