Bìznes Inform (Mar 2023)
Transformation of Payment Systems in the Digital Economy
Abstract
The article examines the evolutionary development of payment systems, which takes place in the unity of technological and organizational modernization through the innovatization of payment instruments. It is substantiated that one of the fundamental factors for the stable development of the State’s economy is the availability of an efficient and smoothly functioning modern national payment system that allows real-time payments in accordance with generally accepted standards. It is specified that payment systems ensure uninterrupted circulation of money flows of the State, the commercial and non-commercial sectors, and individuals. Under the influence of scientific and technological progress, the payment market is being digitalized, and new non-financial participants are being involved in the standard processes of providing payment services. It is shown that the functional significance of payment systems in the development of the digital economy is that they are the most convenient and universal financial intermediaries that create a digital culture and instill digital skills, rules and traditions that represent the core of the digital environment. Practice shows that payment systems are characterized by a rapid response to changing demands in servicing economic relations, the speed of diffusion of scientific and technological progress, and a high degree of adaptability to the risk environment, which is manifested in accelerating the penetration of financial innovations and their spread between system elements. It is underlined that the payment system in a broad sense is a universal financial category that unites a totality of financial institutions that carry out systemic activities in the field of monetary circulation of the economy and its individual sectors to ensure sustainable macroeconomic development and socioeconomic efficiency of functioning of its subjects.
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