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on Payment Systems and Financial Technology |
| By: | Bharati Wukkadada (K.J. Somaiya Institute of Management studies & Research); Davendranath Jha (K.J. Somaiya Institute of Management studies & Research); Chaitanya Patel (K.J. Somaiya Institute of Management studies & Research) |
| Abstract: | The digital statics of Indian economy has impressive trends since last few years. With 62 million internet users and the penetration of 34.8%, there has been lot of development in computer hardware and internet space. This development has helped India to resolve the problems like unavailability of reasonable and faster internet access. As the customer base of smart phones is increasing rapidly, the manufacturers have been able to manufacture high quality smart phones in lesser price. With the growing growth shown by the mobile operators and Service providers ? Digital Marketing is fast coming up as an impressive way for direct marketing to the potential customer.This paper targets to catch the most preferred element to be inserted onto the On-page SEO elements, which impact the User behavior. The paper also aims to uncover the demographic profile, related facts and preferences of the customer and the on-page elements they prefer so as the search engine optimization (SEO) strategy can be formulated on the results. Beside with these objectives the study attempts to apprehend the impact of digital on-page HTML elements on the search engine optimization (SEO). Primary data has been collected with the help of Google Analytics and the User behavior before and after the implementation has been observed and then its impact on the SEO has been studied. For analysis data, Regression statistics has been used. Finally the findings are presented in a summarized manner for understanding the impact of the HTML element tags. |
| Keywords: | on-page SEO, off-page SEO, HTML, Google analytics, Hypothesis, Social Media Marketing |
| Date: | 2018–06 |
| URL: | https://d.repec.org/n?u=RePEc:sek:iacpro:7209205&r=pay |
| By: | Bryan Routledge (Carnegie Mellon University); Ariel Zetlin-Jones (Carnegie Mellon University) |
| Abstract: | Arbitrary speculative attacks on currencies can arise from self-fulfilling expectations. This is a well-studied source of currency crises. In this paper, we show that blockchain distributed ledger technologies, such as those which support Bitcoin and Ethereum, can be adapted to eliminate self-fulfilling speculative attacks on a currency. We show how to develop a stable currency peg, such as Pesos to Dollars, using a cryptocurrency. We show the peg is immune to speculative attacks arising from self-fulfilling prophecies and estimate the size of reserves and transaction costs needed to support the peg. |
| Date: | 2018 |
| URL: | https://d.repec.org/n?u=RePEc:red:sed018:1160&r=pay |
| By: | Damian Zięba (Faculty of Economic Sciences, University of Warsaw); Katarzyna Śledziewska (Faculty of Economic Sciences, University of Warsaw) |
| Abstract: | The main aim of this paper is to examine interdependencies between prices of cryptocurrencies, with the special focus on Bitcoin. The analysis is conducted in two stages and results are compared between two consequent sub-periods. In order to analyze topological properties of cryptocurrency market, the Minimum-Spanning Tree technique is used. Results indicate that Bitcoin plays one of the most important roles in the cryptocurrency market, while other cryptocurrencies form clusters and such forming has a sensible economic interpretation. In the second stage, main cryptocurrencies from each of formed clusters are analyzed using the Vector Autoregression methodology. The results from VAR (1) indicate that demand shocks in Bitcoin price are not contagious to other cryptocurrencies, while some interdependencies within the formed clusters may be observed. Overall, results indicate that conclusions drawn from the analysis of Bitcoin shall not be generalized to the entire cryptocurrency market. |
| Keywords: | cryptocurrency market, Bitcoin, Minimum-Spanning Tree, Vector Autoregression |
| JEL: | C32 G11 |
| Date: | 2018 |
| URL: | https://d.repec.org/n?u=RePEc:war:wpaper:2018-17&r=pay |
| By: | Sujata Rao (K. J. Somaiya Institute Of Management Studies & Research); Kaushik Kudtarkar (Route Mobile) |
