The Electronic Payments as a Major Factor for Futher Economic Development

Abstract

The phenomenon of global financial market transformation in the term of IT influence on the world economy is examined in the paper as the result of Information and Communication Technology and financial market integration. The digital nature of global financial-monetary system is actualized in the term of modern problems. Also the paper investigates possible effects of financial transformation on world economic system. The authors believe that it is necessary to transform the financial system according to its information and digital nature.

The methodology of digital shadow economy estimation

“…GDP discrepancies, income/expenditure discrepancies, consumer expenditure, input-output comparisons (including ratios of input to output in an industry), the commodity fl ow, per capita output and value added data, etc.) (Schneider & Buehn, 2013;Sookram et al, 2009;Williams et al, 2007 etc. ) …”

“…In the absence of direct survey methods and with a view to avoiding data inaccuracies or dependency on subjective opinions, economists rely on indirect approach methods, which, contrary to the above-described direct approach methods, are macroeconomic methods since they are based on comparison of different general economic and non-economic indicators, such as GDP, unemployment rate, the number of small and medium enterprises in an industry, household budget data, etc. (Schneider & Buehn, 2013;Simionescu et al, 2017;Sookram et al, 2009;Williams et al, 2007, Ključnikov et al, 2016. Indirect approach methods lean on quantitative data, and the most common indirect methods, which are most commonly employed for estimations of the magnitude of shadow economy, cover income and expenditure methods (e.g.…”

“…Štitilis and Laurinaitis (2008) note that electronic settlements are the phenomenon of e-banking in 21st century. In general innovations had the impact on banking sector (Stachova et al, 2017;Cicekli, 2016). Rapid development of IT alongside the strive of commercial banks to bring a bank closer to a customer have determined the spread of electronic settlements (Slozko & Pelo, 2014;Musa, 2010).…”

“…In general innovations had the impact on banking sector (Stachova et al, 2017;Cicekli, 2016). Rapid development of IT alongside the strive of commercial banks to bring a bank closer to a customer have determined the spread of electronic settlements (Slozko & Pelo, 2014;Musa, 2010). A comprehensive research conducted by Zandi et al (2013) disclosed that usage of e-payments determines nearly 0.8 percent of GDP increase in developing countries, and 0.3 percent of GDP increase in developed countries.…”

Analysis The Use of Electronic Money in Indonesia

“…The rapid growth of noncash payment system due to development of technology make a huge impact for payment system sustainability in Indonesia, it also encourage people to shopping (Ramadhani & Oktora, 2019). The convenience in shopping using e-money will cause a decrease of requested money (Slozko & Pelo, 2014). The progress of non-cash payment methods in Indonesia shows an increasing trend but the growth has not been accompanied by a decrement in the demand for currency in the society, this is due to the high number of people in Indonesia who depend on cash transactions.…”