Skip to main content
SpringerLink
Log in

Emergence of the New Start Up Ecosystem: How Digital Transformation Is Changing Fintech and Payment System in Emerging Markets?

  • Conference paper
  • First Online:
Digital Transformation on Manufacturing, Infrastructure & Service (DTMIS 2022)

Part of the book series: Lecture Notes in Networks and Systems ((LNNS,volume 684))

  • 556 Accesses

Abstract

The use of crypto for conducting business presents a host of opportunities and challenges. By and large as with any frontier, there are both unknown dangers and strong incentives. Nowadays, the use of virtual currencies is more frequent in the financial transactions is the main reason for consider to use it. Both the primary and secondary data have been collected by the authors. Surveys and thematic analysis of the information have been done. It gave the clarity of the subject. In the results chapter, survey results have been presented in graphs. Survey has been conducted on the bankers and the responses have been further analyzed with SPSS. The statistical analysis has been performed ensuring the objectives of the research is satisfied. In the discussion chapter, the survey results and the statistical analysis have been further discussed. It has been observed that the digital transformation has helped in making the payments more effective. Correlation has been determined indicating that the digital transformation boost the growth of digital economy. The research helped in understanding the impact of cryptocurrency and the expansion of bitcoin on the digital economy of the emerging market during the pandemic. The research helped in understanding with the help of using secondary qualitative analysis by generating themes that digital economy impacts the emerging markets in a positive way. The research paper also helped in understanding that cryptos help the emerging markets a lot.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 229.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 299.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  1. Chkalova, O., Bolshakova, I., Kopasovskaya, N., Mukhanova, N., Gluhov, V.: Transformation of Online Consumer Behavior Under the Influence of the Pandemic and the Development of Telecommunications, pp. 338–347 (2020). https://doi.org/10.1007/978-3-030-65729-1_29

  2. Schepinin, V., Bataev, A.: Digitalization of financial sphere: challenger banks efficiency estimation. In: IOP Conference Series: Materials Science and Engineering, vol. 497, p. 012051 (2019). https://doi.org/10.1088/1757-899X/497/1/012051

  3. Korchagina, E., Desfonteines, L.: Internal resources of increasing retail efficiency. Intellect. Econ. 13(2), 122–130 (2019). https://doi.org/10.13165/IE-19-13-2-03

    Article  Google Scholar 

  4. Kumar, A.: A study of the impact of crypto currency on the Indian payment system. Asian J. Manag. 310–316 (2021). https://doi.org/10.52711/2321-5763.2021.00047

  5. Korchagina, E., Desfonteines, L., Strekalova, N.: Problems of training specialists for trade in the conditions of digitalization. In: E3S Web of Conferences, vol. 164, p. 12014 (2020). https://doi.org/10.1051/e3sconf/202016412014

  6. Putri, D.E., Ilham, R.N., Sinurat, M., et al.: Analysis of potential and risks investing in financial instruments and digital cryptocurrency assets during the COVID-19 pandemic. Jurnal SEKURITAS 1, 1–12 (2021). http://openjournal.unpam.ac.id/index.php/SKT/article/view/10968

  7. Babkin, A.V., Burkaltseva, D.D., Betskov, A.V., Kilyaskhanov, H.S., Tyulin, A.S.: Automation digitalization blockchain: trends and implementation problems. Int. J. Eng. Technol. (UAE) 7(3), 254–260 (2018). https://doi.org/10.14419/ijet.v7i3.11.16020

    Article  Google Scholar 

  8. Ray, S., Leandre, D.Y.: How entrepreneurial university model is changing the Indian COVID–19 fight? Entrepreneur’s Guide 14(3), 153–162 (2021). https://doi.org/10.24182/2073-9885-2021-14-3-153-162

    Article  Google Scholar 

  9. Ryan, G.: Introduction to positivism, interpretivism and critical theory. Nurse Res. 25(4), 14–20 (2018). https://doi.org/10.7748/nr.2018.e1466

    Article  Google Scholar 

  10. Sundler, A.J., Lindberg, E., Nilsson, C., Palmér, L.: Qualitative thematic analysis based on descriptive phenomenology. Nursing Open, no. 2, p. 275 (2019). https://doi.org/10.1002/nop2.275

