Proceedings of the International Scientific-Practical Conference “Business Cooperation as a Resource of Sustainable Economic Development and Investment Attraction” (ISPCBC 2019)

The integration and clustering processes in digital innovative development of payment market

Authors
Olga Korobeynikova, Dmitriy Korobeynikov, Larisa Popova, Svetlana Shaldokhina, Olga Donskova, Tatyana Daeva
Corresponding Author
Dmitriy Korobeynikov
Available Online August 2019.
DOI
https://doi.org/10.2991/ispcbc-19.2019.31How to use a DOI?
Keywords
integration, clustering, payment markets, payment systems, payment services, digital economy, digital innovations
Abstract
In order to expand the influence of payment systems on the innovative development of the economy, we believe it is necessary to integrate payment systems with FinTech companies, IT companies and to create clusters according to territorial and operational principles. Integration and clustering can accelerate the process of transfer and distribution of digital innovations to subjects and users of the payment market. We propose to consider two interaction directions of the payment market participants, using which acceleration of digital payment innovations can be carried out as well as their transfer to market subjects, namely: integration and clustering. The integration of payment systems should be carried out step-by-step by institutions (with creation of joint management bodies, with creation or adaptation of common payment networks, clearing networks, with formation of joint data processing centers); by methods of regulation, standardization, supervision and control of the payment market; by processes of multi-level cooperation and market coordination; by integration products in the form of operational standards, standards for information protection and crime prevention, universal digital competences in scientific research, educational environment, special (financial) and general (nano-, bio-, information and cognitive) technologies. We propose to create clusters of payment systems and subjects of payment markets through their consolidation and merging, which will ensure a symbiosis of financial and non-financial technologies. Clustering can occur on the operational grounds, as well as territorial clusters can also be formed within operational clusters, that carry out local digital technology transfer. As a result, one achieves intensive introduction (or acceleration of extensive development) of the new digital technological structure, competition based on progressive market positions, complementarity of the payment markets, expansion of the capacity of national and private payment systems, global scale of the resource and customer base, acceleration of money turnover and other private economic, political and social effects.
Open Access
This is an open access article distributed under the CC BY-NC license.

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Cite this article

TY  - CONF
AU  - Olga Korobeynikova
AU  - Dmitriy Korobeynikov
AU  - Larisa Popova
AU  - Svetlana Shaldokhina
AU  - Olga Donskova
AU  - Tatyana Daeva
PY  - 2019/08
DA  - 2019/08
TI  - The integration and clustering processes in digital innovative development of payment market
BT  - Proceedings of the International Scientific-Practical Conference “Business Cooperation as a Resource of Sustainable Economic Development and Investment Attraction” (ISPCBC 2019)
PB  - Atlantis Press
SP  - 517
EP  - 521
SN  - 2352-5428
UR  - https://doi.org/10.2991/ispcbc-19.2019.31
DO  - https://doi.org/10.2991/ispcbc-19.2019.31
ID  - Korobeynikova2019/08
ER  -