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This paper aims to present a comprehensive overview of the emergence and significance of digital payments, focusing on their impact on competitiveness and the need for policy interventions. In addition, it explores the design of policies that promote the adoption of digital payments, highlighting the benefits they offer to providers and users.

The paper examines the technological advances that have driven the growth of digital payment systems. It identifies key requirements for successful adoption and discusses the associated risks, along with potential strategies to mitigate these risks.

The findings emphasize the importance of responsible implementation and safeguarding the well-being of end users to fully realize the benefits of digital payment adoption. Understanding the inherent risks and establishing effective risk mitigation mechanisms are crucial. This necessitates the development of appropriate infrastructure to support the provision of digital payment services.

More research is needed to gain deeper insights into how emerging global trends in financial technology should be analyzed and understood by policymakers, service providers and users.

The findings of this study can guide policymakers, private sector managers and consumers in comprehending the effects of emerging digitalization trends and determining their adoption responses accordingly.

This paper stands out as one of the few research contributions that provide comprehensive and actionable policy recommendations to facilitate a smooth transition to a digital payments ecosystem that benefits all stakeholders.

The increase in mobile telephone penetration has offered new opportunities for technology to improve payment operations all over the world. Little research has examined the issues related to the decision-making (DM) of mobile payment systems usage in the Jordanian context. The purpose of this study is to examine the factors that may have an influence on the adoption of mobile payment systems. This study has empirically tested the expanded unified theory of acceptance and use of technology (UTAUT2) together with awareness (AW), trust (TR), security (SE) and privacy (PR) as independent variables to explain the mobile payment system adoption in Jordan.

In total, 270 employees participated in a field survey questionnaire from the public sector in Amman city, the capital city of Jordan. Data were analyzed through a quantitative approach of partial least squares–structural equation modeling.

The results mainly showed that the determinants of DM to use mobile payment system are price value, social influence, performance expectancy, AW and TR. All of these determinants explained 60.2% of the variation of DM. In total, 72.2% has been explained as the TR to use m-payment system by SE and PR. Furthermore, the results revealed that TR mediates the association between SE as well as PR and the DM to use mobile payment system.

Interestingly, these new variables were found to be important and contribute to the UTAUT2 model. Consequently, the decision-makers in the Central Bank of Jordan should consider all these factors when re-upgrading a Jordan Mobile Payment system in the near future.

Consumers frequently use electronic payments (e-payment) as their first step into formal financial services. The advancement of information and communication technology, on the other hand, has resulted in several achievements for human civilization, altering people’s lives, behaviors and societal measures. This study’s main aim is to investigate issues and identify the factors that are likely to influence customers’ acceptance of implementing e-payment in the Kingdom of Bahrain.

A quantitative research approach was adopted to test the influence of e-payment data security, trust, ease of use, usefulness and accessibility on customers’ acceptance of the service. A questionnaire survey was electronically administered to a purposive sample, and 531 responses were returned, achieving the required sample size for the study. Descriptive statistics analysis was used to ascertain data validity and consistency, and regression analysis was used to test the model’s hypotheses.

The findings of this study demonstrated a high influence of the mentioned factors on the e-payment acceptance of the customers in the Kingdom of Bahrain. The main recommendations are to increase the adoption of e-payment; focus highly on the security factor in e-payment adoption; create a trustworthy e-payment service; strive to make the e-payment services more user-friendly; increase the longevity of the e-payment services by focusing on usefulness; and make e-payment services more accessible.

This study’s potential contribution is to identify the factors that influence e-payment acceptance by customers in Bahrain and draw attention to issues to be considered in adopting new e-payment services.

The debate around automation through digital technologies has gathered traction in line with the advancement of Industry 4.0. Blockchain-powered construction progress payment has emerged as an area that can benefit from such automation. However, the challenges inherent in real-time construction payment processes cannot be solely mitigated by blockchain. Including building information modeling (BIM)-based schedule information stored in decentralized storage linked with a smart contract (SC) can allow the efficient administration of payments. Accordingly, this study aims to present an integrated BIM-blockchain system (BBS) to administer decentralized progress payments in construction projects.