  11. Alexander, S.M., et al.: Qualitative data sharing and synthesis for sustainability science. Nat. Sustain. 3(2), 81–88 (2020). https://doi.org/10.1038/s41893-019-0434-8

    Article  Google Scholar 

  12. Chong, S.W., Plonsky, L.: A primer on qualitative research synthesis in TESOL. TESOL Q. 55(3), 1024–1034 (2021). https://doi.org/10.1002/tesq.3030

    Article  Google Scholar 

  13. Vasetskaya, N., Glukhov, V.: Data selection, data capture, and data analysis in the studies of research potential of the higher education sector, pp. 8499–8507 (2019)

    Google Scholar 

  14. Campino, J., Brochado, A., Rosa, Á.: Digital business transformation in the banking sector. In: Research Anthology on Concepts, Applications, and Challenges of FinTech, pp. 186–215. IGI Global (2021). https://doi.org/10.4018/978-1-7998-8546-7.ch012

  15. Braun, V., Clarke, V.: Conceptual and design thinking for thematic analysis. Qual. Psychol. 9(1), 3–26 (2022). https://doi.org/10.1037/qup0000196

    Article  Google Scholar 

  16. Kiger, M.E., Varpio, L.: Thematic analysis of qualitative data: AMEE Guide No. 131. Med. Teach. 42(8), 846–854 (2020). https://doi.org/10.1080/0142159X.2020.1755030

  17. Ozili, P.K.: Impact of digital finance on financial inclusion and stability. Borsa Istanbul Rev. 18(4), 329–340 (2018). https://doi.org/10.1016/j.bir.2017.12.003

    Article  Google Scholar 

  18. Vincent, O., Evans, O.: Can cryptocurrency, mobile phones, and internet herald sustainable financial sector development in emerging markets? J. Transnatl. Manag. 24(3), 259–279 (2019). https://doi.org/10.1080/15475778.2019.1633170

    Article  Google Scholar 

  19. Korchagina, E.V., Shvetsova, O.A.: Solving the problem of employment for graduates of higher education institutions: increasing the degree of employers’ participation in the educational process. In: Proceedings of 2018 17th Russian Scientific and Practical Conference on Planning and Teaching Engineering Staff for the Industrial and Economic Complex of the Region, PTES 2018, vol. 8604228, pp. 138–140 (2019). https://doi.org/10.1109/PTES.2018.8604228

  20. Tulung, J.E., Ramdani, D.: Independence, size and performance of the board: an emerging market research. Corp. Ownersh. Control 15(2–1), 201–208 (2018). https://doi.org/10.22495/cocv15i2c1p6

    Article  Google Scholar 

  21. Drożdż, S., Kwapień, J., Oświęcimka, P., Stanisz, T., Wątorek, M.: Complexity in economic and social systems: cryptocurrency market at around COVID-19. Entropy 22(9), 1043 (2020). https://doi.org/10.3390/e22091043

    Article  Google Scholar 

  22. Arsi, S., Ben Khelifa, S., Ghabri, Y., Mzoughi, H.: Cryptocurrencies: Key Risks and Challenges. In: Cryptofinance. World Scientific, pp. 121–145 (2021). https://doi.org/10.1142/9789811239670_0007

  23. Titov, V., Uandykova, M., Litvishko, O., Kalmykova, T., Prosekov, S., Senjyu, T.: Cryptocurrency open innovation payment system: comparative analysis of existing cryptocurrencies. J. Open Innov. Technol. Mark. Complex. 7(1), 102 (2021). https://doi.org/10.3390/joitmc7010102

    Article  Google Scholar 

  24. Iliashenko, O., Grashenko, N., Filippova, K.: Best practices in blockchain technologies application. In: Proceedings of the 33rd International Business Information Management Association Conference, IBIMA 2019: Education Excellence and Innovation Management through Vision 2020, pp. 8486–8492 (2019)

    Google Scholar 

  25. Babkin, A., Tyulin, A., Epifanova, O., Kharitonova, N.: Blockchain technology and stages of infrastructure support development for cryptoassets market. In: Proceedings of the 33rd International Business Information Management Association Conference, IBIMA 2019: Education Excellence and Innovation Management through Vision 2020, pp. 8479–8485 (2019)

