money. The second group includes: ASSIST, Russian Shopping Club, Cuber Plat,
Instant, etc. All of them differ in terms of the level of convenience of use, protection
against unauthorized access, as well as the price [24].
From the research report of the Alibaba Group (China), we can conclude that by
2020 cross-border payments will increase by 27.4% annually. Experts predict that by
2020 the global online market for online payments will be US$ 1-trillion, while in 2014
this figure was at US$ 230-billion. In addition, over 5 years more than 900 million
people worldwide will become international online buyers. In this case, their purchases
will account for almost 30% of all world online transactions. It is expected that China
will become the largest market for cross-border payments. In China by 2020, the
volume of transactions from imported goods purchased online will reach US$ 245-
billion. Meanwhile, more than 200 million Chinese consumers will buy goods in
foreign online stores. In 2016, China outpaced London, New York and the Silicon
Valley (USA) in the ranking of the world's leading financial centers and led the world's
FinTech rating. This is stated in the report of DBS and Ernst & Young. In particular,
James Lloyd, chairman of Asia Pacific region for FinTech, claimed that the
combination of rapid urbanization, the growth of e-commerce and the introduction of
smartphones have created a fertile ground for innovation in commerce and financial
services [25; 26; 27].
At the same time, in our opinion, such transformations in the near future will be
most actively pursued in the following global financial sectors (also in Ukraine):
consumer banking services for small and medium-sized businesses, money transfers,
mobile payments, crowdfunding; development of crypto-currency Bitcoin;
management - data (Big Data), investments, assets and private capital; property, life
and accident insurance, reinsurance; investment banking and service of various
commercial financial organizations (insurance intermediaries, operators of financial
markets, exchanges and funds, brokerage services, creation of, for example, a financial
innovative hub in Ukraine, FinTech – a cluster, a banking IT company Fintech Band
[28, 6] .
It is expected that the second phase of the development of Fintech 2.0, as it was
named in the publication will be based on cloud technologies and will partly be the
result of the transition to open data, which will provide much more opportunities for
radical global changes in the infrastructure and the functioning of the entire electronic
financial sector of the world economy.
Electronic wallets are the next stage in the development of international payment
systems, which will be widely used instead of payment cards. Global online platforms
such as PayPal, Amazon (Amazon Payments), O2 (O2 Wallet), Apple (Passbook), and
Google (Google Wallet) have available versions of mobile wallets. In the near future,
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