A Survey on Smart Payment in Emerging Countries

Abstract

Electronic payment is an important element of smart society; retail payment data is personal data describing an individual's budget and consumption tendencies. "Data portability" would empower individuals to collect, gather, and utilize their own financial data for their own ends. To examine smart society, this paper surveys electronic payment services in emerging countries. In the surveyed countries, mobile payments using short message service have been increasingly popularized during the 2000s due to fewer people having a bank account and problems with the accessibility to bank branches and ATMs, despite high demand for remittance. According to the World Bank Group et al. (2016), person-to-person and government-to-person transfers are prevalent in the emerging countries. Today, a new method, account-to-account transfer is also developing.