This thesis sheds light on the functioning and characteristics of payment systems to serve as a foundation for understanding the drivers for higher payment system efficiency. Its central goal is to develop insights into the determinants of collective payment choice suitable to lower payment costs to society. So far, the institutional environment, as potential important influence on the payment instrument mix, has not been focused on in the literature. Therefore, particular emphasis is laid on the empirical analysis of the impact of institutional factors on the share of card payments on consumer spending at the point of sale (POS). For this, a unique panel data set is constructed covering the eight most important European payment markets ranked by non-cash transaction volumes. The empirical results allow formulating conditions necessary to achieve a more efficient payment mix. They also form a basis for the assessment of related policy measures with a focus on the SEPA project in terms of their efficiency enhancing effect. Future research could possibly build upon the panel data collected.

This thesis sheds light on the functioning and characteristics of payment systems to serve as a foundation for understanding the drivers for higher payment system efficiency. Its central goal is to develop insights into the determinants of collective payment choice suitable to lower payment costs to society. So far, the institutional environment, as potential important influence on the payment instrument mix, has not been focused on in the literature. Therefore, particular emphasis is laid on the empirical analysis of the impact of institutional factors on the share of card payments on consumer spending at the point of sale (POS). For this, a unique panel data set is constructed covering the eight most important European payment markets ranked by non-cash transaction volumes. The empirical results allow formulating conditions necessary to achieve a more efficient payment mix. They also form a basis for the assessment of related policy measures with a focus on the SEPA project in terms of their efficiency enhancing effect. Future research could possibly build upon the panel data collected.:1 Introduction 1.1 Payment behaviour in selected European countries 1.2 Research question and approach 2 Foundations: Payment systems and markets 2.1 Functioning of payment systems 2.1.1 Payments, market participants and payment system 2.1.2 Payment instruments and methods 2.1.3 Clearing and settlement arrangements 2.1.4 First observations on obstacles to payment systems development 2.2 Network character of payment markets 2.2.1 Theories of networks 2.2.2 Demand-side network effects in payment markets 2.2.3 Two-sided markets and payment cards 2.2.4 Supply-side economies of scale and open access to infrastructure 2.2.5 Obstacles to payment system development 3 Efficiency of payment systems 3.1 Research on payment infrastructure costs 3.1.1 Efficiency of interbank retail payment systems 3.1.2 Efficiency of intrabank payment processing 3.1.3 Factors influencing infrastructure efficiency 3.2 Research on payment instrument costs at the POS 3.2.1 Methodology and classification of the literature 3.2.2 Estimates of payment costs at the POS 3.2.3 Indicative efficiency ranking of payment instruments 4 Research on payment instrument choice at the POS 4.1 Data sources and categorisation of payment choice determinants 4.2 Price characteristics of payment instruments 4.3 Non-price characteristics of payment instruments 4.4 Transaction attributes 4.5 Constraints on payment choice 4.6 Developing an institutional view of payment choice 5 Empirical analysis: Institutional determinants shaping the POS payment mix 5.1 Two-step modelling approach 5.2 Panel construction and exploration of key data series 5.2.1 Panel data collection and overview of variables 5.2.2 Card usage and cash holding 5.2.3 Payment card diffusion and POS terminal density 5.3 European card schemes and markets 5.3.1 Institutional data collection 5.3.2 Description of European card markets 5.3.3 Overview of institutional data series 5.4 Payment decision 5.4.1 Development of the model and possible extensions 5.4.2 Discussion of the regression results 5.4.3 Diagnostic tests 5.5 Sourcing decision 5.5.1 Diffusion of payment cards 5.5.2 Density of POS terminals 5.5.3 Cash holding and availability at ATMs 5.6 Conclusions: Institutional determinants of payment choice 5.6.1 Linking empirical and theoretical analysis 5.6.2 Route for further research 6 Prospects for an efficient European payment mix 6.1 Objectives for establishing a European payment markets 6.2 SEPA for cards regulatory framework 6.2.1 Regulatory ecosystem 6.2.2 Regulatory framework set by European authorities 6.2.3 Standardization industry initiatives 6.3 Remaining obstacles for an efficient payment mix and outlook Appendix 6.3.1 A–1: Credit- and debit-based payment mechanism 6.3.2 A–2: Multilateral settlement: Access, settlement assets and methods 6.3.3 A–3: Statistical properties of variables 6.3.4 A-4: Unit root tests References