    Google Scholar 

  26. Korchagina, E., Bochkarev, A., Bochkarev, P., Barykin, S., Suvorova, S.: The treatment of optimizing container transportation dynamic programming and planning. In: E3S Web of Conferences, vol. 135, p. 02016 (2019). https://doi.org/10.1051/e3sconf/201913502016

  27. Siddique, A., Kayani, G.M., Ashfaq, S.: Does heterogeneity in COVID-19 news affect asset market? Monte-Carlo simulation based wavelet transform. J. Risk Financ. Manag. 14(10), 463 (2021). https://doi.org/10.3390/jrfm14100463

    Article  Google Scholar 

  28. Anshari, M., Almunawar, M. N., Masri, M.: An Overview of Financial Technology in Indonesia, pp. 216–224 (2020). https://doi.org/10.4018/978-1-5225-9183-2.ch012

  29. Hendriyani, C., Sam, N.A., Raharja, J.: Analysis building customer engagement through e-CRM in the era of digital banking in Indonesia. Int. J. Econ. Policy Emerg. Econ. 11(5), 479 (2018). https://doi.org/10.1504/IJEPEE.2018.094820

    Article  Google Scholar 

  30. Wewege, L., Lee, J., Thomsett, M.C.: Disruptions and digital banking trends. J. Appl. Financ. Bank. 10(6), 1792–6599 (2020)

    Google Scholar 

  31. Rauniyar, K., Rauniyar, K., Sah, D.K.: Role of FinTech and innovations for improvising digital financial inclusion. Int. J. Innov. Sci. Res. Technol. 6(5) (2021). https://ijisrt.com/assets/upload/files/IJISRT21MAY1089.pdf%0Awww.ijisrt.com

  32. Allen, F., Gu, X., Jagtiani, J.A.: Fintech, cryptocurrencies, and CBDC: financial structural transformation in China. SSRN Electron. J. (2022). https://doi.org/10.2139/ssrn.4021436

  33. Breidbach, C.F., Keating, B.W., Lim, C.: Fintech: research directions to explore the digital transformation of financial service systems. J. Serv. Theory Pract. 30(1), 79–102 (2019). https://doi.org/10.1108/JSTP-08-2018-0185

    Article  Google Scholar 

  34. Jarvis, R., Han, H.: Citation: fintech innovation: review and future research directions. Int. J. Bank Fin Ins. Tech. 1(1) (2021)

    Google Scholar 

  35. Baftijari, A.B., Nakov, L.: An overview on how can financial technology (Fintech) transform the future of bank services and performance: a challenge or …. Knowl. Int. J. 49, 59–63 (2021). https://ikm.mk/ojs/index.php/kij/article/view/4620/4613

  36. Bhoi, B.K.: Digital transformation in India’s payment and settlement systems. J. Xi’an Univ. Archit. Technol. 987–1002 (2020). https://www.xajzkjdx.cn/gallery/71-mar2020.pdf

  37. Hasan, R., Ashfaq, M., Shao, L.: Evaluating Drivers of Fintech Adoption in the Netherlands. Glob. Bus. Rev. 097215092110274 (2021). https://doi.org/10.1177/09721509211027402

  38. Susilo, D., Wahyudi, S., Pangestuti, I.R.D., Nugroho, B.A., Robiyanto, R.: Cryptocurrencies: hedging opportunities from domestic perspectives in Southeast Asia emerging markets. SAGE Open 10(4), 215824402097160 (2020). https://doi.org/10.1177/2158244020971609

    Article  Google Scholar 

  39. Ćosić, K., Časni, A.Č: The impact of cryptocurrency on the efficient frontier of emerging markets. Croatian Rev. Econ. Bus. Soc. Stat. 5(2), 64–75 (2019). https://doi.org/10.2478/crebss-2019-0012

    Article  Google Scholar 

  40. Mosteanu, N.R., Faccia, A.: Fintech frontiers in quantum computing, fractals, and blockchain distributed ledger: paradigm shifts and open innovation. J. Open Innov. Technol. Mark. Complex. 7(1), 19 (2021). https://doi.org/10.3390/joitmc7010019

    Article  Google Scholar 

  41. Vieira, V.A., de Almeida, M.I.S., Agnihotri, R., da Silva, N.S.D.A.C., Arunachalam, S.: In pursuit of an effective B2B digital marketing strategy in an emerging market. J. Acad. Mark. Sci. 47(6), 1085–1108 (2019). https://doi.org/10.1007/s11747-019-00687-1

