United Nations Conference on Trade and Development
INFORMATION ECONOMY REPORT
2007-2008
Science and technology for development:
the new paradigm of ICT
Prepared by the UNCTAD secretariat
UNITED NATIONS
New York and Geneva, 2007
Chapter 5
E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR
DEVELOPING AND TRANSITION ECONOMIES
A. Introduction
The use of modern information and communication
WHFKQRORJLHV ,&7V DQG HVSHFLDOO\ WKH ,QWHUQHW E\
ÀQDQFLDO VHUYLFHV SURYLGHUV JUHDWO\ LQFUHDVHG WKHLU
communications capacities and speed, decreased the
WUDQVDFWLRQFRVWVRI ÀQDQFLDORSHUDWLRQVDQGSHUPLWWHG
WKHQHWZRUNLQJRI DKRVWRI SOD\HUVLQYDULRXVÀQDQFLDO
VFKHPHV$VDUHVXOWLWEURXJKWDERXWPDMRUEXVLQHVV
SURFHVVLQQRYDWLRQV)RUH[DPSOH,&7VDFFRPPRGDWHG
WKH H[SORVLRQ RI ODUJHYDOXH LQWHUQDWLRQDO SD\PHQWV
WUDIÀFHVSHFLDOO\GXULQJODVWWZRGHFDGHVLQSDUWLFXODU
WKDQNV WR WKH LQWURGXFWLRQ RI QHZ RQOLQH SD\PHQWV
SURWRFROV DQG UHDOWLPH JURVV VHWWOHPHQW 57*6
V\VWHPV
In its E-Commerce and Development Report (the predecessor
of the Report) in the years 2000 and 2001 UNCTAD
PDGH RQH RI WKH ÀUVW DWWHPSWV WR GHÀQH HOHFWURQLF
EDQNLQJ HEDQNLQJ DQG HOHFWURQLF SD\PHQWV H
payments) and to assess the future of this new, even
IRU GHYHORSHG FRXQWULHV VWDJH LQ WKH GHYHORSPHQW LQ
ÀQDQFH81&7$'%\ORRNLQJDWWKHVWDWH
of the art in e-banking and e-payments at the time, it
tried to understand the prospects for their dissemination
ZRUOGZLGH DQG HVSHFLDOO\ WKHLU LPSOLFDWLRQV IRU
LQWHUQDWLRQDO ÀQDQFLDO ÁRZV DQG ÀQDQFLDO V\VWHPV LQ
GHYHORSLQJDQGWUDQVLWLRQHFRQRPLHV7KHPDLQIRFXV
ZDVRQWKHDQDO\VLVRI WKH,QWHUQHWRURQOLQHEDQNLQJ
and payments arrangements created by banks and
UHODWHGHQWLWLHV6LQFHWKHEHJLQQLQJRI WKLVGHFDGHH
EDQNLQJDQGHSD\PHQWVKDYHJURZQUDSLGO\DQGEHFRPH
ZLGHVSUHDG ÀQDQFLDO VHUYLFHV QRW RQO\ LQ GHYHORSHG
HFRQRPLHVEXWDOVRLQPDQ\GHYHORSLQJDQGWUDQVLWLRQ
HFRQRPLHV 7KH FXVWRPHU EDVH IRU WKRVH VHUYLFHV LV
H[SHULHQFLQJGRXEOHGLJLWJURZWKSDUWLFXODUO\LQPDQ\
G\QDPLFDOO\JURZLQJGHYHORSLQJFRXQWULHV
(EDQNLQJDQGHSD\PHQWVERWKFRUSRUDWHDQGUHWDLO
SURYHG WR EH OHVV FRVWO\ IRU WKH FRPPHUFLDO EDQNV
and at the same time more convenient for businesses,
*RYHUQPHQWV DQG KRXVHKROGV 7KH XVH RI HÀQDQFH
UHOLHV RQ EDQN GHSRVLWV DQG GLPLQLVKHV WKH UROH RI FDVKPRQH\QRWHVDQGFRLQV+RZHYHULWKDVFUHDWHG
DQRWKHUVHWRI VHFXULW\FKDOOHQJHVVXFKDVWKHQHHGIRU
protection against emerging cybercrime, which has
LQWURGXFHG IXUWKHU LQQRYDWLRQV DOORZLQJ PRUH VHFXUH
PHWKRGVRI HEDQNLQJDQGHSD\PHQWV
)LQDQFLDOVHUYLFHSURYLGHUVDQGHVSHFLDOO\EDQNVKDG
EHHQ XVLQJ HOHFWURQLF PHVVDJHV IRU TXLWH VRPH WLPH
EHIRUH WKH LQWURGXFWLRQ RI WKH ,QWHUQHW 7KRVH PHVsages were transmitted through proprietary software
V\VWHPV DOVR NQRZQ DV LQWUDQHWV WKURXJK PRGHPV
OLQNHG WR FOLHQWV· SHUVRQDO FRPSXWHUV RU SKRQH OLQHV
SHUPLWWLQJWKHPWRFRQVXOWDFFRXQWVDQGPDNHFKDQJHVLQSD\PHQWRUGHUVLQDQRIÁLQHUHJLPH7KH,QWHUQHW UHYROXWLRQ VWDUWHG WKH SURFHVV RI UHSODFLQJ WKRVH
WUDGLWLRQDOPHWKRGVRI HOHFWURQLFFRPPXQLFDWLRQVE\
,QWHUQHW 3URWRFRO ,3 EDVHG V\VWHPV 7KH OLWHUDWXUH
LV LQFUHDVLQJO\ IRFXVLQJ DWWHQWLRQ RQ WKLV QHZHU DQG
PRUH ZLGHVSUHDG GHYHORSPHQW RI HEDQNLQJ DQG H
SD\PHQWVZKLOHFRQWLQXLQJWRGLVFXVVDOVRWKHUROHRI SD\PHQWFDUGVDXWRPDWHGWHOOHUPDFKLQHV$70VWHOHSKRQH EDQNLQJ DQG PRELOH EDQNLQJ PEDQNLQJ RU
PSD\PHQWV7KHODWWHUFDQXVH,3DQGRWKHUFRPPXQLFDWLRQSURWRFROVDQGDUHUHODWLYHO\PRUHLPSRUWDQWLQ
WKHFRQWH[WRI GHYHORSLQJFRXQWULHV
7KHLQWHQVLYHXVHRI ,&7VDOVRIDFLOLWDWHGWKHWUDQVIRUPDWLRQRI WUDGLWLRQDOEDQNUHODWHGGHEWVXFKDVYDULRXV
ORDQVDQGPRUWJDJHVLQWRVHFXULWLHVFLUFXODWLQJLQFDSLWDO PDUNHWV 7KDW LQFUHDVHG WUDGLQJ DQG VHFXULWL]DWLRQ
DFWLYLWLHV RI EDQNV FRLQFLGHG ZLWK WKHLU UHODWLYHO\ UHGXFHGUROHDVGHSRVLWWDNLQJLQVWLWXWLRQVFKDUDFWHUL]HG
E\ORQJWHUPUHODWLRQVZLWKWKHLUFOLHQWHOH
%DQNVDQGSD\PHQWFDUGSURYLGHUVUHPDLQDWWKHFRUH
RI HEDQNLQJDQGHSD\PHQWV+RZHYHUUHODWLYHO\QHZ
SOD\HUV VXFK DV QRQEDQN PRQH\ WUDQVIHU RSHUDWRUV
PRELOH SKRQH RSHUDWRUV DQG HSD\PHQW WHFKQRORJ\
YHQGRUV DUH DOVR FRPLQJ LQWR WKH SLFWXUH WU\LQJ WR
FDUYHRXWQLFKHVRUVSHFLDOYDOXHDGGHGRSHUDWLRQVIURP
WKH PDLQ SOD\HUV RU WR FRQFOXGH YDULRXV FRRSHUDWLYH
DUUDQJHPHQWVZLWKWKHP
7KHÀQDQFLDOÁRZVEHWZHHQGHYHORSHGDQGGHYHORSLQJ
FRXQWULHV DUH DOVR LQFUHDVLQJO\ WDNLQJ SODFH LQ WKH
213
214
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
IUDPHZRUN RI PDMRU RQOLQH LQWHUEDQN WUDQVIHU
V\VWHPV :KLOH WKRVH V\VWHPV DUH IDFLOLWDWLQJ WKH
WUDQVPLVVLRQ RI WKH PDLQ SULYDWH DQG SXEOLF ÀQDQFH
ÁRZV VXFK DV EDQN FUHGLWV IRUHLJQ GLUHFW LQYHVWPHQW
)',SRUWIROLRLQYHVWPHQWVDQGRIÀFLDOGHYHORSPHQW
DVVLVWDQFH2'$,&7VDUHQROHVVLPSRUWDQWIRUUHWDLO
DQGVPDOOYROXPHÀQDQFLDOWUDQVIHUVWRKRXVHKROGVDQG
VPDOOEXVLQHVVHVLQWKRVHFRXQWULHV
7KH PRVW LPSRUWDQW VPDOOVFDOH SULYDWH ÀQDQFLDO
transfers are migrant remittances, which are
LQFUHDVLQJO\ UHO\LQJ RQ RQOLQH PRQH\ WUDQVIHU
V\VWHPV ZLWK D FRQVHTXHQW VDYLQJ RI UHVRXUFHV IRU
ERWKRULJLQDWRUVDQGHQGXVHUVRI WKRVHIXQGV6LQFH
UHPLWWDQFHVKDYHFRQVLGHUDEO\H[FHHGHG2'$LQWKHLU
RYHUDOOYROXPHDQGDUHFXUUHQWO\WKHODUJHVWQRQGHEW
FUHDWLQJÀQDQFLDOÁRZVWKHSURVSHFWVIRUWKHPRYLQJ
RI WKLVPDMRUVRXUFHRI GHYHORSPHQWÀQDQFHWRZDUGV
HOHFWURQLFFKDQQHOVFRQVWLWXWHDQLPSRUWDQWHOHPHQWLQ
DQDO\VLQJWKHLPSOLFDWLRQVRI HÀQDQFHIRUGHYHORSLQJ
FRXQWULHV
0DNLQJHEDQNLQJDQGHSD\PHQWVPRUHDIIRUGDEOHWR
EDQNV DQG WKHLU FOLHQWV LQ GHYHORSLQJ FRXQWULHV DQG
WR OHVV DIÁXHQW SDUWV RI WKH SRSXODWLRQ LQ GHYHORSHG
FRXQWULHV LV VWLOO D PDMRU LVVXH )XUWKHUPRUH JLYLQJ
WR VPDOO DQG PHGLXPVL]HG HQWHUSULVHV 60(V
PLFURHQWHUSULVHV DQG LQGLYLGXDOV SDUW RI ZKRP DUH
´XQEDQNHGµLHKDYHQREDQNDFFRXQWVEHWWHUDFFHVV
WR VLPSOH IRUPV RI HEDQNLQJ DQG HSD\PHQWV RU P
SD\PHQWV LV DOVR EHFRPLQJ DQ LQFUHDVLQJO\ PDMRU
FKDOOHQJH ZKLFK KDV VWDUWHG WR EH DGGUHVVHG YHU\
UHFHQWO\
PRQH\WUDQVIHUVUHVXOWLQJIURPPLJUDQWUHPLWWDQFHVH
EDQNLQJDQGHSD\PHQWVIRU60(VDQGPLFURÀQDQFH
/DVWO\ LW WULHV WR DVVHVV WKH IXWXUH RI HEDQNLQJ DQG
HSD\PHQWVSDUWLFXODUO\LQWKHFRQWH[WRI GHYHORSLQJ
FRXQWULHVDQGFRXQWULHVZLWKHFRQRPLHVLQWUDQVLWLRQ
,QWKDWFRQQHFWLRQDQXPEHURI SROLF\DQGLQVWLWXWLRQ
EXLOGLQJ PHDVXUHV QHFHVVDU\ IRU VXSSRUWLQJ WKH
GHYHORSPHQW RI WKRVH VHUYLFHV DUH SURSRVHG 7KXV
WKHFKDSWHUFRQWULEXWHVWRWKH5HSRUWZKLFKLVSXWWLQJ
HPSKDVLV RQ WKH UROH RI LQQRYDWLRQV LQ HFRQRPLF
GHYHORSPHQWE\UHYLHZLQJ,&7JHQHUDWHGLQQRYDWLRQV
LQEDQNLQJDQGSD\PHQWVDVDFDVHVWXG\RI ÀQDQFLDO
LQQRYDWLRQV1
B. ICTs and innovations in
banking and payments
7KH DFWLYH XVH RI ,&7V GXULQJ WKH ODVW WZR GHFDGHV
IXUWKHU UHOHDVHG WKH IRUFHV RI JOREDOL]DWLRQ OLEHUDOL]DWLRQ DQG WHFKQRORJLFDO FKDQJH ,&7V ZHUH SDUWLFXODUO\GULYLQJPDMRULQQRYDWLRQVLQEXVLQHVVSURFHVVHV
DQGHVSHFLDOO\LQÀQDQFLDOLQWHUPHGLDWLRQ2 One of the
most innovative industries in terms of using ICTs, the
ÀQDQFLDOVHFWRULQFUHDVHGLWVVKDUHRI YDOXHDGGHGSDUWLFXODUO\LQGHYHORSHGHFRQRPLHV)RUH[DPSOHLQ
LWVVKDUHLQWKH8QLWHG6WDWHV*'3H[FHHGHGSHUFHQW
WKDWLVLWPRUHWKDQGRXEOHGGXULQJWKHODVW\HDUV3
:KLOH DFTXLULQJ NQRZOHGJH RI PRGHUQ HEDQNLQJ
DQG HSD\PHQWV WHFKQLTXHV LV VWLOO WKH PDLQ KXUGOH
IRU GHYHORSLQJ HFRQRPLHV WKH ODFN RI GHHSO\ URRWHG
SURSULHWDU\ V\VWHPV RI ÀQDQFH PLJKW EHFRPH D
SRVLWLYHIDFWRUDQGHQDEOHFRXQWULHVWKDWDUHQRWUHDOO\
DWWDFKHGWRWUDGLWLRQDOV\VWHPVWROHDSIURJWRHÀQDQFH
([SORLWLQJWKDWSRWHQWLDOZLOOUHTXLUHWKDWWKHÀQDQFLDO
VHFWRU RI GHYHORSLQJ DQG WUDQVLWLRQ HFRQRPLHV KDYH
WKH FDSDFLW\ WR PRYH UDSLGO\ WRZDUGV PRGHUQ ,&7
EDVHGV\VWHPV
$QRWKHULQGLFDWRURI WKHVRFDOOHGÀQDQFLDOGHHSHQLQJ
RI WKHHFRQRP\LVWKHUDWLRRI ÀQDQFLDODVVHWVEDQN
deposits, government debt securities, private debt
VHFXULWLHV HTXLW\ WR WKH HFRQRP\ 7KH YROXPH RI ÀQDQFLDO DVVHWV FXUUHQWO\ H[FHHGV JURVV GRPHVWLF
SURGXFW *'3 E\ D IDFWRU RI WR LQ WKH PDLQ
GHYHORSHG PDUNHW HFRQRPLHV )LQDQFLDO GHHSHQLQJ LV
DOVR EHFRPLQJ PRUH DQG PRUH HYLGHQW LQ &KLQD DQG
RWKHUHPHUJLQJ$VLDQHFRQRPLHV,QGRQHVLD0DOD\VLD
3KLOLSSLQHV5HSXEOLFRI .RUHDDQG7KDLODQGZKHUH
LWUHSUHVHQWVGRXEOHWKHORFDO*'37KHVDPHSURFHVV
LVVWLOOODJJLQJEHKLQGLQ/DWLQ$PHULFDH[FHSW&KLOH
(DVWHUQ (XURSH DQG HVSHFLDOO\ $IULFD 0F.LQVH\
7KLVFKDSWHUVWDUWVE\ORRNLQJDWWKHPDLQPDQLIHVWDWLRQV
RI ÀQDQFLDO LQQRYDWLRQ VXFK DV RQOLQH EDQNLQJ DQG
SD\PHQWV PSD\PHQWV DQG HPRQH\ DV ZHOO DV WKH
LPSDFWRI ,&7VLQIDFLOLWDWLQJVHFXULWL]DWLRQRI FUHGLW
instruments and the need to address the security
FKDOOHQJHV RI HÀQDQFH RSHUDWLRQV ,W UHYLHZV WKH
VWDWHRI SOD\LQ,QWHUQHWEDQNLQJDQGHSD\PHQWVDQG
H[DPLQHV WKHLU LPSOLFDWLRQV IRU GHYHORSLQJ FRXQWULHV
,QSDUWLFXODULWGLVFXVVHVWKHUROHRI ,&7VLQIDFLOLWDWLQJ
0HDQZKLOHWKHXVHRI WKH,QWHUQHWDVDQLQFUHDVLQJO\
LPSRUWDQWFKDQQHORI GLVWULEXWLRQIRUÀQDQFLDOVHUYLFHV
DQGLQSDUWLFXODUHEDQNLQJDQGHSD\PHQWVZDVWKH
PRVWLPSRUWDQWLQQRYDWLRQPDNLQJLWSRVVLEOHWRPRYH
OLTXLGLW\ DQG YDULRXV ÀQDQFLDO LQVWUXPHQWV RQOLQH
DW PXFK ORZHU WUDQVDFWLRQ FRVWV DQG KLJKHU VSHHG
ZLWKDFRQVHTXHQWFKDQJHLQWKHQDWXUHRI PRQHWDU\
WUDQVPLVVLRQ DQG ÀQDQFLDO LQWHUPHGLDWLRQ 7KH
SRVVLELOLW\ RI LQWHQVLYH XVH RI ,&7V PDGH LW SRVVLEOH
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
DOVR WR LPSURYH WUDQVSDUHQF\ LQ ÀQDQFLDO RSHUDWLRQV
$VDUHVXOWLQIRUPDWLRQDV\PPHWU\LQÀQDQFLDOPDUNHWV
ZDV UHGXFHG DQG WKH\ ZHUH PDGH PRUH FRPSOHWH ,Q
DGGLWLRQ WR WKH PLJUDWLRQ RI WUDGLWLRQDO EDQNLQJ DQG
SD\PHQWV WR WKH ,QWHUQHW WKH XVH RI ,&7V IDFLOLWDWHG
WKH ODUJHVFDOH LQWURGXFWLRQ RI VHFXULWL]HG IRUPV
RI WUDGLWLRQDOO\ EDQNEDVHG GHEW LQVWUXPHQWV WKXV
DOORZLQJFDSLWDOWREHDOORFDWHGDWORZHUFRVWDQGZLWKD
EHWWHUULVNSURÀOH$FWLYHSDUWLFLSDWLRQLQWKDWSURFHVV
E\LQVXUDQFHFRPSDQLHVSHQVLRQIXQGVSULYDWHHTXLW\
IXQGV DQG KHGJH IXQGV ZDV DOVR VXSSRUWHG E\ WKH
XVHRI ,&7V7KRVHPDMRUFKDQJHVSURYLGHGQRWRQO\
QHZ RSSRUWXQLWLHV EXW DOVR FUHDWHG FKDOOHQJHV WKH
JUHDWHVW RI ZKLFK ZDV WKH SUREOHP RI HQVXULQJ WKH
VHFXULW\RI RQOLQHÀQDQFLDORSHUDWLRQV7RUHVSRQGWR
VHFXULW\WKUHDWVÀQDQFLDOVHUYLFHSURYLGHUVKDGDOVRWR
LQWURGXFHLQQRYDWLYHVROXWLRQVWRSURWHFWWKHLUFOLHQWV
DJDLQVWLQYHQWLYHF\EHUFULPLQDOV
7KHPDQLIHVWDWLRQVRI ÀQDQFLDOLQQRYDWLRQDUHKDYLQJ
DQLQFUHDVLQJO\GLUHFWLPSDFWRQGHYHORSLQJFRXQWULHV
ZKLFKDUHQRWRYHUEXUGHQHGE\ROGHUWHFKQRORJLHVDQG
FDQ PRUH HDVLO\ VWDUWWKHLU HEDQNLQJDQG HSD\PHQWV
operations in a new environment and with new
WHFKQRORJLHV
1. From brick to click: emerging ebanking, e-payments and e-money
,QWKHKH\GD\RI WKH,QWHUQHWUHYROXWLRQH[SHFWDWLRQV
UHJDUGLQJ WKH GHYHORSPHQW RI HEDQNLQJ DQG HSD\PHQWVZHUHKLJKO\RSWLPLVWLFDQGQRWZLWKRXWUHDVRQ
,WZDVDWULDODQGHUURUSURFHVVZLWKVRPHPRGHOVEHLQJLQFUHDVLQJO\PDUJLQDOL]HGRUHYHQGHVWUR\HGGXULQJ
WKLVPDMRUDQGPDLQO\VXFFHVVIXOSURFHVVRI FUHDWLRQ
7KXVPRGHOVWKDWGLGQRWVXUYLYHRUNHHSSDFHZLWK
WKHG\QDPLFVRI RYHUDOOWUHQGVLQFOXGHGWKHPDMRULW\RI QHZSXUHO\,QWHUQHWEDVHGEDQNVDQGHFDVKYHQWXUHV
$WWKHVDPHWLPHUHVSRQGLQJWRWKHFKDOOHQJHVRI ,QWHUQHWRQO\ EDQNV QHDUO\ DOO PDMRU WUDGLWLRQDO EDQNV
introduced their e-banking operations starting, with
PRYLQJ RQOLQH WKH LQWHUEDQN SD\PHQWV WUDIÀF DQG
VXSSRUWLQJRQOLQHWKHRSHUDWLRQVRI WKHLUFOLHQWV:LWK
WLPHPDMRUEDQNVH[SDQGHGWKHLUHEDQNLQJDFWLYLWLHV
LQ PDQ\ FDVHV DW WKH H[SHQVH RI WUDGLWLRQDO EDQNLQJ
ones (known as “brick and mortar”), and created a
WZLQPRGHODOVRNQRZQDV´FOLFNDQGPRUWDUµRU´EULFN
DQG FOLFNµ ZLWK WKH ´FOLFNµ SDUW SURIRXQGO\ LQQRYDWLQJDQGVWLOOFRQWLQXLQJWRWUDQVIRUPWKHEDQNV·RYHUDOO
EXVLQHVVPRGHOV
7KHLQWURGXFWLRQRI QHZWHFKQRORJLHVHVSHFLDOO\LQWKH
LQLWLDOVWDJHVLQYROYHVPDMRULQYHVWPHQWVDQGVXQNFRVWV
215
WKDWFDQEHUHFRYHUHGZLWKLQFUHDVLQJHFRQRP\RI VFDOH
5HVHDUFKFRPSDULQJ,QWHUQHWEDQNLQJH[SHULHQFHZLWK
WKHH[SHULHQFHRI ROGDQGQHZO\FKDUWHUHGWUDGLWLRQDO
EDQNVLQWKH8QLWHG6WDWHVGXULQJWKHSHULRG
VKRZHG WKDW ,QWHUQHWRQO\ EDQNV KDG D ORZHU UHWXUQ
RQDVVHWV52$DORZHUUHWXUQRQHTXLW\52(DQG
ORZHUQHWLQWHUHVWPDUJLQVDQGKDGWRRIIVHWDQLQIHULRU
DFFRXQWLQJSHUIRUPDQFHKLJKHUORDQORVVHVDQGKLJKHU
ERUURZHGIXQGFRVWVZLWKKLJKHUFDSLWDOUDWLRVHYHQLQ
FRPSDULVRQZLWKQHZO\FKDUWHUHGWUDGLWLRQDOEDQNV7KH
DXWKRUVDVVXPHGWKDW,QWHUQHWRQO\EDQNVFDQEHFRPH
VXFFHVVIXO FRPSHWLWRUV LI WKH\ DUH DEOH WR LPSURYH
HFRQRPLHV RI VFDOH JDLQ DGHTXDWH PDUNHW VKDUH DQG
FRPELQH QHZ SURGXFWV ZLWK WUDGLWLRQDO EDQNLQJ
SURGXFWV&\UHH'HOFRXUHDQG'LFNHQV
7KH,QWHUQHWDVDÀQDQFLDOVHUYLFHVGHOLYHU\FKDQQHOLV
DFTXLULQJLWVPDUNHWVKDUHPDLQO\WKURXJKLQQRYDWLRQV
LQ WUDGLWLRQDO EDQNV· RUJDQL]DWLRQDO VWUXFWXUHV 7KH
LQWHJUDWLRQRI QHZ,QWHUQHWWHFKQRORJLHVDOVRUHTXLUHG
WUDLQLQJDQGUHWUDLQLQJRI HPSOR\HHVVXFKDVDFFRXQW
RIÀFHUVLQWHJUDWLQJQHZ´IURQWRIÀFHµUHPRWHVHUYLFHV
LQWRWKH´EDFNRIÀFHµVHUYLFHVPHQXPRYLQJWRZDUGV
KROLVWLFDQGVWDQGDUGL]HG,7V\VWHPVDQGPDNLQJWKH
necessary changes in the process of communications
DQGPDQDJHPHQW1RYDPHWULH
(EDQNLQJGHOLYHU\FKDQQHOVIRUERWKPDMRUDQGUHWDLO
FOLHQWVDUHEDVHGPRUHRUOHVVRQWKHVDPHSULQFLSOHV
RI RQOLQHRSHUDWLRQVZLWKFOLHQWV·DFFRXQWVLQFOXGLQJ
DFFRXQW FRQVXOWDWLRQ WUDQVIHUV WKH XVH RI GLJLWL]HG
JLURVELOOVFKHTXHVDQGRWKHUIRUPVRI SD\PHQWDQG
SODFLQJRUGHUVIRUVWRFNVERQGVGHULYDWLYHVDQGRWKHU
VHFXULWLHV$WWKHVDPHWLPHUHJURXSLQJWKHVHDQGRWKHU
RUGHUVDQGFKDQQHOOLQJWKHPEHWZHHQEDQNVJHQHUDWHD
KXJHSD\PHQWVWUDIÀFWKDWLVKDQGOHGE\PDMRULQWHU
EDQNSD\PHQWVV\VWHPV
7KHDXWRPDWLRQRI FDVKOHVVSD\PHQWVDQGWKHGUDPDWLF
UHGXFWLRQ LQ WKHLU WUDQVPLVVLRQ FRVWV ZHUH ,&7V·
PDLQ FRQWULEXWLRQ LQ WKH SD\PHQWV V\VWHPV 0RYLQJ
LQWHUEDQN SD\PHQWV WUDIÀF WR WKH ,QWHUQHW ZDV DOVR
D IRUPLGDEOH LQQRYDWLRQ FKDOOHQJH RQH ZKLFK WKH
LQWHUQDWLRQDOEDQNLQJFRPPXQLW\KDVEHHQDGGUHVVLQJ
SDUWLFXODUO\ GXULQJ WKH FXUUHQW GHFDGH 7KDW LQ WXUQ
EURXJKWDERXWDQH[SORVLRQLQWKHYDOXHRI SD\PHQWV
WUDIÀFDVDUHVXOWRI ÀQDQFLDOLQQRYDWLRQV7KXVGXULQJ
WKHODVW\HDUVWKHYDOXHRI SD\PHQWVWUDIÀFLQ*
