Payments transition in India – consumer preferences and policy shifts

Economic growth should be supplemented by an efficient payment and settlement system. Many attempts have been made to improve the efficiency of payment and settlement system in India. Especially the effort has been in terms of promoting digital economy. But the stickiness to payments through currency notes by the people has had a moderating effect on these efforts. The policy shift of Government of India towards demonetization of higher denomination currency notes has given thrust to digital payments. The study hypothesizes that post demonetization, the payment and settlement system indicators would show moderate to high deviation from the volume and value that can be forecasted using the historical data. Using Automatic ARIMA Forecasting in EViews, the forecasted values for the indicators for a period from November 2016 to March 2018 were estimated based on the historical data of the indicators from April 2011 to October 2016. The forecasted values of the indicators are then compared with the actual values of the indicators to see if they differ significantly by using paired t-test. The study finds evidence to suggest that the policy of demonetization and resultant reduced supply of currency notes has provided impetus to the Indian public to move towards digital platforms, and the increased supply of currency notes thereafter has not led to complete reversal of this shift in this change in consumer preference. This leads to the conclusion that through effective policy shifts, consumer preferences can be altered, and the Indian economy could become a less cash economy

Perceived transaction cost and its antecedents associated with fintech users' intention: Evidence from Pakistan

Researches depict a considerable degree of acknowledgment of financial technology improvement in Pakistan. However, the costs blocking clients' intention to utilize financial technology remain dubious. Building upon Transaction Cost Economics and Innovation diffusion theory, this paper hypothesizes that consumers' transaction cost of fintech is affected by nine antecedents: perceived asset specificity, complexity, product uncertainty, behavioral uncertainty, transaction frequency, dependability, limitations, convenience, and economic utility. Transaction cost has a negative relationship with consumers' intentions to use fintech for online buying or availing services. We tested the model using data gathered from the individuals. The results show that factors that are positively related to consumers' perceived transaction cost, among them product uncertainty (β = 0.231) is the greatest of factors, followed by behavior uncertainty (β = 0.209) and asset specificity (β = 0.17), those that are negatively associated are dependability (β = 0.11), and convenience (β = 0.224). The study is limited in scope, focusing primarily on cost factors. Future research may analyze additional cost-related elements and the actual use of financial technology by using samples from different countries. © 2023Xi'an Eurasia University, EU; Ministry of Science and Higher Education of the Russian Federation: 018/RID/2018/19, PLN 10 788 423,16H5 determines whether perceived transaction frequency has a negative relationship with cost. According to the results (PTF - > PTC, β = -0.031, t = 0.853, P = 0.394), this hypothesis is not supported.H6 is whether there is a negative relationship between the dependability of fintech and perceived transaction cost. The results (DPND - > PTC, β = -0.11, t = 2.433, P = 0.015) support this hypothesis.H8 states a negative relationship between convenience and perceived transaction cost. The results (C - > PTC, β = -0.224, t = 5.456, P = 0) support this hypothesis.H9 states a negative relationship between economic utility and perceived transaction cost. However, findings (EU - > PTC, β = 0.02, t = 0.605, P = 0.546) show that this hypothesis is not supported.The project was funded under the program of the Minister of Science and Higher Education titled “Regional Initiative of Excellence” in 2019–2022, project number 018/RID/2018/19, the amount of funding PLN 10 788 423,16

Digital Nations – Smart Cities, Innovation, and Sustainability: 16th IFIP WG 6.11 Conference on e-Business, e-Services, and e-Society, I3E 2017, Delhi, India, November 21–23, 2017, Proceedings

International audienceBook Front Matter of LNCS 1059

The protection of banking customers from the risks of mobile payments in Saudi Arabia

