论文总字数：37006字

A study on the development prospects of electronic payment system for the economy of Kazakhstan

By

Zharkenov Edige

Under the Supervision of Wan Miao

Submitted in Partial Fulfillment of the Requirements for the Degree of Bachelor of Economics

International Economics and Trade Department

School of Economics and Management

Nanjing TECH University

June, 2020

Declaration

I hereby declare that this submission is my own work and that, to the best of my knowledge and belief, it contains no material previously published or written by another person or material which has to a substantial extent been accepted for the award of any other degree or diploma at any university or other institute of higher learning, except where due acknowledgment has been made in the text.

Signature:

Name:

Date:

Abstract

The emerging trend of electronic means of payment is having crucial effects on country’s macroeconomic indicators. Shrinking of shadow economy, booming e-commerce and government’s efficient monetary policies are only few of those worth mentioning. This study introduces development prospects of electronic payments for the economic performance of Kazakhstan. It also considers the shortcomings associated with moving towards digital method of payments. After all, the study suggests that economy of Kazakhstan as well as any other developing country will be mainly better off by developing necessary infrastructure for the effective utilization of electronic payments all across the country.

Key words: Electronic payments, digital economy, cash transactions.

Table of Contents

Declaration...……………………………………………………………………………. 2

Abstract……………………………….…………………………………………………… 3

1. Introduction……………………………...……………………………….....................…….. 5

1.1 Research background 5

1.2 Literature review 5

1.3 Research Methodology 6

2. Understanding the upsides of electronic payments at macroeconomic level…………..... 8

2.1 Different roles of cash and electronic payments in the shadow economy 8

2.2 The way electronic payments improve fiscal and monetary policies 10

2.3 The rise of e-commerce 12

3. The shortcomings of moving towards electronic payments …………...…….................... 14

3.1 Inequality of financial inclusion 14

3.2 Privacy concerns in digital economy 14

3.3 Threat of system failure 15

4. Summary ………………………………………………………………………………... 17

5. Reference……………………………….…………………………………………………. 18

1. Introduction

1.1 Research background

Money is the greatest invention of all mankind, but it took a very long time before paper money replaced gold and became recognized as legal tender. Since then cash was a king, and for the past three centuries it maintained its superiority and established a new world order. However, with the growth of contactless payment systems, the spread of mobile technology and the establishment of open banking, cash payments are now losing ground to electronic transactions. In fact, the world is becoming increasingly digital every day, as businesses continue to improve their processes by digitizing them and consumers continue to increase their demand for electronic services. The digital economy would perhaps be better served by natively electronic money. Basically, in the virtual realm that we all live in, cash is no longer meeting the needs of consumers and its place is gradually taken by the electronic successor. It seems like printed money are slowly becoming a museum piece. People nowadays tend to leave their wallets at home and use mobile phones or debit cards instead. Even shopping now is going through digital platforms that require a developed electronic mode of payment. It is for these reasons that several advanced economies are now increasingly getting rid of cash. According to UK Finance, a cash accounts for just 34 percent of the value of all transactions within the country, while in Sweden only 2 percent of all payments are made in cash and it’s predicted to account for just half a percent by 2020.

1.2 Literature review

Numerous examples around the world illustrate how electronic payment systems are stimulating an economic activity and provide a better scope for governments and central banks to oversight its economies in a more efficient way. For instance, Bangladesh’s bKash, which enables transfers via mobile phones, in particular transferring and receiving money domestically, has promoted economic growth and boosted financial inclusion in the country (Massi M., Sullivan G., Khan M., 2019). The upsides come not only from shifting more money into the banking sector but from the role of electronics in simplifying the process of sending and receiving payments. At the same time, steps taken by developed economies such as South Korea and Sweden to move towards cashless society led to a contraction in a shadow economy, booming e-commerce, and a substantial decline in fraud and corruption (Niklas Arvidsson, 2019). During 2016 Indian banknote demonetization, the Prime Minister of India Narendra Modi also claimed that actions of going away from cash would shorten informal economy and lower the use of illicit and counterfeit banknotes to fund illegal activity and terrorism: “A cashless economy is secure. It is clean.” he then added (Samuel Osborne, 2016).

