Transformation of Fintech: Impact of POS and ATM on Non-Cash Payments
https://doi.org/10.47703/ejebs.v2i60.51
Abstract
The banking system of Kazakhstan has undergone many changes in recent years: traditional bank branches are no longer in such demand as 20 years ago. Now banks are intentionally closing branches and transferring their clients to the online format. These steps were especially justified in the context of the COVID-19 pandemic. At the same time, technology has grown: since the beginning of the emergence of point-of-sale (POS) terminals, Automated teller machines (ATM) have developed. To ensure the security of transactions, transfers are tied to an individual, and the transfers themselves have multi-factor identification. The necessity to have payment cards linked to the account is still relevant, even if the user uses applications on his mobile phone to make non-cash transfers. The purpose of this study is to identify the existence of a relationship between non-cash payments and proxy servers for non-cash banking in Kazakhstan. In this scientific study, two hypotheses (zero and alternative) were put forward and tested, of which one was later confirmed. Statistical monthly data cover the period 2004-2020, were obtained from the electronic repository of the Statistical Bulletin of the National Bank of Kazakhstan. To test the relationship of selected determinants have been used program SPSS and Microsoft Excel. Kolmogorov-Smirnov test was used for checking the normality of data distribution (revealed the normal distribution of the collected quantitative data). This made it possible to find the Pearson correlation coefficient. Further, in the course of the study, a correlation matrix was compiled. It was found the presence of a significant relationship between the amount of non-cash transfers, POS & ATM. This confirms the correct orientation of public policies towards the development of technical systems and the digitization of the economy. The results of this study are important for the banking system and policy dissemination of non-cash payments.
References
1. Adeoti, O., & Osotimehin, K. (2012). Adoption of point of sale terminals in Nigeria: Assessment of consumers’ level of satisfaction. Research Journal of Finance and Accounting, 3(1), 1-6.
2. Aliha, P. M., Sarmidi, T., & Said, F. F. (2020). Investigating The Impact Of Atm And Pos Terminals On Money Demand In Nine European Countries In The Context Of A Random Effect Model As The Appropriate Panel Data Model. Regional Science Inquiry, 12(2), 31-41.
3. Alagh J. I., Emeka E. E, (2014). Impact of Cashless Banking on Banks’ Profitability (Evidence from Nigeria). Asian Journal of Finance & Accounting. 6(2).
4. Alao, A. A., Sorinola, O. O., (2015). Cashless Policy and Customers' Satisfaction: A Study of Commercial Banks in Ogun State, Nigeria. Research Journal of Finance and Accounting. 6(2), 37-48.
5. Alt, R., Ehmke, J. F., Haux, R., Henke, T., Mattfeld, D. C., Oberweis, A., ... & Winter, A. (2019). Towards customer-induced service orchestration-requirements for the next step of customer orientation. Electronic Markets, 29(1), 79-91.
6. Bouille, I., & Haase, T. (2019). Adoption of global market practice for payments will pave the road to a successful global migration to ISO 20022. Journal of Payments Strategy & Systems, 13(2), 104-112.
7. Carbo Valverde, S., & Rodríguez Fernández, F. (2012). Competing Technologies for Payments: Automated Teller Machines (ATMs), Point of Sale (POS) Terminals and the Demand for Currency (No. 2012113). Fundacion BBVA/BBVA Foundation.
8. Ceipidor, U. B., Medaglia, C. M., Marino, A., Sposato, S., & Moroni, A. (2012). KerNeeS: A protocol for mutual authentication between NFC phones and POS terminals for secure payment transactions. In 2012 9th International ISC Conference on Information Security and Cryptology, 115-120.
