US$ 400-billion in direct costs annually from switching to digital accounts, which are
80-90% cheaper in service than traditional ones. For example, in Kenya, according to
the Fin Access study, the use of mobile payment services outstripped the distribution
of banks. Over 11 million people in Kenya use mobile payment services, while the
number of bank clients is only 5.4 million. Most of the country's economy is heavily
dependent on mobile money [20; 19].
The new players in the financial services market are such high-tech companies
as Google, Amazon, Alibaba and Facebook. While Fintechs does not have the size
or the capital to seriously threaten large banks, Tech-fins definitely does it. Each of
these companies, according to their claims, has more than a billion active users per
month. For comparison, HSBC claims 38 million customers worldwide.
The potential of any major technology player who cross-sells financial services to
clients within their existing offerings could make a challenging prospect for monolithic
banks. They have already made their first deals on the global financial services market
with companies like Apple and Android Pay. Here are some examples: Amazon offers
commercial lending by providing loans to small businesses and merchants who sell
products on the Amazon platform. They also started offering a credit card that
customers can use to earn Amazon bonus points. Facebook has also made its offer to
the users of the network by offering a payment service that can be done through a debit
card using the Messenger application. Google has launched Google Wallet for online
payments and has already developed the concept of Google-Bank.
Electronic payment systems come in place of traditional settlement services,
which allow you to quickly and conveniently carry out the necessary operations in real
time. More and more international payment systems are now emerging in the Internet
space, with their own clearing centers that do not need to be tied to existing cash-flow
systems. Payment systems are one of the main elements of the infrastructure of the
global electronic financial services system. In particular, the system of electronic
payments, in our opinion, is a complex of hardware and software designed to make
non-cash payments and other credit and financial transactions using the Internet.
Today, electronic payments are a major factor in the growth of consumption,
production and job creation, as noted by Mark Zandy, chief economist at Moody's
Analytics [21]. In 2016, Moody's Analytics completed a new study commissioned
by American TNC Visa Inc., which was conducted during 2011-2015 and took into
account the indicators of 70 countries, whose total GDP is 95% of the world's index.
Over the period of this study, thanks to the widespread introduction of electronic
payment products, including credit, debit and prepaid cards, GDP of these countries
increased by 296 billion USD. In particular, the highest GDP growth was recorded
in Hungary (0.25%), the United Arab Emirates (0.23%), Chile (0.23%), Ireland
(0.2%), Poland (0,19%) and Australia (0.19%). This was largely due to increased
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