In fact, more cash-intensive economies tend to grow slowly and miss out on their substantial competitive advantage over the digital ones. As BSG research estimates, countries that shift to electronic mode of payment can possibly boost annual GDP by as much as 3 percentage points. And yet, despite the evidence, authorities of some developing countries like Kazakhstan still hesitate to make the decision of going cashless anytime soon. By the end of 2019 the amount of non-cash operations in Kazakhstan just exceeds the number of transactions made by cash and reached 52 percent. It is mainly contributed by the major players in the electronic payment market such as Kaspi Bank and third-party payment platform Rahmet. Although, unprecedented steps have been taken in recent years to increase the amount of non-cash operations by these entities, Kazakh people still tend to prefer cash on a daily life basis. Thus, this study attempts to shed light on the potential benefits for Kazakhstan’s economy from moving towards electronic payment systems, as well as considering the shortcomings associated with using of digital medium of exchange. Having an understanding of pros and cons of electronic alternative is essential to draw a conclusion that economy of Kazakhstan would mainly be better off by developing necessary infrastructure for the effective utilization of electronic transactions within the country.

1.3 Research Methodology

1.3.1 Document research

Throughout the research, the author read and analyzed a large number of domestic and foreign literatures on the prospects of moving towards electronic payment methods for the economies of various countries. He analyzed the cases of such countries as Nigeria, Sweden, India, South Korea, US, Bangladesh and China to understand the subsequent results of cashless economy and then studied the shortcomings associated with the integration of the new digital technologies to a country’s economy. Author conducted extensive reading of classic literature and found his own entry point from the previous literature results. Finding relevant restrictive factors and expanding them with his perspective provide a solid theoretical basis for this study.

1.3.2 Contrast amp; Deduction

Contrast means a comparison of two things so as to point out the differences between them and analyze what causes such differences. In the study the author will compare the payment system of Kazakhstan with those countries that are already succeeded the most in the sphere of electronic payments and analyze the reasons behind them. Moreover, throughout the research author will also compare the strength and weaknesses of transactions made by electronic payments with those carried out by cash. These analyses are essential to find out which payment method is considered to be more efficient in terms of economic performance.

Similarly, deduction will be used to draw a conclusion that the economy of Kazakhstan will be generally better off by going away from cash transactions, but as the subsequent result the burden of new technologies will mainly fall on the country’s citizens in the form of lack of personal privacy and total government surveillance. Eventually, models of other countries may provide a solid ground for the government of Kazakhstan to implement the right strategy in order to encourage the use of electronic payments within the country.