FRXQWULHVLQFUHDVHGIROGDQGLWVYROXPHWKUHHIROG
$PRUHUDSLGLQFUHDVHLQODUJHUYDOXHSD\PHQWVZKLFK
LQPDQ\PDMRUHFRQRPLHVDFFRXQWHGIRUWKUHHTXDUWHUV
RI *'3H[SODLQVWKHSUHGRPLQDQFHRI WKRVHSD\PHQWV
RYHUUHWDLOSD\PHQWVZLWKWKHODWWHUUHSUHVHQWLQJRQO\D
YHU\VPDOOSHUFHQWDJH%,6$PDMRULQQRYDWLRQ
INFORMATION ECONOMY REPORT 2007-2008
216
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
KHUH ZDV WKH PRYH IURP GHIHUUHG QHW VHWWOHPHQWV
'16 V\VWHPV ZKHUHE\ WKH VHWWOHPHQWV ZHUH PDGH
E\ WKH HQG RI WKH GD\ WR UHDOWLPH JURVV VHWWOHPHQW
57*6V\VWHPV7KHSRVVLELOLW\RI VHWWOLQJLQWKHUHDO
WLPH UHJLPH ZDV D PDMRU VWHS IRUZDUG LQ PDQDJLQJ
V\VWHPLFULVNVUHODWHGWRWKHWLPHQHHGHGWRFOHDUDQG
VHWWOHWKHLQWHUEDQNSD\PHQWV
,QUHWDLOHEDQNLQJDQGHSD\PHQWVWKHUHZHUHWZRPDLQ
WUHQGVLQWKHLQWURGXFWLRQRI LQQRYDWLYHVROXWLRQVWKH
PRGLÀFDWLRQRI WUDGLWLRQDOSD\PHQWVPHWKRGVVXFKDV
credit transfers, direct debits, card-based payments and
WKHLUDGDSWDWLRQWRYDULRXV,3EDVHGDSSOLFDWLRQVDQG
WKHGHYHORSPHQWRI VXFKUHODWLYHO\QHZLQVWUXPHQWVDV
e-money DQGRWKHUSUHIXQGHGSD\PHQWVFXPXODWLYH
FROOHFWLRQ RU LQWHJUDWHG SD\PHQWV SD\PHQW SRUWDOV
DQG EHFRPLQJ LQFUHDVLQJO\ LPSRUWDQW PRELOH
SD\PHQWV2QHRI WKHUHVXOWVRI WKHH[SDQVLRQRI H
EDQNLQJDQGHSD\PHQWVZDVVXEVWDQWLDOO\ORZHUFRVWV
UHODWHGWRLQLWLDWLRQDQGKDQGOLQJRI SDSHURUGHUV7KH
introduction of various e-payments methods decreased
LQ*FRXQWULHVWKHVKDUHRI SD\PHQWVE\SDSHUEDVHG
FKHTXHVDQGFUHGLWWUDQVIHURUGHUVIURPSHUFHQWLQ
WRSHUFHQWLQ%,6
*LYHQ WKH UHODWLYHO\ JUHDWHU LPSRUWDQFH RI PRELOH
WHOHSKRQ\ LQ GHYHORSLQJ DQG WUDQVLWLRQ HFRQRPLHV LW
LV LPSRUWDQW WR VWUHVV WKH UROH RI PEDQNLQJ DQG P
SD\PHQWV DV D PDMRU SKHQRPHQRQ LQ HSD\PHQWV
UHODWHGLQQRYDWLRQV7KHSRVVLELOLW\RI XVLQJFHOOSKRQHV
DQGRWKHUHOHFWURQLFGHYLFHVDVSUHSDLGSD\PHQWFDUGV
ZDV D PDMRU VWHS IRUZDUG LQ PDLQVWUHDPLQJ SRRU
DQG ´XQEDQNHGµ SRSXODWLRQ LQWR HSD\PHQWV ,Q WKH
FDVHRI PSD\PHQWVWKHFHQWUDOUROHLVPDLQO\SOD\HG
E\ PRELOH QHWZRUN RSHUDWRUV 012 ZKLOH EDQNV
DUH EDFNVWRSSLQJ WKHP E\ NHHSLQJ WKH FRQVROLGDWHG
DFFRXQWV DQG WKH ÁRDW DFFXPXODWHG E\ WKRVH PRELOH
RSHUDWRUV
One of the key functions of e-payments is to support
%%%&33DQGRWKHUHWUDQVDFWLRQV$WWKHVDPH
WLPH HSD\PHQWV FDQ DOVR VHUYLFH RIÁLQH EXVLQHVV
WUDQVDFWLRQVWKDWDFFHSWGHIHUUHGSD\PHQWV
The introduction of e-banking and e-payments has
decreased the tendency of economic agents to keep
FDVKQDPHO\QRWHVDQGFRLQVLVVXHGE\&HQWUDO%DQNV
&%V DQG LQFUHDVHG WKH LPSRUWDQFH RI FRPPHUFLDO
EDQNPRQH\,QGHHGWKHYDOXHRI GHSRVLWVNHSWE\QRQ
EDQNVLQFRPPHUFLDOEDQNVLQ*FRXQWULHVLQFUHDVHG
IURP WR SHU FHQW RI *'3 ZKLOH WKH VKDUH RI FXUUHQF\UHPDLQHGVWDEOHDWSHUFHQW%,6$W
WKHVDPHWLPHPDQ\DWWHPSWVZHUHPDGHHVSHFLDOO\DW
WKHKHLJKWRI WKH,QWHUQHWUHYROXWLRQWRUHSODFHFDVK
ZLWKYDULRXVW\SHVRI HPRQH\
8QGHUVWDQGLQJ LQQRYDWLRQ UHODWHG WR HEDQNLQJ H
SD\PHQWV DQG HPRQH\ ZLOO EH LQFRPSOHWH ZLWKRXW
ORRNLQJDWKRZWKH\LPSDFWRQPRQHWDU\FLUFXODWLRQDQG
WUDQVPLVVLRQ 7KDQNV WR WKH ,QWHUQHW HEDQNLQJ DQG
e-payments are increasing the speed and diminishing
WKH FRVWV RI ÀQDQFLDO WUDQVDFWLRQV VXFK DV SD\PHQWV
DVFRPSDUHGZLWKWKHVLPLODURSHUDWLRQVLQWHUPHGLDWHG
E\ RWKHU PHGLXPV VXFK DV FDVK RU WUDGLWLRQDO EDQN
WUDQVIHU%HFDXVHRI WKHJUHDWHUVSHHGRI WUDQVIHUVH
EDQNLQJDQGHSD\PHQWVDUHDOVRLQFUHDVLQJWKHYHORFLW\
of money and hence decreasing the demand for money
LQFLUFXODWLRQDWDJLYHQOHYHORI HFRQRPLFDFWLYLWLHV
:KLOHHEDQNLQJDQGHSD\PHQWVDUHEHFRPLQJPRUH
LPSRUWDQWLQWKHRSHUDWLRQVRI ÀQDQFLDOLQWHUPHGLDULHV
WKH\DOVRKDYHWRFRSHZLWKWKHLQHUWLDRI KDELWVDQG
WKH SUHIHUHQFHV RI UHWDLO DQG FRUSRUDWH FXVWRPHUV
ZKLOH VHUYLFLQJ WKHLU QHHGV 7KRVH SUHIHUHQFHV DUH
GHWHUPLQHG E\ PDQ\ HFRQRPLF IDFWRUV LQFOXGLQJ WKH
SURSHQVLW\RI PDQ\KRXVHKROGVDQG60(VWRHQJDJH
in cash transactions in order to preserve the anonymity
RI WKHLUWUDQVDFWLRQVHVSHFLDOO\LQWKHFRQWH[WRI WKH
LQIRUPDO HFRQRP\ ,Q VXFK D VLWXDWLRQ HPRQH\ FDQ
VHUYHDVDPHGLXPIRUDSDUWLFXODUSDUWRI DWUDQVDFWLRQ
UHTXLULQJ DQ HOHFWURQLF WUDQVIHU RI IXQGV ZKLFK WKHQ
PLJKW EH DJDLQ WUDQVIRUPHG LQWR FDVK $OVR PRQH\
PLJKWEHWUDQVIHUUHGWKURXJKDVHTXHQFHRI HOHFWURQLF
transfers, part of which are not Internet-based and
KHQFHDUHPRUHH[SHQVLYH,QRWKHUZRUGVVLQFHWKH\
DUHWKHPRVWHIÀFLHQWZD\RI HIIHFWLQJSD\PHQWVDQG
RWKHUÀQDQFLDORSHUDWLRQVWKH,3EDVHGHEDQNLQJDQG
HSD\PHQWV\VWHPVFDQHLWKHUUHSODFHPRUHWUDGLWLRQDO
and more expensive ones, or coexist with them
DFFRUGLQJWRWKHSUHIHUHQFHVRI PRQHWDU\FLUFXODWLRQ
SDUWLFLSDQWV LQFOXGLQJ WKRVH LQ WKH ´XQEDQNHGµ
SRSXODWLRQ
7KHUH ZHUH DOVR DWWHPSWV WR UHSODFH FXUUHQF\ QRWHV
DQG FRLQV LQ FLUFXODWLRQ LVVXHG DQG EDFNHG E\ &%V
ZLWKHOHFWURQLFFDUULHUVRI DQRQ\PRXVSULYDWHHPRQLHV
DV D PHDQV RI SD\PHQW HPERGLHG LQ HDVLO\ SRUWDEOH
DQG PRELOH HOHFWURQLF GHYLFHV ,Q WKDW FRQQHFWLRQ
LW LV LPSRUWDQW WR XQGHUVWDQG WKDW SULYDWH ÀQDQFLDO
LQWHUPHGLDWLRQGRHVQRWUHDOO\EULQJDERXWWKHFUHDWLRQ
RI HPRQLHV WKDW FRH[LVW RU HYHQ UHSODFH SXEOLF H
PRQH\ EDFNHG E\ D &% DQG XVHG E\ EDQNV LQ WKHLU
RQOLQHWUDQVDFWLRQV,QIDFWWKH%DQNIRU,QWHUQDWLRQDO
6HWWOHPHQWV%,6XVHVWKHQDUURZFRQFHSWRI HPRQH\
GHVFULELQJ LW DV D ´VWRUHG YDOXH RU SUHSDLG SURGXFW
LQ ZKLFK D UHFRUG RI WKH IXQGV RU YDOXH DYDLODEOH WR
WKH FRQVXPHU IRU PXOWLSXUSRVH XVH LV VWRUHG RQ DQ
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
HOHFWURQLFGHYLFHLQWKHFRQVXPHU·VSRVVHVVLRQµ%,6
S ,Q RWKHU ZRUGV LW LV D WUDQVIHU RI YDOXH
RULJLQDWHGHLWKHUIURPÀDWPRQH\FDVKRUIURPEDQN
DFFRXQWVLQWRDQHOHFWURQLFGHYLFHHPEHGGHGLQDFDUG
RU D SXUVH RU VRIWZDUH OLQNHG WR D 3& +DYLQJ EHHQ
WUDQVIHUUHGLWEHFRPHVHPRQH\PDNLQJSRVVLEOHIXUWKHU
SD\PHQWV $V WKRVH GHYLFHV DUH SURGXFHG E\ SULYDWH
HQWLWLHVUHJXODWRU\LVVXHVRI HQVXULQJWKHLUXVDELOLW\DW
IDFHYDOXHPD\DULVH$OVRPRVWRI HPRQH\V\VWHPV
are not anonymous – in other words the convenience
of having e-money comes at a price (Arnone and
%DQGHLUD$VDUHVXOWWKHYROXPHVRI HPRQH\
DUHVWLOOYHU\VPDOODQGWKLVW\SHRI LQQRYDWLRQLVVWLOODW
DYHU\HDUO\VWDJHFRPSDUHGZLWKIRUH[DPSOH,QWHUQHW
EDQNLQJRUPSD\PHQWV
7KH SUROLIHUDWLRQ RI SDUDOOHO WUXVWHG V\VWHPV PDGH LW
SRVVLEOH WR FRQVROLGDWH SD\PHQWV FOHDU PXWXDO GHEWV
RI IRU H[DPSOH DXFWLRQ SDUWLFLSDQWV DQG VHWWOH WKH
UHPDLQLQJGHEWVDWWKHHQGRI UHJXODUSHULRGV,QVRPH
SULYDWHH[FKDQJHV\VWHPVSULYDWHHPRQLHVDUHXVDEOH
EHWZHHQ SDUWLFLSDQWV EXW XQOLNH FXUUHQFLHV DUH QRW
OHJDOWHQGHU6XFKPXWXDOGHEWFOHDULQJV\VWHPVVKRXOG
QRUPDOO\UHGXFHWKHGHPDQGIRUPRQH\LQFLUFXODWLRQ
7KH QRQEDQN HOHFWURQLF ELOOLQJ DQG FOHDULQJ V\VWHPV
DUHDFWLQJDVFRQVROLGDWRUVRI PXWXDOFODLPVEHWZHHQ
participants of a given network and are then netting
RXW WKH UHVLGXDO GHEWV LQ WKH V\VWHP E\ XVLQJ FDVK
DQGEDQNDFFRXQWVLQRWKHUZRUGVJHQHUDOO\DFFHSWHG
PHDQVRI SD\PHQW
6R IDU WKH H[SHFWDWLRQ WKDW HPRQH\ ZRXOG VSHOO WKH
HQG RI QRWHV DQG FRLQV KDV SURYHG WR EH SUHPDWXUH
:KLOHVRPHHOHPHQWVRI WKRVHSURFHVVHVDUHVWLOODWDQ
HDUO\VWDJHHSD\PHQWVHVSHFLDOO\LQWKHUHWDLOVHFWRU
have continued to be centred on payment cards, which
KDYHEHHQLQFUHDVLQJO\EHFRPLQJVPDUWFDUGVDGDSWHG
IRU WKH ,QWHUQHW 0HDQZKLOH WKH H[SHFWDWLRQ WKDW
SD\PHQWFDUGVZRXOGEHDOOWKHPRUHLPSRUWDQWE\QRZ
KDVDOVRSURYHGWREHH[DJJHUDWHG
7R DVVHVV WKH UROH RI HEDQNLQJ DQG HSD\PHQWV LQ
PRQHWDU\FLUFXODWLRQLWLVLPSRUWDQWWRXQGHUVWDQGZKLFK
part of payments and other transfers, intermediated
PDLQO\ E\ FRPPHUFLDO EDQNV LV SDVVLQJ WKURXJK WKH
,QWHUQHW DQG WKXV HQMR\LQJ WKH ORZ WUDQVDFWLRQ FRVWV
DQGVSHHGRI WKDWKXJHQHWZRUN,QRWKHUZRUGVVXFK
HOHPHQWVRI 0DVFRLQVDQGQRWHVFRXOGEHFRPHVLJKW
GHSRVLWV DQG HPRQH\ WKDW LV EH HDVLO\ WUDQVIRUPHG
WKURXJK RQOLQH EDQNLQJ DQG SD\PHQW FKDQQHOV LQWR
WKHLUSXUHO\HOHFWURQLFIRUPVDQGWKHQUHYHUWWRPRUH
WUDGLWLRQDO IRUPV EDVHG RQ WKH SUHIHUHQFHV RI WKH
EHQHÀFLDULHVRI WKRVHIXQGV
217
7KH PRGHUQL]DWLRQ RI SD\PHQWVV\VWHPVWKDWUHO\WR
D FRQVLGHUDEOH H[WHQW RQ WKH DYDLODELOLW\ RI ORZFRVW
UHDOWLPH RQOLQH FRPPXQLFDWLRQV DQG QHWZRUNLQJ
UHTXLUHV EHWWHU UHJXODWLRQ RI SD\PHQWV V\VWHPV LQ
YDULRXVFRXQWULHVDQGLWVFRRUGLQDWLRQDQGFORVHUOLQNV
EHWZHHQ UHJXODWRUV DQG ÀQDQFLDO VHUYLFH SURYLGHUV LQ
RUGHU WR UDSLGO\ RYHUFRPH SUREOHPV GXH WR SRVVLEOH
GLVUXSWLRQVDQGFULVHVLQYDULRXVSDUWVRI WKHV\VWHP
,I WKRVHUHTXLUHPHQWVDUHPHWPRQHWDU\WUDQVPLVVLRQ
DQGSD\PHQWVÁRZVZLOOEHFRPHVPRRWKHUDQGPRUH
VWDEOH
2. ICTs and securitization of debt
instruments
7KH GHYHORSPHQW RI VWDQGDUGL]HG DQG VHFXUH RQOLQH
PHVVDJLQJDQGWKHVXEVWDQWLDOUHGXFWLRQRI WUDQVDFWLRQ
FRVWV DQG LQIRUPDWLRQ DV\PPHWU\ UHODWHG WR ÀQDQFLDO
RSHUDWLRQV JDYH D ERRVW WR ÀQDQFLDO LQQRYDWLRQ LQ
YDULRXV DUHDV ,Q SDUWLFXODU WKDW LQQRYDWLRQ LV WDNLQJ
SODFH LQ WKH WUDQVIHU RI ULVNV IURP EDQNV WR FDSLWDO
PDUNHWVWKURXJKWKHGHYHORSPHQWRI QHZWHFKQLTXHVIRU
VHFXULWL]DWLRQRI ORDQV7KDWDOORZVFRPPHUFLDOEDQNV
WRUHPRYHDSDUWRI WKHULVNVIURPWKHLUEDODQFHVKHHWV
DQGKHQFHUHGXFHWKHYROXPHRI FDSLWDOWKDWWKH\KDYH
WRPDLQWDLQLQRUGHUWRPHHWUHJXODWRU\UHTXLUHPHQWV
7KHUHVXOWLVDWKULYLQJÀQDQFLDOGHULYDWLYHVPDUNHWDQG
DQRYHUDOOLQFUHDVHLQWKHVHFXULWL]DWLRQRI WUDGLWLRQDO
EDQNORDQVDQGRWKHUGHEWUHODWHGLQVWUXPHQWV
:KLOH,&7EDVHGLQQRYDWLRQLQÀQDQFHZDVRQHRI WKH
GULYHUV RI ÀQDQFLDO JOREDOL]DWLRQ DQG WKH LQFUHDVH LQ
SULPDULO\SULYDWHLQWHUQDWLRQDOÀQDQFLDOÁRZVLWIXUWKHU
IDFLOLWDWHGWKHSURFHVVRI OLEHUDOL]DWLRQDQGGHUHJXODWLRQ
LQÀQDQFLDOVHUYLFHVE\EOXUULQJWKHIURQWLHUVEHWZHHQ
FRPPHUFLDODQGLQYHVWPHQWEDQNLQJ0RUHFRPPHUFLDO
SDUWVRI JOREDOEDQNVVWDUWHGWRUHVRUWWRVHFXULWL]DWLRQ
RI WKHLU ORDQ SRUWIROLR ZKLOH LQYHVWPHQW EDQNV DQG
KHGJHIXQGVZHUHLQVWUXPHQWDOLQPDUNHWLQJVRFDOOHG
FUHGLWGHIDXOWVZDSVDQGFROODWHUDOL]HGGHEWREOLJDWLRQV
and other debt-based securities, supporting the
GHYHORSPHQW RI GHEWUHODWHG GHULYDWLYH LQVWUXPHQWV
7KH QHHG WR PRYH D SDUW RI DVVHWV RXW RI EDODQFH
VKHHWV WR PHHW WKH VWULQJHQW FDSLWDO DQG DVVHW TXDOLW\
UHTXLUHPHQWV RI %DVHO ,, KDV RQO\ DFFHOHUDWHG WKDW
SURFHVV
0RGHUQ,&7VDQGLQSDUWLFXODUWKH,QWHUQHWIDFLOLWDWHG
WKH VHFXULWL]DWLRQ RI WUDGLWLRQDO EDQNUHODWHG GHEW
instruments and the dispersion of credit risks among
QRQEDQN ÀQDQFLDO LQVWLWXWLRQV VXFK DV LQVXUHUV
SULYDWH HTXLW\ DQG KHGJH IXQGV 7KH\ WKXV SHUPLWWHG
WKH GHYHORSPHQW DQG SULFLQJ RI D KRVW RI FRPSOH[
INFORMATION ECONOMY REPORT 2007-2008
218
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
LQVWUXPHQWV DQG KRXU WUDGLQJ RI KXJH YROXPHV
RI VHFXULWLHV7KHGLJLWL]DWLRQRI ÀQDQFLDORSHUDWLRQV
DQG SRVVLELOLWLHV RI FUHDWLQJ K\EULG SURGXFWV RXWVLGH
WKH VFRSH RI UHJXODWHG EDQNV WULJJHUHG WKH FUHDWLRQ
RI VXFKLQVWUXPHQWVDVFROODWHUDOL]HGGHEWREOLJDWLRQV
FUHGLWGHULYDWLYHVDQGVWUXFWXUHGLQYHVWPHQWSURGXFWV
,Q PDQ\ FDVHV WKHVH ZHUH PDQDJHG E\ VSHFLDOL]HG
FRPSDQLHV DQG IXQGV VSHFLDO SXUSRVH YHKLFOHV DQG
PRQROLQHLQVXUDQFHFRPSDQLHV:KLOHULVNGLVSHUVLRQ
IURP EDQNV GXH WR ÀQDQFLDO LQQRYDWLRQ PLJKW EH
FRQVLGHUHGDSRVLWLYHWUHQGSHUVHÀQDQFLDOUHJXODWRUV
are now concerned as to whether in the event of
ÀQDQFLDO FULVLV WKH ULVN ZLOO ÁRZ EDFN WR WKH EDQNLQJ
V\VWHPDQGZKHWKHUWKHODWWHUZLOOKDYHHQRXJKFDSLWDO
DQG OLTXLGLW\ WR DEVRUE WKH VWUHVV UHODWHG WR VXFK DQ
HYHQWXDOLW\ In that regard overcoming information
DV\PPHWU\ DW WKH OHYHO RI JOREDO ÀQDQFLDO PDUNHWV LV
LPSRUWDQW IRU WKH SXUSRVH RI DGHTXDWHO\ DVVHVVLQJ
WKHGLVWULEXWLRQRI ULVNVWKURXJKRXWWKHLQWHUQDWLRQDO
ÀQDQFLDOPDUNHWV
,W LV DOVR WKDQNV WR PRGHUQ ,&7V WKDW EDQNV· WUDGLQJ
DFWLYLWLHV UHODWHG WR YDULRXV GHEW DQG RWKHU ÀQDQFLDO
LQVWUXPHQWV EHFDPH UHODWLYHO\ PRUH LPSRUWDQW WKDQ
ORQJHUWHUP GHSRVLWWDNLQJ DQG FUHGLWSURYLGLQJ
DFWLYLWLHV :KLOH DQDO\VLQJ WKH LPSRUWDQFH RI WKH
LQIRUPDWLRQ UHYROXWLRQ IRU ÀQDQFLDO LQQRYDWLRQV
HVSHFLDOO\LQFDSLWDOPDUNHWVLVEH\RQGWKHVFRSHRI WKLV
FKDSWHUDQGZLOOLWLVKRSHGEHWDFNOHGLQIRUWKFRPLQJ
UHVHDUFK LW ZDV LPSRUWDQW WR VWUHVV KHUH WKH UROH RI ,&7VLQIDFLOLWDWLQJVHFXULWL]HGGHEWLQVWUXPHQWVZKLFK
DUH LQFUHDVLQJO\ FRPSHWLQJ ZLWK FRPPHUFLDO EDQN
EDVHGOHQGLQJDQGERUURZLQJRSHUDWLRQV
3. E-finance and security challenges of
cyberspace
$PDMRUFKDOOHQJHIRUHEDQNLQJDQGHSD\PHQWVWKDW
UHTXLUHV IXUWKHU LQQRYDWLYH DSSURDFKHV VWHPV IURP
the need to tame and contain the negative effects of
UDSLGO\JURZLQJF\EHUFULPH9DULRXVDFWRUVLQYROYHGLQ
GHYHORSLQJ QHZ VHFXULW\ V\VWHPV LQFOXGH WHFKQRORJ\
vendors, security system designers, banks and nonEDQNÀQDQFLDOVHUYLFHSURYLGHUV
:KLOHDFFRUGLQJWRDQRSWLPLVWLFVFHQDULRDERXWWKHXVH
RI HEDQNLQJLQWKH8QLWHG6WDWHVWKHQXPEHURI XVHUV
ZLOOULVHIURPSHUFHQWRI KRXVHKROGVLQWR
per cent in 2011, other sources are noting a tendency
for some groups of customers to reduce or even cease
their e-banking and e-payment activities because of
VHFXULW\FRQFHUQV$FFRUGLQJWRDQRWKHUVRXUFHSHU
FHQW RI XVHUV LQ WKH DJH JURXS DUH FRQFHUQHG
DERXWLGHQWLW\WKHIW
The issue of security on the Internet has dominated
PRUHRI WKHOLWHUDWXUHVLQFHWKHGHÀQLWLRQRI HEDQNLQJ
PRYHG IURP $70V DQG WHOHSKRQHV WR WKH ,QWHUQHW
6HFXULW\ LV DOOLPSRUWDQW ZLWK RQOLQH EDQNLQJ DQG LW
PLJKWGHWHUPLQHLWVVXFFHVVRUIDLOXUH,QIDFWVRPH
FRQVXPHUV VWRS SD\LQJ ELOOV DQG FRQGXFWLQJ RWKHU
RSHUDWLRQVRQOLQHDVWKHSHUFHLYHGULVNLQFUHDVHV
7KH VHFXULW\ ULVN FDQ FDXVH EDQNV WR ORVH WKH JDLQV
RI ,QWHUQHW EDQNLQJ LI SUREOHPV DUH QRW SURSHUO\
DGGUHVVHG 2QH RI WKH ULVNV LV LGHQWLW\ WKHIW ZKLFK
FDQ RFFXU LQ WZR ZD\V ´SKLVKLQJµ QDPHO\ VHQGLQJ
DXWKHQWLFORRNLQJHPDLOV ZKLFK WULFN FRQVXPHUV LQWR
JLYLQJSDVVZRUGGHWDLOVE\UHSO\LQJWRWKHHPDLODQG
´VSRRÀQJµ ZKLFK XVHV D IDNH ZHEVLWH WKDW PDNHV
FXVWRPHUVEHOLHYHWKH\DUHXVLQJDUHDOVLWH7KHUHDUH
DOVR NH\ ORJJLQJ VRIWZDUH WUDFNLQJ DQG UHPHPEHULQJ
SDVVZRUGV DQG QXPHURXV RWKHU YLUXVHV DQG WURMDQV
&OD\WRQ
Another worry from the security point of view is the
“trust gap”, an unproven but suspected divide between
