With the increase of intelligent voice phishing and the increasing reliance on open banking systems, there has been a rise in cases where individuals' personal information has been exposed, resulting in significant financial losses for the victims. Non-face-to-face transactions in the financial sector face challenges such as customer identification, ensuring transaction integrity, and preventing transaction rejection. Blockchain-based distributed ledgers have been proposed as a solution, but their adoption is limited due to the difficulty of managing private keys and the burden of gas fees management. This paper proposes a non-face-to-face P2P real-time token payment system that minimizes the risk of key loss by storing private keys in a keystore file and database through a server-based key management module. The proposed system simplifies token creation and management through a server-based token management module and implements an automatic gas charging function for smooth token transactions. Transaction integrity and non-repudiation are ensured through a transaction confirmation module that uses transaction IDs without exposing personal information. Furthermore, advanced security measures such as blocking foreign IP access and DDoS defense are implemented to securely protect user data. The proposed system aims to provide a convenient, secure, and accessible online payment solution to the public by implementing a self-authentication function using a web application that is not limited to smart phones or application platforms.

This study explores the correlation between payment statistics and sector-wise Gross Value Added (GVA) in the Indian economy from 2011 to 2022, assessing the importance of payment and settlement systems. Through regression analysis, the impact of payment statistics on GVA across diverse sectors is assessed. The results indicate that, during the specified period, payment statistics exhibit a significant influence on sector-wise GVA. These findings underscore the pivotal role of payment and settlement systems in the Indian financial landscape.

A blockchain-based continuous micropayment is a crucial component of the digital economy as it facilitates transactions and promotes small purchases. However, due to the throughput limitations of blockchain, payment channels (PC) are often used to process a large volume of transactions through an off-chain mode. Nevertheless, the introduction of PC requires a trusted third party to ensure transaction security, which creates an additional security assumption since only the first and last transactions can be witnessed by other system users. To address this issue, we propose a novel micropayment scheme based on lockable signatures. All transactions in the PC form a continuous microtransaction hash-chain (CMHC) to prevent malicious users from obtaining transaction information during the process. Furthermore, all locks in the CMHC are invisible during the entire transaction process, and all information is transferred in a tamper-resistant manner. We provide corresponding security analysis and conduct a series of evaluations. The results show that the proposed scheme performs better than the state-of-the-art solutions in terms of transaction time and verification costs. This lockable signature-based micropayment scheme not only guarantees security but also improves transaction speed and efficiency, thereby promoting the development of the digital economy.

Background. Obesity is an important threat to national and global public health in terms of prevalence and economic burden due to the obesity-related complications (ORCs) and morbidities. Aim of this study is to calculate the obesity related public expenditures in Hungary, to estimate the expenses and contribution of patients in 2019 (before) and in 2022 (after) the covid-pandemic.Method. The National Health Insurance Fund is the only health-care financing agency in a single-payer social-insurance system in Hungary, managing all of the public payments. Expenditures related to the patients with obesity and more frequent co-morbidities were requested from the national database. Financing of the inpatient (hospital) and the outpatient (secondary or ambulatory care) providers, reimbursement for prescription of medicines and healing aids were collected. Lower and upper thresholds were estimated, representing the prevalence of the respective morbidities among obese persons. The upper values were used in the final estimation, because many of other obesity related morbidities and treatments were not included in the calculation. Results. Obesity-related morbidities represent 10-12 % of all cases in the public health care system. National public health care expenses could be about 144 Billion HUF (444 Million EUR) for 2019 and 133 Billion HUF (393 Million EUR). These sums represent 7-11% of the national spending for health care provision, without sick leave expenditures. The co-payment of patients was estimated 34 Billion HUF (104 Million EUR) and 43 Billion HUF (109 Million EUR), respectively. Public expenditures and co-payments related to diabetes Type2, and hypertension were the highest. The public and individual expenditures together represents 0.3-0.4% of the Hungarian GDP.This study presents whole national database which is appropriate for reliable calculation. Reducing of high expenses could be possible by weight maintenance, preferable as early prevention, and weight reduction among persons living with obesity at individual level. Beside these, more efforts are needed in the education and public health policy. To calculate the cost of obesity, to improve homogeneity and comparability an international consensus is required on standardized methods.

