Financial Analytics: Science and Experience
 

Abstracting and Indexing

РИНЦ
Referativny Zhurnal VINITI RAS
Worldcat
Google Scholar

Online available

EBSCOhost
Eastview
Elibrary
Biblioclub

Archiving

Cyberleninka (12 month OA embargo)

Non-cash payments in the economy: actual problems and solutions of foreign countries

Vol. 8, Iss. 25, JULY 2015

PDF  Article PDF Version

Received: 19 May 2015

Accepted: 25 May 2015

Available online: 19 July 2015

Subject Heading: MONITORING OF ECONOMIC PROCESSES

JEL Classification: 

Pages: 2-10

Shvandar K.V. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation
shvandarkris@nifi.ru

Importance The launch of the national payment system in Russia raised an issue of encouraging non-cash payments in the economy. This process is hindered by a number of matters, which were mostly solved in foreign countries. The article reviews actual aspects the countries came across when stimulating wire transfers, and describes effective solutions to these aspects.
     Objectives The research studies and evaluates the foreign expertise and solutions that inhibit the development of cashless payments. It also analyzes what opportunities Russia has in order to reduce a percentage of cash payments.
     Methods I analyzed and summarized global expertise in tackling barriers that impeded the expansion of non-cash payments, including regulations on some issues.
     Results In many countries, governments are actively involved into promoting non-cash payments at the legislative level, using incentives and restrictions. I demonstrate the following advantages that support the governmental initiative: transparency of transactions, efficiency and security.
     Conclusions and Relevance I note the similar nature of issues the countries face when approaching to the State levers to expand and promote non-cash payments. I also illustrate the existing solutions. This expertise will be valuable for Russia to encourage non-cash payments.

Keywords: national payment system, non-cash payment, shadow economy, legal regulation

References:

  1. Petrova G.V. Formirovanie mezhdunarodnogo prava torgovli finansovymi uslugami i ego vliyanie na natsional'noe zakonodatel'stvo o finansovykh rynkakh [Forming the international law on trade in financial services and its effect on the national laws on financial markets]. Mezhdunarodnoe pravo i mezhdunarodnye organizatsii = International Law and International Organizations, 2012, no. 4, pp. 55–66.
  2. Shvandar K.V., Anisimova A.A. Zarubezhnyi opyt razvitiya sistemy beznalichnykh platezhei: praktika i rezul'taty [Foreign experience of development of cashless payment system: practice and results]. Nauchno-issledovatel'skii finansovyi institut. Finansovyi zhurnal = Financial Research Institute. Financial Journal, 2015, no. 1, pp. 91–98.
  3. Alekseev V.N. Sozdanie mezhdunarodnogo finansovogo tsentra v Rossii: infrastrukturnyi aspekt [Establishment of an international financial center in Russia: infrastructure aspects]. Nauchno-issledovatel'skii finansovyi institut. Finansovyi zhurnal = Financial Research Institute. Financial Journal, 2015, no. 1, p. 53.
  4. Shvandar K.V., Anisimova A.A. Ogranichenie nalichnykh denezhnykh raschetov – sposob razvitiya beznalichnykh platezhei v raznykh stranakh [Restricting cash payments as a method to promote non-cash payments in various countries]. Bankovskoe delo = Banking, 2015, no. 1, pp. 25–30.
  5. Kaurova N.N. Novaya rol' finansov v tsenovoi politike: samoregulirovanie ili osobyi kontrol'? [A new role of finance in the pricing policy: self-regulation or special control?]. Nauchno-issledovatel'skii finansovyi institut. Finansovyi zhurnal = Financial Research Institute. Financial Journal, 2013, no. 4, p. 39.
  6. Currency & Coin. Federal Reserve Bank of Richmond. Available at: Link.
  7. The Use of Euro Banknotes – Results of Two Surveys among Households and Firms. Available at: Link.
  8. Cash Payment Limitations. Available at: Link.
  9. Helmeczi István. The Map of Payments in Hungary. Available at: Link.
  10. Hungary: Financial Transaction Tax Hits Companies. CFO Insight. Available at: Link financing-liquidity/cash-management/hungary-financial-transaction-tax-hits-companies.
  11. MNB. Report on Financial Stability. November 2012. Available at: Link.
  12. Rita Odorán and Balázs Sisak: Cash Demand of the Hungarian Economy – Is the Shadow Economy Still Running Smoothly? Available at: Link.
  13. National Forum Rejects European Recommendation. DeNederlandsche Bank. Available at: Link.
  14. Katalin Szilágyi, Dániel Baksa, Jaromir Benes, Ágnes Horváth, Csaba Köber, Gábor D. Soós. The Hungarian Monetary Policy Model. Available at: Link.
  15. Opinion of the European Central Bank of 10 May 2012 on Limitations on Cash Payments (CON/2012/37). Available at: Link.
  16. Report of the Euro Legal Tender Expert Group (ELTEG) on the Definition, Scope and Effects of Legal Tender of Euro Banknotes and Coins. European Commission. Available at: Link.
  17. Review of the Study of the Costs of Payment Services. Available at: Link.
  18. Study on the PSD Transposition. European Commission. Available at: Link.
  19. Turján Anikó, Éva Divéki, Éva Keszy-Harmath, Gergely Kóczán, Kristóf Takács. Nothing is Free: A Survey of the Social Cost of the Main Payment Instruments in Hungary. Available at: Link %2FRoot%2FDokumentumtar%2FENMNB%2FKiadvanyok%2 Fmnben_muhelytanulmanyok%2Fmnben-op93%2Fop93_FMTK.pdf;h=repec:mnb:opaper:2011/93.
  20. The Shadow Economy in Europe, 2013. Available at: Link.

View all articles of issue

 

ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

Journal current issue

Vol. 12, Iss. 3
September 2019

Archive