A mixed-method approach is adopted, including an extensive literature review, development of the integrated BBS, and a case study with 13 respondents to test and validate the BBS. This study proposes a BBS that extracts the invoices from BIM and pushes them to the decentralized app (dApp) for digital payment to the contractor through the Ethereum blockchain. The Solc npm package was used to compile the backend SC. Next.js was used to create the front end of the dApp. The Web3 npm package is paramount in developing a dApp. A total of 13 construction professionals working on the case study project were engaged through a questionnaire survey to comment on and validate the proposed BBS. A descriptive analysis was conducted on the case study data to apprehend the responses of expert professionals.

The proposed BBS creates an SC, enables sender verification, checks contract complaints, verifies bills, and processes the currency flow based on a coded payment logic. After passing the initial checks, the bill amount is processed and made available for the contractor to claim. Every activity on dApp leaves its trace on the blockchain ledger. A control mechanism for accepting or rejecting the invoice is also incorporated into the system. The case study-based validation confirmed that the proposed BBS could increase payment efficiency (92.3%), tackle financial misconduct (84.6%), ensure transparency and audibility (92.4%), and ensure payment security (61%) in construction projects. A total of 46.2% of respondents were skeptical of the BBS because of its dependency on cryptocurrencies. A further 23.1% of respondents indicated that the price fluctuation of cryptocurrencies is a major barrier to BBS adoption. Others highlighted the absence of legal frameworks for cryptocurrencies’ usage.

This study opens the avenue for the application of dApp for autonomous contract management and progress payments, which is flexible with applications across various construction processes. Overall, it is a potential solution to the endemic problem of cash flow that has devastating consequences for all project stakeholders. This is also aligned with the goals of Industry 4.0, where process automation is a key focus. The study provides a practice application for automated progress payments that can be leveraged in construction projects across the globe.

This chapter reviews digital payment infrastructures at the retail, wholesale and cross-border levels, available operating and governance models and trade-offs. Various developments in the field of digital payments, key challenges and the role of the central banks in helping to address those challenges are introduced. This chapter starts by examining issues in retail payments, before moving on the wholesale and large-value payments, real-time gross settlement (RTGS) which is the core settlement of payment systems before examining cross-border payments. This chapter ends with an overview of the role of central banks in promoting digital payment infrastructures.

This chapter examines mobile payments and digital banking services. The past decade has seen a rapid increase in the use of alternative payment systems, away from cash to electronic payments. The digitalization of payments includes business-to-business (B2B), customer-to-business (C2B), and government-to-business and consumers (G2B/C), whether the payments are by computer, wire transfers, and point of sale (POS) systems. POS systems have become a standard in many retail outlets. Mobile payments use a smart device for contactless pay. Consumers see the increasing prevalence of payment systems when they go to the retail checkout or service counter. Worldwide, mobile payments are approaching 50% of digital. Digitalized payment systems are becoming more secure, decreasing concerns over mistaken payments, fraud, and errors. Consumers' confidence in value and usage decreases with age. Most fraud is due to scams and not hacking. Greater access to improved infrastructure and affordable smart devices will expand the usage of digitalized payment systems worldwide.

Despite the significance of donations (Sadaqah) via mobile payment in Islamic countries, little is known about the variables influencing continuance intention toward using m-payment for donations (Sadaqah). Based on the stimulus-organism-response (S-O-R) model, this research explores the influence of perceived quality (i.e. system, information, service) as a stimulus on customer satisfaction, engagement and delight as organisms, which then affects continuance intention toward using m-payment for donations (Sadaqah) as a response. Moreover, the study investigates the moderating role of Islamic religiosity.

Using partial least squares structural equation modeling (PLS-SEM), a representative data sample of 419 Egyptian Muslims was analyzed to test hypotheses.

The findings revealed that all perceived quality constructs significantly positively affect customers' satisfaction. Customer satisfaction, in turn, positively affects customer engagement and delight. Moreover, customer engagement, delight and Islamic religiosity significantly positively affect continuance intention toward using m-payment for donations (Sadaqah). The findings also revealed that Islamic religiosity moderates the influence of customer engagement and customer delight on continuance intention toward using m-payment for donations (Sadaqah).

This is the first study to examine using m-payment for donations (Sadaqah) in an Islamic environment based on the S-O-R model.

This study aims to convey the understanding of the ecosystem – how “hundi” works on the border trade between Myanmar and northern Thailand, which is an informal transfer system and is widely used as an alternative banking system. Even though the role of hundi is unable to declare the sources of money under the standard settlement of formal banking system, a failure to operate of its official mechanism are carrying using hundi, as a financial platform across the border between Thailand and Myanmar. This study surveys the best practice mechanism for the regional and international cooperation.

