Financial literacy,behavioral traits,and ePayment adoption and usage in Japan

This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment(ePayment)services in Japan.We construct a financial literacy index using a representative sample of 25,000 individuals from the Bank of Japan’s 2019 Financial Literacy Survey.We then analyze the relationship between this index and the extensive and intensive usage of two types of payment services:electronic money(e-money)and mobile payment apps.Using an instrumental variable approach,we find that higher financial literacy is positively associated with a higher likelihood of adopting ePayment services.The empirical results suggest that individuals with higher financial literacy use payment services more frequently.We also find that risk-averse people are less likely to adopt and use ePayment services,whereas people with herd behavior tend to adopt and use ePayment services more.Our empirical results also suggest that the effects of financial literacy on the adoption and use of ePayment differ among people with different behavioral traits.

Online payment fraud:from anomaly detection to risk management

Online banking fraud occurs whenever a criminal can seize accounts and transfer funds from an individual’s online bank account.Successfully preventing this requires the detection of as many fraudsters as possible,without producing too many false alarms.This is a challenge for machine learning owing to the extremely imbalanced data and complexity of fraud.In addition,classical machine learning methods must be extended,minimizing expected financial losses.Finally,fraud can only be combated systematically and economically if the risks and costs in payment channels are known.We define three models that overcome these challenges:machine learning-based fraud detection,economic optimization of machine learning results,and a risk model to predict the risk of fraud while considering countermeasures.The models were tested utilizing real data.Our machine learning model alone reduces the expected and unexpected losses in the three aggregated payment channels by 15%compared to a benchmark consisting of static if-then rules.Optimizing the machine-learning model further reduces the expected losses by 52%.These results hold with a low false positive rate of 0.4%.Thus,the risk framework of the three models is viable from a business and risk perspective.

Payment for Water-Related Ecosystem Services as a Strategic Watershed Management Approach

Payments for ecosystem services (PES) have been created worldwide to assist watershed management and improve or maintain water quality. Considering their importance, we conducted a holistic review of payment for water-related ecosystem services to understand how this instrument has been applied in watershed management worldwide. First, we identified the watershed management actions considered by the PES programs and the challenges of implementing water-related PES. After we identified the methods and criteria used to define priority areas for water-related PES. Our review considered articles published on the Web of Science from 2011 to 2022. We found 236 articles relating PES to water resources, highlighting the main water conservation strategies: native vegetation conservation, native vegetation restoration, and implementing best agricultural practices. The method most frequent was interview, followed by the use of technologies, document analysis, and hydrological models. Another significant result was that priority areas for receiving PES are mainly riparian zones, areas near or with native vegetation cover, areas with higher erosion potential, steep areas, and areas with socially vulnerable communities. This review was crucial to identify efficient water resource conservation strategies and potential challenges in the implementation and development of PES programs.

Inspiration of Foreign Innovative Drug Pricing Methods and Medical Insurance Payment Standards to China

Objective To study the innovative drug pricing methods and medical insurance payment standards in foreign countries and to provide reference for China’s government.Methods The official websites were searched for information and related literature,and literature review was used.Results and Conclusion In foreign countries,the clinical value of innovative drugs and their impact on medical insurance funds were comprehensively evaluated based on factors such as quality-adjusted life years,clinical benefit,and improvement of clinical benefit.Then,the evaluation results were taken as an important basis for whether innovative drugs were admitted to the medical insurance catalog and establishing medical insurance payment standards.By using international experience for reference,innovative drug pricing methods and medical insurance payment standards for China’s national conditions can be improved by establishing a basic database of clinical value and drug economic evaluation of innovative drugs,as well as innovative drug payment models based on decision thresholds.