| Abstract: | Today most of the people bank online to bypass long bank queues with a belief to conduct banking transactions safely and securely. It enables you to have around the clock access to your current or savings accounts, fixed or recurring deposits or online statements as and when required. It is more convenient than visiting the nearest bank branch; also offers better savings rates in some cases-overall simplifies our life. In spite we have to accept that with online banking, over the years there has been several breaches and security failures have been happening. People of all ages, be it teenagers, students, working professionals, the elderly and other general public have been victims of such security breaches while doing or having done transactions through net banking. Not opening an unknown attachment in an e-mail is though most common but it does not suffice for avoiding the internet crimes. The internet banking involves actions related to cyber laws. The frauds or security breach act could bring down the brand of a company resulting in not only loss of confidential data but also the dignity and effort that the company had taken to build it . It may cause loss to an individual or lead to unpredictable incidents in the future causing physical or mental loss due to an individual?s privacy information being exposed. Therefore, its critical to take preventive measures against occurrence of security threats or attacks to software systems or mobile applications from the perspective of both the users as well as the banks. Thus this paper analyses the security problems faced during online banking and the solutions and measures to prevent them. |
| Keywords: | Security breach, online banking, cyber crime, cyber attacks |
| Date: | 2018–06 |
| URL: | https://d.repec.org/n?u=RePEc:sek:iacpro:7209505&r=pay |
| By: | Geneviève Vallée |
| Abstract: | Using an exclusive data set of payment times for retail transactions made in Canada, I show that cash is the most time-efficient method of payment (MOP) when compared with payments by debit and credit cards. I model payment efficiency using Cox proportional hazard models, accounting for consumer choice of MOP. I propose two instruments to identify and estimate the causal relationship between MOP and payment time: (1) the value of the transaction, and (2) the duration of the payment preceding the one under observation. Discounting consumer selection underestimates the efficiency of cash relative to cards. Overall, the efficiency of MOPs is an important component of the private and social costs of making and accepting payments. The efficiency of cash helps explain its continued use in Canada, which is motivated by its low cost in terms of payment time for consumers and merchants. |
| Keywords: | Bank notes, Econometric and statistical methods, Payment clearing and settlement systems |
| JEL: | C25 C36 C41 D23 E41 E42 |
| Date: | 2018 |
| URL: | https://d.repec.org/n?u=RePEc:bca:bocawp:18-46&r=pay |
| By: | Francesca Checchinato (Dept. of Management, Università Ca' Foscari Venice); Lala Hu (Dept. of Management, Università Ca' Foscari Venice) |
| Abstract: | Since Internet has been seen as global, few studies have examined the influence of the context in the digital marketing strategies. This paper wants to contribute on the debate about standardization-adaptation, focusing on the digital strategies, defining how companies adapt them to the Chinese market identifying the drivers that call for this adaptation. China is selected because it is a contradictory market: more advanced than the Western one but also with many restrictions. We carry out a qualitative research based on interviews with nine key informants operating in the digital Chinese market with different roles. Our findings suggest that there are drivers that force companies to create an online presence and drivers that impact the digital localization. The main adaptations concern international distribution strategy and communication related to contents and media as well as organization. |
| Keywords: | China, digital marketing, e-commerce, internationalization, Internet. |
| JEL: | M31 |
| Date: | 2018–09 |
| URL: | https://d.repec.org/n?u=RePEc:vnm:wpdman:160&r=pay |
| By: | Julie Hooft Graafland (OECD) |
| Abstract: | This paper provides a synthesis of the literature on and recent trends in new technologies and its effect on 21st century children (0-18 years old). It begins by providing an overview of recent trends in the access and use of new technologies as well as a summary of online opportunities and risks. It then explores a variety of factors, including economic, social and cultural status which underlie these trends and lead to online and offline inequalities. Building digital resilience is an important skill for 21st century children. Effective strategies to accomplish this include encouragement of active rather than passive Internet use, e-safety in the school curriculum, and teacher and parental Information and Communication Technology (ICT) support. A focus on younger children (primary school or younger) and the effects of new emerging technologies would be helpful for future research. |
| Date: | 2018–09–17 |
| URL: | https://d.repec.org/n?u=RePEc:oec:eduaab:179-en&r=pay |
| By: | Jonathan Chiu; Thorsten Koeppl |
