Global trends in the development of digitalization in payment systems

The global capabilities of the Internet have significantly influenced the development of forms of money as a means of payment, as well as electronic money, electronic banking, Internet payments and much more. Modern society has become accustomed to actively use the latest payment methods and make payments over the internet using smartphones, tablets and PCs from anywhere in the world at any time of the day or night. Digital payment systems are helping to transform our economy and everyday life. Like many technological advances, electronic payment systems underwent a transformation long before their introduction into the wider economy. The biggest challenge has been creatingsustainable institutional structures to achieve widespread acceptance among potential users. Banks and their customers need to be confident in the security and reliability of payment instruments, and only then will they choose convenient and cost-effective instruments. The socio-economic situation in 2020 requires further expansion of the infrastructure of payment systems, improvement of the institutional and legal framework, ensuring smooth functioning of payment systems and strengthening of measures to develop a competitive environment in the payment services market. Digitalizationof payment services underpins the implementation of measures that contribute to the efficiency, stability and reliability of payment systems. Financial integration, in particular the integration of payment clearing and settlement systems, can be seen as asubset of the broader national innovation system of developed countries, which is based on a system of social and institutional factors that influence innovation and interactive digitalizationprocesses. This article examines the main challenges to the development of the market for digital payment systems in the current economic environment of information technology implementation and digitalization of the economy in the banking sector. Details of the main payment systems, their development and distribution in the countries were identified. Actual directions of development of systems and services of electronic payment transactions with the use of advanced IT-technologies have been revealed.

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