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Development of new payment services and the role of the fintech sector during the COVID-19 pandemic

100%
Macierzyński W. Ł., Macierzyński M.
Central European Review of Economics & Finance
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2023
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vol. 44
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issue 3
61-78
EN
Purpose: The purpose of the article is to present both theoretical and practical basis for development of payment services in Poland and in the whole world during the COVID-19 pandemic. Over this time there was a sharp rise in e-commerce along with a fast growth of the number of consumers making online payments. This resulted in changes in adoption of new technologies and payment services. Apart from those which were the consequence of quickening the pace of change in the consumers’ behavior, a crucial role, especially in developing countries, was played by local regulators, who somehow forced financial institutions to create new solutions, which fintech readily made good use of. In numerous countries it fostered radical and groundbreaking quickening of the pace of shifting to electronic payments and creating a new sort of payment services, adjusted to the needs and expectations of younger consumers. Methodology: The paper uses the method of an economic analysis and literature review - mostly electronic sources, descriptive and comparative analyses. Findings: From customers’ perspective, the impact of COVID-19 pandemic on development of new payment services should be acknowledged as positive, or even groundbreaking in some developing countries. Over the years 2020-2021 the number of customers making on-line payments, especially mobile payments, grew rapidly. This was the result of a fast, forced by pandemic, growth in sales in e-commerce. Consequently, it enabled to introduce and widely promote new financial services - based on open banking, and promoting solutions targeted at young consumers, e.g. deferred payments. Even though the pandemic is over, the interest rate rise and the consequences of the war in Ukraine are bound to bring further, dynamic development of such payment services, as well as their popularization on more and more new markets all over the world. Practical implications: The analysis of relations between theoretical and practical bases of widespread adoption of new solutions concerning on-line payments in the world during the COVID-19 pandemic is an important factor in the development of e-commerce market and financial services. The fact that digital forms of payments have become very common brought about the network effect, a situation when the value for the customer depends on the number of users of a particular solution. Due to that, poorer, developing countries could, making use of the solutions based on open banking and the technology provided by fintech, quickly popularize cashless, and electronic payments. Only a few years ago it was estimated that in the countries lacking the standard payment infrastructure it would take decades to reach this level. Also, in developed countries the pandemic contributed to popularization among young consumers of solutions adapted to their preferences, being an alternative to traditional credit cards. Deferred payments are a solution which is commonly used in e-commerce, and their main merits include increasing both conversion rates and average order value. However, it needs to be emphasized that this goes with a less flexible business model of the companies providing such services in high interest rate environment, as well as adverse consequences of broad access to such services. Many countries have observed a growth of customer debt - which effects both credit worthiness and problems to pay off rising debts. This results in imposing formal regulations on deferred payments markets more and more frequently.
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Kontrola w toku postępowania w sprawie nadmiernych opóźnień ze spełnianiem świadczeń pieniężnych

63%
Zapolska K.
Przegląd Ustawodawstwa Gospodarczego
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2020
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issue 12
14-20
EN
Delays in payment may constitute a serious barrier to the business activity of the entrepreneur. Therefore, it is necessary to find a normative solution to this problem. Pursuant to the Act amending certain acts on reducing payment gridlocks a system for enforcing payment within a fixed period will be introduced. This is to improve the current regulatory environment in which parties to commercial transactions operate. The main purpose of the Act is helping entrepreneurs who do not receive their due payment on time. New regulations will also provide that payment terms in transactions between entrepreneurs will be shortened. The act amending certain acts on reducing payment gridlocks became effective on 1 January 2020. The study tends to answer the questions - how is the control carried out in the course of proceedings on combating excessive late payment in commercial transactions? In addition, it contains comments and evaluations. Study of the outlined problems was mainly based on the dogmatic and legal method.
PL
Opóźnienia w płatnościach mogą stanowić poważną barierę w wykonywanej przez przedsiębiorcę działalności gospodarczej. Niezbędne stało się w związku z tym znalezienie normatywnego rozwiązania tego problemu. Zgodnie z ustawą o zmianie niektórych ustaw w celu ograniczenia zatorów płatniczych wprowadzono system egzekwowania płatności w określonym terminie. Głównym celem nowej ustawy jest pomoc przedsiębiorcom, którzy nie otrzymują na czas należnej płatności. Nowa ustawa zapewni, że terminy płatności w transakcjach między przedsiębiorcami zostaną skrócone. Ustawa o zmianie niektórych ustaw w celu ograniczenia zatorów płatniczych weszła w życie 1.01.2020 r. Celem przeprowadzonej w artykule analizy jest ustalenie, jak przebiega kontrola w toku postępowania w sprawie zwalczania nadmiernych opóźnień w płatnościach w transakcjach handlowych. Ponadto opracowanie zawiera uwagi i oceny w tym zakresie. Podstawową metodą badawczą wykorzystaną w artykule jest metoda dogmatyczno-prawna.
3