| Abstract: | Can securities be settled on a blockchain and, if so, what are the gains relative to existing settlement systems? We consider a blockchain that ensures delivery versus payment by linking transfers of assets with payments and operates using a proof-of-work protocol. The main benefit of a blockchain is faster and more flexible settlement, whereas the challenge is to avoid settlement fails when participants fork the chain to get rid of trading losses. To deter forking, the blockchain needs to restrict settlement speed through block size and block time to generate sufficient transaction fees, which finance costly mining. We show that large enough trading volume, sufficiently strong preferences for fast settlement and limited trade size and risk are necessary conditions for blockchain-based settlement to be feasible. Despite mining being a deadweight cost, our estimates based on the market for US corporate debt show that gains from moving to faster and more flexible settlement are in the range of 1 to 4 basis points relative to existing legacy settlement systems. |
| Keywords: | Digital Currencies, Economic models, Financial markets, Payment clearing and settlement systems |
| JEL: | G2 H4 P43 |
| Date: | 2018 |
| URL: | https://d.repec.org/n?u=RePEc:bca:bocawp:18-45&r=pay |
| By: | Edward L. Glaeser; Hyunjin Kim; Michael Luca |
| Abstract: | We demonstrate that data from digital platforms such as Yelp have the potential to improve our understanding of gentrification, both by providing data in close to real time (i.e. nowcasting and forecasting) and by providing additional context about how the local economy is changing. Combining Yelp and Census data, we find that gentrification, as measured by changes in the educational, age, and racial composition within a ZIP code, is strongly associated with increases in the numbers of grocery stores, cafes, restaurants, and bars, with little evidence of crowd-out of other categories of businesses. We also find that changes in the local business landscape is a leading indicator of housing price changes, and that the entry of Starbucks (and coffee shops more generally) into a neighborhood predicts gentrification. Each additional Starbucks that enters a zip code is associated with a 0.5% increase in housing prices. |
| JEL: | D22 O18 O30 R11 |
| Date: | 2018–08 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:24952&r=pay |
| By: | Twomey, Paul |
| Abstract: | Building on the 2017 Hamburg Statement and the G20 Roadmap for Digitalization, this paper recommends a G20 framework for artificial intelligence in the workplace. It proposes high level principles for such a framework for G-20 governments to enable the smoother, internationally broader and more socially acceptable introduction of big data and AI. The principles are dedicated to the work space. It summarises the main issues behind the framework principles. It also suggests two paths towards adoption of a G-20 framework for artificial intelligence in the workplace. |
| Keywords: | artifical intelligence,privacy,wealth distribution,workplace,regulation,political principles,workers,transparency,G20,heads of government,big data,Hamburg Statement |
| JEL: | K2 O3 |
| Date: | 2018 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifwedp:201863&r=pay |
| By: | Quan-Hoang Vuong |
| Abstract: | It is widely believed that the social contract, credited to Magna Carta of Englandin the 13th century and subsequent thinkers such as Thomas Hobbes, JohnLocke, is the major factor that has empowered the concept of civil society in theworld, starting from the West. This perspective paper suggests that althoughthat still holds to a large extent, the case of Indochina shows a diametrical, andunnatural, difference as civic engagement in social matters of deep influence wasborn out of the state’s necessity to tolerate diverging voices, either bycontrolling, empowering or engaging, in order to cope with social conflicts. Thisobservation gives rise to the need for further studies on the nature of theinformation-power nexus in the age of big data and social networks. |
| Keywords: | Political economy; the Internet; civil society; social networks |
| JEL: | F54 F59 L86 P26 |
| Date: | 2018–09–04 |
| URL: | https://d.repec.org/n?u=RePEc:sol:wpaper:2013/276633&r=pay |
| By: | Gajendran Raveendranathan (McMaster University) |
| Abstract: | I build a model of revolving credit in which consumers face idiosyncratic earnings risk, and credit card firms target consumers with credit offers. Upon a match, they bargain over borrowing limits and borrowing interest rates -- fixed for the duration of the match. Using the model, I show that improved matching between consumers and credit card firms quantitatively accounts for the rise in revolving credit and consumer bankruptcies in the U.S. I also provide empirical evidence consistent with the key features in my model: directed search and bargaining. The lifetime consumption gains from improved matching are substantially large (3.55 percent). |
| Date: | 2018 |
| URL: | https://d.repec.org/n?u=RePEc:red:sed018:112&r=pay |
| By: | Hunold, Matthias; Kesler, Reinhold; Laitenberger, Ulrich |
