Abstract
Digital technologies are changing business models and business process management systems in banks. The fintech phenomenon—a combination of technology and innovation—is creating a completely new competitive environment in which credit institutions, as traditional financial intermediaries, face virtual cryptocurrency emission centres that also account for the movement of payment and settlement means. The payment system does not just enter the virtual space but acquires a new quality. The chapter compares traditional payment systems with virtual ones. The object of the research is payment and settlement systems, the subject of the research is the features of the payment systems that make payments and settlements in cyberspace and are based on the blockchain technology.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Cyber resilience oversight expectations for financial market infrastructures. https://www.ecb.europa.eu/paym/pdf/cons/cyberresilience/Cyber_resilience_oversight_expectations_for_financial_market_infrastructures.pdf.
Felix, M. (2014). Money: The Unauthorised Biography. From Coinage to Cryptocurrencies. Vintage Books. A Division of Random House LLC.
Haber, S., & Stornetta, W. S. (1991). How to time-stamp a digital document. https://link.springer.com/content/pdf/10.1007/BF00196791.pdf.
Kiniakina, E. (2019). “There is no TON ecosystem”: Why did the SEC stop Telegram ICO and what does this mean for the Durov project. Available at: https://www.forbes.ru/tehnologii/385351-nikakoy-ekosistemy-ton-ne-sushchestvuet-pochemu-sec-ostanovila-ico-telegram-i-chto. Accessed 13 November 2019.
Krivoruchko, S. V. (2013). National payment system: Structure, technology, regulation. international experience and Russian practice. KNORUS.
Lyamin, L. V. (2011). The use of electronic banking technologies: A risk-based approach. KNORUS.
Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. https://bitcoin.org/bitcoin.pdf.
Panova, G. S., & others. (2020). Banks and banking in the global economy. MGIMO-University.
Pertceva, S. (2019). Payment systems in the digital economy. Moscow State Institute of International Relations, MGIMO.
“Statistics on payment, clearing and settlement systems in the CPMI countries”. Committee on Payments and Market Infrastructures. Bank for International Settlements 2017. Available at: https://www.bis.org/cpmi/publ/d172.pdf.
Sychev, A. M., Revenkov, P. V., & Dudka, A. B. (2017). Security of electronic banking. Intellectual Literature.
Tabernakulov, A. (2019). Blockchain in practice. Alpina Publisher.
What is TIBER-EU? https://www.ecb.europa.eu/paym/cyber-resilience/tiber-eu/html/index.en.html.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2021 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Bolonin, A., Balykin, V. (2021). Payment Systems in Digital Economy. In: Panova, G. (eds) Financial Markets Evolution. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-71337-9_7
Download citation
DOI: https://doi.org/10.1007/978-3-030-71337-9_7
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-030-71336-2
Online ISBN: 978-3-030-71337-9
eBook Packages: Business and ManagementBusiness and Management (R0)