those who use the Internet for other tasks and hence
WUXVW RQOLQH EDQNLQJ DQG WKRVH WKDW GR QRW )R[ DQG
%HLHU 7KLV PHDQV WKDW WR HQFRXUDJH ,QWHUQHW
EDQNLQJ RQH PD\ ÀUVW QHHG WR HQFRXUDJH RWKHU
DFWLYLWLHVRQWKH,QWHUQHW
2QFHWKHEDQNVVWDUWWRRXWVRXUFH,7UHODWHGRSHUDWLRQV
WRRWKHUÀUPVWKHUHLVWKHLQFUHDVHGULVNWKDWWKHODWWHU
PD\QRWEHVXIÀFLHQWO\UHJXODWHGDQGWKDWWKHWUDQVIHU
of information to them and between them and the
EDQNV PD\ LQFUHDVH WKH VHFXULW\ ULVN &RQVHTXHQWO\
WKHUH LV D QHHG WR GHYHORS DSSURDFKHV WR PDNH VXUH
WKDW D FRPELQDWLRQ RI HQRXJK WHFKQLFDO H[SHUWLVH
VHFXULW\VXSSRUWDQGRYHUVLJKWLVLQSODFHZKHQRQHLV
HQJDJLQJ LQ RXWVRXUFLQJ DQG RIIVKRULQJ LQ HÀQDQFH
0X
7KH VHFXULW\ SUREOHP VKRXOG KRZHYHU QRW EH
RYHUHVWLPDWHG 0DQ\ LQQRYDWLYH VFKHPHV KDYH EHHQ
GHYHORSHGWRVROYHWKHSUREOHPV6LQJKDQG0DOKRWUD
5RPEHOZLWKPRUHLQFOXGLQJELRPHWULFV
LQ WKH SLSHOLQH $UXPXJD )XUWKHUPRUH VRPH
DXWKRUV FODLP WKDW WKH VORZHU JURZWK RI ,QWHUQHW
EDQNLQJLQWKH8QLWHG6WDWHVLVQRWOLQNHGWRVHFXULW\
concerns but to the macroeconomy and market
VDWXUDWLRQ5RPEHO
:KLOH,&7VKHOSWRLPSURYHFUHGLWULVNPDQDJHPHQWDQG
hence the situation regarding information asymmetry,
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
WKHWHFKQRORJ\LWVHOI FDQUHSUHVHQWDULVNDQGDFFRUGLQJ
WRWKH%,6IDOOVLQWRWKHFDWHJRU\RI EDQNV·RSHUDWLRQDO
ULVNV )URP WKH UHJXODWRU·V SHUVSHFWLYH SURYLVLRQV WR
GHDO ZLWK WKH HYHQWXDOLW\ RI VHUYLFH GLVUXSWLRQ IRU
WHFKQRORJLFDOLQFOXGLQJVHFXULW\UHDVRQVDUHDGGUHVVHG
LQWKHRSHUDWLRQDOULVNVFOXVWHUDQGDUHDSUHURJDWLYHRI WKH%DVHO&RPPLWWHHRQ%DQNLQJ6XSHUYLVLRQ
0DMRUSURYLGHUVRI SD\PHQWVV\VWHPVVXFKDVWKH6RFLHW\
IRU:RUOGZLGH,QWHUEDQN)LQDQFLDO7HOHFRPPXQLFDWLRQ
6:,)7 SD\PHQW FDUG SURYLGHUV VXFK DV 9LVD DQG
0DVWHUFDUGRUSHHUWRSHHUSD\PHQWVVHUYLFHSURYLGHUV
VXFKDV3D\SDODUHDOVRWDNLQJPDMRUVWHSVWRLQWURGXFH
better-performing security systems so as to protect
WKHLU FOLHQWV )RU H[DPSOH 9LVD DQG 0DVWHUFDUG KDYH
improved security on the web with systems such as
9HULÀHGE\9LVDDQG0DVWHU&DUG6HFXUH&RGH2(&'
ZKLOH 3D\SDO KDV PDGH LWV VHFXULW\ SURFHGXUHV
PRUHVWULQJHQW10
%DQNVRWKHUÀUPVLQVWLWXWLRQVDQG*RYHUQPHQWVVKRXOG
adopt a risk management approach to information
VHFXULW\81&7$'E,WVSDUWLFXODUIHDWXUHLVWKDW
LWLQYROYHVDQHFRQRPLFDVVHVVPHQWRI WKHLQIRUPDWLRQ
DVVHWV DW ULVN ZKLFK LV FRQGXFWHG EHIRUH SRVVLEOH
VROXWLRQVDUHORRNHGDW,WVKRXOGFOHDUO\RXWOLQHVHFXULW\
risks and compare these with the investment needed to
JXDUGDJDLQVWWKHPDOOWKHWLPHFRQVLGHULQJWKHYDOXH
RI WKHXQGHUO\LQJLQIRUPDWLRQDVVHWV3ROLF\SURFHVVHV
DW WKH QDWLRQDO RU LQWHUQDWLRQDO OHYHO PD\ FRQVLGHU
SRVVLEOHDFWLRQWRLPSURYHLQFHQWLYHVIRULQYHVWLQJLQ
EHWWHULQIRUPDWLRQVHFXULW\0RUHSUDFWLFDOO\LQRUGHUWR
XVHDULVNPDQDJHPHQWDSSURDFKLWLVIXQGDPHQWDOWR
GHÀQHULVNVWRHYROYHZD\VRI NHHSLQJULVNSHUFHSWLRQV
FXUUHQW DQG WR PHDVXUH RU GHYHORS PHWKRGRORJLHV
WR TXDQWLI\ ULVNV ,W LV LPPHGLDWHO\ DSSDUHQW WKDW WKH
WDVNLQTXHVWLRQPD\EHPRUHGLIÀFXOWZLWKUHJDUGWR
LQIRUPDWLRQVHFXULW\LQÀQDQFLDOVHUYLFHV3DUWRI WKH
SUREOHP OLHV ZLWK WKH HYHUH[SDQGLQJ VFRSH RI XVH
RI LQIRUPDWLRQ WHFKQRORJ\ LQ PDQDJLQJ ÀQDQFLDO
RSHUDWLRQV *RYHUQPHQWV DQG ÀQDQFLDO LQGXVWU\
VXSHUYLVRUVDQGUHJXODWRUVPD\FKRRVHWRPDLQVWUHDP
FHUWDLQ DVSHFWV RI ÀQDQFLDO LQIRUPDWLRQ VHFXULW\
ULVN PHDVXUHPHQW DQG PHWKRGRORJLHV LQFOXGLQJ WKH
SURYLVLRQ RI TXDQWLWDWLYH GDWD LQ RUGHU WR DVVLVW LQ
SROLF\ GHYHORSPHQW DQG LPSOHPHQWDWLRQ DV ZHOO DV
LQWHUQDWLRQDOFRRSHUDWLRQRQWKLVFUXFLDOLVVXH
C. Recent trends in e-banking and
e-payments
$VZDVVKRZQLQWKHSUHYLRXVVHFWLRQWKHWUDGLWLRQDO
FRPPHUFLDOEDQNVHUYLFHVIRUFRUSRUDWHDQGKRXVHKROG
219
customers are undergoing dramatic changes that
DUH PRYLQJ UDSLGO\ WRZDUGV HEDQNLQJ *LYHQ WKH
UHODWLYHO\ JUHDWHU LPSRUWDQFH RI FRPPHUFLDO EDQNLQJ
LQ WKH ÀQDQFLDO VHFWRU RI GHYHORSLQJ FRXQWULHV
understanding the current trends in e-banking and eSD\PHQWVDQGGHULYLQJOHVVRQVIURPWKHPFRXOGEHRI WKHXWPRVWLPSRUWDQFHIRUWKHIXUWKHUPRGHUQL]DWLRQ
RI EDQNLQJLQWKRVHFRXQWULHV&RQVHTXHQWO\WKHUHLVD
QHHGWRDQDO\VHWKHFXUUHQWWUHQGVDQGEHVWSUDFWLFHV
in e-banking and e-payments, bearing in mind their
DSSOLFDELOLW\LQGHYHORSLQJDQGWUDQVLWLRQHFRQRPLHV
1. The state of play in Internet banking
(EDQNLQJ FRPELQHV LQIRUPDWLRQDO DQG WUDQVDFWLRQDO
IDFLOLWLHV :KLOH WKH ULVNV UHODWHG WR LQIRUPDWLRQDO
ZHEVLWHV DUH OLPLWHG WR LQFRUUHFW LQIRUPDWLRQ RU
negative perceptions of the host bank, the risks with
WUDQVDFWLRQDO IDFLOLWLHV DUH PRUH FRQVLGHUDEOH 7KRVH
IDFLOLWLHV VKRXOG EH IXQFWLRQDO DQG XVHUIULHQGO\ DQG
FXVWRPHUV VKRXOG EH VXUH WKDW WKHLU VHFXULW\ DQG
SULYDF\ ZLOO QRW EH LQIULQJHG ,Q D ZLGHU SHUVSHFWLYH
HEDQNLQJ ULVNV LQFOXGH WKH IROORZLQJ FDWHJRULHV
transaction or operations risk, credit risk, funding and
LQYHVWPHQWUHODWHG ULVNV OHJDO DQG FRPSOLDQFH ULVNV
DQG VWUDWHJLF ULVN $LQLQ /LP DQG :HH 7KXV
WKHXVHRI HEDQNLQJSRVHVDGGLWLRQDORSHUDWLRQDODQG
KHQFH UHSXWDWLRQ ULVN IRU H[LVWLQJ EDQNV HVSHFLDOO\
ZKHQ WKH\ EHFRPH YXOQHUDEOH WR IUDJLOH WHFKQRORJ\
FXVWRPHUFRQIXVLRQDQGKDFNHUV))(,&%DQNV
WKDW VWDUW HEDQNLQJ PD\ DOVR IDFH LQLWLDOO\ KLJK FRVWV
DQGWHFKQLFDOSUREOHPVEXWWKRVHWKDWZDLWPD\ORVH
FXVWRPHUV WR WKRVH ZKR FDSWXUH WKH PDUNHW ÀUVW $V
the experience of many pioneers in e-banking shows,
SURSHUO\WDFNOLQJWKHDERYHPHQWLRQHGULVNVIURPWKH
outset and managing them in the course of the further
GHYHORSPHQWRI HEDQNLQJLVLPSRUWDQWIRUPD[LPL]LQJ
WKHEHQHÀWVRI HEDQNLQJLQWKHORQJHUUXQ
7KH OLWHUDWXUH RQ HEDQNLQJ PDLQO\ GLVFXVVHV WKH
SDWWHUQVRI HPHUJLQJYLUWXDOEDQNVDQGRI HVWDEOLVKHG
EDQNVGLYHUVLI\LQJIURPDSXUHO\EUDQFKEDVHGDSSURDFK
WRDWZLQRQOLQHDQGPRUHVWUHDPOLQHGEUDQFKV\VWHP
WKDWPDNHVLWSRVVLEOH WR UHGXFHKLJK VWDII FRVWVDQG
RYHUKHDGV LQ D EUDQFK $NLQFL $NVR\ DQG $WLOJDQ
7KHEDQNV·VWUDWHJLHVKDYHDOVREHHQUHÁHFWLQJ
FRQVXPHUV·SUHIHUHQFHVIRUDPL[RI GHOLYHU\FKDQQHOV
WKHLQFUHDVLQJO\SRSXODU´FOLFNDQGPRUWDUµDSSURDFK
7KLV PRGHO LV EHFRPLQJ LQFUHDVLQJO\ WKH QRUP LQ
(XURSH DQG WKH 8QLWHG 6WDWHV VLQFH FRQVXPHUV
DOWKRXJKLQFUHDVLQJO\DWWUDFWHGE\HEDQNLQJFRQWLQXH
WRYDOXHSHUVRQDOLQWHUDFWLRQDQGDUHFRQFHUQHGDERXW
VHFXULW\ULVNVRQWKH,QWHUQHW1RYDPHWULH
INFORMATION ECONOMY REPORT 2007-2008
220
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
It combines face-to-face interaction and other
DGYDQWDJHV RI WUDGLWLRQDO EDQNLQJ ZLWK WKH DYDLODELOLW\ DQG ORZ QRQGLVWDQFH GHÀQHG FRVWV
DVVRFLDWHGZLWK,QWHUQHWEDQNLQJ$GHODDU%RXZPDQ
DQG 6WHLQIHOG ORRNHG DW D 'XWFK FRRSHUDWLYH
banking network and found that, since costs are much
ORZHU RQ WKH ,QWHUQHW WKH EDQNV KDG EHJXQ RIIHULQJ
WKHPRVWH[SHQVLYHVHUYLFHVH[FOXVLYHO\RQWKHZHE)RU
RWKHU VHUYLFHV FXVWRPHUV FDQ FRPSOHWH IRUPV RQOLQH
DQGWKHQÀQLVKWKHWUDQVDFWLRQLQDEUDQFK7KHUHLV
KRZHYHU D ULVN WKDW VXFK ´FOLFN DQG PRUWDUµ PRGHOV
ZLOOQRWEHVXVWDLQDEOHRUZLOOFRQWULEXWHWRLQFUHDVLQJ
WKH GLJLWDO GLYLGH VLQFH ZKLOH HGXFDWHG DQG DIÁXHQW
FXVWRPHUVZLOOEHQHÀWIURPRQOLQHVHUYLFHVWKHSRRU
ZLOOORVHRXWDVIHZHUEUDQFKHVZLOOEHDWWKHLUGLVSRVDO
$VDUHVXOWLQWKHHDUO\VWDJHVRI HEDQNLQJWKHUHZHUH
FDOOV IRU 6WDWH SURWHFWLRQ RI WUDGLWLRQDO EDQNLQJ WR
SURWHFWWKHSRRU+DZNLQVDQG0LKDOMHN
,W LV QRZ FRPPRQ NQRZOHGJH WKDW WUDQVDFWLRQ FRVWV
UHODWHGWR,QWHUQHWEDQNLQJRSHUDWLRQVDUHPXFKORZHU
WKDQWKRVHLQFXUUHGDWDEUDQFKRURQWKHWHOHSKRQH
0DQ\VRXUFHVLQFOXGLQJ81&7$'TXRWHGWKH
IDPRXVH[DPSOHVKRZLQJWKDWDSD\PHQWRSHUDWLRQWKDW
FRVWVDEUDQFKRQHGROODUFRXOGFRVWRQHFHQWLI HIIHFWHG
YLDWKH,QWHUQHW:LWKWKHVHVDYLQJVDQGUHODWLYHO\ORZ
set-up costs it is not hard to see the attraction of ebanking ($GHODDU %RXZPDQ DQG 6WHLQIHOG 'DQGDSDQL 6LPSVRQ XVHG GDWD IURP
IRU D VDPSOH RI $PHULFDQ EDQNV DQG EDQNV LQ
HPHUJLQJPDUNHWVWRDVVHVVWKHGLIIHUHQWFRVWSURÀOHV
DQGULVNVLQHEDQNLQJDQGLQWUDGLWLRQDOEDQNLQJ+H
IRXQG WKDW EDQNV LQ WKH 8QLWHG 6WDWHV ZKLFK KDYH
reached an advanced stage in the use of e-banking
KDYHORZHURYHUKHDGFRVWVDQGDUHFRQVLGHUHGWRKDYH
DORZHUEDQNLQJULVNDWWDFKHGWRWKHPZKHQFRPSDUHG
with banks in emerging markets, which do not use eEDQNLQJ+HQFHEDQNLQJULVNDQGRYHUKHDGFRVWVFRXOG
EHUHGXFHGWKURXJKJUHDWHUXVHRI HEDQNLQJ
7KHSURÀWDELOLW\RI ,QWHUQHWRQO\EDQNVKDVKRZHYHU
EHHQ TXHVWLRQHG DQG VWDWLVWLFDO WHVWV ZHUH XVHG WR
FRPSDUH LW ZLWK WKDW RI HVWDEOLVKHG EDQNV ,Q RQH
PRGHO SURÀW HIÀFLHQF\ IRU ,QWHUQHWRQO\ EDQNV ZDV
KLJKHUZKHUHDVLQDQRWKHULWZDVORZHUVXJJHVWVWKDW
DW OHDVW LQ WKH VKRUW UXQ ,QWHUQHWRQO\ EDQNV DUH QRW
QHFHVVDULO\YLDEOHDQGDUHPRUHOLNHO\WREHVXVWDLQDEOH
DV RQH RI WKH FKDQQHOV LQ D PXOWLFKDQQHO EDQNLQJ
VHUYLFHVGHOLYHU\PRGHO&\UHH'HOFRXUHDQG'LFNHQV
,Q WKH FDVH RI ,WDO\ VWXGLHV KDYH VKRZQ WKDW
WKHUH LV D VWURQJ SRVLWLYH OLQN EHWZHHQ SURÀWDELOLW\
DQG,QWHUQHWEDQNLQJDFWLYLWLHV+DVDQ,QWHUQHW
EDQNVPD\DOVRKDYHDUHYHQXHVWUXFWXUHGLIIHUHQWIURP
WKDWRI WUDGLWLRQDOEDQNVUHO\LQJOHVVRQLQWHUHVWLQFRPH
and core deposits than other banks (Furst, Lang, and
1ROOH
Internet banking cannot be forced on consumers, as
PDQ\RI WKHPKDYHWKHDOWHUQDWLYHRI XVLQJWKHLU´EULFN
DQG PRUWDUµ EDQNV RU WHOHSKRQHV DQG LQFHQWLYHV DUH
WKHUHIRUH QHHGHG 7KH IDFWRUV LQÁXHQFLQJ FRQVXPHUV
WR WDNH XS RQOLQH EDQNLQJ YDU\ EHWZHHQ FRXQWULHV
DQG GHSHQG RQ QDWLRQDO FXOWXUH GHPRJUDSKLFV DQG
WKH VWUXFWXUH RI WKH HFRQRP\ %URZQ HW DO /L DQG :RUWKLQJWRQ H[DPLQHG GDWD IURP GHYHORSHG DQG GHYHORSLQJ HFRQRPLHV DQG IRXQG
WKDWWKHPRVWLPSRUWDQWIDFWRULQÁXHQFLQJWKHXVHRI ,QWHUQHWEDQNLQJLVRZQHUVKLSRI DSHUVRQDOFRPSXWHU
WKHPRUHSHRSOHLQDQHFRQRP\ZKRRZQDSHUVRQDO
computer, the more Internet banking customers there
ZLOO EH $ OHVVHU EXW VWLOO VLJQLÀFDQW FRUUHODWLRQ DOVR
exists between Internet banking use and the number
RI ,QWHUQHWKRVWV
,Q GHYHORSHG HFRQRPLHV WKH GHPDQG LV IRU TXDOLW\
,QWHUQHWEDQNLQJSURYLVLRQDQGWKLVLVUHÁHFWHGLQLWV
VXSSO\)RUH[DPSOHLQWKH8QLWHG6WDWHV:HOOV)DUJR
KDV GHYHORSHG D V\VWHP FDOOHG ´ZHE FROODERUDWLRQµ
ZKLFKDOORZVEDQNVWDII WRVHHWKHVDPHVFUHHQDVWKH
FXVWRPHU VHHV DV WKH\ WDON RQ WKH WHOHSKRQH :HOOV
)DUJRKDVDOVRLQWURGXFHGWKH´GHVNWRSGHSRVLWV\VWHPµ
WR DOORZ RQOLQH GHSRVLWV ZLWKRXW WKH QHHG IRU H[WUD
VRIWZDUHDQGWKH´P\VSHQGLQJUHSRUWµZKLFKDOORZV
FRQVXPHUV WR YLHZ VLPXOWDQHRXVO\ VHYHUDO DFFRXQWV
RQ RQH VFUHHQ VKRW 5RPEHO ,Q 6ZLW]HUODQG
8%6 ZKLFK LV RQH RI WKH ODUJHVW JOREDO EDQNV LQ
WHUPV RI DVVHWV XQGHU PDQDJHPHQW KDV GHYHORSHG D
VRSKLVWLFDWHG ,QWHUQHW EDQNLQJ PHQX IRU DOO W\SHV RI FXVWRPHUV ZKLFK DOORZV WKHP WR PDNH D YDULHW\ RI RQOLQH WUDQVIHUV DQG SD\PHQWV FRQVXOW LQYHVWPHQW
RIIHULQJVDQGEX\YDULRXVDVVHWV,QSDUDOOHOLQDGGLWLRQ
WR $70V D V\VWHP RI VRFDOOHG 0XOWLPDW PDFKLQHV
ZDV LQVWDOOHG LQ EUDQFKHV ZLWK VFUHHQV HQDEOLQJ
FXVWRPHUVWRXQGHUWDNHRSHUDWLRQVVLPLODUWR,QWHUQHW
EDQNLQJRSHUDWLRQV$VDUHVXOWWKHEDQN·VEUDQFKHVDUH
QRZ VWDIIHG PRUH ZLWK SHUVRQQHO ZKR DUH EHFRPLQJ
ÀQDQFLDO DGYLVHUV ZKR KHOS FOLHQWV WR PDNH PRUH
FRPSOH[ ÀQDQFLDO GHFLVLRQV VXFK DV REWDLQLQJ FUHGLW
RULQYHVWLQJLQYDULRXVÀQDQFLDOLQVWUXPHQWVSURSRVHG
E\WKHEDQN:LWKGUDZLQJIXQGVRUPDNLQJSD\PHQWV
LV EHFRPLQJ DQ DXWRPDWHG SURFHVV +RZHYHU WKH H
EDQNLQJ V\VWHPV IDFH QHZ SUREOHPV ² IRU H[DPSOH
FOLHQWVVRPHWLPHVKDYHWRZDLWWRDFFHVVWRPDFKLQHV
RI ZKLFKWKHUHDUHRQO\DIHZRUFXVWRPHUVZKRDUH
OHVVNQRZOHGJHDEOHDERXWWHFKQRORJ\KDYHWRZDLWHYHQ
ORQJHUWRUHFHLYHDVVLVWDQFH
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
,QWKHDUHDRI ULVNPDQDJHPHQWWKHXVHRI WHFKQRORJ\
means that the market risk incurred by banks (the
ULVN WKDW DVVHW SULFHV ZLOO FKDQJH FDQ QRZ EH EHWWHU
LGHQWLÀHGDQGDVDUHVXOWRI ZKLFKDEHWWHUULVNUHWXUQ
WUDGHRII LVFUHDWHG&XVWRPHUVDOVREHQHÀWIURPWKH
EDQNLQJV\VWHP·VJUHDWHUUHVLOLHQFHWRULVNV%DQNVDUH
DOVRDEOHWRHYDOXDWHDQGPDQDJHFUHGLWULVNWKURXJKWKH
XVHRI YDULRXVLQVWUXPHQWVIRUGHEWVHFXULWL]DWLRQDQG
WKHGHYHORSPHQWRI WKHGHULYDWLYHVPDUNHWV%HUQDQNH
2. Wholesale e-payments
$FFRUGLQJ WR WKH %RVWRQ &RQVXOWLQJ *URXS·V UHJXODU
JOREDOSD\PHQWVUHSRUWWKHYROXPHDQGYDOXHRI ERWK
domestic and cross-border payments in the Americas,
(XURSH DQG WKH $VLD3DFLÀF UHJLRQ ZLOO FRQWLQXH WR
H[SHULHQFHG\QDPLFJURZWK7KHQXPEHURI GRPHVWLF
SD\PHQWV LV H[SHFWHG WR JURZ IURP ELOOLRQ
RSHUDWLRQV LQ WR LQ ZLWK DQ LQFUHDVH
LQ YDOXH IURP WULOOLRQ WR WULOOLRQ ZKLOH
FURVVERUGHU SD\PHQWV ZLOO GLVSOD\ D VLPLODU JURZWK
SDWWHUQULVLQJIURPQHDUO\ELOOLRQWUDQVDFWLRQVZLWKD
YDOXHRI WULOOLRQWRELOOLRQZLWKDYDOXHRI WULOOLRQ%&*S6XFKYROXPHVRI SD\PHQWV
WUDIÀFQHHGWREHXQGHUSLQQHGE\PRGHUQLQWHUEDQN
HOHFWURQLF WUDQVPLVVLRQ WHFKQRORJLHV DQG WHFKQLTXHV
EDVHGPDLQO\RQ,3
7RHQVXUHWKHÁXLGLW\RI LQWHUEDQNSD\PHQWVFOHDULQJ
DQG VHWWOHPHQWV V\VWHPV RI YDULRXV OHYHOV DUH SXW LQ
SODFHFRPSULVLQJPDLQO\ORFDODQGUHJLRQDODXWRPDWHG
FOHDULQJV\VWHPVWKDWDUHEDFNHGXSZLWKODUJHU57*6
V\VWHPV PDLQO\ FRQWUROOHG E\ &%V :KLOH EDQNV
GRPHVWLFDOO\RUUHJLRQDOO\DUHLQWHUFRQQHFWHGWKURXJK
DXWRPDWHG FOHDULQJ KRXVHV $&+V DW WKH JOREDO
OHYHO VXFK PDMRU LQWHUEDQN SD\PHQW QHWZRUNV DV
6:,)7)HGZLUH86FHQWUHG)HGHUDO5HVHUYHV\VWHP
7$5*(7 7UDQV(XURSHDQ $XWRPDWHG 5HDOWLPH
*URVVVHWWOHPHQW([SUHVV7UDQVIHUV\VWHPDQGVRPH
RWKHU 57*6 V\VWHPV UHSUHVHQW WKH FRUH RI FURVV
ERUGHU ÁRZV RI SD\PHQWV 0HVVDJLQJ DQG WUDQVIHUV
EHWZHHQ ÀQDQFLDO LQVWLWXWLRQV LQWHUPHGLDWHG E\ WKRVH
DQG RWKHU SD\PHQW V\VWHPV KDYH EHHQ SURIRXQGO\
WUDQVIRUPHG E\ ,QWHUQHWEDVHG WHFKQRORJLHV ,Q WKDW
UHVSHFW LW LV UHOHYDQW WR SURYLGH IXUWKHU LQIRUPDWLRQ
DERXWWKHDELOLW\RI &%VDQGFRPPHUFLDOEDQNVWRNHHS
XSZLWKWKHUDSLGWHFKQRORJLFDOFKDQJHVDQGLQQRYDWLRQ
WULJJHUHGE\WKH,QWHUQHWUHYROXWLRQ
6:,)7WKHODUJHVWJOREDO PHVVDJLQJV\VWHPEHWZHHQ
EDQNV LQFOXGLQJ WKRVH IURP GHYHORSLQJ DQG
transition economies), started in 2002 its move from
221
D´VWRUHDQGIRUZDUGSURWRFROµQHWZRUNWRD´VHVVLRQ
