Anel A. Kireyeva

Institute of Economics MES RK,

University of International Business,

Almaty, Kazakhstan

kireyeva.anel@ieconom.kz 

ORCID 0000-0003-3412-3706

Impact of financial technologies on economic development: Theories, methods and analysis

Anna Kredina

University of International Business,

Almaty, Kazakhstan 

anna.kredina@uib.kz 

ORCID 0000-0002-7682-2727

Corresponding Author

László Vasa

Széchenyi István University,

Győr, Hungary

E-mail: laszlo.vasa@ifat.hu 

ORCID 0000-0002-3805-0244

Zaira T. Satpayeva

Institute of Economics MES RK, 

Almaty, Kazakhstan

E-mail: satpayeva.zaira@ieconom.kz 

ORCID 0000-0002-1644-3709

Abstract. This research focuses on an analytical review of the scientific literature to select appropriate methods and evaluate the impact of financial technologies on economic growth. Since non-cash payments can be affected by various factors, there is a great variety of studies relating to them in the scientific literature. However, existing scientific papers reflecting on the economic growth and non-cash payments do not determine the cause-effect relationship trends in different periods. Current study intends to fill this gap. Using an original method based on correlation analysis, the relationship of indicators in different periods is calculated with the use of the SPSS software. The data is collected for period of 2004-2019, during which the reviewed countries were actively developing and increasing their financial and technological capacities. Analysis results largely indicate an increase in the number of bank branches in many of the reviewed countries. Further, we consider the correlation between economic growth (expressed by indicators such as GDP), financial technologies (number of ATMs, user access to internet, and number of users of mobile communications) and gender indicators. The conclusions show a correlation between economic growth and financial technologies.

Received: December, 2020

1st Revision: October, 2021

Accepted: December, 2021

DOI: 10.14254/2071-8330.2021/14-4/19

JEL Classification: G21, L26, O16

Keywords: GDP, ATM, bank, economic growth, financial technologies, non-cash payment