Evaluation of the inclusive payment system based on the diagnosis procedure combination with respect to cataract operations in Japan------A comparison of lengths of hospital stay and medical payments among hospitals

Following the recommendations of a report submitted by the Central Social Insurance Medical Council concerning the 2002 revision of the Medical Service Fee Schedule, a new inclu-sive payment system, which is based on the Diagnosis Procedure Combination (DPC) sys-tem, was introduced in 82 special functioning hospitals in Japan, effective beginning in April 2003. Since April 2004, the system has been gradually extended to general hospitals that satisfy certain prerequisites. In this paper, the new inclusive payment system is analyzed. Data pertaining to 1,225 patients, who were hospital-ized for cataract diseases and underwent lens operations from July 2004 to September 2005, are used. The lengths of hospital stay and medical payments among hospitals are com-pared. Even after eliminating the influence of patient characteristics, there are large differ-ences among hospitals in average lengths of hospital stay and DPC-based inclusive pay-ments. The highest average inclusive payment is 3.5 times as high as the lowest payment. On the other hand, there are relatively small differ-ences in non-inclusive payments based on the conventional fee-for-service system—the larg-est deviation from the average of all hospitals is approximately 10%. Thus, although payments based on the DPC account for only one-third of the total medical payments for this disease, the major differences in medical payments among hospitals are caused by differences in their DPC-based inclusive payments. The results of the study strongly suggest that revisions of the payment system in Japan are necessary for the efficient use of medical resources in the future.

Analysis of inpatient payments of breast cancer patients with different medical insurance coverages in China(mainland) in 2011–2015

Objective： An understanding of the levels and trends of medical cost is made for breast cancer patients with different medical insurance coverages in China（mainland）, in an attempt to offer a clue to further control the costs.Methods： The inpatient payments of 9,716,180 breast cancer patients spent in medical institutions of different types and grades during 2011–2015 were collected from the inpatient medical record home page（IMRHP） dataset.The data were then processed with SAS（Version 9.3; SAS Institute, Cary, NC, USA）. Indicators like means,increase（decrease） percentages were used to descriptively analyze the average hospitalization expense of each time（AHEET） and its trends of breast cancer patients with different medical insurance coverages treated in medical institutions of different types and grades.Results：In 2011–2015,the AHEET borne by breast cancer patients in China had been constantly increasing.Specifically,the self-pay inpatients had the largest increase,inpatients covered by Urban Employee Basic Medical Insurance（UEBMI）and Urban Resident Basic Medical Insurance（URBMI）were the next,and those covered by New Rural Cooperative Medical System（NRCMS）had the least increase.Breast cancer inpatient treated in public hospitals had quite greater increase and higher expenditure level than those in private hospitals.The AHEET borne by the inpatients in Grade 3 hospitals had greater increase and higher cost than those in Grade 2 hospitals.Conclusions：The inpatient payments of breast cancer patients will be wisely controlled by reducing the number of self-pay inpatients,taking advantage of restriction mechanism of the medical insurances,and promoting healthy competition between private hospitals and public hospitals.The economic burden imposed on the society by breast cancer can be relieved through further control of inpatient payments of UEBMI-and URBMI-covered breast cancer patients and of Grade 3 hospitals.

Effects of Integrated Case Payment on Medical Expenditure and Readmission of Inpatients with Chronic Obstructive Pulmonary Disease： A Nonrandomized, Comparative Study in Xi County, China

In the past few decades, Chinese government attempted to reduce the economic burden of chronic diseases and lower family financial risk of patients by establishing a nationwide coverage of Social Health Insurance system. However, the payment mode of Social Health Insurance varies across Chinese healthcare settings, and the effectiveness of each mode differs. This study aimed to evaluate the effects of integrated case payment on medical expenditure and readmission of inpatients with chronic obstructive pulmonary disease （COPD）, a complex, multicomponent, chronic condition. A nonrandomized, comparative method was used in this study. Inpatients with COPD before （n=1569） and after the integrated case payment reform （n=4764） were selected from the inpatient information database of the New Cooperative Medical Scheme Agency of Xi County. The integrated case payment comprises the case payment （including price-cap case payment and fixed-reimbursement case payment） and clinical pathway （including clinical pathway A, clinical pathway B and clinical pathway C）. Effects of integrated case payment were evaluated with indicators of per capita total medical expense and readmission within 30 days. A multivariate linear regression and a binary logistic regression were used to conduct statistical analysis. The results showed that case payment, comprising price-cap case payment （β=2382.988, P〈0.001） and fixed-reimbursement case payment β=2613.564, P〈0.001）, and clinical pathway C （β=1996.467, P〈0.001） were risk factors of per capita total medical expenses. Clinical pathway A （β=-1443.409, P〈0.001） and clinical pathway B （β=-1583.791, P〈0.001） were protective factors. The interactive effects of case payment with hospital level （β=0.710, P〈0.001） lowered the readmission rate within 30 days. Meanwhile, clinical pathways A （β=18.949, P〈0.001）, B （β=-19.752, P〈0.001） and C （β=-1.882, P〈0.1） were associated with the rate increase. The findings revealed that integrated case payment ensured the quality of care for inpatients with COPD to some extent. However, this payment mode increased the per capita total medical expense. Further, policy-makers should set reasonable reimbursement standards of case payment, unify the type of case payment, and strengthen the supervision of the reform to enhance its function on medical cost control.