2. Understanding the Upsides of Electronic Payments at the Macroeconomic Level

2.1 Different roles of cash and electronic payments in the shadow economy

In general, people have a strong emotional connection to paper currency and lingering distrust of digital alternatives. As an example, even our very own culture is rooted in coins and banknotes. Meanwhile, cash by itself is still inherently problematic and leads to the creation of a shadow economy, which brings inefficiency to a country’s economic performance. Physical cash is by its nature mostly untraceable and anonymous to a particular person or entity, allowing it to play a large role in crimes, including bribery, smuggling, tax evasion, counterfeiting, drug dealing, corruption and terrorist financing. In other words, a shadow economy is the part of an economy that neither taxed nor supervised by a government. Anti-money laundering rules require financial institutions to report suspicious transactions over a certain amount, but minor transactions or those taking place outside of the banking sector will generally be completely invisible. For this reason, banknotes continue to be used to facilitate informal economy and illegal practices whether in paying traders, businesses, employees or in carrying out criminal activities. These unrecorded actions cost governments around the world trillions of dollars in the form of tax revenue losses. According to IRS, only in the United States the total amount of taxes lost is estimated at $500 billion in 2012 alone, the cash-driven economy is a great contributor to this. And besides, poor tax revenues in any economy generally decrease the ability of a government to maintain the quality of public services as well as forcing it to reduce public spending on infrastructure of a country. Alternatively, in a recession period when central bank should stimulate an economy, low revenues from taxes will lead to a higher budget deficit and causing greater rate of inflation in a country. As a result, for the past decades many central banks announced policies aiming to reduce activities that take place below the radar or without a supervision of a government. In reality, shadow economy is generally hard to fight as two sides of transaction usually benefit financially, especially in the form of unpaid taxes or by corrupt practices. One way it can be dealt with is by tackling its main cause – cash. Thus, growing use of digital payments will reduce the size of the informal economy and lead to a growth in the general government revenues. Unlike cash, electronic or non-cash payments are transparent and traceable which make them much easier for tax authorities and law enforcement to monitor by having a comparison of previously reported transactions with the wide electronic database of all non-cash payments. A recent study of Ernst amp; Young with the support of MasterCard also advocates that there is a clear link between increased use of electronic payments and shrinking of shadow economy, and therefore increased government revenues. Moreover, with advanced record-keeping technology known as Blockchain, storing any digital information is now safer than ever. These blocks on the blockchain may consist of electronic pieces of information about a transaction, like the time, place and the amount of money of your last purchase from Taobao. In order to change or remove a single block, then, a hacker will have to change every single block after it on the blockchain. In other words, it is very hard to modify anything once a block is added to the blockchain, and nearly impossible to delete any data in it. As a result, every single transaction within the system will leave its footprints recorded automatically, so there will be less chance for undesired or criminal activities in the digital economy.

As for Kazakhstan, there always been a struggle with consequences of informal economy in the countries of former USSR, as shadow economy made up of a large proportion of their total domestic output. Some studies show that Kazakhstan’s informal economy is attributed to one third of its annual gross domestic product (31% of GDP), resulting in wide revenue losses by the government, low quality of public services and unawareness of undesired criminal activities within the country. In fact, the negative effect of the shadow economy is having an even higher degree on Kazakhstan as the country facing a truly high level of corruption among all parts of society. As mentioned earlier, corruption generally prevails in countries with high level of unregulated economies and great dependence on cash transactions. Companies and individuals often rely to a large extent on the unofficial sector of the economy. In order to avoid any sanctions, penalties and taxation, they simply bribe bureaucrats. Especially in the nineties, business environment in Kazakhstan was heavily hurt by corruption, which eventually decreased the confidence of its own citizens in the political institutions and their reliability. Under those circumstances, the market barely able to allocate its resources efficiently as there is no fair competition in the country. Therefore, lack of transparency and the presence of corruption in the economy is highly negatively associated with productivity growth, job opportunities, domestic and foreign investments, and hence economic performance. Nonetheless, as stated by the Kazakh vice finance minister, the government bodies together with Atameken National Chamber of Entrepreneurs are continuously seeking the ways of improving the tax and customs policy, increasing the amount of non-cash payments, as well as pulling small and medium businesses out of the shadow. For this reason, electronic or non-cash payments are believed to be essential, as they indeed suitable to fight the shadow economy and its subsequent consequences. As has been noted by the president himself, corruption can be substantially reduced, as the use of electronic and non-cash payments are rising within the country. As the result, the effective utilization of electronic payments leaves less chance for corrupt practices in Kazakhstan. Similarly, Sweden and Denmark which economies are operating almost without any cash are ranked as the least corrupted countries in the world.