Le morcellement de l'environnement des paiements de détail entre les 25 (et plus) systèmes nationaux différents des États membres, constitue un obstacle à l’achèvement du marché intérieur, porte atteinte à l’intégration monétaire européenne, et diminue l’efficacité économique de l’Union européenne (UE). Pour répondre à ces problèmes, le secteur bancaire a créé l’Espace unique de paiement en euros (SEPA). Le SEPA est un espace dans lequel tous les agents économiques peuvent effectuer et recevoir des paiements en euros, depuis le même compte, que ce soit à l’intérieur de leur pays ou bien entre deux pays différents, dans les mêmes conditions et avec les mêmes droits et obligations.Cette thèse, qui s'intéresse à la construction du SEPA, s'inscrit dans le champ de l'économie industrielle. Elle répond à trois interrogations : Pourquoi a-t-il fallu établir le SEPA ? En quoi consiste-t-il ? Quel sera son impact sur l’environnement des paiements de détail en euros ?Le premier chapitre présente l’environnement des paiements de détail en Europe suite à l’instauration de la monnaie unique. En utilisant les théories économiques sur les industries de réseaux, il expose la marche vers l’unification de cet environnement.Le second chapitre offre une vision détaillée du SEPA. Il présente ses effets à travers une analyse coûts – avantages, puis expose l'état de sa mise en place.Enfin, le troisième chapitre dévoile les effets non escomptés du SEPA. En mobilisant les apports de la littérature sur les marchés bifaces, il traite des commissions d’interchange et des possibilités de pratiques anticoncurrentielles dans l'industrie de paiement par carte. / The fragmentation of the retail payments environment between the 25 (or more) differentmember states's national systems constitutes an obstacle to completing the internal market,undermines the European monetary integration and reduces the economic efficiency of theEuropean Union. In response to these problems, the banking industry created the SEPA.SEPA is the area where all economic actors are able to make and receive payments in euros,within Europe, whether between or within national boundaries under the same basicconditions, rights and obligations, regardless of their location.This thesis, which focuses on the SEPA building, is in the field of industrial economics. Itaddresses three questions : Why was it necessary to establish the SEPA ? What does it consistof ? What will its impact on the retail payments environment in euros be ?The first chapter presents the retail payments environment in Europe after the introduction ofthe single currency. By using economic theories on network industries, it describes theunification's steps of this environment.The second chapter provides a detailed vision of the SEPA. It explains its effects through acosts-benefits analysis, then shows the state of its implementation.Finally, the third chapter reveals the unplanned effects of SEPA. By raising the contributionof the literature on two-sided markets, it treats interchange fees and the possibility ofanticompetitive behavior in the card payment industry.

- THE CURRENT ACCOUNT CONTRACT CONSIDERING GERMAN LEGISLATION In my diploma thesys I have focused on legal regulation of current account contract not only in czech law but also in german law. Is not comparison in strict sence, but just a considiration of in my opinion more exact and explicit legislation of legal institute. In introduction part I have pointed out the term of current account, its purpose and fuction. The main part is focused on applicable legislation of current account contract, its characteristic and to statutes concerning above mentioned questions (for example Act on banks, Act on payment system act). I also mention issuies of contracting parties position, management of banc account , fee for account maintenance, interest on the balance of funds on accounts, termination of contract, account owners death, payments and related deadlines for execution of payment transactions or unilateral changes to terms and conditions. I also consider to be relevant that the czech legislator introduced dual regulation of current account contract in connection with the implementation of european directive. Czech legislator distinguish between current account contract that is not a payment service contract and current account contract that is payment service contract. In my opinion this duality causes...

Bank Account Abstract The thesis deals with the payment account agreement from the European and Czech national legislation point of view focusing on specific issues resulting from European directive 2014/92/EU (a. k. a. PAD) and the implementation of those institutes in the Czech Legislative Act No. 370/2017 Sb. The thesis is divided into two parts, whereas the first part includes theoretical introduction to the subject of the payment account agreement while the second part deals with particular four selected issues related to the payment account agreement resulting from PAD. In the first chapter of the first part the historical background of the concept of bank account or precisely payment account existence is outlined together with theoretical conclusions of different approaches towards this concept in current legal environment. Second and third chapter provide overview of relevant legislation passed on Czech national and European Union level. Effective and enforceable regulations alongside with some of the ineffective ones that are or have been substantially significant for formation relationships between bank account users and payment services providers providing bank accounts to users are part of the provided overview. The second part is divided into four chapters, each of them analysing one of the...