A review of spatial targeting methods of payment for ecosystem services

Payments for Ecosystem Services(PES)have been studied extensively over the past decade as an important policy tool for coordinating ecological protection and regional socioeconomic development.One of the greatest challenges of PES implementation is to understand where to pay,i.e.,spatial targeting,which can directly impact PES effectiveness and efficiency.In this study,we conducted a systematic review of spatial targeting methods based on literature analysis using Citespace.Firstly,peer-reviewed articles related to spatial targeting of PES were selected from the Web of Science database based on keywords.Cases applying PES spatial targeting methods were then chosen and analyzed after all articles were read.In total,70%of the chosen cases focused on improving the compensation efficiency of biodiversity or another single environmental objective,whereas the remaining cases focused on coordinating trade-offs between equity and efficiency or multiple environmental objectives.The main PES spatial targeting approaches included cost-benefit analysis,multi-objective optimization,data envelope analysis and other methods aimed at specific issues.Of these,cost-benefit analysis has been most widely applied at different scales,including county,regional and watershed scales.Significant differences among the different PES spatial targeting methods were found,including in PES spatial targeting dimensions,efficiency optimization approaches and method application conditions.The practice of PES spatial targeting requires the selection of appropriate methods based on contextual biophysical and socioeconomic conditions as well as relevant environmental issues.The combined application of PES spatial targeting methods,compensation willingness of stakeholders and dynamic implementation of PES spatial targeting should be considered in future research.

Do biometric payment systems work during the COVID-19 pandemic?Insights from the Spanish users’viewpoint

Technological developments are changing how users pay for goods and services.In the context of the COVID-19(coronavirus disease 2019)pandemic,new payment systems have been established to reduce contact between buyer and seller.In addition to the pandemic,the future is payment processing is also uncertain due to the new EU security regulations of the Payment Services Directive(PSD2).Biometric payments one option that would guarantee the security of transactions and reduce the risk of conta-gion.This research analyses the intention to recommend the use of the mobile phone as a tool for collecting payments in a shop using iris reading as a biometric measure of the buyer.The moderating effect of the fear of contagion in the proposed relationships was also analysed.An online survey was carried out,which yielded a sample of 368 respondents.The results indicate that the main antecedents of intention to use,which precedes intention to recommend,are perceived trust,habit,personal innovativeness and comfort of use.Additionally,the moderating effect of COVID-19 was checked among users with a higher perception of risk.The results obtained have interesting implications for purchase management among manufacturers and retailers.

Fair Electronic Payment Scheme Based on DSA

We present a multi-signature scheme based on DSA and describes a faireleetronic payment scheme based on improved DSA signatures. The scheme, makes both sides in e-qualpositions during the course of electronic transaction A Trusted Third Party (TTP)is involved in thescheme to guarantee the fairness of the scheme for both sides. However, only during the course ofregistration and dispute resolution will TTP be needed TTP is not needed during the normal paymentstage.

An Analysis of China's Physician Salary Payment System

Physician payment system （PPS） is a principal incentive system to motivate doctors to provide excellent care for patients. During the past decade, physician remuneration in China has not been in proportional to physician＇s average work load and massive responsibilities. This paper reviewed the constitution of the PPS in China, and further discussed the problems and issues to be addressed with respect to pay for performance. Our study indicated that the lower basic salary and bonus distribution tied to ＂profits＂ was the major contributor to the physician＇s profit-driven incentive and the potential cause for the speedy growth of health expenditures. We recommend that government funding to hospitals should be increased to fully cover physicians＇ basic salary, a flexible human resource and talent management mechanism needs to be established that severs personal interest between physicians and hospitals, and modern performance assessment and multiplexed payment systems should be piloted to encourage physicians to get the more legitimate compensation.