2.2 The way electronic payments improve fiscal and monetary policies

In fact, dealing with cash is not cheap for banks either, as the cost associated with handling, printing, safeguarding, and transporting it, consumes a large amount of their funds. Operating in cash generally costs countries about 0.5 per cent of their total GDP annually. For instance, one major North American bank wastes approximately $5 billion every year processing cash transactions and serving ATMs. Moreover, cash is inherently insecure when stored and so must be appropriately guarded. Only in the United States, theft of cash in retail businesses alone is accounted for about $40 billion every year. As for individuals, getting cash is usually time-consuming, since cash requires of a limited amount of currency to be carried. An average American citizen wastes about twenty-eight minutes a month in order to get cash. Those figures above can be substantially reduced by electronic payments, since people can have an access to all their savings safely and without waiting. As a result, amount of theft, robberies, extortion, as well as the cost of processing and securing cash will be decreased as the number of digital payments rise.
Similarly, digital transactions are executed in a faster way than those with cash. In accordance with the study that conducted by Restaurant chain Sweetgreen, an electronic transaction can be performed on average 15% quicker than a transaction made by cash. To put it differently, electronic payments are convenient for customers in the same manner as they are profitable for businesses. As for the economy, it can possibly increase its capacity in the long-run by stimulating trade and all commercial activities across the country. Similarly, with more transparency from digital transactions, it is easier for businesses and individuals to offer and obtain financing, allowing commercial banks to make more-informed lending decisions by avoiding adverse selection problem. Moreover, with digital transactions in place authorities can track all the government’s spending in order to make sure that all the funds are going to the right destinations. For example if the government is investing a million dollars in a program within the country, then authorized institutions have the obligation to carefully monitor every dollar in this project. Theft of public money in the government sector is especially relevant to Kazakhstan, as officials were strongly criticized for a long time of having no systematic legislation which can induce corresponded actions to efficiently manage public spending in the country.

Cashless economy also provide scope for better monetary policies and can help supervisors, central banks, and governments to be more efficient in the way they implement them. One of the main targets of almost any central bank is to contain country’s inflation rate low and stable. That is normally executed in two different ways: by controlling the money supply or by adjusting the short-run interest rates on loans between banks. In particular, central banks were assumed to be able to regulate the money supply by implementing either expansive or contractionary monetary policy through open market operations. In other words, if an economy faced a recession, its central bank might increase the supply of money in such a way that the rate of money growth would be equal to the economy’s desired growth rate and thus, by controlling the money supply it can get the economy out of the recession back to its original gross production. According to the quantity theory of money, a rise in the stock of money should lead to a proportionate rise in nominal GDP, assuming that velocity of money, defined as a measurement of the rate at which money is exchanged in an economy to purchase goods and services, is constant. The main reason that velocity of money is assumed to be constant is because historically, payment methods changed very slowly. However, after the introduction of electronic mode of payments this assumption may no longer be true. Electronic payments allow money to change hands more quickly as people tend to spend more of their money instead of amassing them, so money are not idle in the economy to the same degree as before. Thus, the high velocity of money is associated with expanding economies, since in the long-run all commercial activities are expected to be executed to a relatively larger degree. More specifically, to foresee the movement of country’s Nominal GDP economists often rely on the formula that considers both money supply and velocity of money: Nominal GDP = Money supply * Velocity of Money. Eventually, electronic payments that presumably increase the velocity of money can as well expand the capacity of an economy as a whole. On the other hand, higher velocity of money in turn may affect the rate of inflation in a country and the central bank should take that into account when setting the policy for interest rates. For this reason, in order to achieve desired outcomes from central bank’s monetary policies, more studies have to be made on how the introduction of electronic payments affect the rate at which money are exchanged in an economy. Another important point of having digital economy is the efficient implementation of the negative interest rate policy. In particular, in a recession period central banks usually use low or even negative yields policy as a tool to stimulate more lending from banks and increase investment by businesses, as well as encouraging individuals to invest, lend and spend instead of amassing money. However, Ken Rogoff from Harvard argues that during economic downturns, moves by central banks to cut interest rates to below zero would be infective without eliminating cash from financial system. Main issue of negative interest rates is that they might cause bank runs, which is consequently hurting financial system of the country. For instance, during European sovereign debt crisis in 2012, people preferred to withdraw their money from banks due to the negative interest rates and then hold cash instead. Going cashless and encouraging the use of electronic payment methods can to some extent solve the problem that is also known as the zero lower bound theory.