This paper draws on relevant literature, open-source reporting, and interviews with more than 30 interviewees on the border between Thailand and Myanmar. Interviewees includes border-trader, money changer, money transfer operators, business leaders, hundi operators, immigrant labors, government officials and commercial banking staffs.

This study provides a unique insight of hundi system, which work as the alternative mode of formal banking. It is an informal fund transfer payment platform used on the border between Thailand and Myanmar in the past five decades. It insists that hundi plays a significant role in both substitution and complementary on the trade and payment across the border of Myanmar–Thailand. Even though confronting with the barriers of financing of terrorism (anti money laundering AML/combating the financing of terrorism CFT) risk, the competition with the expanding and modernizing formal banking sector, and the introduction of Fintech and mobile money services. In the short term, these are unlikely to eliminate the hundi system completely, but may instead push hundi operators towards adopting these networks and technologies in their own operations.

This paper will be a useful source for academics, development professionals, policymakers, law enforcement agencies and business actors who are seeking to understand Myanmar’s informal payment system, hundi.

This is the latest work for border trade payment or trade financing role of hundi which has hidden under the informal market of the border for several decades. It has few research of hundi on border trade and payment, particularly after the military coup in 2021 which made hundi return to be on the spotlight and simultaneous mechanism of border trade and payment ecosystem of Myanmar. This paper will be a useful source for academics, development professionals, policymakers, law enforcement agencies and business actors who are eager to understand Myanmar’s informal payment system, hundi, especially during the hardship.

The purpose of this study is to investigate the key predictors and outcomes of task–technology fit (TTF) of facial recognition payment systems with the moderating role of cultural differences in the restaurant industry.

The survey responses were collected from 336 South Korean and 336 US restaurant customers.

The results revealed that function significantly affected TTF in both groups. Unique to the Korean sample, emotion was found to be a significant determinant of TTF, whereas convenience and social influence were key predictors of TTF only for the US sample. TTF had significant and positive effects on the three dimensions of behavioral intentions in both groups. The result of multi-group analysis showed that cultural differences moderated the effect of convenience on TTF and the effect of emotion on TTF.

The authors provided recommendations for restaurant operators and technology companies seeking to improve customer TTF and acceptance of facial recognition payment systems for the first time.

本研究旨在调查面部识别支付系统任务技术匹配（TTF）的关键前置因素和影响, 以文化差异为调节变量, 研究其在餐饮行业的应用。

我们收集了来自336名韩国和336名美国餐厅顾客的调查回答。

结果显示, 在两组中, 功能显著影响TTF。对于韩国样本来说, 情感被发现是TTF的重要决定因素, 而对于美国样本来说, 方便性和社会影响是TTF的关键预测因素。在两组中, TTF对行为意向的三个维度均产生了显著且积极的影响。多组分析结果显示, 文化差异在方便性对TTF的影响以及情感对TTF的影响中起到了调节作用。

我们首次为寻求改善顾客TTF和接受面部识别支付系统的餐厅经营者和技术公司提供了建议。

The adoption of mobile payment remains low in certain regions, highlighting the need to identify the factors that enable and inhibit its adoption. This study aims to address this gap by investigating the role of information security, loss aversion and the moderating influence of the herd effect on Inertia and behavioral intentions in the adoption of mobile payment systems.

A structural equation model was developed and tested with 332 valid questionnaires to examine the proposed hypotheses.

The empirical results reveal that information security plays a significant role as an enabler, while loss aversion acts as an inhibitor of mobile payment adoption. Furthermore, the study uncovers the moderating influence of the herd effect on the relationship between Inertia and behavioral intentions.

This study was conducted in a specific region and may not be generalizable to other regions. Future studies could expand the sample size and scope to enhance the external validity of the findings.

This study offers practical implications for mobile payment service providers. Understanding the key enabling and inhibiting factors identified in this study can guide providers in designing and improving their services. Strengthening information security measures can help build trust among potential adopters, while offering incentives can mitigate the impact of loss aversion and encourage early adoption.

The findings of this study have social implications as they contribute to promoting the adoption of mobile payment systems. Increased adoption can enhance financial inclusion and stimulate economic development.

This study provides novel insights into the enabling and inhibiting factors of mobile payment adoption and highlights the moderating role of the herd effect. By shedding light on the influence of social norms on individual behavior in the context of mobile payment adoption, this study contributes to the existing literature and advances our understanding of this phenomenon.