Optimal dividend payment under a ruin constraint is a two objective control problem which—in simple models—can be solved numerically by three essentially different methods. One is based on a modified Bellman equation and the policy improvement method (see Hipp C., 2003). In this paper we use explicit formulas for running allowed ruin probabilities which avoid a complete search and speed up and simplify the computation. The second is also a policy improvement method, but without the use of a dynamic equation (see Hipp C., 2003). It is based on closed formulas for first entry probabilities and discount factors for the time until first entry (see Hipp C., 2016). Third a new, faster and more intuitive method which uses appropriately chosen barrier levels and a closed formula for the corresponding dividend value. Using the running allowed ruin probabilities, a simple test for admissibility—concerning the ruin constraint—is given. All these methods work for the discrete De Finetti model and are applied in a numerical example. The non stationary Lagrange multiplier method suggested in (see Hipp C., 2016), Section 2.2.2 does also yield optimal dividend strategies which differ from those in all other methods, and Lagrange gaps are present here. These gaps always exist in De Finetti models, see (see Hipp C., 2017).

Financial Payment has evolved into mobile payment for easy access and convenience. Despite the benefits of mobile payment, the adoption rate is unsatisfactory worldwide. Therefore, understanding the customer's adoption intention factors is essential for both researchers and practitioners. This study examines mobile payment intention and actual use by adapting the integrated framework, which combines the Mobile Technology Acceptance Model and the Theory of Planned Behaviour with additional new constructs found to be related. The new model consists of 12 variables moderated by the individual's experience and is examined via a structured PLS equation mixed-mode methodology. Knowing mobile payment influence will shape the industry strategic decision and socially contribute to transforming society into a cashless society. This paper provides an opportunity to prove the relationship between technology variables and human behaviour concerning mobile payment adoption. In contrast, this study novelty adopted an integrated model that combines MTAM with the TPB.

This study investigated the factors affecting consumers’ acceptance to use cashless payment services in Malaysia through the construction of the Cashless Society Acceptance (CSA) model. The Technology Readiness Index 2.0 and Unified Theory of Acceptance and Use of Technology 2 were employed to create the CSA model. A total of 434 questionnaires were collected from Malaysian consumers, aged 18 years and above. The results show that Perceived Usefulness, Perceived Ease of Use, and Discomfort have the most significant influence on the consumers’ acceptance of cashless payment services with R-square of 71.4%.

Cashless payments are so common and popular that people are gradually not taking cash out of the house. But people still need to carry some cash and a couple of debit cards, which increases the risk of people having their cash or cards lost or stolen. The mobile payment method based on scanning codes solves the problem that you don't need to carry cash or cards when you go out, but you still need to enter the APP to scan the code to complete the payment. This report proposes a POS system with NFC technology, enabling people to complete transactions with new payment methods and reducing carrying other payment tools. Therefore, this paper explores the understanding of the proposed system and improves its functionality. The project aims to facilitate quickness for users to complete transactions, that is, near-field communication, using POS systems with received signals for transactions. Data is collected via triangulated research methods from various respondents across Malaysia with statistics and analysis on the proposed solution. The contactless NFC POS solution allows users to interact with the system via smartphone host card emulation application technology to complete transactions and allow people to reduce carrying other payment tools.

The dynamic increase in non-cash transactions is a global trend in payments. In rich countries, cashless transactions have been dynamically replacing cash. The fact that non-cash transactions are pro-ecological is worth noting. This means that it is conducive to sustainable development of a country's economy. The purpose of this study is to analyze the process of changes in non-cash payments in Poland, against the background of payment card use for ATM cash withdrawals. The tool used to analyze the potential process of cash transaction erosion caused by non-cash payments is a two-equation econometric model with feedback. For this purpose, statistical data, obtained from the National Bank of Poland was used. Accordingly, clarification is expected regarding the question of whether the Polish payment system is heading towards a dominance of cashless transactions or not. The reaction, in the form of changes in the value of non-cash payment card transactions in Poland, affected by the increase in the wealth of citizens, measured by an increase in the average pay, was examined. The modeling results were used to estimate forecasts of the share of non-cash transactions in the total value of market transactions and of the share of ATM cash withdrawals in the total value of transactions.