| Abstract: | We investigate whether online travel agents (OTAs) assign hotels worse positions in their search results if these set lower hotel prices at other OTAs or on their own websites. We formally characterize how an OTA can use such a strategy to reduce price differentiation across distribution channels. Our empirical analysis shows that the position of a hotel in the search results of OTAs is better when the prices charged by the hotel on other channels are higher. This is consistent with the hypothesis that OTAs alter their search results to discipline hotels for aggressive prices on competing channels, and by this reduce search quality for consumers. |
| Keywords: | consumer protection,free-riding,hotel booking,online travel agents,ranking,search bias |
| JEL: | D40 L42 L81 |
| Date: | 2018 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:dicedp:300&r=pay |
| By: | Mattila, Juri; Seppälä, Timo; Lähteenmäki, Ilkka |
| Abstract: | Abstract Banking and financial services have traditionally been a heavily regulated industry where technology alone has not been a sufficient factor to transform the operating architectures of the industry. The pervasive view in the financial industry has been that digitalization and its integrational development will take place on the platforms of the banks. Due to the inherent secondary nature of financial services, however, it is more likely that the customer interface of financial services will increasingly migrate towards primary service platforms. As a result, the commoditization of payment processing services is expected to increase. Additionally, the visibility into customer data will become more opaque and the value capturing capabilities of the financial industry will be radically redefined. Furthermore, a strategic impact can also be anticipated on several public institutions, such as financial supervisory authorities, the tax administration and other public registry holders. |
| Keywords: | Platform: embedded banking, distributed banking, open banking, platform, distributed ledgers, blockchain, FinTech |
| JEL: | G2 L2 L22 |
| Date: | 2018–09–14 |
| URL: | https://d.repec.org/n?u=RePEc:rif:report:84&r=pay |
| By: | Endrejat, Vanessa; Thiemann, Matthias |
| Abstract: | In recent years European financial regulation has experienced a tremendous reorientation with respect to the shadow banking system, which manifested first and foremost in its reframing as market-based finance. Initially identified as a source of systemic risk certain initiatives did not only fall much behind the envisaged changes but all to the contrary have been substantially modified in a way that they now aim at revitalizing these activities. The reorientation of European regulatory agency on shadow banking post-crisis, from curtailing it to facilitating resilient market-based finance, has been a cause for irritation by academic observers, dismissed by some as mere rebranding or taken as a sign of regulatory capture. All to the contrary, this paper documents the central role of regulatory agency in shadow banking's reconfiguration. It does so by analyzing the European initiatives concerning the regulation of Asset-Backed Commercial Paper (ABCP) and another prime example of shadow banking, Money Market Mutual Funds (MMFs). Based on documentary analysis and expert interviews we trace the way the recently published EU frameworks for MMFs and ABCP have been designed (in particular the STS, CRR and MMF regulation in 2017). Furthermore, we show how they have been transformed in such a way that their final versions allow to re-establish the shadow banking chain linking MMFs, the ABCP market and arguably the regular banking system. This transformation is driven by a new form of pro-active European regulatory agency which aims at creating a regulatory infrastructure able to sustain the orderly flow of real economy debt. Far from being captured by the industry, they did so consciously and in cooperation with private actors in order to maintain a channel for credit creation outside of bank credit, a task made more complicated by the rushed politicized final negotiations coupled with technical complexity. This paper thereby contributes to a new strand of literature, seeing the creation and reconfiguration of the shadow banking system as characterized by the active and conscious role of state actors. |
| Date: | 2018 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:safewp:222&r=pay |
| By: | Erkko Autio (Imperial College London); Laszlo Szerb (University of Pecs); Eva Komlosi (University of Pecs); Monika Tiszberger (University of Pecs) |
| Abstract: | During the last decade digitisation has transformed the character of entrepreneurial activities as for both the entrepreneurial opportunities and the practices to pursue them. In this context, to ensure that the new productivity potential is fully deployed to the benefits of economic growth and societal welfare, policymakers need adequate metrics to monitor digital entrepreneurship. The measurement challenge of the digital entrepreneurship lays in the pervasive nature of the phenomenon itself that cannot be captured by count-based measures of individual-level entrepreneurial action. Therefore it becomes important to monitor the conditions which set the business context of entrepreneurs in the different EU countries. The European Index of Digital Entrepreneurship Systems (EIDES) addresses the measurement challenge by appraising the framework and systemic conditions for 1. stand-up, 2. start-up, and 3. scale-up activities in the EU28 countries. Furthermore, the EIDES also attempts to disentangle the digital component of the just-mentioned entrepreneurial conditions and stages of development. |