Spherical Fuzzy WASPAS-based Entropy Objective Weighting for International Payment Method Selection

In international trade,exporters prefer to receive payments as quickly as possible,and importers want to make payments as late as possible.In this respect,the payment field,an essential condition for trade transactions,also represents the positions of exporters and importers conflict.In addition,there are many cases in which various variables must be considered rather than only one specific variable representatively affecting payment,particularly in the case of import-export Small and Medium-Sized Enterprises(SMEs)from emerging countries.A selection of proper payment methods can be categorized as a Multi-Criteria Decision-Making(MCDM)issue.Therefore,this study aims to propose a novel and efficient Spherical Fuzzy Weighted Aggregated Sum Product Assessment based Entropy Objective Weighting method(SF-EW and WASPAS-SF)to evaluate international payment methods with uncertain information.First,SF-EW model is applied to determine the relative weights of critical factors.Second,international payment method alternatives are prioritized by the WASPAS-SF approach.Five essential factors for four international payment methods are proposed based on experts’opinions and the existing literature.A real-world case study from Vietnamese import-export SMEs is presented to validate the applicability of the proposed framework.The results indicated that“Characteristics of payment method(PA)”had the most significant impact on international payment method selection.In comparison,“Letters of Credit(L/C)”was the most reliable payment method with the highest ranking available to international traders.Furthermore,a sensitivity analysis was performed to examine the validity and robustness of the proposed decision support model.Consequently,this study could contribute to international payment services and in the context of globalization and international trade.

A Causal Configuration Analysis of Payment Decision Drivers in Paid Q&A

Purpose:This paper examines factors of payment decision as well as the role each factor plays in casual configurations leading to high payment intention under systematic and heuristic information processing routes.Design/methodology/approach:Based on heuristic-systematic model(HSM),we propose a configurational analytic framework to investigate complex casual relationships between influencing factors and payment decision.In line with this approach,we use fuzzy-set qualitative comparative analysis(fsQCA)to analyze data crawled from Zhihu.com.Findings:The number of previous consultations is a necessary element in all five equivalent configurations which lead to high intention in payment decision.The heuristic processing route plays a core role while the systematic processing route plays a peripheral role in payment decision-making process.Research limitations:Research is limited in that moderating effect of professional fields has not been considered in the framework.Practical implications:Configurations in results can assist managers of knowledge communities and paid Q&A service providers in the management of information elements to motivate more payment decision.Originality/value:This paper is one of the few studies to apply HSM theory and fsQCA method with respect to the payment decision in paid Q&A.

Consumer choices under new payment methods

This study suggests a payment portfolio model that includes new payment methods that have emerged from the development of cryptocurrency markets and central bank digital currencies(CBDCs).Our model analyzes the optimal payment choice for consumers under various macroeconomic conditions.We determine that an individual economic agent chooses payment methods under specific conditions by incorporating policy interest rates on CBDCs and stablecoins used on cryptocurrency exchanges.We analyze the impacts of CBDCs and stablecoins on the choice of whether to use cash or deposits.We also examine how the agent changes her portfolio compositions in response to exogenous macroeconomic policies.If a government replaces cash with a CBDC,the convenience of digital currency would not affect consumer choices.The higher the government’s interest rate on CBDCs,the more consumers will use CBDCs than deposits.

The Expected Discounted Tax Payments on Dual Risk Model under a Dividend Threshold

In this paper, we consider the dual risk model in which periodic taxation are paid according to a loss-carry-forward system and dividends are paid under a threshold strategy. We give an analytical approach to derive the expression of gδ(u) (i.e. the Laplace transform of the first upper exit time). We discuss the expected discounted tax payments for this model and obtain its corresponding integro-differential equations. Finally, for Erlang (2) inter-innovation distribution, closedform expressions for the expected discounted tax payments are given.

