INSTITUTIONAL CONCEPTS OF ESTABLISHMENT AND FUNCTIONING OF ELECTRONIC PAYMENT SERVICES IN THE DIGITAL ECONOMY

Abstract

The article examines the institutional concepts of the formation and functioning of electronic payment services in the digital economy. The accumulation of technological changes associated with the spread and use of information technologies and the evolution of economic systems caused by them led to the emergence of a new quality of the economic system, which was called the "digital economy". One of the sectors where digitization is taking place most intensively and most successfully is the financial market, and especially the market of financial services. It was determined that the basic institutional concepts of the formation and functioning of electronic payment services in the digital economy are technological support and digital infrastructure, which are interconnected and operate on the basis of an intellectual component (algorithms and software) and an organizational component (protocols and standards). Digital business involves the use of information and communication technologies and information systems (artificial intelligence, etc.), which provide for its formation and functioning in terms of three aspects: organizational, information and structure-forming. Considering the rapid development of technological progress, the governments of various countries consider the formation and functioning of electronic payment services in the digital economy as a new stage of innovative development of the financial services market, which is accompanied by positive and negative effects. In the composition of institutional concepts of the formation and functioning of electronic payment services in the digital economy, the subjects of the formation and functioning of electronic payment services (traditional; innovative; technological) and organizational models of building financial relations, which are characterized by a list of features, occupy an important place.