LQLWLDWLRQ SURWRFROµ 6,3 QHWZRUN LQ WKH IUDPHZRUN
RI 6:,)71HW ² WKH DGYDQFHG ,3 EDVHG PHVVDJLQJ
VROXWLRQRI 6:,)77KLVZDVFRPSOHWHGLQDQG
6:,)7LVFXUUHQWO\ZRUNLQJZLWKWKH&OHDULQJ+RXVH
3D\PHQWV&RPSDQ\DOHDGLQJV\VWHPIRUVHWWOLQJDQG
FOHDULQJ JOREDOO\ 8QLWHG 6WDWHV GROODU SD\PHQWV11) to
PDNH WKHWZR QHWZRUNV LQWHURSHUDEOH DV WKHFOHDULQJ
KRXVH DOVR XSJUDGHV WR 6,3 7KH QHZ 6,3 QHWZRUN
DOORZVFRPSOHWHWUDFNLQJRI DWUDQVDFWLRQWKURXJKRXW
WKHSURFHVV,WDOVRDFWVDVDQ´DFWXDOSULYDWHQHWZRUNµ
HQVXULQJ WKDW PHVVDJHV DUH VHQW TXLFNO\ DQG VHFXUHO\
ZLWKWKHFRPSRQHQW´)LOH$FWµDOORZLQJEXONPHVVDJHV
DQG FKHTXH LPDJLQJ 6:,)7 VXSSOLHG EDQNV ZLWK
VSHFLÀFSLHFHVRI VRIWZDUHWRHQDEOHWKHPWRWUDQVIHU
WR WKH QHZ V\VWHP DQG LQ EHJDQ ÀQLQJ EDQNV
WKDWKDGQRW\HWPLJUDWHG12'HYHORSLQJFRXQWULHVZHUH
VORZHU WR VZLWFK RYHU EHFDXVH RI 6:,)7·V WHFKQLFDO
UHTXLUHPHQWV+DGLGL
6:,)71HW LV XVHG E\ &%V LQFOXGLQJ WKRVH RI WKH
8QLWHG .LQJGRP )UDQFH DQG WKH (XURSHDQ &HQWUDO
%DQN 7KH (XUR %DQNLQJ $VVRFLDWLRQ (%$ DQG
VHYHUDO $&+V DOVR XVH LW DQG LW ZLOO EH DW WKH FRUH
RI WKH6LQJOH(XUR3D\PHQWV$UHD6(3$ZKHQWKH
ODWWHUEHFRPHVDFWLYHLQ,QDGGLWLRQWRVHUYLFLQJ
ÀQDQFLDOVHUYLFHSURYLGHUV6:,)71HWLVDOVRXVHGE\
PDMRU FRUSRUDWLRQV WR REWDLQ LQIRUPDWLRQ IRU WKHLU
PXOWLSOHEDQNDFFRXQWV
,Q -DQXDU\ 6:,)7 WRRN DQRWKHU VWHS IRUZDUG
ZLWK LWV EXVLQHVV PRGHO DQG ODXQFKHG D QHZ DFFHVV
PRGHO FDOOHG 6&25( 6WDQGDUGL]HG &RUSRUDWH
(QYLURQPHQW ZKLFK HQDEOHG IRU WKH ÀUVW WLPH
FRUSRUDWLRQV WR LQWHUDFW LQ D VWDQGDUGL]HG ZD\ ZLWK
SDUWLFLSDWLQJ 6:,)7 ÀQDQFLDO LQVWLWXWLRQV 3UHYLRXVO\
FRUSRUDWLRQV FRXOG FRQQHFW WR 6:,)7 RQO\ WKURXJK
WKH 0$&8* 0HPEHU $GPLQLVWHUHG &ORVHG 8VHU
*URXS DQG 7UHDVXU\ &RXQWHUSDUW\ 75&2 PRGHOV
ZKLFK FRQWLQXH WR EH DYDLODEOH IRU FRUSRUDWLRQV QRW
HOLJLEOHIRU 6&25( 7KLV QHZPRGHO LV H[SHFWHGWR
FXWGRZQDGPLQLVWUDWLRQFRVWVDQGVLPSOLI\WKHSURFHVV
RI VWDQGDUGL]HGPHVVDJLQJDVLWHVVHQWLDOO\E\SDVVHVWKH
EDQNVZKHQWKHFRUSRUDWLRQZDQWVWRVHQGDPHVVDJH
6:,)7·V ORQJHUWHUP VWUDWHJ\ 6:,)7 LV WR
LQFUHDVHWKHQXPEHURI PHVVDJHVLWFDUULHVDQGDOVRWKH
W\SHRI PHVVDJHVLWFDQFDUU\7KHQHZ6,3V\VWHPDOORZV
VHYHUDOGLIIHUHQWW\SHVRI PHVVDJHVWREHWUDQVPLWWHG
6:,)7KDVHYROYHGWRHQFRPSDVVVHFXULWLHVZLWK´:DOO
6WUHHW UHODWHGµ PHVVDJHV ZKLFK DFFRXQW IRU DOPRVW
KDOI RI LWV QHWZRUN WUDIÀF 7KLV ORQJHUWHUP VWUDWHJ\
LVIRFXVHGRQVHFXULWLHVDQGGHULYDWLYHVRQFH6:,)7
INFORMATION ECONOMY REPORT 2007-2008
222
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
IHHOV LW FDQ DGG YDOXH WKURXJK VWDQGDUGL]DWLRQ DQG
KHQFHFKDOOHQJH(XURFOHDU·VGRPLQDWLRQ13
3. Retail e-payments
5HJDUGLQJWKHUHWDLOHSD\PHQWVWKHOLWHUDWXUHUHSRUWHG
inter alia the “non event” of the move to new methods
HPRQH\ %RXQLH DQG *D]p 2(&' ,Q
GHYHORSHGFRXQWULHVPRVWHPRQH\PRGHOVKDYHIDLOHG
ZKLOH WUDGLWLRQDO SD\PHQW PHWKRGV LQFOXGLQJ FUHGLW
WUDQVIHUV FKHTXHV GLUHFW GHELWV DQG SD\PHQW FDUGV
KDYHHYROYHGLQWRWKHLUHOHFWURQLFIRUPVWKLVHYROXWLRQ
HQWDLOLQJ WKHLU DFWLYH PLJUDWLRQ WR WKH ,QWHUQHW
1HYHUWKHOHVVFUHGLWFDUGVJLURDQGLQVRPHFRXQWULHV
FKHTXHVDUHWKHPDLQPHWKRGVXVHGLQUHWDLOSD\PHQWV
1HZ LQWHJUDWHG RU FXPXODWLYH SD\PHQW VHUYLFHV VXFK
DV3D\SDODQGQHZSD\PHQWSRUWDOVIRUFRQVXPHUVDQG
VPDOO EXVLQHVVHV KDYH DOVR EHHQ LQWURGXFHG 2(&'
0RUHRYHU PRELOH WHOHSKRQ\ LV LQFUHDVLQJO\
EHFRPLQJDSUHIHUUHGSODWIRUPIRUPEDQNLQJDQGP
payments, which may use payments messaging systems
WKDWDUHLQPDQ\FDVHVFRPSDWLEOHZLWKWKH,QWHUQHW
2QOLQH FUHGLW WUDQVIHUV DQG JLUR ELOOV DQG FKHTXH
payments are the main Internet-banking services
SURYLGHG WR UHWDLO FXVWRPHUV $QRWKHU VHUYLFH WKDW
banks provide on a recurrent basis is direct debits,
QDPHO\SD\PHQWVE\EDQNVWRYDULRXVVHUYLFHSURYLGHUV
DFFRUGLQJ WR WKH FXVWRPHU·V LQVWUXFWLRQV 6WDQGLQJ
RUGHUV DUH VLPLODU WR GLUHFW GHELW RSHUDWLRQV DQG DUH
LQLWLDWHGE\WKHSD\HUUDWKHUWKDQWKHEDQN(OHFWURQLF
ELOOSUHVHQWPHQWDQGSD\PHQWV(%33VHUYLFHVRIIHUHG
E\ ÀQDQFLDO DQG RWKHU LQVWLWXWLRQV DUH DOVR HPHUJLQJ
DV D PDMRU PHWKRG RI PDNLQJ DQG WUDFNLQJ RQOLQH
SD\PHQWV
7KH JOREDO SD\PHQWV FDUG PDUNHW FRQWLQXHV WR EH
GRPLQDWHGE\DIHZSOD\HUVVXFKDV9LVD0DVWHU&DUG
$PHULFDQ ([SUHVV DQG 'LQHUV 7KH OHJDO GHFLVLRQ
KDQGHG GRZQ DV WKH UHVXOW RI WKH FKDOOHQJH RI $PHULFDQ([SUHVVFRQFHUQLQJ0DVWHU&DUGVDQG9LVD·V
SUDFWLFHVHVSHFLDOO\E\VHWWLQJRI KLJKLQWHUFKDQJHIHHV
ZDVVXSSRVHGWROHDGWRLQFUHDVHGFRPSHWLWLRQLQWKH
PDUNHW+RZHYHUVRIDUWKRVHIHHVFRQWLQXHWRVKRZ
ULVH $FFRUGLQJ WR WKH 1LOVRQ 5HSRUW D FRQVXOWDQF\
VSHFLDOL]LQJ LQ FRQVXPHU SD\PHQW V\VWHPV UHVHDUFK
WKH IHHV WKDW WKH 8QLWHG 6WDWHV PHUFKDQWV DUH SD\LQJ
to card companies and their issuing banks have been
FRQVWDQWO\LQFUHDVLQJGXULQJWKHSUHVHQWGHFDGH7KXV
WKH ZHLJKWHG DYHUDJH IHH URVH IURP SHU FHQW LQ
WR SHU FHQW LQ ZKLOH WKH YROXPH RI IHHV FROOHFWHG IRU WKH VDPH \HDUV MXPSHG IURP ELOOLRQWRELOOLRQ$VDUHVXOWWKHPHUFKDQWVÀOHG
D FODVV DFWLRQ DJDLQVW PDMRU FDUG FRPSDQLHV ,Q VSLWH
of the increased competition from various debit card
QHWZRUNV DXWRPDWHG FOHDULQJ KRXVH QHWZRUNV DQG
V\VWHPVVXFKDV3D\SDOLWLVVWLOOWKHLVVXLQJEDQNVWKDW
have the bargaining power when deciding which card
WR LVVXH $V D UHVXOW WKH PDMRU SDUW RI LQWHUFKDQJH
fees received by payment card companies goes to the
LVVXLQJEDQNV
7KH ,QLWLDO 3XEOLF 2IIHULQJ ,32 RI 0DVWHUFDUG
LV QRW RQO\ SURYLGLQJ WKH PHDQV WR SD\ WKH OHJDO
FKDUJHV UHODWHG WR WKH DERYH SURFHVV EXW LV DOVR D
SDUWRI DFKDQJHLQ0DVWHU&DUG·VEXVLQHVVVWUDWHJ\WR
a more open form of business and a new corporate
governance structure intended to meet competition in
WKH FUHGLW FDUG PDUNHW $IWHU WKH ,32 LW FKDQJHG LWV
RIÀFLDOQDPHWR´0DVWHU&DUG:RUOGZLGHµDQGQRZKDV
DWKUHHWLHUHGEXVLQHVVPRGHODVDIUDQFKLVHUSURFHVVRU
DQGDGYLVHU American Express and Discover take a
PRUH VHJPHQWHG DSSURDFK ORRNLQJ DW WKH XSSHU DQG
ORZHUHQGVRI WKHPDUNHWUHVSHFWLYHO\6LPSVRQ
7KHVHWKUHHSOD\HUVDUHDOOSXEOLFFRPSDQLHV'LVFRYHU
LV D SDUW RI 0RUJDQ 6WDQOH\ ZKLOH 9LVD OLNH 6:,)7
LV VWLOO D FRRSHUDWLYH RI EDQNV VHUYLFLQJ RYHU ÀQDQFLDO LQVWLWXWLRQV $W WKH HQG RI 9LVD WKH
ODUJHVW JOREDO SD\PHQWV FDUG FRPSDQ\ DQQRXQFHG
UHVWUXFWXULQJZKHUHE\9LVD&DQDGD9LVD86$DQG9LVD
,QWHUQDWLRQDOZRXOGEHPHUJHGWRFUHDWHDJOREDOSXEOLF
FRUSRUDWLRQ FDOOHG 9LVD ,QF WKH HYHQWXDO JRDO EHLQJ
WRODXQFK,32V0HDQWLPH9LVD(XURSHZLOOSUREDEO\
FRQWLQXH WR UHPDLQ D PHPEHUVKLS RUJDQL]DWLRQ ,Q
FRQVHTXHQFH 9LVD H[SHFWHG WR DFFHOHUDWH SURGXFW
GHYHORSPHQWDQGLQQRYDWLRQ
$OWKRXJK WKH\ DUH FRQYHQLHQW PHDQV RI SD\PHQW
FUHGLW FDUGV FRQWLQXH WR EH H[SHQVLYH QRW RQO\ IRU
PHUFKDQWV EXW DOVR IRU WKRVH FDUGKROGHUV WKDW XVH
WKHPDVDVKRUWWHUPFRQVXPHUFUHGLWLQVWUXPHQW7KH
LQWHUHVWRQFUHGLWFDUGRYHUGUDIWLVDWOHDVWSHUFHQW
SHUDQQXPLQFOXGLQJLQFRXQWULHVZKHUHLQWHUHVWUDWHV
PRUWJDJHUDWHVLQFOXGHGDUHPXFKORZHU,QVSLWHRI WKHXQVHFXUHGQDWXUHRI FDUGUHODWHGGHEWVXFKDODUJH
GLIIHUHQFH LV QRW MXVWLÀHG HVSHFLDOO\ LQ YLHZ RI WKH
QHZSRVVLELOLWLHVDULVLQJIURPFXUUHQWVPDOOERUURZHUV·
FUHGLWVFRULQJWHFKQLTXHV,QIDFWRQHRI WKHUHDVRQV
IRUPRUWJDJHUHODWHGGHEWLQFUHDVHLQWKH8QLWHG6WDWHV
DQGRQHRI WKHXQGHUO\LQJFDXVHVRI LWVFXUUHQWFULVLV
LVWKHPDVVLYHUHÀQDQFLQJE\86KRXVHKROGVRI WKHLU
FRQVXPHUGHEWVLHPDLQO\ FUHGLWFDUGUHODWHGGHEWV
WKURXJKLQFUHPHQWDOERUURZLQJRQWKHPRUWJDJHVLGH
XVLQJWKHFROODWHUDORI WKHKRXVH
7R FRXQWHU WKLV ORFNLQ HIIHFW RI FUHGLW FDUG PDUNHW
ROLJRSRO\ FRPSHWLQJ GHELW FDUG V\VWHPV IUHTXHQWO\
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
LQLWLDWHGE\PDMRUUHWDLOHUVDUHHPHUJLQJDQGQHZFDUG
LVVXHUVDUHHQWHULQJWKHPDUNHW+RZHYHUWKH\DUHIDU
IURPEHLQJWKHOHDGHUVLQDFTXLULQJDFULWLFDOPDVVRI FOLHQWV DQG KHQFH FRQYLQFLQJ WKH EDQNV WR LVVXH WKH
FDUGV RQ WKHLU EHKDOI 0RUHRYHU WKH PDMRU FUHGLW
FDUG FRPSDQLHV DQG PDMRU LVVXHUV DUH DOVR HQWHULQJ
LQWR YHQWXUHV RI SUHVHQWLQJ PDMRU UHWDLOHUV DQG LQ
VXFK FDVHV WKH\ DJUHH QRW WR FKDUJH DQQXDO IHHV DQG
FRQVLGHUDEO\ UHGXFH WKH LQWHUHVW UDWHV FKDUJHG LQ WKH
FDVHRI RYHUGUDIW
'HVSLWHWKHSUREOHPVRXWOLQHGDERYHWKHFRQYHQLHQFH
RI HOHFWURQLF SD\PHQWV SURYHG WR EH D VWURQJHU
DUJXPHQWIRUFRQVXPHUVDQGLQWKH8QLWHG6WDWHVIRU
H[DPSOHLQWKHQXPEHURI HOHFWURQLFWUDQVDFWLRQV
FDUGDQGGLUHFWGHELWWUDQVDFWLRQVWRWDOOHGELOOLRQ
DQGRYHUWRRNIRUWKHÀUVWWLPHWKHQXPEHURI FKHTXHV
SDLGZKLFKVWRRGDWELOOLRQ
/DVWO\ PRELOH KDQVGVHWV DUH LQFUHDVLQJO\ EHFRPLQJ D
means of payments for their owners – either through
their use as a credit card, with the customer being
ELOOHGE\DPRELOHRSHUDWRUDWWKHHQGRI WKHPRQWK
RUDVDSUHSDLGFDUG3UHSDLGSKRQHVE\GHÀQLWLRQXVH
WKHODWWHUIRUPRI PSD\PHQW7KHDFWLYHLQYROYHPHQW
RI PRELOH QHWZRUN RSHUDWRUV LQ VXFK SD\PHQWV KDV
FUHDWHG VRPH OHJDO XQFHUWDLQW\ DV IDU DV WKHLU UROH LQ
WKH ÀQDQFLDO VHFWRU LV FRQFHUQHG DQG UHJXODWRUV DUH
WU\LQJ WR DGGUHVV WKLV TXHVWLRQ ZLWKRXW LPSHGLQJ
LQQRYDWLRQ LQ WKDW VHFWRU ,Q IDFW FRPSHWLWLRQ IURP
QRQEDQNV LQ SD\PHQWV VHUYLFHV LV H[DFWO\ ZKDW
223
European Commission is going to encourage in its
QHZSD\PHQWVHUYLFHVGLUHFWLYHZKLFKZLOOFRPHLQWR
IRUFHLQ20
D. E-banking and e-payments for
development
1. E-banking and e-payments in
developing and transition economies
6LQFHEDQNV LQ GHYHORSLQJFRXQWULHVDQG LQ FRXQWULHV
with economies in transition did not have an abundance
RI WUDGLWLRQDOSURSULHWDU\WHFKQRORJLHVDQGKHQFHOHVV
DWWDFKHG WR SDUWLFXODU EDQNLQJ WHFKQLTXHV WKH\ ZHUH
DOVRLQPDQ\FDVHVPRUHRSHQWRLQWURGXFLQJWKHPRVW
UHFHQW,QWHUQHWEDVHGWHFKQRORJLHV7KHIDFWWKDWWKH\
ZHUHOHVVEXUGHQHGZLWKWUDGLWLRQLQVRPHFDVHVPDGH
LW SRVVLEOH LQWURGXFH QHZ WHFKQRORJLHV PRUH UDSLGO\
DQG DOVR DGDSW WR WKHP PRUH UDSLGO\ +RZHYHU WKDW
UHTXLUHV PRUH YLJRURXV WUDLQLQJ DQG UHWUDLQLQJ RI HPSOR\HHV7KLVLVZK\LWLVLPSRUWDQWWRXQGHUVWDQG
KRZWKHÀQDQFLDOLQVWLWXWLRQVLQWKRVHFRXQWULHVZHUH
PDQDJLQJWRVWULNHDEDODQFHEHWZHHQWKHRSSRUWXQLW\
WREHPRUH LQQRYDWLYHDQG WKHFKDOOHQJHWRVHUYLFHD
SRSXODWLRQ ZLWK D ORZHU SHU FDSLWD LQFRPH DQG ODUJH
VKDUHRI WKH´XQEDQNHGµ,QSDUWLFXODULWLVLQWHUHVWLQJ
to identify how using ICTs and providing e-banking
DQG HSD\PHQW VHUYLFHV FRXOG LPSURYH WKH DFFHVV
WR ÀQDQFH RI 60(V DQG PLFURHQWHUSULVHV ZKLFK
Box 5.1
Alternative payments systems19
The largest alternative Internet payment provider with a strong position in the Internet auction market is PayPal (which belongs to e-Bay).
Customers hold accounts with PayPal and send by e-mail payment or withdrawal-related instructions. They fund those accounts either
directly from their bank account through ACH transfer or by using cards or cheque deposits (BIS, 2004). PayPal has doubled the number
of its accounts in just two years and has now over 143 million accounts in 190 countries (of which 35 million are in Europe). PayPal is no
longer just in the business-to-consumer market. Beginning in mid-2004, it began directly offering its services to small businesses as a conduit
IRUEXVLQHVVWREXVLQHVVWUDQVDFWLRQVWKDWGRQRWLQYROYHDQH%D\SXUFKDVH,QIDFWQHDUO\SHUFHQWRILWVWUDI¿FLVQRWUHODWHGWR(%D\
However, most e-commerce sites do not suggest PayPal as a payment agent. Fund transfers via web telephony such as Skype and mobile
SKRQHVDUHDOVR¿HOGVWKDWWKHFRPSDQ\LVH[SORULQJ3D\3DOLVQHXWUDOLQLWVEDQNLQJDUUDQJHPHQWVLWLVQRWDOLJQHGZLWKDVSHFL¿FEDQNRU
consortia of other payment service providers.
2WKHUSRWHQWLDOO\HPHUJLQJSOD\HUVLQWKLV¿HOGLQFOXGH*RRJOHDQG<DKRR)RUH[DPSOH*RRJOH¶V&KHFNRXWXVHVLWVSRZHUIXODGYHUWLVLQJ
engine to encourage businesses advertising in Google to also use the services of Checkout. Microsoft is also planning to launch an online
micro-payments service.
7RFUHDWHWUXVWDQGEXLOGFRQ¿GHQFHLQWKLUGSDUW\VHUYLFHSURYLGHUVHVSHFLDOO\DJJUHJDWRUV&%VQHHGWRPRQLWRUWKHPIXUWKHUDQGSURYLGH
clear guidelines and regulatory framework for such services.
INFORMATION ECONOMY REPORT 2007-2008
224
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
UHSUHVHQWWKHFRUHRI WKRVHHFRQRPLHV7KLVXQGHUOLQHV
the importance of further research into the use of eEDQNLQJDQGHSD\PHQWVLQ60(ÀQDQFHDVZHOODVLQ
PLFURÀQDQFH
There are a number of features that the customer
YDOXHV LQ D ÀQDQFLDO VHUYLFH 7KHVH LQFOXGH
DFFHSWDELOLW\ DFFHVVLELOLW\ DIIRUGDELOLW\ DQG HDVH RI XVH $V IDU DV EXVLQHVVHV DUH FRQFHUQHG WKH\ ORRN
IRU D QXPEHU RI RWKHU IHDWXUHV RQHV WKDW ZLOO KHOS
HQVXUHWKDWWKH\SURYLGHDFRVWHIIHFWLYHVHUYLFH7KH\
LQFOXGH IXQFWLRQDOLW\ VHJPHQWDWLRQ WKH DELOLW\ WR VHOO
different products to different groups of customers),
FRPSHWLWLYH IHHV DQG FKDUJHV LQFUHDVLQJ HIÀFLHQF\
FRQWUROOHGGHYHORSPHQWFRVWVGLVWULEXWLRQDPRQJWKH
SRSXODWLRQ DQG SDUWQHUVKLSV ZLWK RWKHU FRPSDQLHV
)LQDQFLDOOLWHUDF\LVLPSRUWDQWIRULQFUHDVLQJHEDQNLQJ
DPRQJWKHSRRUDQGWKHUHDUHDQXPEHULQWHUQDWLRQDO
SURJUDPPHVIRUH[DPSOHVHWXSE\WKH:RUOG%DQNWR
LQFUHDVHWKLVOLWHUDF\+DGLGL
0XFK RI WKHOLWHUDWXUHRQ HEDQNLQJ IRFXVHVRQ FDVH
VWXGLHVDQGFRPSDULVRQVLQGHYHORSHGFRXQWULHVZKHUH
LWLVZHOOHVWDEOLVKHGDQGLQVRPHFDVHVLVQRWIDUIRUP
WKH SRLQW FORVH WR VDWXUDWLRQ +RZHYHU HEDQNLQJ
LV DOVR LQFUHDVLQJO\ WDNLQJ URRW LQ PDQ\ GHYHORSLQJ
and transition economies, and in some of them its
SHQHWUDWLRQH[FHHGV2(&'PHGLDQLQGLFDWRUV
)RU H[DPSOH ,QWHUQHW EDQNLQJ KDV EHHQ VXUSULVLQJO\
VXFFHVVIXO LQ (VWRQLD 7KH ÀUVW EDQN WR LQWURGXFH
,QWHUQHW EDQNLQJ ZDV +DQVDEDQN LQ 7KHUH
DUH VHYHUDO UHDVRQV IRU WKLV VXFFHVV )LUVW VLQFH WKH
FRXQWU\KDGSUHYLRXVO\KDGDFRPPDQGHFRQRP\WKH
WUDGLWLRQDOFRPPHUFLDOEDQNLQJGLGQRWH[LVWDQGKHQFH
consumers did not have time to grow attached to the
EUDQFKPRGHOXVHGIRUPDQ\\HDUVLQRWKHUFRXQWULHV
$VDUHVXOWFRQVXPHUVGLGQRWYDOXHRUH[SHFWPXFK
IURP WKH EDQN EUDQFK H[SHULHQFH 6HFRQG EDQNV
ZHUH VWLOO GHYHORSLQJ DQG GLG QRW KDYH IXOO FRXQWU\
FRYHUDJH7KH\ORZHUHGWKHLUFRVWVDQGLPSURYHGWKHLU
LPDJH7KHVXFFHVVRI ,QWHUQHWEDQNVKDVEHHQODUJHO\
