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Yayın Digital payment systems: a future outlook(PressAcademia, 2022-07-30) Teker, Suat; Teker, Dilek; Orman, IrmakPurpose- This study examines the development of digital payment systems with the evolution of communication technologies, financial institutions and fintech companies. Also, this study analyzes the expected effects of developing payment systems and fintech applications. Methodology- The study defines different types of digital payment systems, compares general characteristics of digital payments, provides a timeline of developments for digital payment systems and compares most used digital payment applications. Findings- The payments market is changing in line with consumer behavior. Cashless economies, mobile banking, instant payments, digital commerce, and the growing impact of regulatory agencies are a few trends affecting the payments market. Contactless payments also make the payment process easier and more convenient for consumers who benefit from shorter lines, cash-on-hand issue elimination, and faster moving queues.The Asia-Pacific region is anticipated to witness significant growth in the market such as China and India. Digital and mobile wallets account for 58% of regional e-commerce payments in the region and are expected to reach 68.2% by 2023. The e-commerce sector is witnessing a spike in demand as consumers order essential items such as food and clothes through e-commerce websites, where most consumers prefer the digital mode of payment.Transition towards the cashless economy, emergence of new online financial institutions, a decentralized monetary governance with the adoption of blockchain and cryptocurrencies are envisioned. Advancements in payment technologies as well as digital payment systems adoption will create momentum and create further investments towards digitalization of monetary exchange. Conclusion- It is concluded that evolution of digital payment systems will extend convenience, return, convergence, cross-border and timelimitless transaction. Inclusion of the unbanked is expected to drive growth and create new opportunities. There is a clear transition towards a cashless economy with the increasing adoption of digital payment systems by all spenders. Speed, privacy, convenience, security and decentralization will mean a wider inclusion for all global citizens; even including some unbanked population. Decentralization and blockchain will mean a blur in distribution of wealth, some money leaving the traditional banking systems. Digital payment systems provide a wide range of transaction options to its users; swiped credit cards, electronic checks, mobile wallets and contactless payment. By 2050s, the circulation of physical money is expected to vanish, leaving its place to virtual currencies changed on digital platforms.Yayın 5G and banking(PressAcademia, 2021-12-31) Teker, Suat; Teker, Dilek; Orman, IrmakPurpose- Technological developments in mobile telecommunications have evolved immensely after the transition from analog technologies that were widely used in 1980s to digital technologies connecting to globe with wireless cellular technologies. This study intends to review telecommunication technologies starting 1970s (1G technology) through 2020s (5G technology) and analyze the expected effects of 5G technology on the future of banking sector. In addition, it is envisioned how 5G technology will shape the future of the banking industry. Methodology- The study is conducted by having a comparative review of digital technology developments in the last 50 yearsThis study examines the effects of developments in communication technologies on the banking sector and banking services. The research design of this study is the relationship between the advancements in telecommunication technologies and the future of banking sector. The following section cover the comparison of 1G-2G-3G-4G-5G Technologies. Findings- 5G banking featuring video communication, data protection and digital wallets will create a permanent shift for banking customers and their habits. Globally, bank customers are adopting to digital apps as their primary touchpoint for their banks and this transformation will change the structure of bank branches as well as financial services industry. As a result of the analysis, it has been observed that an important innovation and structural transformation period has been entered in the banking sector with the use of 3G and 4G compared to the year before 2000, which we define as traditional banking era. Conclusion- With the wide use of 5G technology after year 2022, the banking sector is expected to enter a new and disruptive restructuring and service innovation. 5G is expected to carry the banking industry to another level where automation and machine-to-machine communication act as a game changer.Yayın 5G technology and future of banking(The Brooklyn Research and Publishing Institute, 2021-12) Teker, Suat; Teker, Dilek; Orman, IrmakThis study examines the effects ofdevelopments in communication technologies on the banking sector and banking services. In addition, it is envisioned how 5G technology will shape the future of the banking industry. As a result of the analysis, it has been observed that an important innovation and structural transformation period was lived in the banking sector with the use of 3G and before 2000, which we define as traditional banking era. It is concluded that with the expected wide use of 5G technology after year 2022, the banking sector is expected to enter a new and disruptive restructuring and service innovation.
