General Tendencies in the Development of the Electronic Payment Services Market and the Problems of Ensuring the Economic Efficiency of Their Provision
Khanin I. H., Sopin Y. O.

Khanin, Igor H., and Sopin, Yevhen O. (2022) “General Tendencies in the Development of the Electronic Payment Services Market and the Problems of Ensuring the Economic Efficiency of Their Provision.” The Problems of Economy 2:175–183.
https://doi.org/10.32983/2222-0712-2022-2-175-183

Section: Finance and banking

UDC 330:339:336.7

Abstract:
In the context of the evolvement of the digital economy, the use of digital technologies in the financial sector (FinTech) and for the purposes of payment (PayTech) is increasing. The global market of electronic payment services (EPS) is developing intensively, which actualizes the problems of its effectiveness. The aim of the study is: to determine the general tendencies in the development of the EPS market and the main problems of ensuring the economic efficiency of their provision. The study is based on an analytical frame that defined the analysis blocks and the sequence of material. Statistical, structural, functional, institutional, logical-historical analyses were used. The publication demonstrates the positive global dynamics of the EPS market development in close connection with the development of e-commerce. Structural trends in the development of the EPS market are distinguished. The specifics are defined and features of the functioning of this market are substantiated; attention is focused on the specificity of the EPS market in the EU and its elements. The peculiarities of formation of EPS market regulation systems, including in the EU, are shown. It is emphasized on the development of the EPS market in Ukraine and its integration into the international space. Strategies for the provision of EPS, types of strategies for expanding the activities of enterprises-providers of these services and the stage of their growth are singled out. The definition of problems of efficiency of EPS provision covers: adaptation to regulatory requirements, competitiveness (determinants defined), risk management, innovation activities (varieties of innovations defined), creation of payment ecosystems. The results have theoretical value, can be used in the practical activities of EPS providers, in the State regulation of this market and by the entrepreneurs interested in startups. In the future, it is planned to allocate the directions of increasing the level of economic efficiency of EPS provision, which will contribute to the development of the digital economy and cause positive social effects.

Keywords: digital economy, FinTech, PayTech, electronic payment services, efficiency, innovations, risks, payment ecosystems.

Fig.: 2. Tabl.: 1. Bibl.: 13.

Khanin Igor H. – Doctor of Sciences (Economics), Professor, Professor, Department of Business Economics and International Business, National University of Water Management and Natural Resources Use (11 Soborna Str., Rivne, 33028, Ukraine)
Email: i.h.khanin@nuwm.edu.ua
Sopin Yevhen O. – Postgraduate Student, Department of Business Economics and International Business, National University of Water Management and Natural Resources Use (11 Soborna Str., Rivne, 33028, Ukraine)
Email: sopinyevhen@gmail.com

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