Payment systems in the conditions of digitalization

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Visnyk LNAU: Economics of AIC 2020 №27: 87-91

Payment systems in the conditions of digitalization

Sodoma R., Ph.D.,
Ahres O., Ph.D.
Lviv National Agrarian University
Shmatkovska T., Ph.D.
Lesya Ukrainka Eastern European National University

https://doi.org/10.31734/economics2020.27.087

Annotation

The article offers a theoretical understanding of the payment system and discusses the peculiarities of functioning of the payment systems of Ukraine at the present stage. The payment systems market and its structure are presented in detail. Payments and transfers are highlighted. The authors of the article have reviewed the statistics on illegal payment card transactions. Measures to improve the security of the payment system in Ukraine are outlined in the research. The authors make suggestions on improvement of the reliability of the payment infrastructure, as one of the key objectives of overnight delivery in the context of ensuring financial stability. For this purpose, this article addresses the payment systems market, namely the need to investigate the payment organization, participants, banks, as separate economic entities that make up the payment system, as well as the study of the individual payment system and its relationships. Adopting the methodology of problem solving, this article analyzes illegal actions with payment cards. The article outlines the measures on improvement of the security of the payment system in Ukraine. Much attention is paid to the activities of the wholesale (NBU NBU) and retail payment systems, which are interconnected elements that increase the possibility of spreading systemic risks in the event of disruption of their activity, as well as a high level of concentration in the payment and remittance market. individual payment systems of Ukraine, the payment organization of which is the NBU. The ability of banks to improve the procedure for making payments in a special period is important in case the bank is unable to operate in the BOT in full-time mode.

Modern payment systems are the important and fundamental elements of the Ukrainian financial infrastructure.

Key words

cross-border transfers, electronic payment system, payment systems, innovative services, payment cards

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