In today's interconnected global business landscape, companies face numerous risks, particularly from their supply chains. Supplier disruptions can cause financial damages, inefficiencies, and reduced competitive edge, highlighting the need for robust supplier risk management. This paper scrutinizes recent studies on supplier risk management spanning 2020 to 2023. This review examines supplier risk management, focusing on supplier evaluation, payment terms, contract duration, and buyer-supplier collaboration as critical factors influencing risk mitigation and control in the procurement of goods and services. Through a systematic literature review, the study identifies the multifaceted nature of supplier risks, including production delays, quality issues, and financial challenges. It underscores the importance of proactive risk identification, comprehensive supplier evaluation, strategic payment terms, appropriate contract durations, and robust buyer-supplier collaboration. Despite the benefits, challenges remain, such as understanding regulatory impacts and ensuring methodological consistency. This review contributes to the discourse on supplier risk management, offering insights for future research and practical applications to enhance resilience and operational efficiency in global supply chains. Based on the findings, future studies should concentrate on formulating holistic supplier risks management approaches that nurture buyer-supplier collaboration and harness innovative technologies to enhance risk management practices.

In today's highly digitized and globalized financial environment, the need to protect payment systems from risk is more urgent than ever. Artificial intelligence (AI) technology is rapidly becoming a key tool in this space, with machine learning algorithms, big data analytics, and real-time monitoring enabling AI to effectively detect and prevent fraudulent activity, optimize risk management processes, and deliver intelligent services. AI not only improves the security and efficiency of payment systems, but also significantly improves customer satisfaction and loyalty. With the continuous development of AI technology and financial payment technology, the financial payment industry will usher in more innovations and changes in the future, further optimizing the payment process, improving payment efficiency, and ensuring payment security.

Individual users' payment behaviors have changed. The diffusion of mobile devices makes people suitable for proximity mobile payment (PMP) services without the need for traditional payment. Existing mobile payment literature mainly focuses on users' adoption and continuous usage behavior, nevertheless, switching behavior on payment received little attention, especially focusing on why users switch from traditional payment to PMP. Thus, the objective of the current research is to investigate factors influencing users’ traditional payment - PMP switching to comprehend how these factors shape users’ switching intentions. We developed a traditional payment - PMP transition model based on the push-pull-mooring framework derived from migration theory. This research adopted a structural equation modeling analysis on 311 valid data. The findings indicate that a push factor drives users away from traditional payment in terms of dissatisfaction. The pull factors, including perceived substitutability and perceived usefulness, attract users to PMP. Furthermore, in terms of perceived technical compatibility, a positive mooring factor facilitates users' switching to PMP. The negative mooring factor, in terms of perceived risk, hinder users' switching intention. However, another pull factor - perceived ease of use, failed to influence switching intention significantly. This study found some distinctions between mobile payment switching and mobile payment adoption. These findings provide pivotal insights for mobile payment service providers.

This paper investigates the impact of debt financing on dividend payments when they face the agency costs of free cash flow. Focusing on a sample of 120 firms listed on the Saudi Stock Exchange during the period 2011-2021. The study found a negative association between agency cost of free cash flow and dividend payment. More importantly, our research highlights the significant role of long-term debt in making more prudent use of free cash flow. The obligation to meet interest and principal payments acts as an incentive for them to steer clear of unprofitable expenses and risky investments. Concurrently, long-term debt imposes restrictive clauses in debt contracts, such as minimum dividend distribution requirements, which further encourage higher dividend payments. Since interest and debt repayments are fixed obligations, using free cash flow for dividend disbursement is considered a more profitable and beneficial approach for shareholders in the context of Saudi Arabia.

Intergenerational integration has given rise to a novel aging paradigm known as all-age communities, which is garnering international attention. In China, the aging population and the implementation of the three-child policy have resulted in increased demand for retirement and childcare services among residents in older neighborhoods. Consequently, there is a pressing need to retrofit these older neighborhoods to accommodate all-age living arrangements given the high demand they generate. Therefore, this study undertakes research interviews with residents and constructs an exploratory theoretical model rooted in established theory. To assess the significance of our model, we employ Smart PLS 3.0 based on 297 empirical data points. Our findings indicate that anxiety has a significant negative effect on payment behavior; objective perception, willingness to pay, and government assistance exert significant positive effects on payment behavior. By comprehensively analyzing the mechanisms underlying residents’ payment behavior, this study provides valuable insights to the government for promoting the aging process within communities and formulating effective transformation policies.

Mobile payment has become increasingly popular due to the widespread use of smartphones and their applications. However, its adoption in African countries has been limited, despite its potential to simplify our lives. This study aims to enhance our understanding of the factors that affect the acceptance of mobile payment in Nigeria. To achieve this, the paper explores the impact of "network externalities" in addition to traditional technology acceptance factors. The study hypothesizes that the key drivers of mobile payment acceptance are performance expectancy, effort expectancy, social influence, trust, and network externality. The research findings suggest that while traditional drivers still play a role in customers' willingness to adopt mobile payment, network externalities have the strongest impact. Although the results did not support the influence of effort expectancy, the paper provides recommendations for future research.

