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"Зовнішня торгівля: економіка, фінанси, право" з економічних та юридичних наук 

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UDC 336.717   DOI: https://doi.org/10.31617/zt.knute.2019(103)07
MAZARAKI Anatoliy,
E-mail: Ця електронна адреса захищена від спам-ботів. вам потрібно увімкнути JavaScript, щоб побачити її.
ORCID: 0000-0001-5283-8444
  Doctor of Sciences (Economics), Professor,
Rector of the Kyiv National University of Trade and Economics
19, Kyoto str., Kyiv, 02156, Ukraine
     
VOLOSOVYCH Svitlana,
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ORCID: 0000-0003-3143-7582
  Doctor of Sciences (Economics), Professor, Professor of the Finance Department
of Kyiv National University of Trade and Economics
19, Kyoto str., Kyiv, 02156, Ukraine

FINTECH DOMINANTS IN THE MARKET OF PAYMENT SERVICES 

Background. The development of technological innovations, the needs of consumers in terms of speed and convenience of calculations and business in relation to the growth of volumes of sales of goods and services led to the proliferation of cashless payments. FinTech has caused the emergence of alternative payment services and their new providers, increasing competition in the payment services market.
Analysis of recent researches and publications revealed that, despite the high level of existing theoretical developments, the problems of institutional transformations in the payment services market in the context of the intensification of the development of financial technologies needs further study.
Theaim of the article is to determine the priorities of technological innovations in the field of payment services in the conditions of activation of globalization processes.
Materials and methods. The theoretical and methodological basis for writing the article was the works of domestic and foreign scholars on alternative payment services and the use of FinTech tools in the payment industry. The research was conducted using the methods of theoretical generalization, comparative analysis, analysis and synthesis, which made it possible to clarify the definition of alternative payment services, to identify the factors influencing the development of alternative payment services, to substantiate the prospects of using FinTech tools in the payment industry.
Results. In recent years, the payment industry has been actively adapting to the changing needs of consumers through the emergence and development of alternative payment services based on FinTech tools. Alternative payments are methods of cashless settlements using financial technology tools offered by banks, FinTech companies or social networks in the context of the development of the consumption economy. The development of alternative payments is influenced by economic, technological and socio-psychological factors. FinTech tools such as large data, artificial intelligence, biometrics, block chain, mobile access, and the Internet can be used in the area of providing payment services. The threat to FinTech’s use in the payment industry is a breach of the confidentiality of client’s personal data, fraudulent actions in the course of transactions and the receipt of critical sales volumes for traders and violation of transaction security. The ability to use FinTech in the payment industry includes sales growth for merchants, reducing the seller’s time for customer request processing, fast access by consumers to products sold in geographically distant markets, and increase in cross-border trade volumes.
Conclusion. Thanks to the introduction of financial technology tools, on the one hand, there is an expansion of alternative payments, and on the other – the introduction of certain financial technology tools in traditional cashless settlements. This occurs against the backdrop of significant institutional transformations in the payment industry. If at the initial stage of the introduction of financial technology tools into the payment industry there was an intensification of competition between banks and non-bank service providers, now banks are actively upgrading their services based on FinTech’s achievements.
 
Keywords: financial technologies, alternative payment services, artificial intel–ligence, block chain, large data, crypto-currency, cross-border payments.
 

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