9. Chochoľáková, A., Gabčová, L., Belás, J., Sipko, J. (2015), Bank Customers’ Satisfaction, Customers’ Loyalty and Additional Purchases of Banking Products and Services. A Case Study from the Czech Republic, Economics and Sociology, 8(3), 82-94. DOI: 10.14254/2071-789X.2015/8-3/6
10. Gjika, E., Basha, L., Puka, L., & Shahini, I. (2019, March). ATMs and POS Diffusion: An Econometric Model Albania case study. In Proceedings of the 2019 2nd International Conference on Computers in Management and Business, pp. 59-63.
11. Kumar, R., & O’Brien, S. (2019). 2019 findings from the diary of consumer payment choice. Federal Reserve Bank of San Francisco, 10, 1-16.
12. Leong, K., & Sung, A. (2018). FinTech (Financial Technology): what is it and how to use technologies to create business value in fintech way? International Journal of Innovation, Management and Technology, 9(2), 74-78.
13. Lindsay, S. (2015). ISO 20022 and real-time domestic payments. Journal of Payments Strategy & Systems, 9(1), 22-29.
14. Nettleton, D. (2014). Selection of Variables and Factor Derivation. Commercial Data Mining, 79–104. doi:10.1016/b978-0-12-416602-8.00006-6
15. Oliveira, T. P., Moral, R. A., Zocchi, S. S., Demetrio, C. G., & Hinde, J. (2020). lcc: an R package to estimate the concordance correlation, Pearson correlation and accuracy over time. PeerJ, 8, e9850.
16. Park, K., Ali, M., & Chevalier, F. (2011). A spiral process model of technological innovation in a developing country: The case of Samsung. African Journal of Business Management, 5(13), 5162-5178.
17. Puschmann, T. (2017). Fintech. Business & Information Systems Engineering, 59(1), 69–76. doi:10.1007/s12599-017-0464-6
18. Sabden, O. (2018). The concept of the future and the new paradigm of the fifth spiral: State, business, science, society and informatization. The Journal of Asian Finance, Economics, and Business, 5(4), 173-185.
19. Sági, J., Vasa, L., & Lentner, C. (2020). Innovative Solutions in The Development Of Households' financial Awareness: A Hungarian Example. Economics & Sociology, 13(3), 27-45.
20. Shkolnyk, I., Kozmenko, S., Kozmenko, O., & Mershchii, O. (2019). The impact of the economy financialization on the level of economic development of the associate EU member states. Economics and Sociology, 12(4), 43-58. doi:10.14254/2071-789X.2019/12-4/2.
21. Shy, O. (2020). How currency denomination and the ATM affect the way we pay. Journal of Economics and Business, 111, 105908.
22. Stiglitz, S. F. J. E. (2010). Time for a visible hand: lessons from the 2008 world financial crisis. Oxford University Press.
23. State program “Digital Kazakhstan”. (2017). https://digitalkz.kz/o-programme/.
24. Taylor, L., & Bacha, E. L. (1976). The unequalizing spiral: A first growth model for Belindia. The Quarterly Journal of Economics, 197-218.
25. Yermekbaeva, D., & Rakhmatullina, A. (2020). The Importance of Implementing Digitalization in Kazakhstan. Eurasian Journal of Economic and Business Studies. 3(57), 40-55. DOI –10.47703/ejebs.v3i57.19
26. Valente, M.J., Rijnhart, J., Smyth, H.L., Muniz, F.B., & MacKinnon, D. (2020). Causal Mediation Programs in R, Mplus, SAS, SPSS, and Stata. Structural Equation Modeling: A Multidisciplinary Journal, 27(6), 975 - 984.
27. Zavolokina, L., Dolata, M., & Schwabe, G. (2016). FinTech transformation: How IT-enabled innovations shape the financial sector. In FinanceCom, 75-88.
Review
For citations:
Kredina A. Transformation of Fintech: Impact of POS and ATM on Non-Cash Payments. Eurasian Journal of Economic and Business Studies. 2021;60(2):16-32. https://doi.org/10.47703/ejebs.v2i60.51
Views:
39
JATS XML
Email this article 