Kredyt kupiecki a zatory płatnicze

51%
Golawska-Witkowska G., Rzeczycka A., Mazurek-Krasodomska E.
Pieniądze i Więź
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2016
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vol. 19
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issue 3(72)
85-94
PL
Udzielanie kredytu kupieckiego jest wpisane w działalność każdego przedsiębiorstwa. Odroczone płatności sprzyjają wzrostowi sprzedaży, ale również mogą powodować perturbacje w ich funkcjonowaniu. Wspierają one funkcjonowanie przedsiębiorstwa w warunkach ryzyka kredytowego, które przekształca się często w ryzyko płynności. W efekcie tworzą się zatory płatnicze. Celem artykułu jest przedstawienie zatorów płatniczych jako skutków odroczonych płatności, sprzyjających tworzeniu się ryzyka kredytowego oraz ujemnych luk płynności. Na podstawie przeprowadzonych rozważań stwierdzono, że problemy płynnościowe wywołane są przez czynniki zewnętrzne i wewnętrzne. Czynnikami je kształtującymi są więc polityka monetarna i fiskalna oraz koniunktura gospodarcza. Jednak na nie przedsiębiorstwo nie ma większego wpływu. Ważne są więc działania samych przedsiębiorstw, głównie w zakresie zarządzania kredytem kupieckim. Tworzące się zatory płatnicze, mimo stosowanych przez państwo instrumentów prawnych w postaci ustawy o terminach dostaw, stanowią istotną przeszkodę w działalności firm. W związku z powyższym konieczne jest zarządzanie kredytem kupieckim i dalsze doskonalenie działań z nim związanych. Przedsiębiorstwa powinny więc włączyć do działań ograniczających negatywne skutki kredytu kupieckiego nowe metody sprawdzania kondycji ekonomiczno-finansowej kontrahenta oraz instrumenty finansowe, ograniczające wspomniane ryzyka.
EN
The trade credit is included in the activities of each company. Deferred payments are conducive to the growth of sales, but can also cause disturbances in their functioning. They facilitate the operation of companies in terms of credit risk, which turns up frequently into liquidity risk. As a result, they create payment gridlocks. The aim of this article is to present the payment delays as the effects of the deferred payments, conducive to the formation of credit risk and negative liquidity gaps. Based on the undertaken considerations, it was stated that liquidity problems are caused by external and internal factors. Thus the factors shaping them are the monetary and fiscal policies, and economic conditions. However, no company has an influence on them. Ergo, the actions of enterprises themselves are important, mainly in the management of the trade credit. The payment gridlocks, which arise despite of the imposed by the State the legal instruments in the form of the Law on delivery dates, are important obstacles to the activities of companies. Therefore, it is necessary to manage trade credit and improve further activities related with it. Enterprises should therefore include in the measures limiting the negative effects of the trade credit, the new methods of checking the financial and economic situation of the customer, and financial instruments limiting aforementioned risks.
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