Sopin Y. The economic efficiency improvement of electronic payment services in the digital economy

The work was performed at the National University of Water and Environmental Engineering, where the defense will take place. The thesis provides a theoretical foundation and proposes a solution to a scientific problem, which consists in deepening the theoretical and methodological framework and identifying strategic directions for improving the economic efficiency of electronic payment services in the digital economy (DE). The first section "Theoretical and Methodological Foundations of Payment Services Market Research in the Digital Economy" defines the structure of DE and the demand for electronic financial services; substantiates the conceptual framework for digital financial technologies; and develops methodological foundations for research on the electronic payment services market in the DE. The essence of DE as a new type of economy was clarified, its main characteristics and features were summarised and clarified. The conceptual framework for digital financial technologies (FinTech) as a component of the DE has been improved. Besides being understood as a set of technologies, FinTech is presented as: a range of services provided on their basis; an intersectoral industry that provides financial transactions in different markets; a sphere of entrepreneurship and a type of business. The main intrinsic characteristics of FinTech are identified. The key positive changes in the economy brought about by FinTech, the new opportunities and benefits they create, and the disadvantages of using these technologies have been substantiated. The general role of FinTech in the modernisation of the financial sector is highlighted and the functions performed in the economy (service, infrastructure, information, etc.) and shaping the consequences of the digital finance spread are identified. On the basis of the obtained theoretical framework, the methodological foundations for the research on the electronic payment services market in the framework of the DE were improved. In particular, the essence of electronic payment systems (EPS) was clarified, covering their attributes, principles, functions, basic and associated services provided on their basis. The classification of electronic payment systems according to their purpose, relation to the national economy, level of economy, operator, forms of payments, and payment instruments used was supplemented. Comparison of electronic and traditional payment transactions has been made, establishing their peculiarities, conditions, advantages and disadvantages. The second section "Features of the electronic payment services market development in the context of the digital economy formation" investigates the main trends of DE development and FinTech development; identifies global trends of electronic payment services market development in the context of DE development; carries out empirical identification of problems in ensuring economic efficiency of electronic payment services at the provider company level. The main trends in DE formation and FinTech development were investigated, including: main indicators and directions of DE formation; ICT and Internet development; technological trends, in particular in the FinTech area; development of digital platforms and e-business. The American, Chinese and European models of DE formation were compared, taking into account the global leadership of these centres. Taking this into account, on the basis of the proposed framework, analytical assessments of global trends in electronic payment services market transformation within the context of DE formation were further developed, including: global dynamics, directions of transformation and structural trends of the electronic payment services market development; specifics of such market functioning, including in the EU; and formation of the electronic payment services market regulation system in different countries of the world. It shows a steady growth of global electronic payment services market size, investments, capitalization of companies, and the spread of new payment solutions in electronic business. An empirical identification of the problems of economic efficiency of electronic payment services at the level of the provider company (and EPS) has been developed further. Within this framework, the features of: choice of profit maximization path (specialization or diversification of services); strategies for expansion of provider company activities (three strategies are conceptualized); stages of company growth (product testing; intensive expansion; strengthening of positions); increase of company competitiveness level (competitive and development conditions, determinants of competitiveness, etc.) were identified.