GXHWRWKHLUZLGHDSSHDODQGWKH,QWHUQHWWHFKQRORJ\
DYDLODEOH IRU UHDFKLQJ VSDUVHO\ SRSXODWHG DUHDV WKDW
DYDLODELOLW\KDVEHHQGXHLQWXUQWRJRYHUQPHQWSROLFLHV
WR GHUHJXODWH LQFUHDVH FRPSHWLWLRQ LQ WKH WHOHFRP
PDUNHWV DQG LQFUHDVH ,QWHUQHW XVH .HUHP ,Q
IDFW (VWRQLD ZDV UDQNHG TXLWH KLJK ² DKHDG RI VRPH
2(&'FRXQWULHV²LQWKH1HWZRUNHG5HDGLQHVV,QGH[
RI WKH:RUOG(FRQRPLF)RUXPDQGWKH(5HDGLQHVV
5DQNLQJRI WKH(FRQRPLVW,QWHOOLJHQFH8QLW21
,QWHUQHWEDQNLQJKDVJURZQUDSLGO\LQ%UD]LODQGKDV
EHHQ WKH IDVWHVWJURZLQJ EDQNLQJ PHGLXP 'LQL]
3RUWRDQG$GDFKL,Q7XUNH\HFRPPHUFHLVDOVR
PRVW GHYHORSHG LQ WKH EDQNLQJ VHFWRU DQG GULYHQ E\
reduced costs, transaction costs on the Internet being
RQO\SHUFHQWRI WKRVHDWDEUDQFK7KHÀUVWEDQNWR
XVHWKH,QWHUQHWLQ7XUNH\ZDV,VEDQNLQ$NLQFL
$NVR\DQG$WLOJDQ
7KH 1LJHULDQ ,QWHU%DQN6HWWOHPHQW6\VWHP1,%66
KDV UHFHQWO\ GHYHORSHG WKH (OHFWURQLF )XQG 7UDQVIHU
6HUYLFHZKLFKIRFXVHVRQJLURDQG$&+IXQFWLRQDOLWLHV
1,%66LVFROOHFWLYHO\RZQHGE\1LJHULDQEDQNVDQGLV
UHVSRQVLEOHIRUWUDQVDFWLRQVLQFOXGLQJÀQDOVHWWOHPHQW
ZLWKWKH&HQWUDO%DQN/DXQFKLQJ$&+DQGDGRSWLQJ
WKHHOHFWURQLFFKHTXHSUHVHQWPHQWZLWKLPDJHH[FKDQJH
V\VWHPKDYHVKRUWHQHGWKHFOHDULQJF\FOHVWLOOIXUWKHUDV
ZHOODVUHGXFLQJIUDXGDQGFXWWLQJFRVWV22 Despite great
ambitions for Internet banking in Nigeria, these were
WKZDUWHGE\WHFKQLFDOSUREOHPV7KLVZDVSDUWLFXODUO\
WKHFDVHZLWKWKHQDWLRQDOWHOHFRPPXQLFDWLRQQHWZRUN
ZKHQ EDQNV KDYH EHHQ OHG WR VHHN DOWHUQDWLYHV WR LW
EXW LQ DQ XQFRRUGLQDWHG DQG KHQFH FRVWO\ PDQQHU
1HYHUWKHOHVVFRQVXPHUSHUFHSWLRQRI WKHHIIHFWRI ,7
RQ WKH EDQNLQJ LQGXVWU\ VWD\HG SRVLWLYH ,GRZX $OX
DQG$GDJXQRGR
7KDQNV WR WKH SROLFLHV RI WKH &HQWUDO %DQN DQG WKH
ZHOOGHYHORSHG EXVLQHVV VHFWRUV 6RXWK $IULFD LV
SDUWLFXODUO\ ZHOO VXLWHG WR HOHFWURQLF EDQNLQJ ZKLFK
LQFOXGHV $70V DQG RWKHU IHDWXUHV 7KRVH IHDWXUHV
PDNHWKHPDWWUDFWLYHWRSRRUHUFXVWRPHUV&UDFNQHOO
+RZHYHUWKHUHLVDOVRWKHSV\FKRORJLFDOEDUULHU
HVSHFLDOO\DPRQJWKHSRRUHVW+DGLGL6LQJKDQG
0DOKRWUDFRQGXFWHGDVXUYH\WRGHWHUPLQHZK\
VRPH 6RXWK $IULFDQ FXVWRPHUV DUH UHOXFWDQW WR EDQN
RQOLQH7KH\IRXQGWKDWWKHPRUHDIÁXHQWDQG\RXQJHU
DUHWKHJURXSVWKDWDUHPRVWIUHTXHQWO\EDQNLQJRQOLQH
)RU WKRVH JURXSV WKDW GLG QRW EDQN RQOLQH WKH PDLQ
reasons for not doing so were fears about security and
ODFN RI NQRZOHGJH $W WKH HQG RI RQOLQH EDQN
DFFRXQWVLQ6RXWK$IULFDWRSSHGWKHPLOOLRQPDUNIRU
WKHÀUVWWLPHDPLGFODLPVWKDWWKHPHGLDKDGJURVVO\
H[DJJHUDWHGVHFXULW\IHDUVEXWEHHQPDLQO\LJQRUHGE\
WKHSXEOLF23
7KH 5HVHUYH %DQN RI ,QGLD ZKLFK LV WKH &HQWUDO
%DQN KDV EHHQ KHDYLO\ LQYROYHG LQ WKH GHYHORSPHQW
RI HEDQNLQJDQGKDVGUDZQXSJXLGHOLQHVIRUEDQNVWR
IROORZZKHQSURYLGLQJ,QWHUQHWEDQNLQJVHUYLFHV7KH
GHYHORSPHQWRI ,QWHUQHWEDQNLQJLQ,QGLDEHJDQZLWK
WKH IRUHLJQ DQG SULYDWH EDQNV ZLWK WKH SXEOLF EDQNV
ODJJLQJEHKLQG6LQJKDQG0DOKRWUD
,Q 5RPDQLD IRUHLJQ EDQNV DOVR OHG WKH ZD\ LQ
HOHFWURQLFEDQNLQJEHJLQQLQJLQDQGORFDOEDQNV
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
IROORZHG ODWHU KRZHYHU XVDJH UDWHV KDYH UHPDLQHG
ORZ 2FWDYLDQ DQG 'DQLHOD %DQNV QHHG WKH
DSSURYDORI WKH0LQLVWU\IRU,QIRUPDWLRQ7HFKQRORJ\
and Communication before they can offer Internet
EDQNLQJ VHUYLFHV 7KHUH DUH FXUUHQWO\ EDQNV
RIIHULQJ VXFK VHUYLFHV 0RVW RI WKH DSSURYHG EDQNV
XVH9HUL6LJQWRJXDUDQWHHWKHLUVLWHVDQGDOVRHPSOR\
methods such as Digipass Pack to identify users and
VHFXUHWUDQVDFWLRQV
6LULOXFNDQG6SHHFH VXJJHVWWKDW$VLDQFXOWXUHV
DWWDFK JUHDWHU LPSRUWDQFH WR LQWHUSHUVRQDO FRQWDFWV
DQG UHODWLRQV WKDQ WKRVH LQ WKH :HVW DQG DV D UHVXOW
,QWHUQHW EDQNLQJ IDFHV DQ H[WUD KXUGOH 0DOD\VLD LV
HVSHFLDOO\LQWHUHVWLQJIRU,QWHUQHWEDQNLQJEHFDXVHRI WKH KLJK OHYHO RI WHFKQLFDO HGXFDWLRQ DQG WKH TXDOLW\
RI WKH WHFKQRORJ\ DYDLODEOH *RL ,Q D VXUYH\
RI RYHUSHRSOHLQWKDWFRXQWU\WKHXVHRI RQOLQH
banking was seen to be concentrated around younger
DQG KLJKHULQFRPH JURXSV 7KH TXDOLW\ RI RQOLQH
EDQNLQJ ZHEVLWHV ZDV KLJK DOWKRXJK QRW DOO EDQNV
SURYLGHG DOO VHUYLFHV DQG RSWLRQV YLD WKHLU ZHEVLWHV
0RVW,QWHUQHWFXVWRPHUVKDGDSRVLWLYHSHUFHSWLRQRI ,QWHUQHW EDQNLQJ KRZHYHU WKHUH ZHUH DOVR VHFXULW\
FRQFHUQV$LQLQ/LPDQG:HH)RUHLJQEDQNV
ZHUHDOORZHGWRSURYLGHEDQNLQJRYHUWKH,QWHUQHWDV
IURP-DQXDU\D\HDUDIWHUGRPHVWLFEDQNV%XW
WKLVGHOD\GLGQRWSURWHFWGRPHVWLFEDQNVIURPIRUHLJQ
FRPSHWLWLRQ HYHQ WKRXJK IRUHLJQ EDQNV RIIHUHG OHVV
WHFKQRORJLFDOO\VRSKLVWLFDWHGVHUYLFHV<HDSDQG&KHDK
5HJXODWLRQWRRNWKHIRUPRI WKH&HQWUDO%DQN·V
PLQLPXP JXLGHOLQHV RQ WKH SURYLVLRQ RI ,QWHUQHW
EDQNLQJLVVXHGLQZKLFKUHTXLUHEDQNVWRPHHW
with customers face to face before an Internet account
FDQEHRSHQHGRUFUHGLWJLYHQ*RL7KH&HQWUDO
%DQNRI 0DOD\VLDKDVGHYHORSHGUHVHDUFKFROODERUDWLRQ
EHWZHHQ$VLDQ&%VDQGWKH%,6RQWHFKQRORJ\LVVXHV
DQG KDV DOVR HVWDEOLVKHG PLQLPXP JXLGHOLQHV DQG
VWDQGDUGVIRUULVNPDQDJHPHQWDVZHOODVPRQLWRULQJ
RI FRPSOLDQFHDQGULVNV
(OHFWURQLF FDUGV DUH EHFRPLQJ RQH RI WKH FKDQQHOV
IRUHSD\PHQWVLQFRXQWULHVZLWKDORZOHYHORI EDQNHG
SRSXODWLRQ )LJXUH VKRZV WUDQVDFWLRQ ÁRZV UHODWHG
WRUHJLRQDOSD\PHQWFDUGVSURMHFWRI WKH:HVW$IULFDQ
&HQWUDO %DQN :$&% FUHDWHG ZLWKLQ WKH IUDPHZRUN
RI WKH(FRQRPLFDQG0RQHWDU\8QLRQRI :HVW$IULFD
7KHFRPPRQFXUUHQF\LQWKH8QLRQKHOSVEDQNVLQWKH
UHJLRQWRDYRLGIRUHLJQH[FKDQJHULVNLQWKHLUPXWXDO
WUDQVDFWLRQVDQGKDVHQDEOHG:$&%WRGHYHORSDFDUG
EDVHG SD\PHQW V\VWHP FDOOHG ´0RQpWLTXH 8(02$µ
LQ DGGLWLRQ WR RWKHU WZR UHJLRQDO 57*6 DQG $&+
V\VWHPV7KHV\VWHPKDVDQLQWHUEDQNFDUGSD\PHQWV
SURFHVVLQJ FHQWUH &70, LQ )UHQFK VHH FKDUW 225
WKDWDOORZVFRPPHUFLDOEDQNVLQWKHUHJLRQWRLVVXH
SD\PHQWFDUGVIRUFRUSRUDWHDQGLQGLYLGXDOXVHUV
7KH SKHQRPHQDO JURZWK RI PRELOH WHOHSKRQ\ LQ
GHYHORSLQJFRXQWULHVKDVDOVREURXJKWDERXWDG\QDPLF
H[SDQVLRQRI VRFDOOHGPEDQNLQJDQGPSD\PHQWV
7KH\ DUH EHFRPLQJ YHU\ SRSXODU LQ VPDOO SXUFKDVHV
WKURXJK PFRPPHUFH DV ZHOO DV LQ 33 WUDQVIHUV
VXFK DV UHPLWWDQFHV RU LQ %% SD\PHQWV HVSHFLDOO\
LQ PLFURÀQDQFH VHH IROORZLQJ VHFWLRQV 6LQFH PRVW
PRELOH SKRQH RZQHUV LQ GHYHORSLQJ FRXQWULHV DUH
“unbanked”, they participate in e-payments by buying
SUHSDLGFDUGVDWYDULRXVSRLQWVRI VDOHDQGWKHQPDNH
WKHLU PSD\PHQWV *LYHQ WKH UHODWLYHO\ KLJK OHYHO RI PRELOHV· SHQHWUDWLRQ LQ GHYHORSLQJ FRXQWULHV WKH\
FDQ EHFRPH WKH PDLQ FKDQQHO IRU GHOLYHULQJ RQOLQH
SD\PHQWVHVSHFLDOO\LQFRXQWULHVDQGUHJLRQVZLWKIHZ
EUDQFKHV DQG $70 QHWZRUNV &KDUW VKRZV WKH
UHODWLRQVKLSEHWZHHQPRELOHSKRQHV$70VDQGEDQN
EUDQFKHVLQ7KDLODQGDQG6RXWK$IULFDLVVLPLODUWRWKDW
RI WKH 8QLWHG .LQJGRP DOWKRXJK WKH SHQHWUDWLRQ LV
VWLOODWDUHODWLYHO\ORZHUOHYHO$WWKHVDPHWLPHLQWKH
FDVHRI &KLQD.D]DNKVWDQDQG(J\SWDQGWRDJUHDWHU
extent other African countries, the penetration of
PRELOHKDQGVHWVLVIDUDKHDGRI WKDWRI EDQNEUDQFKHV
DQG$70V
$ PRELOH SD\PHQW VFKHPH FDOOHG 03(6$ LV EHLQJ
VXFFHVVIXOO\UXQLQ.HQ\DE\9RGDIRQHORFDO6DIDULFRP
ZLWKWKHVXSSRUWRI WKH8QLWHG.LQJGRP'HSDUWPHQW
IRU ,QWHUQDWLRQDO 'HYHORSPHQW $URXQG 0
3(6$FXVWRPHUVZLWKWKHKHOSRI DURXQGDJHQWV
FDQPDNHSD\PHQWVRUVHQGPRQH\XVLQJWKHLUPRELOH
SKRQHV 7KH FXVWRPHUV· SKRQHV DUH FKDUJHG ZLWK
SUHSDLGIXQGVLQ6DIDULFRPVKRSVSHWUROVWDWLRQVDQG
RWKHUSRLQWVRI VDOHDVVRRQDVWKHRZQHUVRI WKHPRELOH
SKRQHVZKRVHLGHQWLWLHVDUH YHULÀHGYLDWKHLUPRELOH
QXPEHUVSD\WKHFDVK03(6$KDVGHYHORSHGLWVRZQ
ÀQDQFLDOV\VWHPLQFOXGLQJFOHDULQJDQGVHWWOHPHQWDQG
NHHSVWKHÁRDWLQDVLQJOHDFFRXQWLQWKH&RPPHUFLDO
%DQNRI 1DLUREL$VORQJDVLWGRHVQRWSD\LQWHUHVWRU
LQYHVWWKLVPRQH\WKH&HQWUDO%DQNRI .HQ\DWROHUDWHV
VXFKÀQDQFLDODFWLYLWLHV
7KHIROORZLQJVHFWLRQVZLOOIRFXVRQWKUHHLPSRUWDQW
DVSHFWV IURP WKH GHYHORSPHQW SHUVSHFWLYHV
RI ÀQDQFLQJ GHVWLQHG WR OHVV HQGRZHG JURXSV RI SRSXODWLRQDQGHQWHUSULVHVDQGQDPHO\UHPLWWDQFHVDV
ZHOODVHÀQDQFHIRU60(VDQGPLFURHQWHSULVHV7KH
LQWURGXFWLRQRI GLJLWDOGHOLYHU\FKDQQHOVLQWKRVHDUHDV
is providing new opportunities to combat poverty by
LPSURYLQJDFFHVVWRÀQDQFHWKURXJKWKHEHWWHUXVHRI QHZPRUHDFFHVVLEOHIRUWKRVHJURXSVWRROVRI ,&7V
INFORMATION ECONOMY REPORT 2007-2008
226
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
Chart 5.1
Architecture of the CTMI-UEMOA
Source: $$OWLQH2SSRUWXQLWLHVDQGFKDOOHQJHVRIH¿QDQFHLQWKH8(02$VXEUHJLRQ:HVW$IULFDQ&HQWUDO%DQN
(see www.uneca.org/e-trade/).
Chart 5.2
Penetration of bank branches and mobile phones*
Sources: %HFN'HPLXUJ.XQWDQG0DUWLQH]3HULV,78
%DQNEUDQFKHVDQG$70VSHUSHRSOHPRELOHSKRQHVSHUSHRSOH
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
2. ICTs and remittances
5HPLWWDQFHVUHSUHVHQWLQJPDLQO\VPDOOVFDOHWUDQVIHUV
E\PLJUDQWVH[SDWULDWHVDQGWRDOHVVHUH[WHQWFKDULWLHV
DUH EHFRPLQJ DQ LQFUHDVLQJO\ LPSRUWDQW VRXUFH RI H[WHUQDOÀQDQFLQJIRUPDQ\GHYHORSLQJDQGWUDQVLWLRQ
HFRQRPLHVDQGDVVXFKPHULWFDUHIXOH[DPLQDWLRQ$VD
GLVWLQFWLWHPRI EDODQFHRISD\PHQWV%23ÀQDQFLQJ
WKHLUYROXPHVLQWKHFDVHRI PDQ\UHFLSLHQWFRXQWULHV
DUHFRPSDUDEOHWRRWKHUVRXUFHVRI IRUHLJQH[FKDQJH
VXFK DV H[SRUWV IRUHLJQ SULYDWH FDSLWDO LQÁRZV DQG
RIÀFLDO DLG +RZHYHU XQOLNH RWKHUV WKRVH ÁRZV DOVR
NQRZQ DV XQUHTXLWHG RU XQLODWHUDO WUDQVIHUV LH QRW
LQFXUULQJGHEWUHODWHGREOLJDWLRQVDUHDUHVXOWQHLWKHU
of earnings by country residents due to exports
of goods and services, nor of their borrowing or
LQYHVWPHQWDWWUDFWLQJDFWLYLWLHV
$FFRUGLQJ WR WKH :RUOG %DQN UHPLWWDQFHV VHQW E\
PLJUDQWVWRGHYHORSLQJFRXQWULHVUHDFKHGELOOLRQ
LQ :RUOG %DQN S +RZHYHU LW LV
HVWLPDWHG WKDW WKH UHDO OHYHO RI FXUUHQW UHPLWWDQFHV
FRXOGEHSHUFHQWKLJKHURZLQJWRWKHPDMRUUROHRI YDULRXV LQIRUPDO UHPLWWDQFHV QHWZRUNV &R\OH ,QRWKHUZRUGVWKHRYHUDOOYROXPHRI DOOUHPLWWDQFHV
PLJKW FRPH FORVH WR WKDW RI )', $FFRUGLQJ WR
81&7$' )', ÁRZV WR GHYHORSLQJ HFRQRPLHV
WRWDOOHGELOOLRQ81&7$'
&RPSDUHGZLWKRWKHUW\SHVRI ÀQDQFLDOÁRZVUHPLWWDQFHVDUHWKHOHDVWF\FOLFDOVRXUFHRI %23ÀQDQFLQJ
7KH\ SOD\ D VWDELOL]LQJ DQG HYHQ FRXQWHUYDLOLQJ UROH
when countries, in adverse economic circumstances,
VXIIHU IURP UHGXFWLRQV LQ ÁRZV RI H[WHUQDO ÀQDQFH
FRPLQJIURPRWKHUVRXUFHVDQGHVSHFLDOO\IURPVKRUW
WHUPSRUWIROLRFDSLWDO7KDWSRVLWLYHHIIHFWLVGXHWRWKH
227
XQGHUO\LQJ PRWLYDWLRQ EHKLQG WKRVH WUDQVIHUV ZKLFK
LV SULPDULO\ WR VXSSRUW IDPLOLHV EDFN KRPH 5HPLWWDQFHVDOORZWKHFRQVXPSWLRQOHYHORI WKHSRRUWREH
VXVWDLQHGJLYLQJWKHPEHWWHUDFFHVVWREDVLFIDFLOLWLHV
LQFOXGLQJ KHDOWK DQG HGXFDWLRQ IDFLOLWLHV LQ UHFLSLHQW
FRXQWULHV5HPLWWDQFHVDOVRKHOSWRODXQFKDQGVXVWDLQ
VPDOOIDPLO\EXVLQHVVHV
+LVWRULFDOO\ WKH PDLQ SDUW RI WKRVH IXQGV ZDV
WUDQVIHUUHG WKURXJK LQIRUPDO V\VWHPV VXFK DV hawala.
Hawala LV D IRUP RI LQIRUPDO QHWZRUNLQJ ZKHUHE\
hawala EURNHUVLQWHUPHGLDWHWUDQVIHUVZLWKRXWDFWXDOO\
PRYLQJ IXQGV 7KH\ ZRUN RQ WKH EDVLV RI WUXVW ZLWK
PLQLPDOGRFXPHQWDWLRQDQGHDFKWULHVWRKDYHHQRXJK
funds to meet the demand of correspondent brokers
)XJIXJRVK$VLQWKHFDVHRI FUHGLWVLQIRUPDO
Chart 5.3
Financial flows to developing countries
($ billion)
Source: :RUOG%DQN
Box 5.2
Defining remittances in the balance of payments
,QWKHQHZ,0)%230DQXDOLVH[SHFWHGWRWDNHLQWRFRQVLGHUDWLRQUHFRPPHQGDWLRQVE\WKH8QLWHG1DWLRQV7HFKQLFDO6XEJURXSRQWKH
Movement of Natural Persons and replace the term «worker remittances» by three separate terms:
•
Personal transfers (PTs), which are transfers in cash or in kind received or made by resident households from or to non-resident
households. Sources of income, relationship and purpose of transfer are not taken into account.
•
Personal remittances (PRs), which are the sum of PTs, net compensation of employees and capital transfers – that is, they involve
all household-to-household transfers and take the perspective of the recipient country.
‡
7RWDOUHPLWWDQFHV75VZKLFKDUHWKHVXPRI35VDQGVRFLDOEHQH¿WVSDLGWRKRXVHKROGVIURPRWKHULQVWLWXWLRQDOVHFWRUV7KH\DOVR
take the perspective of the recipient country.
Source: 0LJUDQWUHPLWWDQFHVWRUHJLRQVQHLJKERXULQJWKH(8(&%0RQWKO\%XOOHWLQ)HEUXDU\SS–92.
INFORMATION ECONOMY REPORT 2007-2008
228
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
intermediaries were charging the remitters passing
WKURXJKWKHLUFKDQQHOVKLJKIHHV$WWKHVDPHWLPHWKH
IHHVFROOHFWHGE\PDMRUIRUPDOPRQH\WUDQVIHUVHUYLFH
SURYLGHUV ZHUH DOVR LQLWLDOO\ TXLWH KLJK FRQVLGHUDEO\
H[FHHGLQJ IRU H[DPSOH WKH OHYHO RI LQWHUFKDQJH
IHHV SDLG E\ PHUFKDQWV IRU FUHGLWFDUG SURFHVVLQJ
+RZHYHUZLWKWKHDGYHQWRI WKH,QWHUQHWDQGIXUWKHU
GLVVHPLQDWLRQ RI HOHFWURQLF PHDQV RI SD\PHQWV
various money transfer service providers started to
FDUYHODUJHFKXQNVRI SD\PHQWVRXWRI WKHFDVKEDVHG
V\VWHPV&RPSHWLWLRQDQGLQSDUWLFXODUWKHXVHRI WKH
,QWHUQHWPDGHLWSRVVLEOHWRFRQVLGHUDEO\UHGXFHIHHV
FKDUJHG E\ VXFK PDMRU RSHUDWRUV DV :HVWHUQ 8QLRQ
DQG0RQH\JUDP7KHFRPSHWLWRUVIURPUHJLRQVZLWKLQ
WKHPDLQFRUULGRUVRI UHPLWWDQFHVZHUHTXLWHFUHDWLYH
LQXVLQJYDULRXVGHOLYHU\FKDQQHOVLQFOXGLQJ,QWHUQHW
EDVHGQHWZRUNVRUPSD\PHQWVDQGKHQFHFRQVLGHUDEO\
FXWWKHLUFRVWVRI RSHUDWLRQV7KH\ZHUHDOVROHVVVWULFW
WKDQPDMRU:HVWHUQRSHUDWRUVLQWKHLUSHUFHSWLRQVRI ULVNVJLYHQWKHH[WUHPHO\VKRUWSHULRGVRI WLPHQHHGHG
WRFRPSOHWHWKHHUHPLWWDQFHRSHUDWLRQV
$VWKHH[DPSOHIRULQWDEOHVKRZVUHJLRQDO
V\VWHPVVXFKDV$QHOLNDQG8QLVWUHDPZHUHFKDUJLQJ
PXFK OHVV IRU WUDQVIHUV IURP WKH 5XVVLDQ )HGHUDWLRQ
WR $UPHQLD WKDQ ZDV WKH FDVH IRU :HVWHUQ 8QLRQ
7KDWFRPSHWLWLRQKDVSDLGRII DQGZKLOHIRUWKHVDPH
FRUULGRU$QHOLNLVVWLOOFKDUJLQJDURXQGSHUFHQWIRU
WKHWUDQVIHURIIRUH[DPSOH:HVWHUQ8QLRQFXW
LWVIHHWRDURXQGSHUFHQWZKLFKLVPXFKOHVVWKDQ
LQ
,QFRXQWULHVZLWKODUJHPLJUDQWSRSXODWLRQVEDQNVDUH
WU\LQJWRDWWUDFWPLJUDQWVDVEDQNFOLHQWVDQGDUHXVLQJ
UHPLWWDQFHV DV D WRRO WR DWWUDFW PRUH GHSRVLWV IURP
WKHP)RUH[DPSOH&KDVHKDVLQWURGXFHGDVFKHPHIRU
Table 5.1
The cost of transferring $50 and $200
to Armenia in 2004
Cost as %
$50
$200
Anelik
1.5–3.0
1.5–3.0
HSBC
70.9
18.5
1.0
1.0
26.0
11.0
Unibank (Unistream)
Western Union
Source: Roberts & Banaian (2005).