Demand for mobile payment (m-payment) services is transforming the banking payment system in unprecedented ways and at a growing rate. These developments raise unique concerns and risks which must be managed by the adoption of an appropriate regulatory framework if this 'Fintech' innovation is to offer a net social and economic benefit. This work will draw on Western and Islamic consumer protection literature to analyse how Saudi Arabian law at present protects consumers when it comes to m-payments, particularly unauthorised mobile payment transactions and consumer data in order to maintain privacy and protect them against breaches of their privacy. In so doing, the research seeks to make an original contribution to the Saudi Arabian legal system in the presently under-researched areas of both consumer protection and m-payment services. It will be demonstrated that the Saudi Arabian legal provisions are inadequate and fall short of the requirements of Sharia law in many respects: Consumer protection is insufficient and is not appropriately targeted to address the specific, unique risks raised by m-payment services. At the same time, restrictive legislation designed in the context of traditional banking has created a hostile regulatory environment which has failed to stimulate innovation and growth within this potentially promising sector. With a view to proposing a model for reform of Saudi regulation, the United Kingdom ('UK') legal system will be scrutinised to assess whether lessons can be learnt in providing greater protection to customers in a Saudi Arabian context while remaining Sharia compliant. The UK is a valuable selection as a comparator as it has succeeded in balancing these objectives to a significant extent, achieving greater consumer protection than is currently available in Saudi Arabia ('SA') without compromising the strength and freedom of the market. There are also strong parallels between the two societies particularly in respect of openness to Fintech innovation. It will be proposed that the UK law provides a positive example of how this systematic defect in the regulation of m-payments can be remedied, in addition to more specific illustrations of provisions and policies which can aid in balancing the demands of consumer protection and market development. Recommendations are made as to how these can be usefully incorporated into a broader reform of the Saudi regulatory regime

Bedeutung von Soft Skills für IT-Beratungsunternehmen

Im Wandel der Digitalisierung werden stetig neue Technologien erforscht und individuelle Lösungen für Unternehmen jeglicher Branchen eingesetzt. Für IT-Beratungsunternehmen bedeutet dies, dass Kunden immer häufiger die speziellen Fachkenntnisse und lösungsorientierten Expertisen der Beratungsunternehmen in Anspruch nehmen. Dadurch nimmt auch der Austausch und der Anspruch auf ausgeprägte Soft Skills zu, um die Kundenbedürfnisse individuell zu analysieren und kreative Lösungen anzubieten. Im Rahmen der vorliegenden Masterarbeit wurde erforscht, inwiefern und insbesondere welche Soft Skills für IT-Beratungsunternehmen von besonderem Interesse sind. Eine Untersuchung der Gründe für den gezielten Einsatz von Soft Skills sowie den damit verbundenen Chancen und Gefahren ergeben einen ersten Einblick in die vielfältige Thematik der Soft Skills. Zudem wurden IT-Experteninterviews durchgeführt, welche eine vertiefte Analyse der Bedeutung der verschiedenen Soft Skills ermöglicht haben. Die Resultate der Experteninterviews zeigen auf, dass vor allem die Empathie und Kommunikationsfähigkeit als bedeutendste Soft Skills wahrgenommen werden. Die IT-Anforderungen sind enorm komplex, da auch verschiedene Kulturen zu berücksichtigen sind und je nach Branche verschiedene Lösungen in der IT-Branche erfordert werden. Das führt dazu, dass die Soft Skills einen zentralen Stellenwert in der IT-Beratungsbranche einnehmen. Um innovative Lösungen für den Kunden zu entwickeln und den erforderlichen Informationsaustausch bereitstellen zu können, waren auch die Soft Skills Kreativität, die Fähigkeit individuelle Problemlösungen zu finden und die Teamfähigkeit erforderlich. Im Rahmen der Umfrage konnte festgestellt werden, dass sowohl die Unternehmen als Arbeitgeber, wie auch deren Mitarbeiter stark profitieren, wenn die Kultur der Soft Skills ausgeprägt im Unternehmen implementiert wurde. Die Resultate zeigen auf, dass die Mitarbeiter- und Kundenbindung, die hohe Motivation der Mitarbeiter wie auch eine grössere Offenheit gegenüber neuen Aufgaben zu den wertvollsten Ressourcen gehören, welche durch ausgeprägte Soft Skills ermöglicht werden. Diese Soft Skills sind für Unternehmen und Mitarbeiter von grösster Relevanz, da sie einen direkten Einfluss auf die Qualität, die weitere Entwicklung des Arbeitnehmers aber auch auf das Wachstum und den wirtschaftlichen Erfolg der Unternehmung bewirken. Die Herausforderung ist jedoch vor allem für kleinere Unternehmen, dass der benötigte Aufwand für die Aneignung von Soft Skills nicht zu hohen Kosten führt. Es ist daher für IT-Beratungsunternehmen, vor allem für die Management-Ebene von zentraler Bedeutung, dass die Soft Skills mit Hilfe der verschiedenen Schulungsplattformen und Events aktiv im Unternehmen gefördert werden. Die Resultate zeigen, dass besonders Weiterbildungskurse, die Erschaffung von Begegnungsräumen, eine positive Feedbackkultur oder die Förderung der Mitarbeiter, indem ihnen neue Aufgaben zugetraut werden, geeignete Möglichkeiten sind, die Soft Skills zu erlernen oder zu verbessern. Die Bedeutung von Soft Skills wird gemäss Einschätzungen der konsultierten IT-Experten und Beratern in Zukunft an Bedeutung zunehmen und durch die Unternehmen vermehrt in Anspruch genommen werden. Um auch langfristig wettbewerbsfähig zu bleiben, ist es für Unternehmen deshalb entscheidend, Soft Skills gezielt zu fördern. Dies bewirkt einen entscheidenden Mehrwert für eine effektivere Zusammenarbeit und die Erschaffung von innovativen und zielorientierten Lösungen. Die Förderung von Soft Skills bei Mitarbeitern ermöglicht zudem eine gezielte persönliche Weiterentwicklung und für das Unternehmen den langfristigen Erfolg in einer sich rasch verändernden IT-Branche