There are various large competitors, dominating the digital payment market. These competitors acquire most of the customers, maintaining their dominant influence in the market by charging customers and merchant’s fees for mobile payments. The purpose of this study is to investigate and develop a payment system that connects various payment applications and bank services. This system is developed with the help of blockchain and open banking technology. The blockchain system is utilized as a secure universal database, while the open banking technology is used for transactions. This study proposes an architecture for a multi-sided payment platform. The architecture follows the microservice design pattern which allows the components of the system to be individually developed and maintained. A prototype system was developed as a proof of concept for the architecture, proving the possibility of a multisided payment platform. The “ICA Handla” payment application and Nordea (open banking) system were used to connect to the prototype through gateway programs. The purpose of gateway programs is to connect a mobile payment application or a bank service with the blockchain system. The multi-sided payment application creates opportunities in the digital payment market. / Det finns flera dominerande konkurrenter på den digitala betalningsmarknaden. Dessa företag har en majoritet av kunderna och upprätthåller sitt dominerande inflytande på marknaden genom att ta avgifter från kunder och handlare för mobila betalningar. Syftet med denna studie är att utveckla ett betalningssystem som ansluter olika betalningsapplikationer och banksystem med hjälp av blockkedjeteknik och öppen bankteknologi. Blockkedja-systemet används som en säker universell databas, medan den öppna banktekniken används för transaktioner. Denna studie utvecklade en arkitektur för en gemensam betalningsplattform. Arkitekturen följer ett mikro-tjänst designmönster vilket tillåter systemets komponenter att utvecklas och underhållas individuellt. En prototyp utvecklades som en konceptvalidering för arkitekturen, vilket bevisar möjligheten till en gemensam betalningsplattform. Betalningsapplikationen “ICA Handla” och Nordea öppen bankteknologi är anslutna till prototypsystemet via ett gateway program. Syftet med gateway programmet är att ansluta mobila betalningsapplikationer eller banktjänster med en blockkedja-system. Den gemensamma betalningsapplikationer skapar möjligheter på den digitala betalningsmarknaden.

Abstract Payment industry is witnessing a fast transition from cash dominant era, to card payments and recently mobile payments. Sweden as one of the pioneer countries moving towards cashless society, has experienced quite fast transition thanks to it’s widespread internet access coverage and robust card payment infrastructure. During last few years there has been many mobile payment solutions launched to this market. As a result, some challenges and dynamics have emerged within the Swedish payment ecosystem. Different actors employed different strategies to secure and maintain their position within the ecosystem. This study aims to investigate the current status of power control within the ecosystem by using an extracted part of ARA framework to clarify how different established actors are reacting to this transition. What is more, conducted literature review for this study revealed that, there are few studies for the future of the payment industry and how the ecosystem should be responded to the current trend of moving toward mobile payments. As a result, by use of Configuration value for networks, this study managed to fine a gap which is, absence of a “Value Network” role within the ecosystem. The study suggests that concepts of value chain and value shops are no longer answering the demands of the market and thus, recommend the incumbents of the industry to create and fulfill the Value Network role, so that it could be used as a defense strategy against potential future industry disruption.

Популярность многопользовательских приложений сегодня заключается в их высокой доступности, минимальных системных требованиях для запуска, отсутствии установки и развитости сети интернет. Многопользовательские веб-приложения также нуждаются в тестировании, для поддержания заданного уровня качества программного обеспечения. Несмотря на важность процесса тестирования, наличие собственного инструментария и техник, до текущего момента многими разработчиками тестирование воспринимается как «низкоквалифицированная работа». Тестирование продолжает являться малоосвещенной отраслью, поэтому работа, посвященная исследованию тестирования, является актуальной. Цель исследования – повышение качества локальной платежной системы «Система альтернативных расчетов» посредством проведения комплексного тестирования. / The popularity of multi-user applications justifies their availability, possession of the minimum system requirements to run, no installation and development of the Internet. To maintain a given level of software quality, multi-user web application to be tested. Testing continues to be unpopular with the industry, so the work is devoted to the study of testing, is relevant. This work is devoted to improve the quality of the experimental software product local payment system. The purpose of the study is the improvement of the quality of the local payment system "a System of alternative calculations" by conducting comprehensive testing.

В магистерской диссертации сформулированы вероятные перспективы развития электронной коммерции в сфере платежного сервиса. Исходя из актуальной проблематики транзакций российских компаний, даны рекомендации по модернизации бизнес-процессов е-коммерции. / The master's thesis formulated the likely prospects for the development of e-Commerce in the field of payment service. Based on the actual problems of transactions of Russian companies, recommendations for the modernization of e-Commerce business processes are given.

Despite the relative successes of the post-apartheid South African Government, government’s failure to adequately deliver basic services has led to recent national public unrest over the problem of poor service delivery. The aim of this study was to investigate satisfaction level pertaining the service delivery in Matjhabeng Local Municipality. Municipalities are mandated by the Constitution to provide basic services to its community such as potable water supply, electricity, refuse collection roads and sanitation. The analysis is mainly on the basis of service delivery experienced in different areas such as formal and informal townships, study amongst municipal employees, as well as middle and high suburb areas within Matjhabeng LM. The realistic evidence has revealed that communities are unhappy because of, among other things, the cadre deployment to the municipality, the poor service delivery, corrupt councillors, uncommitted employees, communication between municipality and its residents and interference of politicians which have impacted negatively on service delivery. The results showed that although many respondents are unhappy with the basic services besides the municipality making an effort to provide basic services. Furthermore, it is evident from the results that while being unhappy with services more than residents who receive monthly bills are willing to pay for services rendered. / MBA, North-West University, Potchefstroom Campus, 2015