| Keywords: | entrepreneurial ecosystem, digital entrepreneurship, startups, innovation, high-growth companies, policy support to innovation |
| Date: | 2018–09 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc112439&r=pay |
| By: | Nadhakan Shinnaranantana (Faculty of Business Administration, KASETSART UNIVERSITY) |
| Abstract: | Nowadays retailers have using multichannel of distribution, especially they are more focus on Internet shopping. Because of today consumers are more using internet for several activities such as entertainment, searching for information, social media and also shopping. This conceptual paper focus on internet shopping of Baby Boomers and their buying behavior. Adult consumers are specifically targeted because of their buying power and they are high potential customers for Internet retailer. The study specially address the issues how often and why Internet purchase is made. The 6 Ws and 1 H of buying behavior are asked; who are in the target market, what do they buy, why do they buy, who participate in the buying, when and where do they buy and how do they buy. Regarding the design, methodology, and approach of this paper, a thorough literature investigation will conduct through major databases of leading academic journals and research papers related to the scope of this paper in both Thai and English. An analysis of literature reviews of relevant articles will carry out and present in the paper. The study will provide a vital information for marketers and retailers to develop effective online marketing strategy. |
| Keywords: | Internet Shopping, Buying Behavior, Baby Boomers, Bangkok Thailand |
| JEL: | M31 |
| Date: | 2018–06 |
| URL: | https://d.repec.org/n?u=RePEc:sek:iacpro:7208950&r=pay |
| By: | Chen, Junhong; Zheng, Qiujie; Zhang, Robin; Wang, Hong Holly |
| Keywords: | Marketing, Agribusiness, Food Consumption/Nutrition/Food Safety |
| Date: | 2017–06–30 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea17:258254&r=pay |
| By: | Zhang, Chuanchuan; Zhao, Jianmei |
| Keywords: | Consumer/Household Economics, Productivity Analysis, Institutional and Behavioral Economics |
| Date: | 2017–07–03 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea17:258521&r=pay |
| By: | Saha, Kunal |
| Abstract: | This paper attempts to examine the dependence structure of four major cryptocurrencies chosen by current market capitalisation. It is a well known fact that there is huge volatility in the prices of these cryptocurrencies. The Vine Copula model is used to get some insights about the dependence structure in these asset prices. This is done using daily closing price from August 2015 to May 2018. This information can be used to calculate risk based metrics such as expected shortfall of a portfolio of these currencies. This analysis becomes more important as complex financial instruments (e.g. indices) based on these currencies are being introduced. |
| Keywords: | Vine Copula,Cryptocurrencies,Expected shortfall |
| JEL: | C51 C52 C58 G11 |
| Date: | 2018 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:181878&r=pay |
| By: | Heng, Yan; Jiang, Yuan; Gao, Zhifeng |
| Keywords: | Marketing, Research Methods/Statistical Methods, Demand and Price Analysis |
| Date: | 2017–07–03 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea17:258450&r=pay |
| By: | Bergemann, Dirk; Bonatti, Alessandro |
| Abstract: | We survey a recent and growing literature on markets for information. We offer a comprehensive view of information markets through an integrated model of consumers, information intermediaries, and firms. The model embeds a large set of applications ranging from sponsored search advertising to credit scores to information sharing among competitors. We then review a mechanism design approach to selling information in greater detail. We distinguish between ex ante sales of information (the buyer acquires an information structure) and ex post sales (the buyer pays for specific realizations). We relate this distinction to the different products that brokers, advertisers, and publishers use to trade consumer information online. We discuss the endogenous limits to the trade of information that derive from its potential adverse use for consumers. Finally we revisit the role of recommender systems and artificial intelligence systems as markets for indirect information. |
| Keywords: | information design; information markets; intermediaries; mechanism design; predictions; ratings |
| JEL: | D42 D82 D83 |
| Date: | 2018–08 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:13148&r=pay |