Importance Cash transfers play a crucial role in solving financial difficulties and problems related to short-term fund shortages. Uneven economic development of different countries, high level of unemployment, terrorism and wars contribute to the increase in the value of cash transfers. Increasing their efficiency has a positive impact on expanding access to financial services and application of innovation, and enables establishing new participants in the payment service market, like non-bank payment service providers. Objectives The aim of the paper is to perform a comparative analysis of international experience in regulating the access to cash transfers, existing methods for providing the payment service, and to offer new methods to increase cash transfer efficiency. Methods The study employs methods of comparative analysis and generalization to identify new opportunities. Results The findings show that it is important for all participants of cash transfers to provide this payment service more efficiently, accurately identify rights and obligations of the participants, substantiate innovative decisions, and expand this service availability. Conclusions To increase the efficiency of cash transfers, it is necessary to widely use innovative products, digital technology, including the technological advantages of commercial banks. It is also important to have a legal framework for clear definition of areas of future development and close cooperation among the market participants.
Keywords: cash transfer system, money remittance, payment services, non-bank payment service provider
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