Fintech facilitates financial inclusion by introducing new sustainable and accessible business models in developing countries. Open banking API technology is used by various fintech businesses in both developing and developed countries, with varying effects on financial markets. It changes the financial market distribution structure by separating financial product manufacturing and distribution and intensifying competition between traditional financial institutions and fintech companies. Fintech companies innovate by using this tool to create new business models. In December 2019, Korea established a standardized "open banking API platform," sharing an interbank payment network with fintech companies. It has since shown explosive growth, surpassing the trading volume of the UK, the country that introduced open banking APIs for the first time. This study analyzes new business models fintech companies created using this API technology. Based on existing literature, statistics from the platform operator (the Korea Financial Telecommunications and Clearings Institute), and investigations of 30 Korean fintech mobile applications, this study analyzes new fintech business models that provide financial services using this platform. These companies create sustainable business models by combining multiple APIs. Four representative business models (simple funds transfer, simple payment, cross-border remittance, and asset management) are analyzed to reveal how fintech companies create business models with open APIs.

After the great success of Mobile wallet, the Internet of Things (IoT) leaves the door wide open for consumers to use their connected devices to access their bank accounts and perform routine banking activities from anywhere, anytime and with any device. However, consumers need to feel safe when interacting with IoT-based payment systems, and their personal information should be protected as much as possible. Unlike as usually done in the literature, in this paper, we introduce two lightweight and secure IoT-based payment protocols based on an identity-based signature scheme. We adopt a server-aided verification technique to construct the first scheme. This technique allows to outsource the heavy computation overhead on the sensor node to a cloud server while maintaining the user's privacy. The second scheme is built upon a pairing-free ECC-based security protocol to avoid the heavy computational complexity of bilinear pairing operations. The security reduction results of both schemes are held in the Random Oracle Model (ROM) under the discrete logarithm and computational Diffie-Hellman assumptions. Finally, we experimentally compare the proposed schemes against each other and against the original scheme on the most commonly used IoT devices: a smartphone, a smartwatch and the embedded device Raspberry Pi. Compared with existing schemes, our proposed schemes achieve significant efficiency in the term of communication and computational overheads

The rapid evolution of digital payment systems has significantly transformed the retail industry, reshaping how transactions are processed and enhancing the overall shopping experience. This research explores the adoption of digital payment technologies in retail settings, focusing on the motivations, challenges, benefits, and impacts associated with their implementation. Retailers are increasingly driven by the need to meet consumer demands for convenience and speed, as well as to gain a competitive edge in a saturated market. Digital payment systems, including mobile wallets, contactless payments, and online payment gateways, have become essential tools for retailers seeking to streamline operations and improve customer satisfaction. The study highlights several key findings, including the challenges related to technical integration, security concerns, and cost implications. Technical difficulties in integrating new payment systems with existing point-of-sale infrastructure, coupled with the need for robust security measures, present significant obstacles. Despite these challenges, the long-term benefits of digital payments, such as increased transaction volumes, higher average transaction values, and valuable data insights, often outweigh the initial investment and ongoing costs. The research also underscores the positive impact of digital payments on customer behavior, noting improvements in transaction speed, convenience, and overall satisfaction. Furthermore, the findings reveal variations in the impact of digital payment systems across different retail settings, including large department stores, independent retailers, and e-commerce businesses. The ability to tailor digital payment solutions to the specific needs of each retail environment is crucial for maximizing benefits and ensuring successful implementation. Overall, the study provides a comprehensive understanding of the role of digital payment systems in modern retail and offers insights into the future trajectory of these technologies.