    Article  Google Scholar 

  42. Johnson, M.R.: Inclusion and exclusion in the digital economy: disability and mental health as a live streamer on Twitch.tv. Inf. Commun. Soc. 22(4), 506–520 (2019). https://doi.org/10.1080/1369118X.2018.1476575

  43. Shkodina, I.V., Timoshenkov, I.V., Nashchekina, O.N.: The impact of financial technology on the transformation of the financial system. Financ. Credit Act. Probl. Theory Pract. 1(24), 417–424 (2018). https://doi.org/10.18371/fcaptp.v1i24.128451

    Article  Google Scholar 

  44. Deng, P., Zhang, S.: Institutional quality and internationalization of emerging market firms: focusing on Chinese SMEs. J. Bus. Res. 92, 279–289 (2018). https://doi.org/10.1016/j.jbusres.2018.07.014

    Article  MathSciNet  Google Scholar 

  45. Wu, R., Ishfaq, K., Hussain, S., Asmi, F., Siddiquei, A.N., Anwar, M.A.: Investigating e-retailers’ intentions to adopt cryptocurrency considering the mediation of technostress and technology involvement. Sustainability 14(2), 641 (2022). https://doi.org/10.3390/su14020641

  46. Bouri, E., Das, M., Gupta, R., Roubaud, D.: Spillovers between bitcoin and other assets during bear and bull markets. Appl. Econ. 50(55), 5935–5949 (2018). https://doi.org/10.1080/00036846.2018.1488075

    Article  Google Scholar 

  47. Lychagin, M.V., Lychagin, A.M.: Theoretical bases of economics and management. 14(6), 7–28 (2021). https://doi.org/10.18721/JE.14601

  48. Babkin, A., Glukhov, V., Shkarupeta, E., Kharitonova, N., Barabaner, H.: Methodology for assessing industrial ecosystem maturity in the framework of digital technology implementation. Int. J. Technol. 12(7), 1397 (2021). https://doi.org/10.14716/ijtech.v12i7.5390

    Article  Google Scholar 

  49. Akbar, A., Akbar, M., Nazir, M., Poulova, P., Ray, S.: Does working capital management influence operating and market risk of firms? Risks 9(11), 201 (2021). https://doi.org/10.3390/risks9110201

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Calcutta Institute of Engineering and Management, Calcutta, West Bengal, India

    Samrat Ray

  2. Peter the Great St. Petersburg Polytechnic University, Saint-Petersburg, Russia

    Elena V. Korchagina, Andrey E. Druzhinin, Vladislav V. Sokolovskiy & Pavel M. Kornev

Authors
  1. Samrat Ray
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Elena V. Korchagina
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Andrey E. Druzhinin
    View author publications

    You can also search for this author in PubMed Google Scholar

  4. Vladislav V. Sokolovskiy
    View author publications

    You can also search for this author in PubMed Google Scholar

  5. Pavel M. Kornev
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Elena V. Korchagina .

Editor information

Editors and Affiliations

  1. Peter the Great St.Petersburg Polytechnic University, St. Petersburg, Russia

    Igor Ilin

  2. St. Cyril and St. Methodius University of Veliko Turnovo, Veliko Tarnovo, Bulgaria

    Mariana Mateeva Petrova

  3. Peter the Great St.Petersburg Polytechnic University, St. Petersburg, Russia

    Tatiana Kudryavtseva

Rights and permissions

Reprints and permissions

Copyright information

© 2023 The Author(s), under exclusive license to Springer Nature Switzerland AG

About this paper

Check for updates. Verify currency and authenticity via CrossMark

Cite this paper

Ray, S., Korchagina, E.V., Druzhinin, A.E., Sokolovskiy, V.V., Kornev, P.M. (2023). Emergence of the New Start Up Ecosystem: How Digital Transformation Is Changing Fintech and Payment System in Emerging Markets?. In: Ilin, I., Petrova, M.M., Kudryavtseva, T. (eds) Digital Transformation on Manufacturing, Infrastructure & Service. DTMIS 2022. Lecture Notes in Networks and Systems, vol 684. Springer, Cham. https://doi.org/10.1007/978-3-031-32719-3_47

Download citation

Publish with us

Policies and ethics

Search

Navigation