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Mathematical Interpretation of Global Competition between Payment Systems

Author

Listed:
  • Xinyu Cai

    (School of Labor Economics, Capital University of Economics and Business, Beijing 100070, China)

  • Marko Milojevic

    (Department of Accounting and Audit, Singidunum University, 11000 Belgrade, Serbia)

  • Denis Syromyatnikov

    (Department of Economy and Foreign Economic Activity, North-Caucasus Federal University, 355035 Stavropol, Russia)

  • Anastasia Kurilova

    (Department of Masters Degree Programs (Business Programs), Togliatti State University, 445051 Togliatty, Russia)

  • Beata Ślusarczyk

    (The Management Faculty, Czestochowa University of Technology, 42-201 Czestochowa, Poland
    TRADE Research Entity, North-West University, Private Bag X1290, Potchefstroom 2520, South Africa)

Abstract

The present study seeks to present a mathematical interpretation of the perception of new entrants to the global payments market on whether FinTech’s innovations promote competitiveness in the market. The study also quantitatively evaluates the competitive trends observed in the global payments market. The sampling frame consists of 504 respondents across 28 countries. The study is based on the analysis of the survey results using SPSS Statistics and Stata. The survey addressed four groups of factors influencing the competitiveness of the payment system (i.e., ‘Costs’, ‘Service Channels’, ‘Privacy and Security’, ‘Quality and Efficiency’). The respondents believe that FinTech innovations have a strong positive effect on the payment system’s competitiveness (M = 4.32). The results of the present study may be of interest to specialists and researchers who deal with the competitive dynamics of the global payments business, with payment innovations, and with convergence and transformation of the payments industry.

Suggested Citation

  • Xinyu Cai & Marko Milojevic & Denis Syromyatnikov & Anastasia Kurilova & Beata Ślusarczyk, 2021. "Mathematical Interpretation of Global Competition between Payment Systems," Mathematics, MDPI, vol. 9(17), pages 1-18, August.
    • Handle: RePEc:gam:jmathe:v:9:y:2021:i:17:p:2070-:d:623026
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    References listed on IDEAS

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    Cited by:

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    2. Patrizia Gazzola & Daniele Grechi & Ilaria Martinelli & Roberta Pezzetti, 2022. "The Innovation of the Cashierless Store: A Preliminary Analysis in Italy," Sustainability, MDPI, vol. 14(4), pages 1-16, February.

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