2.3 The rise of e-commerce

The trend of e-commerce is gaining popularity in Kazakhstan in recent years, which is mainly driven by the accessibility of online and electronic payments in the market. Currently, the online share of total retail sales in Kazakhstan is estimated at only 3 %, but in five years it is anticipated to grow to almost 20% of all retail transactions. Many consumers now purchase goods and services through online marketplaces thanks to the level of convenience they offer. These have become highly recognized due to the great variety of products available at affordable prices. Different factors are expected to contribute to the rise of B2C e-commerce in Kazakhstan. First of all, there are a rising amount of active online users, particularly young ones, who are now increasingly shopping online. In fact, online shopping helps people save much of their time, while the interface of online stores and procedures involving electronic payments makes it truly easy to use even for an older people. The return policies and the delivery timeframes also insure the convenience of the services. Not to mention that online stores are open for business 24 hours a day. In the near future, growth and profitability will generally depend on the ability of businesses to adopt emerging technologies and implement them into a new marketplace. As an example, Amazon turns to be so recognized among customers all over the world, because of the improved customer experience in terms of short delivery times and the option of returns. Its ‘Prime' subscribers even get their goods delivered within a working day, allowing people to enjoy much-needed goods without visiting the shop themselves. These benefits are greatly valued by the customers and are setting the industry standards, convincing other retailers to speed up their shipment timeframes too. The leading e-commerce marketplace players at the international level are Chinese Taobao, Alibaba and American Amazon, eBay. While in Kazakhstan there is no certain winner in the market yet to be recognized. However, a great amount of emerging companies are entering the market in order to get a new market niche. Therefore, to ensure a rapid development of e-commerce in Kazakhstan, relevant payment mechanisms as the electronic payments should firstly be widely available for all existing entities in the market as well as being easily accessible for customers across the country.

On the other hand, the coronavirus (COVID-19) pandemic has put governments all over the globe, beginning with China, into unusual conditions, with people staying at home under the lockdown, while some retailers are trying to obtain the highest profit possible from the outbreak. Attempts to promote social distancing as well as efforts to eliminate any contact with printed money have prompted a rapid rise in contactless payments. In South Korea, electronic or non-cash payments jumped almost 30 % between January and February 2020, as did the market of delivery services and contactless pickups. Moreover, these limitations lead to the expansion of e-commerce market even much further into product categories such as groceries. By the end of February, for example, China as one of the economies most damaged by the pandemic, have witnessed fresh food-related sales on JD.com surged 215 % in the period of 10 days. As more people staying under the lockdown for a longer time, consumers tend to increasingly purchase online content from the internet such as games, e-books and streaming services. On the other hand, the global lockdown poses a threat to online sales in tourism and travel industry as consumers are not reserving any flights, hotels or tickets for public events online, hitherto one of the largest fields for online purchasing. After all, even though coronavirus pandemic will have a tremendous impact on the total economic performance of the country, e-commerce and contactless transactions with the opportunities they provide in terms of affordability, convenience and efficiency will still gain further ground in the near future to come.

3. The shortcomings of moving towards electronic payments

3.1 Inequality of financial inclusion

Despite the drawbacks, cash has stubbornly resisted going the way of digital extinction. One of the reasons behind it is that cash enables all groups of society to make payments using a commonly accepted means of payment. Unlike electronic payments, cash doesn’t require any other technology to be involved in the transaction. For this reason, individuals who are highly dependent on cash, as homeless people, refugees or those with a minimal or poor knowledge of digital transactions, are still able to conduct payments without any difficulties. The accessibility of cash for individuals as the general mode of payment hence ensures that everyone can sufficiently and equally participate in economic life. As highlighted by the Governor of the Bank of Finland, Erkki Liikanen: “The payment system is a utility which must be accessible to everybody, not only the majority of people. It must be inclusive. So that raises the issue of how social groups with special needs can cope without the option of using cash.” In line with this intention, cash is essential to avoid inequality of financial inclusion to be persisted in society. Alternatively, a rapid switch to a cashless economy will threaten millions of people of being unable to meet their basic needs. Individuals who are unbanked, which is not using any banking services at all, are not capable of using electronic or non-cash method of payment and therefore must rely on cash transactions. According to the study of FDIC, in the United States nearly 6.5 percent of households were unbanked and 70 percent of this part of society needs cash for daily purchases. Study also reveals that people are the most likely to be unbanked if they have a relatively low income. Thus, with the growing use of common and widely accepted digital alternatives to cash, authorities should be cautions of limiting cash usage too far in order to ensure adequate financial inclusion to all participants in the economy.