An EPQ-Based Inventory Model for Deteriorating Items under Stock-Dependent Demand with Immediate Part Payment

In this paper, an EPQ-based inventory policy for an item is presented with stock-dependent demand during two trade credit periods. In addition, there is a provision for 1) an immediate part payment to the wholesaler, 2) borrowing some money from money lending source for the immediate part payment, 3) here supplier or wholesaler offers a trade credit period to his retailer and retailer also offers a trade credit period to his customer. Against the above conjectures inventory model has been formulated with respect to the retailer’s point of view for minimizing the total inventory cost. The non-linear optimization method-Generalized Reduced Gradient (GRG) method is used to find the optimal solutions. Lastly Numerical examples are set to illustrate this model. Finally we use LINGO software to solve this model.

Cashless payment and economic growth

Background:This study examines the effect of adopting cashless payment in five European Union(EU)countries,namely,Austria,Belgium,France,Germany,and Portugal,for the period of 2000-2012.Methods:The within and between effect of adopting cheque payment,telegraphic transfer,card payment and electronic money on these EU’s economy are examined by applying the Pedroni residual cointergration and Panel Vector Error Correction Model(VECM).Results:There is short run causality running from cheque payment to telegraphic transfer and card payment,as well as causality running telegraphic transfer to card payment.In the long run,there is significant effect of adopting cashless payment on the economy of the five EU countries.Conclusions:The adoption of one type of cashless payment will affect another type of cashless payment in the short run.The impact of adopting cashless payment on economic growth can only be significantly observed in the long run.Hence,any policy that promotes cashless payment will not affect the economy immediately.

Operational risk assessment of third-party payment platforms:a case study of China

Operational risk events have severely impacted the development of third-party payment(TPP)platforms,and have even led to a discussion on the operational risk capital charge settlement by relevant international regulators.However,prior studies have mostly focused on qualitative mechanism analysis,and have rarely examined quantitative risk assessment based on actual operational risk events.Therefore,this study attempts to assess the operational risk on TPP platforms in China by constructing a systematic framework incorporating database construction and risk modeling.First,the operational risk database that covers 202 events between Q1,2014,and Q2,2020 is constructed.Then,specific causes are clarified,and the characteristics are analyzed from both the trend and loss severity perspectives.Finally,the piecewise-defined severity distribution based-Loss Distribution Approach(PSD-LDA)with double truncation is utilized to assess the operational risk.Two main conclusions are drawn from the empirical analysis.First,legal risk and external fraud risk are the two main causes of operational risk.Second,the yearly Value at Risk and Expected Shortfall are 724.46 million yuan and 1081.98 million yuan under the 99.9%significance level,respectively.Our results are beneficial for both TPP platform operators and regulators in managing and controlling operational risk.

An Ordering Policy for Deteriorating Items with Time-Dependent Quadratic Demand and Salvage Value under Permissible Delay in Payment

The article deals with an economic order quantity (EOQ) inventory model for deteriorating items in which the supplier provides the purchaser a permissible delay in payment. This is so when deterioration of units in the inventory is subject to constant deterioration rate, demand rate is quadratic function of time and salvage value is associated with the deteriorated units. Shortages in the system are not allowed to occur. A mathematical formulation is developed when the supplier offers a permissible delay period to the customers under two circumstances: 1) when delay period is less than the cycle of time;and 2) when delay period is greater than the cycle of time. The method is suitable for the items like state-of-the-art aircrafts, super computers, laptops, android mobiles, seasonal items and machines and their spare parts. A solution procedure algorithm is given for finding the optimal order quantity which minimizes the total cost of an inventory system. The article includes numerical examples to support the effectiveness of the developed model. Finally, sensitivity analysis on some parameters on optimal solution is provided.

The Digital Currency of China’s Central Bank:Digital Currency Electronic Payment(DCEP)

DCEP is the Chinese version of Central Bank Digital Currency(CBDC).It is the only legal digital currency in China and meets four conditions:(a)it is issued by the central bank;(b)it is digitized;(c)it is account and wallet based;(d)it is oriented towards the general public.As a retail central bank digital currency,it has three main technical features:a“tiered limit arrangement”(small-scale payments can be made anonymously while large-scale payments cannot),a“two-tier operating system”(as with the central bank-commercial bank traditional model),and a“dual offline payment system”(supporting both parties of the transaction).Compared with CBDCs in other countries,China’s DCEP has smaller economic impacts,more obscure strategic goals,and more scarce technical details.But its progress in testing is ahead of central banks of other countries.This article is based on public information and is intended to explain what DCEP is and why and how it was developed.It also offers suggestions for future research.