| Abstract [eng] |
There have been many innovations in the field of retail payments over the last decade. Undoubtedly, this is the result of technological progress. Technology-based services enable lower cost banking, optimise operating costs, and increase profitability. Currently, Lithuanian commercial banks are not lagging behind the Western countries, providing their customers with access to new retail payment channel solutions. Innovations can have an impact on the retail payment market, for example by influencing consumers to choose payment instruments and fundamentally change payment processes. Until now, most empirical research has focused on barriers to innovation adoption among consumers but does not consider the influence of other stakeholders on the diffusion of innovation. An overview of innovation diffusion research and stakeholder theory is the basis for discussing the impact of different stakeholder groups, such as customers, traders, and suppliers, on the diffusion of innovation and emerging barriers. In general, the removal of multiple barriers to diffusion is expected to have a positive impact on market success. The object - spread of retail payment innovations. The aim - to disclose barriers to the diffusion of retail payment innovations and to provide suggestions for their elimination. The second part of the work presents the concept of the definition of retail payments according to the opinions of different authors. According to the authors, these are low-value day-to-day payment transactions carried out by a large number of traders. This part of the paper also identifies the participants in the retail payment system and their location and potential benefits across the retail payment ecosystem. All major ecosystem groups are stakeholders and consumers. The government acts as a unifying element between these groups. The retail payment system is another example of infrastructure for the government that needs to be regulated and controlled to detect and prevent misuse, define the boundaries of service provision and, of course, protect the interests of consumers. This section also describes barriers to the spread of retail payments, which are divided into external and internal barriers. The concept and analysis of the innovations themselves are also presented. Based on the analysed scientific literature, a theoretical model of barriers to the dissemination of retail payment innovations and their elimination has been developed, considering the stakeholders of retail payments. The last part of the project characterises contactless payments and their development in Lithuania. The results of the research are discussed, the empirical verification of the theoretical model of barriers to the spread of retail payment innovations is performed and its generalisation is formed. The study found that barriers to the dissemination of contactless payment innovations are divided into external and internal. According to the scientific literature, the internal barriers of a company are easier to manage than the external ones, because many factors can be changed inside the company. Internal barriers relate to ecosystem actors and external barriers arise outside the retail payments ecosystem. The participants of the contactless payments’ ecosystem are closely interrelated, therefore it is proposed to set priorities for the elimination of barriers in the processes of development and implementation of innovations, to cooperate with both stakeholders and consumers, education, through active teaching and learning to help the individual understand the challenges and their causes, and cost control, which includes rigorous cost accounting and planning. |
