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TRENDS IN THE ADOPTION OF NEW DIGITAL PAYMENT PRODUCTS
Toshniyozov Sherali
Tashkent Institute of Finance, Tashkent Uzbekistan
Today, with the growth of e-commerce, new payment methods are emerging
to meet the increasing demand for online transactions. One of the most popular
methods is digital or new payment systems, which include mobile payments,
digital wallets, and cryptocurrency payments. Mobile payments, such as Apple Pay
and Google Pay, allow users to store their credit or debit card information on their
smartphones and make purchases by simply tapping their phone at a payment
terminal. This method is fast and convenient, as users do not need to carry
physical cards with them.
Digital wallets, such as PayPal and Venmo, enable users to store their
payment information and make online transactions without having to enter their
card details each time they make a purchase. These systems also allow users to
send and receive money from other users who have accounts with the same
provider. Another emerging trend in payment systems is the use of
cryptocurrencies, such as Bitcoin and Ethereum. These digital currencies offer a
secure and decentralized way of making transactions, without the need for
intermediaries like banks. While their adoption is still limited, more and more
merchants are beginning to accept cryptocurrencies as a form of payment.
Overall, the trend towards new payment systems is driven by the need for
convenience, speed, and security in online transactions. As technology continues
to advance, we can expect to see more innovative payment methods emerge in the
future. In addition to these new payment methods, traditional payment systems
like credit and debit cards are also evolving. Contactless payments, which allow
users to make purchases by simply tapping their card or smartphone at a payment
terminal, have become increasingly popular due to their speed and convenience.
Moreover, payment gateways like Stripe and Square have emerged as the go-
to payment processing options for online businesses. They offer easy integration
with e-commerce platforms, and provide features like fraud protection and
subscription billing.
Another trend in the payment industry is the integration of payments with
other services, such as loyalty programs and rewards. Customers can now earn
rewards points or cashback when they make purchases with certain payment
systems, which can incentivize them to use those systems more frequently.
In addition to these developments, there is also increasing interest in the use
of biometric authentication for payments. This could involve using fingerprint or
facial recognition to confirm a user's identity, making payments even more secure
and seamless. Overall, the payment industry is constantly evolving and adapting
to meet the changing needs of consumers and businesses. The future of payments
is likely to be characterized by further innovation in technology and user
experience, as well as continued emphasis on security and convenience.
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The rise of new digital payment systems has brought about changes in how
customers make payments. However, the adoption of digital payment systems has
also brought about some challenges. These may include:
•
Security: Digital payment systems involve the use of sensitive information
such as credit card details and bank account numbers, which can be vulnerable to
hacking and fraud. Payment providers are working hard to develop more secure
systems, but there is always a risk of data breaches and other security issues.
•
Accessibility: Not everyone has access to the technology needed to use
digital payment systems. This can be a particular challenge for people in
developing countries or those on lower incomes, who may not have access to
smartphones or reliable internet connections.
•
Education: Many people are not yet familiar with how to use digital
payment systems, and may be hesitant to try them out. Payment providers need
to invest in educating their customers about the benefits and features of their
systems, and how to use them safely and effectively.
•
Regulation: As digital payment systems become more popular, regulators
are working to ensure that they are safe, fair, and transparent. This can involve
creating new regulations and guidelines to govern the use of digital payments,
which can be a complex process.
Despite these challenges, the trend towards digital payments shows no signs
of slowing down. As new technologies continue to emerge and customer
preferences continue to evolve, we can expect to see even more innovation in the
world of digital payments in the years to come. Here are some statistics related to
the adoption of new digital payment products:
•
According to Statista, the total volume of global mobile payment
transactions is expected to reach $1.3 trillion in 2021. This is nearly three times
higher than the $450 billion recorded in 2016.
•
Statista also predicts that 1.1 billion people worldwide will use mobile
payments in 2021, representing an increase of 780 million compared to 2016.
•
Grand View Research reports that the use of digital wallets is also growing
rapidly. The total market size for digital wallets is expected to reach $7.6 trillion
by 2025, up from $1.4 trillion in 2020.
•
In the US, the use of contactless payments has accelerated during the
COVID-19 pandemic, with a 69% increase in contactless payment usage reported
between March 2019 and March 2021, according to Visa.
These statistics demonstrate the growing popularity of digital payment
systems, and suggest that this trend is set to continue in the coming years.
However, there are still challenges to overcome in terms of security, accessibility,
education, and regulation, which will require ongoing investment and innovation
from payment providers and policymakers alike.
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1. Charts. The digital payments market in Uzbekistan,
transaction value, 2017-2027
In addition to the challenges and opportunities mentioned earlier, there are
also some potential drawbacks to the adoption of new digital payment products.
These may include:
•
Fees: Some digital payment systems charge fees for transactions, which
can be a burden for merchants and customers alike. While fees are often lower
than those associated with traditional payment methods, they can still add up over
time.
•
Dependence on technology: Digital payment systems rely on technology,
which can be vulnerable to technical glitches or outages. This can be a particular
challenge for merchants who rely on digital payments to run their businesses, as
even a brief outage can cause significant disruptions.