3.2 Privacy concerns in digital economy

Slow progress towards digital economies is generally associated with rising concerns about government surveillance and people’s personal privacy. As mentioned earlier, electronic payment system is by its nature transparent, which grants authorities with a straightforward access to all payment transactions. Officials might initially apply the new technologies to fight crimes and detect undesired activities. However, as the consequence they would also gain more power to surveil its own citizens by leaving under the question people’s personal privacy. In China, the government gathers personal information of their citizens to implement elaborately designed government policies by favoring national security over privacy. Therefore, it is argued that increasing mass surveillance of country’s citizens may cause emergence of the surveillance state, which is a single most distinctive feature of totalitarian regimes. Moreover, people’s private information in electronic payments like purchasing habits, social media connections, and personal interests may then subsequently be sold to several interested organizations in the private sector. As a result, tech giants can now use the records of consumer’s recent purchases and other personal data traits, and then afterwards being exploited for cross-selling elsewhere. In fact, most people are not even aware that their consumer behavior is being analyzed with intention to increase the consumption. Similarly, there are several reasons why people prefer anonymity of their transactions, which are mainly correlated with people’s “bad” behavior. However, “bad” does not necessarily mean “illegal”. It may refer to the small weaknesses of human nature. For this reason, it’s believed that cash is one way for individuals to get privacy and anonymity, and therefore the loss of such alternative to electronic payments would make transactions worse off. In this sense, there would be less undesired transactions to be held and correspondingly a deadweight loss – as in the instance of distorting taxes. As a matter of fact, ever since the Facebook-Cambridge Analytica data scandal, people have insufficient trust towards digital data storage platforms. The data breach of Facebook–Cambridge Analytica took place in early 2018, when millions of Facebook users' personal data were gathered by Cambridge Analytica without their permission, which were then used for predominantly political advertising in presidential election. Thus, growing concerns about the ability of public agencies to look through digital records will add to the unwillingness among many people to let go of paper money.

3.3 Threat of system failure

Another risk of electronic payments is the likelihood of the system failure, when people would lose the ability to access all their funds immediately and therefore, forced to not be able to pay for anything with electronic method of payment. Consumers might be left unable to purchase goods even as basic essentials. While paper money to a certain extent works without supporting infrastructure, hence doesn’t share the threat of system shutdown and allows market participants to carry out transactions even when electronic payments are not available. However, access to cash is also relying on payment cards especially by withdrawing cash from ATMs. As a result, cash provision is vulnerable just in the same manner as electronic payments. Keeping some cash reserves, in contrast, gives people a chance to prepare for such a contingency. Thus, in times of disruption and uncertainty cash can still offer limited fallbacks. An instructive example is provided by the bank strikes in Ireland in 1970, people and businesses did not have an access to bank accounts for a prolonged period of time and could only use cash reserves to meet their essential needs. In fact, such a bank strike today might have even more serious consequences, since people are now more dependent on digital transactions than ever before. Another crucial concern of electronic payments is security breaches. Modern cybercriminals have gone even further than just breaking into people’s smartphones. Almost any electronic device can be hacked, including laptops, smart watches, cloud storage platforms and etc. If a hacker succeeded in stealing people’s banking account information in a cashless economy, individuals might not have any other options in reserve to obtain their funds.