WKHIUHHWUDQVIHURI PRQH\WR0H[LFRHQDEOLQJFKHTXH
DFFRXQWFXVWRPHUVWRPDNHDOLPLWHGIUHHWUDQVIHURI IXQGV XS WR SHU PRQWK WR LWV SDUWQHU EDQN
%DQRUWHZKLFKKDVEUDQFKHVDQG$70VLQ
0H[LFR7KHUHFLSLHQWVRI WKRVHIXQGVFDQHLWKHUNHHS
WKHP LQ DFFRXQWV LQ %DQRUWH RU FROOHFW FDVK ZLWKRXW
SD\LQJDIHH$FFRUGLQJWRWKH&HQWUDO%DQNRI 0H[LFR
UHPLWWDQFHVIURPWKH8QLWHG6WDWHVWRWDOOHGELOOLRQ
LQ DQG DUH H[SHFWHG WR UHDFK ELOOLRQ LQ
$ UHODWLYHO\ QHZ SKHQRPHQRQ LV WKH XVH RI PRELOH
phones as a means of transferring money between
FRXQWULHV RU ZLWKLQ GHYHORSLQJ FRXQWULHV IURP XUEDQ
WR UXUDO DUHDV 6RPHWLPHV WKRVH DUHDV PD\ HYHQ ODFN
EDQNEUDQFKHVDQGWKHRQO\ZD\WRFDVKWKHWUDQVIHU
PD\EHWRXVHWKHVSHFLDOL]HGSRLQWVRI VDOHWKDWDOVR
VHOOSUHSDLGFDUGV
3. E-banking and e-payments for SMEs
7R DFFHVV ÀQDQFH 60(V KDYH WR FRPSHWH ZLWK
KRXVHKROGV DQG ODUJH FRUSRUDWH EXVLQHVVHV LQ RUGHU
WR JDLQ D VKDUH RI WKH ÀQDQFLQJ GLVEXUVHG E\ EDQNV
7UDGLWLRQDOO\ EDQNV ZHUH ELDVHG DJDLQVW 60(V
JLYHQ WKH UHODWLYHO\ KLJKHU FRVWV RI DFTXLULQJ DQG
SURFHVVLQJ WUDQVDFWLRQV IRU 60(V LQ WKH OLJKW RI D
ZLGH JHRJUDSKLFDO VSUHDG DQG WKH JUHDWHU QXPEHU RI ORZYROXPH WUDQVDFWLRQV 7KDW UHVXOWHG LQ KLJK XQLW
WUDQVDFWLRQFRVWVUHODWHGWR60(V·ÀQDQFLQJ0RGHUQ
HEDQNLQJZLWKRQOLQHFUHGLWULVNGDWDEDVHVDQGPXFK
ORZHU WUDQVDFWLRQ FRVWV UHODWHG WR GDWD SURFHVVLQJ
and data mining is providing new opportunities for
LPSURYLQJ 60(V DFFHVV WR LQ SDUWLFXODU VKRUWWHUP
ZRUNLQJ FDSLWDO DQG WUDGH ÀQDQFH WKURXJK HEDQNLQJ
DQG RWKHU HWUDGH ÀQDQFH VHUYLFHV ,W LV EHFRPLQJ
SRVVLEOH IRU 60(V WR PDQDJH WKHLU RZQ DFFRXQWV
DQGSD\PHQWVWUDIÀFRQOLQHZKLOHEDQNVFDQQRWRQO\
SURYLGHÀQDQFHEXWDOVRKHOSWKHPPDQDJHWKHLUFDVK
ÁRZ DQG HQVXUH D TXLFNHU WXUQDURXQG RI ZRUNLQJ
FDSLWDO
)RUÀQDQFLDOLQVWLWXWLRQVVHUYLFLQJWKLVVHFWRUUHTXLUHV
WKH ÀQGLQJ RI VROXWLRQV WKDW WDNH LQWR DFFRXQW WKH
VSHFLÀF ULVNUHWXUQ SHUVSHFWLYH RI WKH VHFWRU )RU
WKH PRVW SDUW WKH FKDOOHQJHV WR 60( IXQGLQJ UHVXOW
IURP ODFN RI LQIRUPDWLRQ VXFK DV XQFOHDU ÀQDQFLDOV
DQG WKH IDFW WKDW LQIRUPDWLRQ DERXW 60( ERUURZHUV
LV EHLQJ OLPLWHG 7KHUH LV DOVR D ODFN RI FRPSDUDWLYH
GDWDRQ60(V%DQNVLQPRVWGHYHORSLQJFRXQWULHVGR
not have access to transaction data and credit history
XQOLNH LQ PDQ\ GHYHORSHG FRXQWULHV WKURXJK FUHGLW
bureaux and other credit management service providers
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
VXFK DV FUHGLW LQVXUHUV DQG IDFWRUV 'HYHORSLQJ VXFK
VHUYLFHVSULPDULO\WKURXJKWKHDSSURSULDWHXVHRI ,&7V
² RIIHULQJ ÀQDQFLQJ DQG FUHGLW PDQDJHPHQW WKURXJK
RSHQQHWZRUNVVXFKDVWKH,QWHUQHW²FRXOGRYHUFRPH
LPSHGLPHQWVUHODWHGWR60(ÀQDQFLQJ
(EDQNLQJ EHQHÀWV DUH HVSHFLDOO\ DSSDUHQW WR EDQNV
ZKHQ GRLQJ EXVLQHVV ZLWK 60(V 60( EXVLQHVV ZDV
ODERXULQWHQVLYHDQGRIIHUHGUHODWLYHO\ORZSURÀWVIRU
EDQNVZKHUHDV60(VZHUHÀQGLQJWKHVHUYLFHSURYLGHG
E\EDQNVWRR´RQHVL]HÀWVDOOµLQHIÀFLHQWDQGVXSSO\
GULYHQ(EDQNLQJDQGRWKHUHÀQDQFHWHFKQLTXHVPLJKW
DGGUHVV WKRVH SUREOHPV WKURXJK DXWRPDWHG KRXU
SURFHGXUHVDQGORZHUFRVWV60(VFDQWKHQXVHWKHLU
QHZHIÀFLHQF\DQGDFFHVVWRFUHGLWDWORZHUUDWHVWRIXHO
JURZWKLQGHYHORSLQJFRXQWULHV0X+RZHYHU
DV:HQGHODQGRWKHUVHPSKDVL]HWKLVGHEDWHLV
QRW PXFK GLIIHUHQW IURP WKH GHEDWH UHODWHG WR UHWDLO
EDQNLQJ7KHUROHRI WKHWUDGLWLRQDOEUDQFKHVSHFLDOO\
ZKHQ GHDOLQJ ZLWK 60(V VXJJHVW WKDW WKH ´FOLFN DQG
PRUWDUµDSSURDFKZLOOFRQWLQXH
In addition, the reduction in costs associated with the
SRVVLELOLW\ RI KDYLQJ EHWWHURUJDQL]HG LQIRUPDWLRQ
ÁRZV JUHDWHU WUDQVSDUHQF\ DQG KHQFH D EHWWHU ORDQ
tracking process can be considered to be positive
H[WHUQDOLWLHVRI ,&7DGRSWLRQLQ60(ÀQDQFLQJ7KH
QHZHÀQDQFLDOWRROVWKDWDUHGHVLJQHGIRU60(VDQG
WKHLU QHHGV DUH VXSSRVHG WR KHOS LQ JDLQLQJ WKRVH
DGYDQWDJHV (YHQ WKRXJK WKH GHYHORSPHQW RI WKRVH
V\VWHPV LV QRW YHU\ WLPHFRQVXPLQJ LWV ÀQDOL]DWLRQ
UHTXLUHVTXLWHDORQJWLPHDQGWKHV\VWHPVFDQQRWVWDUW
WREHUHPXQHUDWLYHXQWLOWKHLULQWHJUDWLRQSURFHVVKDV
EHHQFRPSOHWHO\ÀQLVKHG
,QYHVWPHQWVLQWKLVÀHOGFDQQRWEHUHPXQHUDWLYHXQOHVV
they are associated with a change in business process
)LUSR DQG LPSURYHPHQWV LQ VNLOOV DW GLIIHUHQW
OHYHOV$VDFRQVHTXHQFH,&7XVHFDQEHFRQVLGHUHG
D QHZ DSSURDFK IRU ERWK KXPDQ FDSLWDO DQG WKH
RUJDQL]DWLRQRI 60(VDQGWKHPHDQVWRDFKLHYHEHWWHU
ÀQDQFLDOUHVXOWV/RFDOUHTXLUHPHQWVDUHFHUWDLQO\RQH
of the most important issues for the success of this
WHFKQRORJ\LQGHYHORSLQJFRXQWULHV'HOLYHU\FKDQQHOV
and product mix are two important aspects for the
VXFFHVV RI HDFK FRPSDQ\ +RZHYHU WKH KLJK FRVWV
RI WKHFRPSUHKHQVLYHDGRSWLRQRI ,&7VRIWHQLPSO\
WKHQHHGIRUSXEOLFÀQDQFLDOVXSSRUWRUYDULRXVIRUPV
RI SXEOLF²SULYDWH SDUWQHUVKLSV ZLWK GHYHORSPHQW
and export-import banks and other supporting
LQVWLWXWLRQV
,Q RUGHU WR FUHDWH D SXEOLF UHFRUG RI SDVW SD\PHQWV
60(V LQ GHYHORSLQJ FRXQWULHV QHHG WR PRYH RXW RI 229
LQIRUPDO HFRQRP\ %\ IXOO\ IRUPDOL]LQJ WKHPVHOYHV
60(VPLJKWFUHDWHIRUWKHPVHOYHVDSXEOLFUHSXWDWLRQDV
RI JRRGTXDOLW\ERUURZHUV8QGHUVXFKFLUFXPVWDQFHV
ÀQDQFLDO LQVWLWXWLRQV FDQ FUHDWH HOHFWURQLF FUHGLW
histories and Internet-based credit risk databases in
KHOSLQJFUHGLWRUVWRSURYLGHFDSLWDOZLWKIHZHUDQGOHVV
VWULQJHQW UHTXLUHPHQWV $ UHVSRQVLEOH EHKDYLRXU E\
ÀUPV FDQ OHDG EDQNV WR WUXVW 60(V PRUH UHTXLULQJ
IHZHU JXDUDQWHHV IRU ORDQV DQG FUHDWLQJ FRQGXFLYH
ERUURZLQJ HQYLURQPHQW $V D FRQVHTXHQFH VXFK D
FKDQJHLQ60(VZD\RI RSHUDWLQJFDQKDYHLPSRUWDQW
HIIHFWV IRU WKH ZKROH EDQNLQJ VHFWRU ,QGHHG WKHUH
LV D QHHG IRU D ODUJHU IRUPDO HFRQRP\ FKDUDFWHUL]HG
E\ D EXVLQHVVIULHQGO\ UHJXODWRU\ DQG LQVWLWXWLRQDO
HQYLURQPHQW LQFOXGLQJ D PRUH FRPSHWLWLYH EDQNLQJ
VHFWRU WKDW ZLOO SURYLGH FUHGLWV WR 60(V ZLWK OHVV
RQHURXVFROODWHUDOUHTXLUHPHQWVDQGZLWKORZHULQWHUHVW
UDWHV $ ODUJHU IRUPDO PDUNHW LQFOXGLQJ WKH PDMRULW\
RI 60(V ZRXOG DOVR DWWUDFW RWKHU ÀQDQFLDO VHUYLFH
SURYLGHUVWKDWZLOOFRQWULEXWHWRFUHGLWULVNPDQDJHPHQW
DQGÀQDQFLQJWKLVZLOOOHDGWRPRUHFRPSHWLWLRQLQWKH
ÀQDQFLDOVHFWRU
7KHOHQGLQJLQIUDVWUXFWXUHSOD\VDYHU\LPSRUWDQWUROH
LQWKHHIÀFLHQF\RI ,&7XVH,QGHHGWKHLQWURGXFWLRQ
RI LQWHUQDWLRQDOO\DFFHSWDEOHDFFRXQWLQJDQGSD\PHQW
performance information of a good standard are
IXQGDPHQWDOIRUFUHGLEOHÀQDQFLDOVWDWHPHQWVDQGDUH
D SUHFRQGLWLRQ IRU WKH IHDVLELOLW\ RI ORDQ FRQWUDFWV
$OVRWKHOHJDODQGLQVWLWXWLRQDOLQIUDVWUXFWXUHVWURQJO\
LQÁXHQFHVWKHDGRSWLRQRI ,&7QHFHVVDU\IRUEDFNLQJ
XS HÀQDQFH IRU 60(V &RPPHUFLDO FRGHV SURSHUW\
ULJKWV DQG EDQNUXSWF\ ODZV DIIHFW WKH GHJUHH RI FRQÀGHQFH LQ ÀQDQFLDO FRQWUDFWV 0RUHRYHU HYHQ WD[
DQG UHJXODWRU\ HQYLURQPHQWV FDQ DOWHU 60( FUHGLW
DYLODELOLW\LQDQHJDWLYHZD\,QVRPHFDVHVUHJXODWRU\
restrictions on the entry of foreign banks into the
domestic market and other restrictions on foreign
EDQNV·RSHUDWLRQVPD\QHJDWLYHO\DIIHFW60(V·DFFHVV
WRFUHGLW$VDFRQVHTXHQFHWKHDYDLODELOLW\RI FUHGLW
IRU 60(V GHSHQGV RQ WKH TXDOLW\ RI UHJXODWRU\ DQG
LQVWLWXWLRQDO HQYLURQPHQW LQ JHQHUDO DQG OHQGLQJ
LQVLWXWLRQVLQSDUWLFXODU
7KH VWUXFWXUH RI ÀQDQFLDO LQVWLWXWLRQV LPSDFWV RQ
60( OHQGLQJ DQG FDQ OHDG WR GLIIHUHQW WUHDWPHQW IRU
60(VRSHUDWLQJLQVLPLODUPDUNHWV/DUJHLQVWLWXWLRQV
FDQ UXQ HFRQRPLHV RI VFDOH DQG RIIHU FRPSHWLWLYH
LQWHUHVW UDWHV HYHQ WKRXJK WKH\ RIWHQ DQDO\VH ÀUPV
RQO\ IURP WKH ÀQDQFLDO UDWLRV SHUVSHFWLYH +RZHYHU
ODUJHLQVWLWXWLRQVFHUWDLQO\KDYHPRUHDJHQF\SUREOHPV
WKDQ VPDOOHU RQHV FKDUDFWHUL]HG E\ IHZHU LQWHUQDO
KLHUDUFKLFDO VHSDUDWLRQV $V D FRQVHTXHQFH WKH ODWWHU
FDQ PDQDJH VRIW LQIRUPDWLRQ PRUH HDVLO\ WKDQ ODUJHU
INFORMATION ECONOMY REPORT 2007-2008
230
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
LQVWLWXWLRQV,QGHYHORSLQJFRXQWULHVLWVHHPVFRQVLVWHQW
IRUIRUHLJQRZQHGLQVWLWXWLRQVWRKDYHPRUHSUREOHPV
WKDQ GRPHVWLF RQHV LQ PDQDJLQJ VRIW LQIRUPDWLRQ
1HYHUWKHOHVV D FRPELQDWLRQ RI EHWWHU WHFKQRORJ\
HDVLHUFDSLWDOPDUNHWDFFHVVJUHDWHUFDSDFLW\WRGLYHUVLI\
SRUWIROLRVDQGEHWWHUZRUNLQJVNLOOVFDQPDNHIRUHLJQ
RZQHGEDQNVPRUHHIÀFLHQW$OVR6WDWHRZQHGEDQNVLQ
GHYHORSLQJFRXQWULHVLQRUGHUWRVXFFHHGLQÀQDQFLQJ
60(V QHHG WR SD\ PRUH DWWHQWLRQ WR PRGHUQL]LQJ
WKHLUGHOLYHU\FKDQQHOVWKURXJKEHWWHUXVHRI ,&7V7KH
XVHRI YDULRXVPRGHUQ,&7LQWHQVLYHGHOLYHU\FKDQQHOV
DQG PRUH FRPSHWLWLRQ PLJKW DWWUDFW QHZ OHQGHUV LQ
WKH60(ÀQDQFHPDUNHWDQGUHVXOWLQEHWWHUDFFHVVIRU
60(VWRHEDQNLQJDQGRWKHUHÀQDQFHIDFLOLWLHV
4. Microfinance
0LFURÀQDQFH E\ GHÀQLWLRQ FRQVWLWXWHV FUHGLW DQG
RWKHU ÀQDQFLDO VHUYLFHV RI D ORZ PRQHWDU\ YDOXH
JLYHQ WR PLFURHQWHUSULVHV DQG KRXVHKROGV SULPDULO\
to encourage their productive activities as a means
RYHUFRPLQJ WKH SRYHUW\ WUDS ,Q DGGLWLRQ WKH DLP
RI PLFURÀQDQFHLQVWLWXWLRQV0),VLVWRUHDFKRXWWR
WKH SRRU ZKR KDYH EHHQ OHIW RXWVLGH WKH WUDGLWLRQDO
PDLQVWUHDP ÀQDQFLDO VHUYLFHV 7KLV LPSOLHV WKDW D
YHU\ KLJK YROXPH RI VPDOO WUDQVDFWLRQV LV D GHÀQLQJ
FKDUDFWHULVWLFRI 0),RSHUDWLRQV
$V LQ WKH FDVH RI 60(V WKH PDLQ UHDVRQV ZK\
FRPPHUFLDO EDQNV GR QRW UHJDUG WKH SRSXODWLRQ WKDW
PLFURÀQDQFH WDUJHWV DV ZRUWKZKLOH FXVWRPHUV LV
WKH IDFW WKDW VHUYLQJ WKLV SRSXODWLRQ LQYROYHV D KLJK
YROXPH RI ORZYDOXHG WUDQVDFWLRQV 7UDGLWLRQDOO\
KLJKWUDQVDFWLRQFRVWVDQGRWKHUPDUNHWIDLOXUHVZHUH
DEDUULHUWRVXSSO\LQJVPDOOVFDOHFUHGLWVHYHQWKRXJK
WKH LQWHUHVW UDWHV FKDUJHG FRXOG EH UHODWLYHO\ KLJK
+RZHYHU WKH FRVW RI IRUPDO PLFURÀQDQFH FUHGLWV
DUHVWLOOQRUPDOO\PXFKORZHUWKDQWKHXVXULRXVWHUPV
FKDUJHGE\LQIRUPDOFUHGLWRUVHVSHFLDOO\LQUXUDODUHDV
VHH FKDUW ,Q IDFW WKH PDLQ WDUJHW SRSXODWLRQV
IRU PLFURÀQDQFH DUH SHDVDQWV DQG WDSSLQJ LQWR WKDW
PDUNHWLVDVWUDWHJLFJRDOIRUPLFURÀQDQFH)HUUR/X]]L
DQG:HEHU
2QH RI WKH UHDVRQV IRU WKH FRVW RI PLFURÀQDQFH
WKDW LV DFFHSWDEOH WR ERUURZHUV LV WKH IDFW WKDW PDQ\
0),V UHFHLYH IXQGV IURP 1*2V RU GRQRU DJHQFLHV
+RZHYHUWKDWLVVWDUWLQJWRFKDQJH:KLOHPDQ\DUH
VWLOO GRQRU RU SXEOLFLQYHVWRUGHSHQGHQW RWKHUV DUH
EHFRPLQJ PRUH PDUNHWRULHQWHG SURÀWDEOH DQG LW LV
WREHKRSHGVXVWDLQDEOH7KHSUROLIHUDWLRQRI YDULRXV
W\SHV RI 0),V LV EULQJLQJ DERXW D UDSLG LQFUHDVH LQ
WKHLUQXPEHUVLQGHYHORSLQJFRXQWULHV,QGHHGDVFKDUW
VKRZVVXFKHDUO\DGRSWHUVRI 0),DV%DQJODGHVK
DQGRWKHUFRXQWULHVLQ6RXWKDQG6RXWK(DVW$VLDDUH
OHDGLQJLQWHUPVRI SHQHWUDWLRQ
2QHRI WKHNH\IDFWRUVGLVWLQJXLVKLQJWRSOHYHO0),V
IURPWKHLUSHHUVLVWKHDGRSWLRQRI WHFKQRORJ\,QIDFW
VRPH0),VDUHEHFRPLQJTXLWHVRSKLVWLFDWHGLQWKHLU
XVHRI ,&7V,YDWXU\ 7KHREYLRXVEHQHÀWWKDW
WKH0), LQGXVWU\GHULYHVIURP ,&7V LV WKHUHGXFWLRQ
LQ FRVWV WHUPV RI WKH 0),V· EDFNRIÀFH RSHUDWLRQV
Box 5.3
Using ICTs in some key SME financing channels
(WUDGHÀQDQFHEDVHGRQÀQDQFLDOVWDWHPHQWVDQGSD\PHQWVUHFRUG6RPHVSHFLDOL]HG¿QDQFLDOVHUYLFHSURYLGHUVSURYLGHVKRUWWHUP
ZRUNLQJFDSLWDODQGWUDGH¿QDQFHRQWKHEDVLVRIFRPELQLQJG\QDPLFDQDO\VLVRIDJLYHQ60(ERUURZHU¶VFDVKÀRZZLWKLWV¿QDQFLDOVWDWHPHQWV
DQGUDWLRV$V60(UHFHLYDEOHVDUHWKHSULPDU\VRXUFHRIUHSD\PHQWREWDLQLQJRQOLQHLQIRUPDWLRQRQWKHERUURZHU¶VÀRZVRIUHFHLYDEOHVDQG
SD\DEOHVPDNHVLWSRVVLEOHWRHQVXUHWKDWWKHUHDUHQRDEQRUPDOÀXFWXDWLRQVWKUHDWHQLQJGHEWUHSD\PHQW,WDOVRPDNHVLWSRVVLEOHWRVHQG
HDUO\ZDUQLQJVLJQDOVWRWKHERUURZHULQVXFKFDVHV0RYLQJDOOWKDWLQIRUPDWLRQRQOLQHDQGXVLQJPRGHOVWRWUDFHDEQRUPDOLWLHVLQFDVKÀRZ
SHUPLWEDQNVWRDXWRPDWHWKHSURFHVVDQGWRFRQWLQXH¿QDQFLQJWKHVXFFHVVIXO60(V
(FUHGLWLQIRUPDWLRQDQG60(FUHGLWVFRULQJ7RREWDLQIXUWKHU¿QDQFLQJLWLVLQWKHLQWHUHVWRI60(VWRSURYLGHLQIRUPDWLRQHQDEOLQJFUHGLW
histories to be compiled and thus showing their capacity to repay loans on time. E-credit information also includes information-gathering from
independent sources. As a result SMEs receive credit scoring or rating based on credit history databases and on that basis obtain better
access to credit.
(FUHGLWLQVXUDQFHDQGHIDFWRULQJ7KHVHDUHWKHFKDQQHOVDGDSWHGWR60(V¶QHHGVSURWHFWLQJVXSSOLHUV¶UHFHLYDEOHVDQGPDNLQJLW
possible to provide supplier credit to buyers. To provide credit protection through credit insurance or to discount accounts receivables,
VHUYLFHSURYLGHUVQHHGWRKDYHODUJHFUHGLWULVNGDWDEDVHVFRPSRVHGPDLQO\RI60(VDQGDNQRZOHGJHRIEX\HU¶VFRXQWU\SROLWLFDOULVN$OO
those information and transaction tools are currently available online.
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
DQG RI GHOLYHULQJ WKHLU VHUYLFHV ZKLFK VKRXOG PHDQ
ORZHU IHHV IRU 0),·V FXVWRPHUV +RZHYHU WKHUH DUH
DGGLWLRQDO EHQHÀWV GHULYHG IURP WKH LQWURGXFWLRQ RI ,&7VVXFKDVHDVLHUWUDFNLQJRI ORDQVDQGUHSD\PHQWV
VWDQGDUGL]HGSURFHVVHVDQGEHWWHUÁRZVRI LQIRUPDWLRQ
LQRUJDQL]DWLRQVDQGPRUHWUDQVSDUHQF\$OVR0),V
PD\ EH DEOH WR RIIHU DGGLWLRQDO IHDWXUHV DQG VHUYLFHV
WKDWZRXOGQRWKDYHEHHQSRVVLEOHZLWKRXWWKHDGRSWLRQ
RI ,&7V
231
Chart 5.4
Average annual interest rates
:LWK UHJDUG WR FOLHQWV ,&7V FDQ EH XVHG WR H[SDQG
WKH UDQJH RI SURGXFWV DQG VHUYLFHV RIIHUHG E\ 0),V
WRWKHLUFOLHQWV7KHPDLQWHFKQRORJLHVWKDWKDYHEHHQ
LGHQWLÀHGDUH$70VSRLQWRIVDOH326GHYLFHVDQG
PRELOHSKRQHV
7KHUH DUH GLIIHUHQW W\SHV RI $70V WKH\ UDQJH IURP
WKRVHWKDWGLVSHQVHRQO\FDVKWRWKRVHWKDWRIIHUDIXOO
range of services, such as accepting deposits and trans-IHUULQJPRQH\WRGLIIHUHQWDFFRXQWV$70QHWZRUNV
DUH JHQHUDOO\ TXLWH H[SHQVLYH WR RZQ DQG RSHUDWH DOWKRXJK FRVWV DUH IDOOLQJ WKDQNV WR LPSURYHPHQWV LQ
WHFKQRORJ\ ZKLFK PD\ QR ORQJHU EH DV SURKLELWLYHO\
H[SHQVLYHDVEHIRUH%DXU$Q$70QHWZRUN
DOORZVFXVWRPHUVWRFRQGXFWWUDQVDFWLRQVDWWKHLURZQ
convenience, and provides banks with a cheaper way of
KDQGOLQJDKLJKYROXPHRI WUDQVDFWLRQV
$326QHWZRUNLQYROYHVGHYLFHVLQVWDOOHGLQVWRUHVDQG
RWKHU DSSURSULDWH RXWOHWV ZKLFK HQDEOH FXVWRPHUV WR
PDNHWKHLUSD\PHQWVDQGWUDQVDFWLRQVXVLQJWKHLUFDUGV
7KHVH FDUGV FDQ EH RI WKH WUDGLWLRQDO PDJQHWLFVWULS
variety, or the more advanced, and more expensive,
“smart cards” with an embedded chip, which can
FRQWDLQGHWDLOHGWUDQVDFWLRQUHFRUGVDQGSHUVRQDOGDWD
WR HQKDQFH VHFXULW\ DQG IDFLOLWDWH WUDQVDFWLRQV &DUGV
FDQDOVRVWRUHYDOXHRQDSUHSDLGEDVLVDQGEHXVHGDV
DPHDQVRI SD\PHQW&UDFNQHOO326GHYLFHV
WHQGWREHFKHDSHUWKDQ$70VDQGWKHRXWUHDFKRI D
QHWZRUNRI 326GHYLFHVLQVWDOOHGLQVPDOOVWRUHVDQG
shops can be greater than the outreach that can be
DFKLHYHGWKURXJKDQ$70QHWZRUN$VLQWKHFDVHRI $70V VXFK D QHWZRUN DOORZV WKH0),V WR SURFHVVD
ODUJHYROXPHRI WUDQVDFWLRQVPRUHFRVWHIIHFWLYHO\WKDQ
RYHUWKHFRXQWHURSHUDWLRQV+RZHYHUD326QHWZRUN
WHQGVWREHOLPLWHGUHJDUGLQJWKHW\SHRI WUDQVDFWLRQV
WKDW FDQ EH KDQGOHG DQG WKHUH DUH RSHUDWLRQDO DQG
HYHQ UHJXODWRU\ FRPSOH[LWLHV WKDW DULVH IURP WKH IDFW
WKDWUHWDLORXWOHWVDUHLQHIIHFWDFWLQJDVDJHQWVIRUWKH
0),V
/DVWO\PRELOHEDQNLQJLVDQHVSHFLDOO\DWWUDFWLYHFKDQQHO
LQ FRXQWULHV ZKHUH D À[HGOLQH QHWZRUN LV QRW ZHOO
HVWDEOLVKHG,QPXFKRI WKHGHYHORSLQJZRUOGPRELOH
Sources: &*$3&R\OH
Chart 5.5
MFI penetration rates
Sources: 'DOH\+DUULVHWDO&ODHVVHQVDQG)HLMHQ
WHOHSKRQ\KDVRYHUWDNHQODQGOLQHVLQWHUPVRI DFFHVV
YROXPHRI FDOOVDQGHYHQDIIRUGDELOLW\DQGUHOLDELOLW\
3HRSOH WKDW RZQ PRELOH SKRQHV EXW ZKR KDYH QHYHU
KDGDEDQNDFFRXQWDUHQRZDZLGHVSUHDGSKHQRPHQRQ
6RPH0),VKDYHWDSSHGLQWRWKLVRSSRUWXQLW\VRDVWR
RIIHUPLFURFUHGLWORDQVDQGRWKHUÀQDQFLDOVHUYLFHVYLD
PHQXGULYHQV\VWHPVRUYLD606WH[WPHVVDJLQJ7KH
DGYDQWDJHV RI WKHVH FKDQQHOV LQFOXGH VLPSOLFLW\ DQG
XVHUIULHQGOLQHVVDQGWKHIDFWWKDWWKHLQIUDVWUXFWXUHLV
LQPDQ\FDVHVDOUHDG\LQSODFH&UDFNQHOO
INFORMATION ECONOMY REPORT 2007-2008