•
Privacy concerns: Digital payment systems involve the collection and use
of personal data, which can be a concern for some customers. Payment providers
need to be transparent about how they use customer data and provide robust
privacy protections to ensure that customers feel comfortable using their systems.
•
Exclusion: Despite the growing popularity of digital payment systems,
there are still some groups that may be excluded from their use. This can include
people with disabilities, older people, and those without access to reliable
internet connections.
Overall, the adoption of new digital payment products has the potential to
bring significant benefits to customers and businesses alike. However, it is
important to address the challenges and drawbacks associated with these systems
to ensure that they are safe, accessible, and fair for all users. By working together,
payment providers, regulators, and other stakeholders can help to create a more
inclusive and innovative digital payments ecosystem for the future.
176
2. Charts. The digital payments market in Uzbekistan,
transaction value, 2017-2027
This article explores the trends in the adoption of new digital payment
products. It highlights the factors driving the shift towards digital payments and
examines the impact on traditional payment methods. The emergence of mobile
wallets and contactless payments, peer-to-peer payment platforms, digital
currencies, and the integration of payment systems into digital platforms are
discussed as key trends in digital payment adoption.
The adoption of digital payment products has witnessed significant growth
in recent years. Mobile wallets and contactless payments have become
increasingly popular, with consumers relying on their smartphones to make
secure transactions. Peer-to-peer payment platforms have also gained traction,
allowing users to send and receive money conveniently.
The rise of digital currencies and cryptocurrencies has influenced the
adoption of digital payment options, albeit still evolving. Moreover, the integration
of payment systems into digital platforms, such as e-commerce websites and
mobile apps, provides seamless payment experiences for users.
Overall, these trends indicate a shift towards digital payment methods, driven
by advancements in technology and changing consumer preferences. The
convenience, security, and accessibility offered by digital payment solutions have
played a significant role in their adoption, impacting traditional payment systems.
References:
1.
Schuh, S., Stavins, J. (2017). The adoption of payments by U.S. consumers: evidence from
survey data. Journal of Financial Services Research, 51(1), 15‐40.
2.
Liébana‐Cabanillas, F., Marinković, V., Kalinić, Z. (2019). Factors influencing mobile
payment adoption: A comparative analysis between Eastern and Western European countries.
Telematics and Informatics, 39, 80‐94.
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Ondrus, J., Lyytinen, K. (2015). Mobile payment use in the United States: A diffusion of
innovation approach. Journal of the Association for Information Systems, 16(2), 93‐119.
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Abukhousa, E., Hossain, M. A., Dahal, K. (2016). Adoption of mobile payment services in
the UK: A consumer behaviour analysis. International Journal of Mobile Communications, 14(6),
609‐630.
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Islam, M. S., Kabir, G., Rahman, M. M. (2020). Factors influencing the adoption of mobile
financial services: Evidence from Bangladesh. Electronic Commerce Research and Applications, 40,
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Statista. (2021). Number of mobile payment users worldwide from 2019 to 2025.
Retrieved from https://www.statista.com/statistics/953882/number‐of‐mobile‐payment‐users‐
worldwide/
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Deloitte. (2021). The future of payments in Asia Pacific: Ensuring the payments ecosystem
remains
robust,
secure,
and
interoperable.
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https://www2.deloitte.com/content/dam/Deloitte/cn/Documents/financial‐services/deloitte‐
cn‐fsi‐ap‐payments‐report‐1905‐en.pdf
8.
PwC. (2021). Global Consumer Insights Survey 2021. Retrieved from
https://www.pwc.com/gx/en/industries/consumer‐markets/consumer‐insights‐survey.html
РОЛЬ ФИНАНСОВОЙ ИНФРАСТРУКТУРЫ В ПОВЫШЕНИИ
УРОВНЯ ЖИЗНИ НАСЕЛЕНИЯ
Абдулазизова Ўғилой Нуриддинхўжа қизи
PhD,
зав.сектором в НИЦ “Научные основы и проблемы
развития экономики Узбекистана” при ТГЭУ
Финансовая инфраструктура играет важную роль в повышении
уровня
жизни
населения,
так
как
она
обеспечивает
эффективное
функционирование финансовой системы страны и обеспечивает
доступность финансовых услуг для всех слоев населения.
Финансовая инфраструктура, такая как банковские учреждения,
платежные системы, страховые компании и пенсионные фонды,
предоставляют доступ к разнообразным финансовым услугам, таким как
сберегательные и инвестиционные счета, кредиты, страхование и
пенсионное обеспечение. Это позволяет людям управлять своими
финансами, инвестировать и обеспечивать будущее.
Финансовая система и финансовая инфраструктура
-
это два тесно
связанных, но разных понятия в области финансов. Финансовая система
представляет собой обширную и комплексную совокупность институтов,
рынков, правил и отношений, которые регулируют и обеспечивают
финансовую деятельность в стране или регионе.
Финансовая система имеет целью сбор и распределение капитала,
финансирование экономической деятельности, обеспечение платежных
систем и поддержание финансовой стабильности.
Финансовая инфраструктура является составной частью финансовой
системы и включает в себя конкретные инструменты, структуры и
технологии,
необходимые
для
обеспечения
функционирования
финансовой системы.