Summary

The world now is witnessing a new stage in evolution of money. As the needs of people and businesses are increasingly shifting towards online activities, cash can no longer properly meet them, so the market is adjusting itself with the new payment method such as electronic payments. This emerging trend of replacing cash with the digital alternative can be clearly observed in the countries with more advanced economies. Therefore, this study suggests that there are certain reasons behind going away from cash towards electronic payments. Firstly, cashless economy can help authorities of a country to conduct more elaborated monetary and fiscal policies, which substantially improve the business environment and hence economic performance of the country. Secondly, every criminal activity within an unregulated part of an economy, known as the shadow economy, can be significantly reduced by electronic payments, as financing illegal activities requires conducting illegal transactions. In the same manner, by monitoring country’s informal economy the government can highly increase its tax revenues and hence strengthen the public spending. Thirdly, as people tend to rely more on activities involving non-cash payments, e-commerce is expected to grow at unprecedented speed in coming years especially when millions of people are forced to stay at home under the lockdown whereas purchasing anything requires people to go online. The other side of the coin, however, is tied to the lack of people’s personal data privacy, as enterprises are able to look through these data with intention to increase their sales as well as obtaining more political power. Not to mention that people with no ability to access for banking services will be hurt the most, as they persistently rely on cash transactions. In fact, though electronic payments operate on the highly developed technologies, it doesn’t guarantee that there will be no system failure which may result in the total collapse of the financial system of the country. Given these points, this study suggests that economy of Kazakhstan will still be mainly better off by developing necessary infrastructure for the effective utilization of electronic payments. And as Chris Hamilton once said: “You cannot have a developed economy without a developed payments system. Wealth and prosperity depend upon digitalized payment systems in the modern world”.

References:

[1] Beddoes Z., M., (2019) Rich countries must start planning for a cashless future. London: The Economist.

[2] Samuel Osborne, (2016) India to become cashless society, PM Narenda Modi hints. London: The Independent.

[3] Analytical Center of the Association of Financiers of Kazakhstan (2019) В Казахстане безналичная оплата превысила объемы операций по снятию наличности. Almaty: Forbes Kazakhstan.

[4] Massi M., Sullivan G., Khan M., (2019). How cashless payments help economies grow. Boston: Boston Consulting Group.

[5] Matthew Johnston (2019) How big is America’s Underground Economy? New York: Investopedia.

[6] Medina L., Schneider F. (2018). Kazakhstan: Shadow Economy International Monetary Fund.

[7] Shaw V., (2018) Number of card payments overtakes cash for the first time ever in the UK. London: The Independent.

[8] Achord S., Chan J., Collier I., Nardani S., Rochemont S., (2017). A Cashless Society: Benefits, Risks and Issues (Interim paper) 149. London: Institute and Faculty of Actuaries.

[9] Marria V., (2018). What a cashless society could mean for the future. New York: Forbes Magazine.

[10] Chakravorti B., Chaturvedi R.S., Mazzotta B., (2016). The countries that would profit most from a cashless world. Boston: Harvard Business Review.

[11] Williams J., C., (2014) Monetary Policy at the Zero Lower Bound. San Francisco: Federal Reserve Bank.

[12] Granville K., (2018) Facebook and Cambridge Analytica: What You Need to Know as Fallout Widens. New York: The New York Times.

[13] Niklas Arvidsson (2019) The Swedish Route to the Future of Cash Payments. Luxemburg: Springer.

[14] Fabris N. (2018). Challenges for Modern Monetary Policy. Journal of Central Banking Theory and Practice, 7 (2), 5-24.

[15] National Bank of Kazakhstan (2019) Обзор результатов надзора, (оверсайта) платежных систем и развития рынка платежных услуг за 2018 год (Oversight Results of Payment systems and development of market of payment services for 2018). Almaty: National Bank of Republic of Kazakhstan.

[16] Kassymkhan Kapparov, (2018) Financial Inclusion and Financial Literacy in Kazakhstan. Almaty: Asian Development Bank Institute

请支付后下载全文，论文总字数：37006字