Payment systems: fundamental principles and prospects of transformation

Abstract

Introduction. The evolution of forms of money, the development of innovative technologies, the growth of the dynamism of life of individuals and legal entities necessitates the search for ways to increase the speed and reliability of payments in the economy. Under these conditions, the issue of functioning of payment systems under the influence of transformation processes in economic relations becomes highly relevant. It raises problems of theoretical substantiation of the essence of payment systems with regard to the development not only of cryptocurrencies, but also to reduction of the attention to the development of cash payment systems. These systems through the servicing of shadow operations carry no less threat to the functioning of the national economy than hacker attacks on electronic, digital and interbank payment systems.

Purpose. The article aims to substantiate a unified approach to understanding the essence of the concept of "payment system" in order to outline the fundamental principles of its construction and regulation in the context of transformational processes in monetary calculations.

Results. The basic approaches to the structure of the payment system using the principles of system construction have been considered. Its blocks have been distinguished. They are the economic, institutional, and infrastructure and organizational ones. The author has defined the payment system in a general sense. He has also identified the main subsystems of the national payment system, taking into account the evolutionary trends in the development of forms of money and payment technology in the economy. The necessity to distinguish the cash payment system as a subsystem of the national payment system has been justified. The relatively high share of cash payments in the economy and the widespread cases of shadow cash payments in developing countries have been considered in the process of justification.