232
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
$SDUW IURP ORZHULQJ WUDQVDFWLRQ FRVWV WKH SULPDU\
DGGLWLRQDO EHQHÀWV RI KDYLQJ WKHVH QHZ FKDQQHOV RI GHOLYHU\DUHWKHLQFUHDVHLQWKHYROXPHRI WUDQVDFWLRQV
E\LQFUHDVLQJWKHLUDFFHVVLELOLW\DQGH[SDQGLQJRXWUHDFK
HVSHFLDOO\ WR PRUH UHPRWH SODFHV DQG E\ H[WHQVLRQ
WKHLQFUHDVHLQWKHFRQYHQLHQFHIRUFXVWRPHUV
$VLQHEDQNLQJLQJHQHUDODQXPEHURI IDFWRUVKDYH
EHHQ LGHQWLÀHG WKDW GHWHUPLQH WKH YDOXH DWWDFKHG E\
FXVWRPHUV WR PRYLQJ DZD\ IURP FDVK WR HOHFWURQLF
VROXWLRQV LQ PLFURÀQDQFH 7KH DGGLWLRQDO IHDWXUHV
RIIHUHG E\ WKH QHZ WHFKQRORJ\ WR FXVWRPHUV LQFOXGH
DFFHSWDELOLW\DFFHVVLELOLW\DIIRUGDELOLW\DQGHDVHRI XVH
&UDFNQHOO 6WHPPLQJ IURP WKHVH IHDWXUHV WKH
NH\ GULYHUV LQ GHWHUPLQLQJ WKH VXFFHVV RU IDLOXUH RI FOLHQWDGRSWLRQRI DQHZWHFKQRORJ\ZLWKLQWKHFRQWH[W
RI PLFURÀQDQFHDUHLWVSHUFHLYHGLQFUHDVHLQYDOXHWKH
OHYHORI HGXFDWLRQDQGWUDLQLQJRI WKHFXVWRPHUVDQG
WKXV WKHLU FRPIRUW OHYHO LQ XVLQJ WKLV WHFKQRORJ\ LWV
XVDELOLW\WKHFXOWXUDOÀWRI WKHWHFKQRORJ\ZLWKLQWKH
FRPPXQLW\DQGZKHWKHURUQRWFOLHQWVKDYHVXIÀFLHQW
WUXVWLQWKHQHZWHFKQRORJ\,YDWXU\
7RUHDFKJUHDWHUOHYHOVRI HIÀFLHQF\LQRUJDQL]DWLRQV
,&7V VKRXOG EH LQWHJUDWHG LQWR WKH PDQDJHPHQW
LQIRUPDWLRQ V\VWHP 0,6 WR PDNH LW SRVVLEOH WR
DXWRPDWHWKHÁRZRI LQIRUPDWLRQDQGWKXVHQVXUHWKH
smooth running of agreed procedures and networking
EHWZHHQ HPSOR\HHV $OWKRXJK WKLV LV WHFKQLFDOO\
LQFRUUHFW WKH 0,6 RI D EDQN RU ÀQDQFLDO LQVWLWXWLRQ
LVWUHDWHGOLNHLWVEDFNRIÀFHRSHUDWLRQV)RUDQ0),
WKHUH DUH WKUHH NH\ DUHDV RI DQ 0,6 WKH DFFRXQWLQJ
system, the credit and savings-monitoring system, and
WKHFOLHQWLPSDFWGDWDJDWKHULQJV\VWHP
Existing software packages for the accounting system
DUH DEXQGDQW DQG HDVLO\ IRXQG 7KH\ GLIIHU ZLGHO\
GHSHQGLQJ RQ WKH VSHFLÀF QHHGV DV ZHOO DV OHJDO
UHTXLUHPHQWV RI WKH 0), DQG WKH FRXQWU\ LQ ZKLFK
LW RSHUDWHV 7KH GHFLVLRQ RQ D FUHGLW DQG VDYLQJV
PRQLWRULQJV\VWHPKRZHYHULVRIWHQPRUHFRPSOLFDWHG
7KHUH DUH QR UHDO VWDQGDUGV RU JXLGHOLQHV 7KLV LV
EHFDXVHDZHOOWKRXJKWRXWV\VWHPVKRXOGÀWWKHQHHGV
DQGRSHUDWLRQVRI WKH0),XVLQJLW0),VGLIIHUIURP
RQH WR DQRWKHU DQG KHQFH WKHUH LV QR RIIWKHVKHOI VRIWZDUH WKDW FDQ DGGUHVV WKH UHTXLUHPHQWV RI HYHU\
0),7KH\DUHDWWKHVDPHWLPHOHVVFRPSOH[LQWHUPV
RI RSHUDWLRQVWKDQFRPPHUFLDOEDQNV$KPDG
7KHVRIWZDUHVKRXOGIDFLOLWDWHWUDQVIHURI GDWDWRDQG
UHFRQFLOLDWLRQZLWKWKHDFFRXQWLQJV\VWHP,QWHJUDWHG
V\VWHPV GR SUHFLVHO\ WKDW EXW WKH\ DUH XVXDOO\ TXLWH
H[SHQVLYHHVSHFLDOO\LI DKLJKOHYHORI FXVWRPL]DWLRQLV
UHTXLUHG7KHWKLUGV\VWHPIRUFOLHQWLPSDFWLVXVXDOO\
GHVLJQHGLQIRUPDOO\LI DWDOO&*$3
,QRUGHUWRPD[LPL]HWKHEHQHÀWRI FRVWHIÀFLHQF\DQG
IRUWKHWHFKQRORJLHVWREHVXVWDLQDEOHWKHUHQHHGVWREH
DVXIÀFLHQWO\ODUJHYROXPHRI SDUWLFLSDQWV7KLVFDOOV
IRU D VKDUHG LQIUDVWUXFWXUH DPRQJ 0),V +RZHYHU
H[SHULHQFH KDV VKRZQ WKDW VRPHWLPHV 0),V UHVLVW
cooperation for fear that their competitive advantage
ZLOOEHORVW)LUSR
7KHUH DUH EHQHÀWV LQ DGGLWLRQ WR LQFUHDVHG HIÀFLHQF\
DQG ORZHU RSHUDWLQJ FRVWV WKDW 0),V FDQ UHDS IURP
WHFKQRORJ\ ² IRU H[DPSOH PRUH LQIRUPHG GHFLVLRQ
PDNLQJ LQFUHDVHG ÁH[LELOLW\ DQG EHWWHU WUDQVSDUHQF\
DQG UHSRUWLQJ WKH ODWWHU EHLQJ HVSHFLDOO\ LPSRUWDQW
IRU0),VWKDWDUHGHSHQGHQWRQGRQRUIXQGV&*$3
*HQHUDOO\ 0,6 FDQ EH FDWHJRUL]HG LQWR WKUHH W\SHV
PDQXDO V\VWHPV WKDW DUH VWLOO LQ EHLQJ XVHG E\ YHU\
VPDOO RUJDQL]DWLRQV VHPLDXWRPDWHG V\VWHPV ZKLFK
GR QRW FRPSOHWHO\ VDWLVI\ RUJDQL]DWLRQV· LQIRUPDWLRQ
UHTXLUHPHQWV DQG IXOO\ DXWRPDWHG V\VWHPV 0RVW
0),VDUHLQDVHPLDXWRPDWHGPRGH1RPDWWHUZKDW
WKHOHYHORI DXWRPDWLRQLVIRUDQ0,6WREHHIIHFWLYHLW
PXVWEHFRVWHIIHFWLYHDQGIXOÀOEXVLQHVVUHTXLUHPHQWV
ZKLOHEHLQJÁH[LEOHUHJDUGLQJIXWXUHFKDQJHVUHOLDEOH
VLPSOHWRXVHVFDODEOHWRDFFRPPRGDWHWKHJURZWKRI the business, and integrated amongst the branches of
WKHEXVLQHVVWRSURGXFHDVLQJOHFRQVROLGDWHGSLFWXUH
$KPDG
%HFDXVH PDQ\ 0),V KDYH EUDQFK RIÀFHV DV SDUW RI WKHLU PDQGDWH WR UHDFK RXW WR JHRJUDSKLFDOO\ UHPRWH
DUHDVWKHLVVXHRI QHWZRUNLQJQHHGVWREHDGGUHVVHG
7KH :RUOG %DQN VXJJHVWV WKDW HDFK EUDQFK VKRXOG
DW WKH YHU\ OHDVW KDYH LWV RZQ 0,6 DQG GDWDEDVH ,I UHVRXUFHVDOORZWKH0),VKRXOGFRQVLGHUQHWZRUNLQJDOO
EUDQFKHVWRJHWKHUZKLFKZRXOGDOORZUHDOWLPHDFFHVV
WRXSWRGDWHLQIRUPDWLRQZKLFKLQWXUQZRXOGJUHDWO\
LPSURYH LQIRUPDWLRQ HIÀFLHQF\ +RZHYHU VHWWLQJ XS
DQGPDLQWDLQLQJDQHWZRUNFDQEHTXLWHFRVWO\DGGLQJ
DQRWKHUOHYHORI FRPSOH[LW\WRLWVGD\WRGD\RSHUDWLRQ
0RUHRYHU PDQ\ RI WKH EUDQFKHV LQ WKH UXUDO DUHDV
RI WKH GHYHORSLQJ ZRUOG DUH FRQVWUDLQHG E\ WKH OHYHO
RI UHOLDEOH FRPPXQLFDWLRQ LQIUDVWUXFWXUH DYDLODEOH
DQGHVWDEOLVKLQJDQHWZRUNPD\QRWEHIHDVLEOHDWDOO
)XUWKHUPRUHLQORFDWLRQVZLWKKDUVKHQYLURQPHQWVWKH
QHHGWRVXSSRUWDQGPDLQWDLQKDUGZDUHHTXLSPHQWLQ
WKHEUDQFKHVPD\HYHQRXWZHLJKDQ\EHQHÀWVSURYLGHG
E\WKHWHFKQRORJ\*DJQRQ
7KHUHFXUULQJOHVVRQIURPWKHH[SHULHQFHLQWKHÀHOG
KDVEHHQWKDW,&7VDUHQRWDÀ[DOOVROXWLRQ$FDUHIXO
DQDO\VLVRI DQ0),V·RSHUDWLRQVDQGLWVH[DFW,&7QHHGV
VKRXOGEHFRQGXFWHGEHIRUHDQLQYHVWPHQWGHFLVLRQRQ
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
WKHLPSOHPHQWDWLRQRI DQHZV\VWHPEHLWRQWKHFOLHQW
GHOLYHU\VLGHRULQWKHEDFNRIÀFH6RIDUHYHQDPRQJ
OHDGLQJ0),VXVLQJWHFKQRORJ\SURGXFWLYHO\LVVWLOODQ
H[FHSWLRQUDWKHUWKDQWKHUXOH,YDWXU\7KHUHIRUH
ZKLOHLWLVUHFRJQL]HGWKDWPRVW0),VGRHYHQWXDOO\QHHG
DQ0,6V\VWHPLWPD\QRWDOZD\VEHDEXQGDQWO\FOHDU
WRGHFLVLRQPDNHUVWKDWVXFKDQLQYHVWPHQWLVQHHGHG
$EDODQFHQHHGVWREHVRXJKWEHWZHHQVROXWLRQVWKDW
are appropriate and those that are state-of-the-art but
DUHRI OLPLWHGSUDFWLFDOXVHEHFDXVHRI FRQVWUDLQWVLQ
WKHORFDOFRQWH[W6XFKFRQVWUDLQWVFRXOGEHDQ\WKLQJ
IURPDQLQDGHTXDWHWHOHFRPPXQLFDWLRQVLQIUDVWUXFWXUH
WRWKHSUHYDOHQFHRI LOOLWHUDF\7HFKQRORJLHVQHHGWREH
QRWRQO\LQQRYDWLYHEXWDOVRDSSURSULDWHDQGGHVLJQHG
WRVFDOH)LUSR
6LQFHLQJHQHUDOWKHFRVWDVVRFLDWHGZLWKEXLOGLQJWKH
LQIUDVWUXFWXUHIRUWKHQHZWHFKQRORJ\LVWRRKLJKIRU
0),VWREHDURQWKHLURZQH[WHUQDOIXQGLQJVRXUFHV
DUH RIWHQ QHHGHG )LUSR 7KH PDQDJHPHQW
RI WKH 0), DQG WKH GRQRU RUJDQL]DWLRQ RU RXWVLGH
LQYHVWRUQHHGWRDVNTXHVWLRQVDERXWWKHSURSHUÀWRI DQ\SURSRVHGDGRSWLRQRI WHFKQRORJ\ZLWKWKHVWUDWHJ\
DQG VWUXFWXUH RI WKH LQVWLWXWLRQ DV ZHOO DV FDUHIXOO\
weighing the monetary cost and the ongoing resource
UHTXLUHPHQWVQHHGHGWRPDLQWDLQWKHV\VWHP$VSDUW
of that process, Ivatury makes four recommendations
DERXWKRZWRRYHUFRPHWKHFRPPRQFKDOOHQJHVWKDW
DQ 0), IDFHV LQ WDFNOLQJ WHFKQRORJ\ SURMHFWV )LUVW
PDQXDOSURFHVVHVVKRXOGEHLPSURYHGDQGVWUHDPOLQHG
second, the decision makers need to ask the right
TXHVWLRQVWKLUGLQGHSHQGHQWH[SHUWDGYLFHVKRXOGDOVR
EHVRXJKWIRXUWKWKHUHVKRXOGEHSODQVWRWUDLQVWDII RQDQRQJRLQJEDVLV
233
RI HEDQNLQJ7KH8QLWHG6WDWHV)HGHUDO5HVHUYHLVDQ
LPSRUWDQWH[DPSOHDVLWRSHUDWHVDQ$&+DQG)HGZLUH
It has introduced FedLine for the web and other
HOHFWURQLF SURGXFWV %ODNHOH\ DQG 0DWVXXUD 5HJXODWLRQLVHVSHFLDOO\LPSRUWDQWQRZVLQFHHEDQNLQJ
PD\EHVXEMHFWWRVHFXULW\EUHDFKHVWKDWFDQXQGHUPLQH
FRQÀGHQFHDQGWKXVWKHVWDELOLW\RI WKHEDQNLQJVHFWRU
,QWHUPVRI UHJXODWLRQVWKH%DVHO&RPPLWWHH KDVODLG
GRZQ JXLGHOLQHV ZKLFK WKH &%V KDYH HODERUDWHG RQ
%HUQDQNH )RU H[DPSOH WKH )HGHUDO )LQDQFLDO
,QVWLWXWLRQV([DPLQDWLRQ&RXQFLOLQWKH8QLWHG6WDWHV
KDVGHYHORSHGWKHPLQPRUHGHWDLODQGWKH6LQJDSRUH
0RQHWDU\$XWKRULW\KDVGHYHORSHGLWVSROLF\VWDWHPHQW
RQ ,QWHUQHW EDQNLQJ %XW PRUH OHJLVODWLRQ LV QHHGHG
LQFOXGLQJ RQ VXFK HVVHQWLDO HOHPHQWV DV HOHFWURQLF
VLJQDWXUHV PDNLQJ WKHP OHJDOO\ ELQGLQJ PRQH\
ODXQGHULQJDQGRWKHUV)),(&
E. Regulatory issues related to
e-banking and e-payments
7KHUHDUHVHYHUDOWRROVWKDWUHJXODWRUVFDQXVH7KHVH
LQFOXGH H[LVWLQJ UHJXODWLRQV DQG ODZV DGDSWHG WR WKH
UHTXLUHPHQWV RI DERYHPHQWLRQHG &RPPLWWHHV DQG
PDNLQJ VXUH WKDW EDQNV KDYH DGHTXDWH IDFLOLWLHV IRU
WUDLQLQJVWDII LQQHZWHFKQRORJLHV7KHOHJDOGHÀQLWLRQ
and recognition of new methods of conducting
WUDQVDFWLRQV DQG WKH LQWHUQDWLRQDO KDUPRQL]DWLRQ RI UHJXODWLRQVDUHLPSRUWDQWIRUSUHYHQWLQJD´UDFHWRWKH
ERWWRPµDQGDOVRSURSHUO\GHÀQLQJWKHUROHVRI KRVW
DQGKRPHFRXQWU\MXULVGLFWLRQVDVUHJDUGVLQWHUQDWLRQDO
EDQNV DQG FURVVERUGHU FXVWRPHUV 1VRXOL DQG
6FKDHFKWHU0X,WLVLPSRUWDQWWKDWQHZ
ULVNVDQGFKDOOHQJHVEHLQWHJUDWHGLQWRWKHHYDOXDWLRQ
FULWHULDIRUEDQNV,URQLFDOO\UHJXODWLRQLVPRVWQHHGHG
ZKHUH LW LV KDUGHVW WR LPSOHPHQW DV (]HRKD H[SODLQVLQWKHFDVHRI 1LJHULDZKHUHWKHUHLVDQHHG
WR SURWHFW DQ HPHUJLQJ EDQNLQJ LQGXVWU\ DQG DOVR
WKH FRXQWU\·V LQWHUQDWLRQDO UHSXWDWLRQ E\ DGGUHVVLQJ
´,QWHUQHWIUDXGµDQGGHHSHUSUREOHPVLQWKHSROLWLFR
HFRQRPLFV\VWHP
(EDQNLQJ DQG HSD\PHQWV DUH LQFUHDVLQJO\ EHLQJ
VFUXWLQL]HG ZRUOGZLGH E\ UHJXODWRUV WKDW DUH WU\LQJ
WR HQVXUH ÀQDQFLDO VWDELOLW\ ZLWKRXW LPSHGLQJ
WHFKQRORJLFDO LQQRYDWLRQ HVSHFLDOO\ LQ WKH EDQNLQJ
LQGXVWU\7KHPDLQ&%VDUHFRRUGLQDWLQJWKHLUHIIRUWV
LQ WKLV ÀHOG ZLWK VXSSRUW RI %,6 WKURXJK WKH %DVHO
&RPPLWWHH RQ %DQNLQJ 6XSHUYLVLRQ WKH ODWWHU GHDOV
ZLWK ,7UHODWHG RSHUDWLRQDO ULVNV WKH &RPPLWWHH RQ
3D\PHQW DQG 6HWWOHPHQW 6\VWHPV DQG RWKHU IRUXPV
&RQVHQVXVDFKLHYHGKHUHLVQRWELQGLQJIRUGHYHORSLQJ
DQGWUDQVLWLRQHFRQRPLHV·&%VEXWWKHODWWHUQRUPDOO\
consider above frameworks as those generating best
SUDFWLFHVDQGQRUPDOO\IROORZWKHLUUHFRPPHQGDWLRQV
7KH&%·VKDYHDGXDOUROHDVIDFLOLWDWRUDQGUHJXODWRU
+RZHYHU HYHQ RQFH ODZV DUH LQ SODFH FDUHIXO
LPSOHPHQWDWLRQ LV QHHGHG ,Q 6RXWK $IULFD EDQNV
KDYH EHHQ DFFXVHG RI XQMXVWLÀDEO\ UHTXHVWLQJ RQOLQH
customers in cases of identity theft to sign away their
ULJKWV WR PRQH\ WKDW PLJKW EH HYHQWXDOO\ UHWXUQHG
$OVR WKH VWDQGDUGV RI EDQNV· VHFXULW\ WUDLQLQJ DQG
DGYLFHRQWKHLUZHEVLWHVDUHVWLOOUHODWLYHO\ORZ&OD\WRQ
$QRWKHUUHJXODWLRQUHODWHGLVVXHLVWKHQHHGIRU
D FRPSUHKHQVLYH V\VWHP )RU H[DPSOH LQ ,QGLD WKH
GDWDSURWHFWLRQODZHPSKDVL]HVWKDWKDFNHUVVKRXOGEH
SXQLVKHG+RZHYHUÀUPVDUHXQGHUQRREOLJDWLRQWR
SUHYHQWWKHPIURPEHLQJDEOHWRKDFNLQWRWKHV\VWHPV
LQWKHÀUVWSODFH7KXVWKHODZGRHVQRWUHDOO\VHUYHWKH
FRQVXPHUV·LQWHUHVW*XSWD+HUHDOVROHJLVODWLRQ
prevents anyone other than a security guard and the
INFORMATION ECONOMY REPORT 2007-2008
234
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
FXVWRPHU IURP EHLQJ SUHVHQW DW DQ $70 DQG WKXV
QHZFXVWRPHUVFDQQRWEHWDXJKWWRXVH$70V,QVSLWH
RI PDMRU DGYDQFHV LQ ÀQDQFLDO VHFWRU OLEHUDOL]DWLRQ
,QGLDQEDQNVZHUHQRWDOORZHGWRFRPSHWHZLWKUXUDO
UHJLRQDOEDQNVDQGKHQFHH[SDQGDQHWZRUNRI $70V
WRRSWLPL]HWKHLUYDOXH&UDFNQHOO
,Q 6RXWK $IULFD VHFXULW\ LV VWLOO D PDMRU SUREOHP
HVSHFLDOO\ VLQFH RUJDQL]HG FULPH JURXSV KDYH
GHYHORSHG VRIWZDUH WR VWHDO SDVVZRUGV DQG LGHQWLWLHV
0H\HU 7KH ODZ LV XQFHUWDLQ ERWK LQ LWV
WHUPLQRORJ\ DQG ZKHWKHU RU QRW LW DSSOLHV WR RQOLQH
EDQNLQJ6RXWK$IULFDQEDQNVKDYHH[SHULPHQWHGZLWK
VHYHUDOPHDVXUHV1HGEDQNKDVDQ606DXWKRUL]DWLRQ
system whereby a payment needs to be secured by the
FXVWRPHU·VSURYLGLQJDXQLTXHUHIHUHQFHQXPEHUVHQW
WRKLVRUKHUPRELOHSKRQHEHIRUHLWFDQEHFRPSOHWHG
7KLVLVPRELOHSKRQHEDVHGDQGKHQFHDYRLGVYLUXVHV
DQGGDWDPLQHUVRQWKHFXVWRPHU·VFRPSXWHU6WDQGDUG
%DQNWKHVHFRQGODUJHVWEDQNE\PDUNHWVKDUH6LQJK
DQG 0DOKRWUD KDV DOVR GHYHORSHG D VLPLODU
V\VWHPZKHUHE\SDVVZRUGVDUHVXSSOLHGWRSKRQHVDQG
QRWYLDDFRPSXWHU5RPEHO
,QUHODWLRQWRVHOIUHJXODWLRQWKH:RUOG%DQNKDVPDGH
D QXPEHU RI SROLF\ UHFRPPHQGDWLRQV IRU HEDQNLQJ
7KHVH LQFOXGH HVWDEOLVKLQJ D FRPSUHKHQVLYH VHFXULW\
FRQWURO SURFHVV FHQWUDOL]LQJ EDFN RIÀFH RSHUDWLRQV
GHYHORSLQJ DQ DXWRPDWHG FUHGLW DXWKRUL]DWLRQ V\VWHP
E\ GHYHORSLQJ DQ DSSURSULDWH FUHGLW VFRULQJ V\VWHP
FRPSUHKHQVLYH RYHUVLJKW RI RXWVRXUFLQJ SDUWQHUV
DQG SURSHU LQFOXVLRQ RI HEDQNLQJ ULVNV LQ WKH
RYHUDOO ULVN DVVHVVPHQW $XWKRULWLHV VKRXOG SURYLGH
RYHUVLJKWRI VHFXULW\FRQWUROVDQGRI RXWVRXUFLQJDQG
partnership arrangements, provide the infrastructure
DQG KXPDQ FDSDFLW\ IRU WHFKQRORJ\ DGRSWLRQ DQG
FUHDWH DSSURSULDWH UHJXODWRU\ IUDPHZRUNV %\ GRLQJ
WKDW WKH\ VWUHQJWKHQ WKH SD\PHQWV DQG VHWWOHPHQW
V\VWHPV DV ZHOO DV LPSURYH WUDQVDFWLRQUHSRUWLQJ
VHUYLFHV $OVR WKH\ VKRXOG XVH QHZ WHFKQRORJ\ WR
EHWWHU GLVVHPLQDWH LQIRUPDWLRQ HVSHFLDOO\ UHODWLQJ WR
FUHGLW DQG WR HVWDEOLVK VHW XS UHJLVWHUV IRU FROODWHUDO
5HJXODWLRQE\WKHSXEOLFVHFWRULVQHHGHGWKH\DUJXH
LQRUGHUWRRUJDQL]HVHFXULW\SURFHGXUHVDQGVWDQGDUGV
IRUHOHFWURQLFVLJQDWXUHV0X
$VUHJDUGVDWWKH´ELJJHUSLFWXUHµWKHUROHRI &%VKDV
DOVR FKDQJHG ZLWK WHFKQRORJ\ 4XDGHQ 7KH\
QHHGWRDGDSWPRQHWDU\SROLF\VHWWLQJUXOHVUHODWHGWR
WKH XVH RI QHZ WHFKQRORJLHV 6LQFH HEDQNLQJ PDNHV
transactions cheaper and easier, users of money do
QRWKDYHWRKROGFDVKEDODQFHVIRUDVORQJDQGLQFXU
WKHORVVHVRI GRLQJVR7KHUHLVDOVRLQFUHDVHGDFFHVV
WRLQWHUHVWEHDULQJDVVHWVYLDWKH,QWHUQHWHVSHFLDOO\WR
KRXVHKROGVDQG60(VDQGWKXVWKHUHLVPRUHLQFHQWLYH
QRW WR KROG FDVK EDODQFHV 7KLV PHDQV WKDW PRQH\
demand is more sensitive to interest rate changes
)XOOHQNDPSDQG1VRXOL7KHUROHRI WKH&%VLV
WRHQVXUHWRJHWKHUZLWKPRQHWDU\VWDELOLW\WKHVWDELOLW\
RI WKHEDQNLQJVHFWRU7KLVPHDQVWKH\PXVWDGDSWWR
WKH FKDQJHV LQ EDQNLQJ WHFKQRORJLHV DQG WHFKQLTXHV
7KDW LQFOXGHV GHYHORSLQJ VHFXUH DQG WHFKQRORJLFDOO\
DGYDQFHG SD\PHQWV DQG VHWWOHPHQW SURFHGXUHV
HVSHFLDOO\FURVVERUGHURQHV%URDGHQLQJWKHVFRSHRI &%UHVHDUFKEH\RQGWKHHIIHFWRI WKHLUSROLF\RQWKHUHDO
HFRQRP\LVRQHRI WKHLPSRUWDQWVWHSVLQWKDWUHVSHFW
7KH FRQWLQXHG LPSOHPHQWDWLRQ RI WKH %DVHO DFFRUGV
VKRXOGDVVLVWLQWKLVWUDQVLWLRQ%HUQDQNH)LQDOO\
WKHUHLVDQHHGWRUHFRJQL]HWKHE\SDVVLQJRI EDQNVE\
QRQEDQNHOHFWURQLFSD\PHQWVSURYLGHUV%RXQLHDQG
*D]pDQGWKXVDQHHGWRGHYHORSDUHJXODWRU\
RYHUVLJKWRYHUWKRVHLQVWLWXWLRQVDVZHOO
F. Conclusions
(EDQNLQJ LV LQFUHDVLQJO\ EHFRPLQJ ,QWHUQHW EDQNLQJ
RU RQOLQH EDQNLQJ 2WKHU HOHFWURQLF PHDQV VXFK DV
$70VFRQWLQXHWRSOD\DPDMRUUROHHVSHFLDOO\LQWKH
FRQWH[W RI GHYHORSLQJ FRXQWULHV 0RUHRYHU YDULRXV
forms of basic card-based operations and m-payments
DUH EHFRPLQJ LPSRUWDQW HOHPHQWV RI HSD\PHQWV LQ
PDQ\RI WKRVHFRXQWULHV
'RPHVWLFDQGUHJLRQDOEDQNVLQGHYHORSLQJFRXQWULHV
KDYHWULHGWRFDWFKXSZLWKLQWHUQDWLRQDOEDQNVDQGKDYH
GHYHORSHGZHEVLWHVWKDWSHUIRUPYDULRXVWDVNVUDQJLQJ
from provision of information and product marketing
WRHSD\PHQWVDQGFRPSOH[RQOLQHWUDGHV0RUHIDFWV
DUHFRQÀUPLQJWKHHDUO\ÀQGLQJVWKDW,QWHUQHWEDQNLQJ
LI RQO\DVSDUWRI ´FOLFNDQGPRUWDUµEXVLQHVVPRGHOV
FDQ LQFUHDVH HIÀFLHQF\ DQG KHQFH SURÀWDELOLW\ DQG
SURYLGHVHUYLFHVQRWSURYLGHGEHIRUH0RUHRYHUZKLOH
RQOLQH EDQNLQJ FDQ EH LQLWLDOO\ ELDVHG WRZDUGV PRUH
VRSKLVWLFDWHG DQG DIÁXHQW FXVWRPHUV LWV GUDPDWLFDOO\
ORZHU XQLW WUDQVDFWLRQ FRVWV FDQ SHUPLW PXFK EHWWHU
DFFHVVWRÀQDQFHDQGHÀQDQFHIRU60(VDQGPLFUR
HQWHUSLVHVDVZHOODVKRXVHKROGVLQJHQHUDO7KXVWKHUH
DUHSRVVLELOLWLHVIRUH[SDQGLQJWKHFXVWRPHUEDVHZLWK
IXUWKHUHIÀFLHQF\JDLQVIRUERWKEDQNVDQGFXVWRPHUV
Customers can be encouraged to take up e-banking
if they are supported in beginning to use the Internet
IRURWKHUDFWLYLWLHV3URJUDPPHVWRLQFUHDVHFRPSXWHU
OLWHUDF\ DQG DVVLVW EDQNV LQ GHYHORSLQJ VHFXUH XVHU
IULHQGO\ZHEVLWHVVKRXOGEHSXWLQSODFH7KH\VKRXOG
WDUJHWLQSDUWLFXODUWKRVHVHJPHQWVRI WKHSRSXODWLRQ
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
WKDWKDYHEHHQVORZWRDFFHSW,QWHUQHWEDQNLQJ7KLV
FDQEHGRQHDVDFRRSHUDWLYHHIIRUWE\EDQNVQDWLRQDO
DXWKRULWLHVDQGLQWHUQDWLRQDORUJDQL]DWLRQV
,QWKHFDVHRI $70VDQGPSD\PHQWVWKHLVVXHLVOHVVRI encouragement, and more of providing infrastructure
