Research of Features of Payment Technologies in the Payment Industry

Abstract

Retail payments research is on the rise in the digital economy. However, due to logical, conceptual similarity, the notion of “payment technology” is blurred in the studies of payment systems. Hence, there is a need to form the conceptual apparatus of payment technologies and to identify the features in the functioning and implementation of payment technologies. Due to the analysis of structural elements of the payment industry and identifying areas of payment technology used in the mechanism of retail settlements, it seems possible to form the features of payment technology. Their comparison with a number of principles and criteria of functioning in the future seems possible expediency of development of new technologies, which characterizes the practical significance of the research. The purpose of the research is to form a conceptual framework in the field of payment technology, namely, the definition of the concept of “payment technology” and the identification of features of their functioning, as well as the classification by analyzing the opinions of scientific researchers in the field of payment systems, banking and sciences related to financial technology. The originality of the research is that we formed a theoretical and methodological base of research in the field of payment systems, payment technologies and financial management of companies, industries that directly depend on the level of development of payment technologies, including retailers and payment service providers.