The majority of E-commerce transactions reveal private information such as customers' identities, order contents, and payment information during the transaction. Other personal information such as health conditions, religion, and even ethnicity may be also deduced. Even when deploying electronic cryptocurrencies such as Bitcoin, anonymity cannot be fully guaranteed. Also, many anonymous payment schemes suffer from possible double spending circumstances. E-commerce privacy is basically a difficult problem as it involves parties with concurring interests. Three major e-commerce requirements are highly difficult to resolve: anonymous purchase, anonymous delivery, and anonymous payment. This work presents a possible e-commerce system addressing all three anonymity requirements for electronic-items business on open networks. The system offers anonymous entities authentication mechanisms up to completing a fair anonymous e-commerce transaction. The system is based on deploying a physically clone-resistant hardware token for each relevant involved party. The tokens are made clone-resistant by accommodating a Secret Unknown Cipher (SUC) in each hardware-token as a digital PUF-like identity. A set of novel generic system-setups for units, protocols and e-commerce schemes is introduced. The proposed anonymization is basically attained by virtually-replacing relevant e-commerce entities by low-cost, unique and clone-resistant tokens/units using SUCs. The units act as trustable anonymous, authenticated and non-replaceable entities monitored by their acting users.

The mobile payment has been emerging as an alternative to cash and credit cards and is rapidly evolving around the world. This study integrated the general model of innovation diffusion theory (IDT) with the technology acceptance model (TAM) to examine the impact of near-field-communication (NFC) mobile payment environment on the restaurant operating performance (ROP). This paper used convenience sampling to distribute questionnaires to restaurant owners and managers in order to investigate the impact of NFC mobile payment environment on ROP. A total of 279 valid questionnaires were collected. The empirical results show that sales growth, cost saving, flexibility, accessibility and trust & safety had significantly positive impacts on ROP. After considering the restaurant size as a moderator for analysis, there are only two constructs- accessibility and trust & safety had significant impacts on ROP. This empirical finding could provide restaurateurs with a reference to improve ROP by increasing the mobile payment environment.

As cities evolve into smarter and more connected environments, there is a growing need for innovative solutions to improve urban mobility. This study examines the potential of integrating blockchain technology into passenger transportation systems within smart cities, with a particular emphasis on a blockchain-enabled Mobility as a Service (MaaS) solution. In contrast to traditional technologies, blockchain's decentralized structure improves data security and guarantees transaction transparency, thus reducing the risk of fraud and errors. The proposed MaaS framework enables seamless collaboration between key transportation stakeholders, promoting more efficient utilization of services like buses, trains, bike-sharing, and ride-hailing. By improving integrated payment and ticketing systems, the solution aims to create a smoother user experience while advancing urban goals of efficiency, environmental sustainability, and secure data handling. This research evaluates the feasibility of a Hyperledger Fabric-based solution, demonstrating its performance under various load conditions and proposing scalability adjustments based on pilot results. The conclusions indicate that blockchain-enabled MaaS systems have the potential to transform urban mobility. Further exploration into pilot projects and the expansion to freight transportation are needed for an integrated approach to city-wide transport solutions.

Financial Market Infrastructures (FMIs) are crucial for the efficient operation of financial markets. However, studies focusing on Chinese FMIs are limited. Following the release of a draft regulation on Chinese FMIs in December 2022, this study, building on Zhang and Yin (2023), provides an updated analysis. It introduces non-central bank affiliated FMIs with the latest data, explores the evolution of regulatory reforms, and examines the newly-released regulations. In particular, it offers a critical review of specific regulations and their implications for China's recent policy shift towards prioritizing security and establishing financial dominance. Finally, the study outlines a research agenda for future investigations.

Socio-ecologic, socio-economic, and socio-technical transitions are opportunities that require fundamental changes in the system. These will encounter matters associated with security, service adoption by end-users, infrastructure and availability. The purpose of this study is to examine and overcome the risks to take advantage of opportunities through the novel Risky-Opportunity Analysis Method (ROAM). A novel quantitative method is designed to determine when, after making some changes, the risks become acceptable so that the opportunity does not deviate from the objectives. The approach provided a quantitative evaluation of the possible changes in parallel with digitization, towards providing a green Service Supply Chain (SSC). The result of ROAM shows that the most cost-effective change to increase the resilience of the system is a solution (SMS) which is different from that identified by a TOPSIS multi-criteria method. Real-word decisions in change management should tackle the complexity of systems and uncertainty of events during and after transition through a careful analysis of the alternatives. A case-study was carried out to evaluate the alternatives of an ancillary service in the Payment Service Providers (PSP). The comparison of the ROAM results with the traditional TOPSIS of the case-study unveils the priority of the ROAM in practice when the alternatives are Risky-Opportunities. The existing risk assessment tools do not take advantage of risky opportunities. To this aim, the current article introduces the term Risky-Opportunity, and two indexes Stress and Strain of the alternatives that are designed to be employed in the new quantitative ROAM approach.