DQGVHUYLFHZKLFKDUHDOUHDG\DWWUDFWLYH
The security risks do not disappear as Internet
EDQNLQJ EHFRPHV HVWDEOLVKHG 7KLV OHDYHV URRP IRU
WKHLQWURGXFWLRQRI EHWWHUVHFXULW\V\VWHPVE\ÀQDQFLDO
VHUYLFHSURYLGHUVDQGWKHLUWHFKQRORJ\YHQGRUVEHWWHU
UHJXODWLRQ LQ ÀQDQFH DQG WHOHFRPPXQLFDWLRQV DQG
LPSURYHGFRRUGLQDWLRQEHWZHHQWKHP,QIRUPDWLRQDQG
HGXFDWLRQDOSURJUDPPHVHPSRZHULQJFRQVXPHUVZLWK
EHWWHUZD\VRI VHFXUHO\XVLQJWKHLUPHDQVRI HOHFWURQLF
DFFHVVWRÀQDQFHVKRXOGDOVREHSXWLQSODFH5HJXODWLRQ
QHHGVWREHPRUHWKDQWKHSDVVLQJRI ODZVDQGLVVXLQJ
RI JXLGHOLQHVDQGVKRXOGORRNDWLPSOHPHQWDWLRQDQG
WDFNOLQJWKHURRWFDXVHVRI SUREOHPV
7KH PDMRU LQWHUEDQN PHVVDJLQJ QHWZRUNV DQG LQ
SDUWLFXODU 6:,)7 KDYH HYROYHG LQWR RQOLQH VHUYLFHV
DQG ZLOO FRQWLQXH WR GHYHORS DV VXFK 7KH FKDOOHQJH
for them is in the trade-off between further expansion
DQGWKHQHHGWRPDLQWDLQDKLJKOHYHORI VHFXULW\$V
GHYHORSLQJFRXQWU\&%VDQGEDQNVDUHGHYHORSLQJWKHLU
RZQ $&+V DQG 57*6 V\VWHPV DQG DUH LQFUHDVLQJO\
SDUWLFLSDWLQJLQUHJLRQDODQGJOREDO57*6V\VWHPVLW
is important that their efforts be coordinated, such
FRRUGLQDWLRQ KHOSLQJ WKHP WR LQFUHDVLQJO\ LQWHJUDWH
LQWRWKHJOREDOSD\PHQWVV\VWHP
7KH HSD\PHQWV LVVXH DOVR LQFOXGHV WKH IXWXUH RI SD\PHQWFDUGVWKDWDUHLQFUHDVLQJO\DGRSWLQJVPDUWFDUG
WHFKQRORJLHV7KHPDUNHWLVDQLQWHUHVWLQJRQH:KLOH
LWLVVWLOOGRPLQDWHGE\DIHZSOD\HUVLWLVDOVRDFFHSWLQJ
QHZSOD\HUVZKRFRPSHWHYLJRURXVO\DQGKDYHSXVKHG
IRUWKHDOWHULQJRI EXVLQHVVPRGHOVLQUHFHQW\HDUV,W
remains to be seen where the payment card markets go
IURPKHUHDQGKRZWKH\DGDSWWRHPHUJLQJFKDOOHQJHV
7KH HPHUJHQFH RI PRELOH GHYLFHV DV D PHDQV RI H
SD\PHQWV DQG WKH GHYHORSPHQW RI PEDQNLQJ PLJKW
DOVR KDYH D SURPLVLQJ IXWXUH HVSHFLDOO\ IRU WKH
235
´XQEDQNHGµSRSXODWLRQZKLFKLVVWLOOLQDPDMRULW\LQ
PDQ\GHYHORSLQJFRXQWULHV
2QFH UHOLDEOH DQG RSHUDWLRQDO LQIUDVWUXFWXUH LV LQ
SODFH HEDQNLQJ FDQ LQFUHDVH HIÀFLHQF\ DQG LPSURYH
VHUYLFH RU VLPSO\ SURYLGH D VHUYLFH ZKHUH WKHUH ZDV
QRQHEHIRUH7KHFKDOOHQJHKHUHLVWKHFRUUHFWOHYHODQG
VW\OHRI UHJXODWLRQ DQG HQFRXUDJHPHQWIRU HEDQNLQJ
E\&%V
:KLOH HEDQNLQJ SHQHWUDWLRQ PLJKW UHDFK LQ WKH
FRPLQJ GHFDGH VDWXUDWLRQ SRLQW LQ VRPH GHYHORSHG
PDUNHWV LW VWLOO KDV WR EH LQWURGXFHG LQ WKH PDMRULW\
RI GHYHORSLQJ FRXQWULHV DQG KDV D ORQJ ZD\ WR JR
before those countries mature in terms of using eEDQNLQJ:KLOHPDQ\FRXQWULHVIDFHWKHGLOHPPDRI WKHUHODWLYHO\ORZFRVWRI ODERXUDQGWKHQHHGIRUDKLJK
OHYHORI LQLWLDOLQYHVWPHQWLQ,&7VWKHLPSRUWDQFHRI KDYLQJ D PRGHUQ ÀQDQFLDO VHFWRU LQFUHDVLQJO\ SXVKHV
IRUWKHVHFRQGVROXWLRQDWOHDVWDWWKHOHYHORI PDMRU
ORFDOEDQNV7KHVDPHLVDOVRWUXHIRUUHPLWWDQFHV60(
ÀQDQFHDQGPLFURÀQDQFHSURYLGHGWKDW,&7VZLWKWKH
DSSURSULDWHOHYHORI VRSKLVWLFDWLRQDUHSXWLQSODFHLQ
HDFKFDVH
$VIRUPLFURÀQDQFHEDVLFDQGORZFRVW,&7VROXWLRQV
FRXOG EH WKH ULJKW DQVZHU $OVR SULYDWH ² SXEOLF
SDUWQHUVKLSV WR VHUYH WKH ÀQDQFLDO QHHGV RI WKH
poor is one of the keys to addressing the issues of
DGHTXDWH LQYHVWPHQW LQ 0),V DQG WKHLU WHFKQRORJLFDO
LQIUDVWUXFWXUH LQFOXGLQJ KDUGZDUH DQG VRIWZDUH
DSSOLFDWLRQVDQGWUDLQHGSHUVRQQHO
0RUHJHQHUDOO\&%VDQGPLQLVWULHVRI ÀQDQFHVKRXOG
FDUHIXOO\ FRQVLGHU LQWHJUDWLRQ DQG LQWHUWZLQLQJ RI VWUDWHJLHVWRIXUWKHUGHYHORSWKHXVHRI ,&7VLQÀQDQFLDO
VHUYLFHV7KHFUHDWLRQRI DVXSSRUWLYHHQYLURQPHQWE\
SROLF\PDNHUVLQGHYHORSLQJDQGWUDQVLWLRQHFRQRPLHV
WR IDFLOLWDWH WKH GHYHORSPHQW RI ZKDW LV WKH PRVW
information-intensive sector of the economy is
HVVHQWLDOIRUHQFRXUDJLQJÀQDQFLDOVHUYLFHSURYLGHUVDQG
WKHLUFRPSHWLWRUVVXFKDVPRELOHQHWZRUNRSHUDWRUVWR
VWDUWDQGIXUWKHUGHYHORSWKHHEDQNLQJDQGHSD\PHQW
VHUYLFHV
INFORMATION ECONOMY REPORT 2007-2008
236
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
References and bibliography
$GHODDU7%RXZPDQ+DQG6WHLQIHOG&(QKDQFLQJFXVWRPHUYDOXHWKURXJKFOLFNDQGPRUWDUHFRPPHUFH
LPSOLFDWLRQVIRUJHRJUDSKLFDOPDUNHWUHDFKDQGFXVWRPHUW\SHTelematics and InformaticsSS²
$KPDG $ 0DQDJHPHQW LQIRUPDWLRQ V\VWHPV 0,6 IRU PLFURÀQDQFH )RXQGDWLRQ IRU 'HYHORSPHQW
&RRSHUDWLRQ%ULVEDQH$XVWUDOLD
$LQLQ6/LP&+DQG:HH$3URVSHFWVDQGFKDOOHQJHVRI HEDQNLQJLQ0DOD\VLDElectronic Journal on
Information Systems in Developing Countries, YROQRSS²
$NLQFL6$NVR\6DQG$WLOJDQ($GRSWLRQRI ,QWHUQHWEDQNLQJDPRQJVRSKLVWLFDWHGFRQVXPHUVHJPHQWV
LQDQDGYDQFHGGHYHORSLQJFRXQWU\International Journal of Bank Marketing,YROQRSS²
$UQRQH0DQG%DQGLHUV/0RQHWDU\SROLF\PRQHWDU\DUHDVDQGÀQDQFLDOGHYHORSPHQWZLWKHOHFWURQLF
PRQH\IMF Working Paper :3
$UXPXJD 6 (IIHFWLYH PHWKRG RI VHFXULW\ PHDVXUHV LQ YLUWXDO EDQNLQJ Journal of Internet Banking and
Commerce
%DVHO&RPPLWWHHRQ%DQNLQJ6XSHUYLVLRQ5LVNPDQDJHPHQWSULQFLSOHVIRUHOHFWURQLFEDQNLQJ
%DXU76HWWROHDSIURJ"i4d, YRO,9QRSS²
%&*1DYLJDWLQJWRLQJOREDOSD\PHQWV%\9LQHU1&UH\JKWRQ$&DUO5XWVWHLQ&DQG6WRU]1
0D\
%HFN7'HPLUJXF.XQW$DQG0DUWLQH]3HULV065HDFKLQJRXWDFFHVVWRDQGXVHRI EDQNLQJVHUYLFHV
DFURVVFRXQWULHV:RUOG%DQN5HVHDUFK'HSDUWPHQW6HSWHPEHU
%HUQDQNH%60RGHUQULVNPDQDJHPHQWDQGEDQNLQJVXSHUYLVLRQBIS Review,
%,6Survey of Developments in Electronic Money and Internet and Mobile Payments. Committee on Payment and
6HWWOHPHQW6\VWHPV %DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV0DUFK
%,66WDWLVWLFVRQSD\PHQWVDQGVHWWOHPHQWVBIS Quarterly Review3DUWSS²-XQH
%ODNHOH\&-DQG0DWVXXUD-+(OHFWURQLFEDQNLQJKRZHJRYHUQPHQWFDQIRVWHUHFRPPHUFHGovernment
Technology International, $XJXVW
%RXQLH'DQG*D]p33D\PHQWDQGWKH,QWHUQHWLVVXHVDQGUHVHDUFKSHUVSHFWLYHVLQHFRQRPLFVRI EDQNLQJ
,Q%URXVVHDX(DQG&XULHQ1HGInternet and Digital Economics&DPEULGJH8QLYHUVLW\3UHVV²
%URZQ , +RSSH 5 0XJHUD 3 1HZPDQ 3 DQG 6WDQGHU $ 7KH LPSDFW RI QDWLRQDO HQYLURQPHQW RQ
WKH DGRSWLRQ RI ,QWHUQHW EDQNLQJ FRPSDULQJ 6LQJDSRUH DQG 6RXWK $IULFD Journal of Global Information
Management,SS²
&*$3&RQVXOWDWLYH*URXSWR$VVLVWWKH3RRU0DQDJHPHQW,QIRUPDWLRQ6\VWHPVIRU0LFURÀQDQFH,QVWLWXWLRQV$
Handbook.7HFKQLFDO7RRO6HULHV1R&*$3:RUOG%DQN
&*$38VLQJ0LFURÀQ$+DQGERRNIRU2SHUDWLRQDO3ODQQLQJDQG)LQDQFLDO0RGHOOLQJ7HFKQLFDO7RRO6HULHV1R
&*$3,QWHUHVWUDWHFHLOLQJVDQGPLFURÀQDQFHWKHVWRU\VRIDU2FFDVLRQDO3DSHU
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
237
&*$3)XQGLQJPLFURÀQDQFHWHFKQRORJ\'RQRU%ULHI 1R
&*$38VLQJWHFKQRORJ\WREXLOGLQFOXVLYHÀQDQFLDOV\VWHPV)RFXV1RWH1R
&ODHVVHQV6DQG)HLMHQ()LQDQFLDOVHFWRUGHYHORSPHQWDQGWKH0LOOHQQLXP'HYHORSPHQW*RDOV:RUOG
%DQN:RUNLQJ3DSHU1R
&OD\WRQ&%DQNV´IDLOµWRSURWHFWRQOLQHFOLHQWVPersonal Finance, -XO\
&R\OH'2YHUYLHZWKHWUDQVIRUPDWLRQDOSRWHQWLDORI PWUDQVDFWLRQV9RGDIRQH3ROLF\3DSHU6HULHV1R
-XO\
&UDFNQHOO'(OHFWURQLFEDQNLQJIRUWKHSRRUSDQDFHDSRWHQWLDODQGSLWIDOOVSmall Enterprise Development,
YROQRSS²
&\UHH . 'HOFRXUH 1 DQG 'LFNHQV 5 ,V ,QWHUQHWRQO\ EDQNLQJ WKH JRRVH WKDW OD\V JROGHQ HJJV" $Q
H[DPLQDWLRQRI SHUIRUPDQFHDQGSURVSHFWVIRUWKHIXWXUH8QLYHUVLW\RI 0LVVLVLSLDQG8QLYHUVLW\RI 6RXWK
$ODEDPD
'DOH\+DUULV6HWDO6WDWHRI 0LFURFUHGLW6XPPLW&DPSDLJQ5HSRUW
'DOH\+DUULV6HWDO6WDWHRI 0LFURFUHGLW6XPPLW&DPSDLJQ5HSRUW
'DQGDSDQL.6XFFHVVDQGIDLOXUHLQZHEEDVHGÀQDQFLDOVHUYLFHV&RPPXQLFDWLRQVRI WKH$&0YROQR
SS²
'LQL](0RUHQD3RUWR5DQG$GDFKL7,QWHUQHWEDQNLQJLQ%UD]LOHYDOXDWLRQRI IXQFWLRQDOLW\UHOLDELOLW\
DQGXVDELOLW\Electronic Journal of Information Systems EvaluationYROQRSS²
'RVSLQHVFX 2 DQG 5XVX ' 7KH DGRSWLRQ RI HOHFWURQLF EDQNLQJ VHUYLFHV LQ GHYHORSLQJ FRXQWULHV WKH
5RPDQLDQFDVH)XWXUHRI %DQNLQJ$IWHUWKH<HDULQWKH:RUOGDQGLQ&]HFK5HSXEOLF6RFLDO6FLHQFH
5HVHDUFK1HWZRUN1HZ<RUN
(]HRKD$(5HJXODWLQJ,QWHUQHWEDQNLQJLQ1LJHULDVRPHVXFFHVVSUHVFULSWLRQV²SDUWJournal of Internet
Banking and Commerce,YROQR
)HGHUDO)LQDQFLDO,QVWLWXWLRQV([DPLQDWLRQ&RXQFLO)),(&E-Banking IT Examination Handbook.
)HUUR/*DQG:HEHU60HDVXULQJWKHSHUIRUPDQFHRI PLFURÀQDQFHLQVWLWXWLRQV6RFLDO6FLHQFH5HVHDUFK
1HWZRUN1HZ<RUN
)LUSR-%DQNLQJWKHXQEDQNHGWHFKQRORJ\·VUROHLQGHOLYHULQJDFFHVVLEOHÀQDQFLDOVHUYLFHVWRWKHSRRU
0LFURGHYHORSPHQW)LQDQFH7HDP 'HYHORSPHQW*DWHZD\)RXQGDWLRQ:DVKLQJWRQ
)R[6DQG%HLHU-2QOLQHEDQNLQJVXUÀQJWRWKHEDQN3HZ,QWHUQHW$PHULFDQ/LIH3URMHFW
-XQH
)XJIXJRVK0,QIRUPDOUHPLWWDQFHÁRZVDQGWKHLULPSOLFDWLRQVIRUJOREDOJHFXULW\*&633ROLF\%ULHI 1R
*HQHYD6HSWHPEHU
)XOOHQNDPS&ODQG1VRXOL606L[SX]]OHVLQHOHFWURQLFPRQH\DQGEDQNLQJ,0):RUNLQJ3DSHU
)XUVW . /DQJ :: DQG 1ROOH '( ,QWHUQHW EDQNLQJ GHYHORSPHQWV DQG SURVSHFWV Journal of Financial
Services Research, YROQR²SS²
INFORMATION ECONOMY REPORT 2007-2008
238
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
*DJQRQ*,QQRYDWLRQVLQLQIRUPDWLRQWHFKQRORJLHV7KH0LFURFUHGLW6XPPLW&DPSDLJQ
*RL&/(EDQNLQJLQ0DOD\VLDRSSRUWXQLW\DQGFKDOOHQJHV. Journal of Internet Banking and Commerce,YRO
QR
*XSWD$'DWDSURWHFWLRQLQFRQVXPHUHEDQNLQJ. Journal of Internet Banking and Commerce,YROQR
+DGLGL 5 7KH VWDWXV RI HÀQDQFH LQ GHYHORSLQJ FRXQWULHV. The Electronic Journal on Information systems in
Developing Countries, YROQRSS²
+DVDQ,'R,QWHUQHWDFWLYLWLHVDGGYDOXH"7KH,WDOLDQEDQNH[SHULHQFH)HGHUDO5HVHUYH%DQNRI $WODQWD
%HUNOH\5HVHDUFK&HQWHU1HZ<RUN8QLYHUVLW\
+DZNLQV - DQG 'XEUDYNR 0 7KH EDQNLQJ LQGXVWU\ LQ WKH HPHUJLQJ PDUNHW HFRQRPLHV FRPSHWLWLRQ
FRQVROLGDWLRQDQGV\VWHPLFVWDELOLW\²DQRYHUYLHZBIS Papers1R
,GRZX 3$ $OX $2 DQG $GDJXQRGR (5 7KH HIIHFW RI LQIRUPDWLRQ WHFKQRORJ\ RQ WKH JURZWK RI WKH
EDQNLQJLQGXVWU\LQ1LJHULDElectronic Journal on Information Systems in Developing Countries,YROQRSS²
,78:RUOG7HOHFRPPXQLFDWLRQ,&7,QGLFDWRUV'DWDEDVH
,YDWXU\*+DUQHVVLQJWHFKQRORJ\WRWUDQVIRUPÀQDQFLDOVHUYLFHVIRUWKHSRRUSmall Enterprise Development,
YROQRSS²
.DODQ*DQG'LOHN$$VVHVVPHQWRI UHPLWWDQFHIHHSULFLQJ%DFNJURXQG3DSHUIRUWKH:RUOG%DQN·V*OREDO
(FRQRPLF3URVSHFWV
.HUHP.,QWHUQHW%DQNLQJLQ(VWRQLD35$;,6:RUNLQJ3DSHU
/L 6 DQG :RUWKLQJWRQ $& 7KH UHODWLRQVKLS EHWZHHQ WKH DGRSWLRQ RI ,QWHUQHW EDQNLQJ DQG HOHFWURQLF
FRQQHFWLYLW\ DQ LQWHUQDWLRQDO FRPSDULVRQ 4XHHQVODQG 8QLYHUVLW\ RI 7HFKQRORJ\ 'LVFXVVLRQ 3DSHUV LQ
(FRQRPLFV)LQDQFHDQG,QWHUQDWLRQDO&RPSHWLWLYHQHVV'LVFXVVLRQ3DSHU1R
0F.LQVH\)XOÀOOLQJWKHSRWHQWLDORI /DWLQ$PHULFD·VÀQDQFLDOV\VWHPV%\$QGUDQGH/)DUHOO'DQG/XQG
6 McKinsey Quarterly, 0D\
0H\HU-&DVKWKHZHEDQGWKHPRXVHWUDSSunday Tribune.-XO\6RXWK$IULFD
0,76ORDQ6FKRRORI 0DQDJHPHQW*OREDOHUHDGLQHVV²IRUZKDW"UHDGLQHVVIRUHEDQNLQJµ0,76ORDQ
:RUNLQJ3DSHU
0X<(EDQNLQJVWDWXVWUHQGVFKDOOHQJHVDQGSROLF\LVVXHVFinancial Economist:RUOG%DQN
1RYDPHWULH$QHZZDYHRI ,QWHUQHWEDQNLQJ"6XUYH\:KLWH3DSHU.
1VRXOL60DQG6FKDHFKWHU$&KDOOHQJHVRI WKH´HEDQNLQJUHYROXWLRQµFinance and Development,YRO
QRSS²
2(&'2QOLQHSD\PHQWV\VWHPVIRUHFRPPHUFH:RUNLQJ3DUW\RQWKH,QIRUPDWLRQ(FRQRP\'67,
,&&3,(5(9
2UR]FR07KH5HPLWWDQFH0DUNHWSODFH3ULFHV3ROLF\DQG)LQDQFLDO,QVWLWXWLRQV:DVKLQJWRQ'&3HZ
+LVSDQLF&HQWHU
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
239
2UR]FR 0 ,QWHUQDWLRQDO ÁRZV RI UHPLWWDQFHV FRVW FRPSHWLWLRQ DQG ÀQDQFLDO DFFHVV LQ /DWLQ $PHULFD
DQGWKH&DULEEHDQ²WRZDUGDQLQGXVWU\VFRUHFDUG5HSRUWSUHVHQWHGDWWKHPHHWLQJRQ´5HPLWWDQFHVDQG
WUDQVQDWLRQDOIDPLOLHVµVSRQVRUHGE\WKH0XOWLODWHUDO)XQGRI WKH,QWHU$PHULFDQ'HYHORSPHQW%DQNDQG
WKH$QQLH(&DVH\)RXQGDWLRQ
4XDGHQ * (GLWRULDO FHQWUDO EDQNLQJ LQ DQ HYROYLQJ HQYLURQPHQW Journal of Financial Regulation and
Compliance,YROQRSS²
5DWKD'DQG5LHGEHUJ-2QUHGXFLQJUHPLWWDQFHFRVWV%DFNJURXQG3DSHUIRUWKH:RUOG%DQN·V*OREDO
(FRQRPLF3URVSHFWV
5REHUWV %: DQG %DQDLDQ . 5HPLWWDQFHV LQ $UPHQLD 6L]H ,PSDFWV DQG 0HDVXUHV WR (QKDQFH WKHLU
&RQWULEXWLRQWR'HYHORSPHQW. <HUHYDQ$UPHQLDQ,QWHUQDWLRQDO3ROLF\5HVHDUFK*URXS
5RPEHO$1H[WVWHSIRU,QWHUQHWEDQNLQJ%DQNLQJ6HUYLFH=RQH2UJ
6LPSVRQ%&DUGVUHFKDUJHGCredit Card Management,YROQRSS²
6LPSVRQ-7KHLPSDFWRI WKH,QWHUQHWLQEDQNLQJREVHUYDWLRQVDQGHYLGHQFHIURPGHYHORSHGDQGHPHUJLQJ
PDUNHWVTelematics and Informatics,YROSS²
6LQJK%DQG0DOKRWUD3$GRSWLRQRI ,QWHUQHWEDQNLQJDQHPSLULFDOLQYHVWLJDWLRQRI ,QGLDQEDQNLQJVHFWRU
Journal of Internet Banking and Commerce,YROQR
6LULOXFN5DQG6SHHFH07KHLPSDFWRI ZHEEDVHGVHUYLFHRQVZLWFKLQJFRVWHYLGHQFHIURP7KDL,QWHUQHW
EDQNLQJ$&0,QWHUQDWLRQDO&RQIHUHQFH3URFHHGLQJ6HULHVYRO
81&7$'(FRPPHUFHDQGÀQDQFLDOVHUYLFHV6HFWLRQ,9&KDSWHU%XLOGLQJ&RQÀGHQFH(OHFWURQLF&RPPHUFH
and Development, 8QLWHG1DWLRQV
81&7$' 0DQDJLQJ FUHGLW ULVNV RQOLQH QHZ FKDOOHQJHV IRU ÀQDQFLDO VHUYLFH SURYLGHUV &KDSWHU ECommerce and Development Report 20018QLWHG1DWLRQV1HZ<RUNDQG*HQHYD
81&7$'(ÀQDQFHIRUGHYHORSPHQWJOREDOWUHQGVQDWLRQDOH[SHULHQFHVDQG60(V&KDSWHUE-Commerce
and Development Report 20028QLWHG1DWLRQV1HZ<RUNDQG*HQHYD
81&7$' D (FUHGLW LQIRUPDWLRQ WUDGH ÀQDQFH DQG HÀQDQFH RYHUFRPLQJ LQIRUPDWLRQ DV\PPHWULHV
Chapter 3, Information Economy Report 2005, 8QLWHG1DWLRQV1HZ<RUNDQG*HQHYD
81&7$'E3URWHFWLQJWKHLQIRUPDWLRQVRFLHW\DGGUHVVLQJWKHSKHQRPHQRQRI F\EHUFULPH&KDSWHU
Information Economy Report 2005, 8QLWHG1DWLRQV1HZ<RUNDQG*HQHYD
81&7$'World Investment Report 20078QLWHG1DWLRQV1HZ<RUNDQG*HQHYD
:RUOG %DQN )LQDQFLDO ÁRZV WR GHYHORSLQJ FRXQWULHV UHFHQW WUHQGV DQG SURVSHFWV &KDSWHU Global
Development Finance Report 2007
<HDS%+DQG&KHDK.*'RIRUHLJQEDQNVOHDGLQ,QWHUQHWEDQNLQJVHUYLFHV"Journal of Internet Banking
and Commerce,YROQR
INFORMATION ECONOMY REPORT 2007-2008
240
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
Notes
6HHWKH,QWURGXFWLRQWRWKLV5HSRUW
7KHFXUUHQW5HSRUWLVDOVRFRYHULQJWKHLVVXHRI,&7LQGXFHGLQQRYDWLRQVLQEXVLQHVVSURFHVVHVLQ&KDSWHU
´,&7(%XVLQHVVDQGLQQRYDWLRQSROLFLHVLQGHYHORSLQJFRXQWULHVµ
.HYLQ0:DUVK)LQDQFLDOLQWHUPHGLDWLRQDQGFRPSOHWHPDUNHWVBIS Review (PRQH\ PD\ EH GHÀQHG DV D PRQHWDU\ YDOXH VWRUHG LQ DQ HOHFWURQLF GHYLFH LQ WKH SRVVHVVLRQ RI LWV
RZQHU
%DVHO,,LVWKHIUDPHZRUNUHYLVHGE\WKH%DVHO&RPPLWWHHRQ%DQNLQJ6XSHUYLVLRQJRYHUQLQJWKHFDSLWDO
DGHTXDF\RIEDQNVIRUPRUHGHWDLOVVHHKWWSZZZELVRUJSXEOEFEVFDKWP
0:ROI8QIHWWHUHGÀQDQFHLVIDVWUHVKDSLQJWKHJOREDOHFRQRP\Financial Times-XQH
37XFNHU$SHUVSHFWLYHRQUHFHQWPRQHWDU\DQGÀQDQFLDOV\VWHPGHYHORSPHQWVBIS Review, &*UDHEHU86RQOLQHEDQNLQJÀYH\HDUIRUHFDVWForrester$SULO
+DV\RXUFRPSXWHUEHHQKLMDFNHG"E-Marketer-XQH
6HHZZZYLVDFRPZZZPDVWHUFDUGFRPZZZSD\SDOFRP
6HHZZZWKHFOHDULQJKRXVHRUJ
3D\PHQWVLQGXVWU\VHHVVWUHQJWKRI6ZLIW1HWWRROThe Banker-XQH7KHUDFHEHORQJVWRWKH6:,)7
Bank Systems & Technolog y&03-XQH
6HHZZZVZLIWFRP
09LFNHUV3ODVWLFXQGHUDWWDFNFortune0D\
&DVKLHUHGThe Economist$SULOSVHHDOVRZZZQLOVRQUHSRUWFRP
6HHZZZPDVWHUFDUGFRP
6HHZZZYLVDFRP
6HHKWWSZZZIHGHUDUHVHUYHJRY%RDUG'RFV3UHVVRWKHUGHIDXOWKWP
2QOLQH3D\PHQWV$%DWWOHDWWKH&KHFNRXWThe Economist 0D\SSZZZSD\SDOFRPKWWS
ÀQDQFH\DKRRFRPKWWSFKHFNRXWJRRJOHFRP
KWWSHFHXURSDHXLQWHUQDOBPDUNHWSD\PHQWVIUDPHZRUNLQGH[BHQKWP
6HHZZZZHIRUXPRUJKWWSJOREDOWHFKIRUXPHLXFRP
6HHZZZQLEVSOFFRP
6HHZZZWKHZRU[EL]EDQNKWP
INFORMATION ECONOMY REPORT 2007-2008
CHAPTER 5 E-BANKING AND E-PAYMENTS: IMPLICATIONS FOR DEVELOPING AND TRANSITION ECONOMIES
241
6HHKWWSZZZFHULVURHEDQNLQJZZZYHULVLJQFRPZZZGLJLSDVVSDFNFRP
)RU PRUH GHWDLOV RQ PRELOH SHQHWUDWLRQ VHH FKDSWHU ´0RELOH WHOHSKRQ\ LQ $IULFD D FURVVFRXQWU\
FRPSDULVRQµRIWKLV5HSRUW
'LDO0IRUPRQH\The Economist-XQHSS²
0H[LFRÀQDQFH&KDVHRIIHUVIUHHPRQH\WUDQVIHU(,8,QGXVWU\%ULHÀQJ-XQH
6HHZZZPLFURÀQDQFHJDWHZD\RUJ
6HHZZZELVRUJ
INFORMATION ECONOMY REPORT 2007-2008