Global Trends and Directions for the Development of Digital Innovations in the Payment Services Market

The article examines global trends and directions for the development of digital innovations in the payment services market; the main types of payment used in world payment systems and forming global trends and directions of development in the market of payment services are considered; the latest digital innovations used for efficient settlements in the modern world contributing to the further growth of the global payment market have been identified; the factors influencing the growth of digital payments are highlighted, their advantages and disadvantages are identified; privacy and security threats that can harm customers, businesses, markets and countries, as well as impede economic progress are considered; attention is drawn to the importance of effective market regulation and data protection laws. Based on the analysis of the main indicators of the dominant payment systems, the forecast of the use of these systems until 2027 is presented, special attention is paid to the financial services sector, which is slow to innovate in view of various problems and uses outdated payment systems; the effective use of the latest payment systems in this field of activity is substantiated. The current state of development of payment systems in Ukraine is highlighted; the legislative framework that guarantees the clear, reliable, responsible operation of payment systems and contributes to the development of the economy is considered; the most important payment systems in the country are presented and their activities are analyzed; the development of the Ukrainian payment infrastructure, despite hostilities and restrictions, is substantiated; the main strategic trends in the development of payment systems in Ukraine are identified, suggesting some improvements of payment infrastructure, introduction of the latest technologies such as mobile payments and blockchain, also ensuring a high level of security and protection of users’ personal data, taking into account new changes aimed at improving security, inclusiveness, convenience, the use of artificial intelligence and the introduction of a central bank digital currency, and the regulation of the crypto-asset market, which is typical for the development of payment systems of any country in the digital technologies era.