Assuming Data Integrity and Empirical Evidence to The Contrary

Background: Not all respondents to surveys apply their minds or understand the posed questions, and as such provide answers which lack coherence, and this threatens the integrity of the research. Casual inspection and limited research of the 10-item Big Five Inventory (BFI-10), included in the dataset of the World Values Survey (WVS), suggested that random responses may be common. Objective: To specify the percentage of cases in the BRI-10 which include incoherent or contradictory responses and to test the extent to which the removal of these cases will improve the quality of the dataset. Method: The WVS data on the BFI-10, measuring the Big Five Personality (B5P), in South Africa (N=3 531), was used. Incoherent or contradictory responses were removed. Then the cases from the cleaned-up dataset were analysed for their theoretical validity. Results: Only 1 612 (45.7%) cases were identified as not including incoherent or contradictory responses. The cleaned-up data did not mirror the B5P- structure, as was envisaged. The test for common method bias was negative. Conclusion: In most cases the responses were incoherent. Cleaning up the data did not improve the psychometric properties of the BFI-10. This raises concerns about the quality of the WVS data, the BFI-10, and the universality of B5P-theory. Given these results, it would be unwise to use the BFI-10 in South Africa. Researchers are alerted to do a proper assessment of the psychometric properties of instruments before they use it, particularly in a cross-cultural setting

Leading Towards Voice and Innovation: The Role of Psychological Contract

Background: Empirical evidence generally suggests that psychological contract breach (PCB) leads to negative outcomes. However, some literature argues that, occasionally, PCB leads to positive outcomes. Aim: To empirically determine when these positive outcomes occur, focusing on the role of psychological contract (PC) and leadership style (LS), and outcomes such as employ voice (EV) and innovative work behaviour (IWB). Method: A cross-sectional survey design was adopted, using reputable questionnaires on PC, PCB, EV, IWB, and leadership styles. Correlation analyses were used to test direct links within the model, while regression analyses were used to test for the moderation effects. Results: Data with acceptable psychometric properties were collected from 11 organisations (N=620). The results revealed that PCB does not lead to substantial changes in IWB. PCB correlated positively with prohibitive EV, but did not influence promotive EV, which was a significant driver of IWB. Leadership styles were weak predictors of EV and IWB, and LS only partially moderated the PCB-EV relationship. Conclusion: PCB did not lead to positive outcomes. Neither did LS influencing the relationships between PCB and EV or IWB. Further, LS only partially influenced the relationships between variables, and not in a manner which positively influence IWB