# 28. References

\[1] Mastercard Services. State of Global Payments: Six Trends Shaping the Industry. Available at: <https://www.mastercardservices.com/en/advisors/payments-consulting/insights/state-global-payments-six-trends-shaping-industry>. &#x20;

\[2] PayPal. 8 Payment Technology Trends 2024. Available at: <https://www.paypal.com/us/brc/article/8-payment-technology-trends-2024>.&#x20;

\[3] McKinsey & Company. Global Payments in 2024: Simpler Interfaces, Complex Reality. Available at: <https://www.mckinsey.com/industries/financial-services/our-insights/global-payments-in-2024-simpler-interfaces-complex-reality>. &#x20;

\[4] McKinsey & Company. State of Consumer Digital Payments in 2024. Available at: <https://www.mckinsey.com/industries/financial-services/our-insights/banking-matters/state-of-consumer-digital-payments-in-2024>. &#x20;

\[5] Statista. Share of Global Payments by Currency (2024). Available at: <https://www.statista.com/statistics/1189498/share-of-global-payments-by-currency/>. &#x20;

\[6] Capgemini. World Payments Report 2024. Available at: <https://www.capgemini.com/insights/research-library/world-payments-report/>. &#x20;

\[7] J.P. Morgan. Payments Are Eating the World. Available at: <https://www.jpmorgan.com/content/dam/jpm/treasury-services/documents/jpm-payments-are-eating-the-world.pdf>. &#x20;

\[8] Deloitte. Shaping the Future of Payments: Trends and Insights for 2025. Available at: <https://www2.deloitte.com/content/dam/Deloitte/us/Documents/financial-services/us-shaping-the-future-of-payments-trends-and-insights-for-2025.pdf>. &#x20;

\[9] Worldpay. Global Payments Report 2024. Available at: <https://worldpay.globalpaymentsreport.com/en>. &#x20;

\[10] Chainalysis Inc. The 2024 Global Crypto Adoption Index. Available at: <https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/>. &#x20;

\[11] Triple-A. Global Crypto Ownership Report 2024. Available at: [https://triple-a.io/crypto-ownership/. ](https://triple-a.io/crypto-ownership/)&#x20;

\[12] Grand View Research. Cryptocurrency Wallet Market Size, Share & Trends Analysis Report. Available at: <https://www.grandviewresearch.com/industry-analysis/crypto-wallet-market-report>. &#x20;

\[13] Grand View Research. Cryptocurrency Payment Apps Market Size Report. Available at: <https://www.grandviewresearch.com/industry-analysis/cryptocurrency-payment-apps-market-report>. &#x20;

\[14] Statista. Number of Blockchain Wallet Users Worldwide. Available at: <https://www.statista.com/statistics/647374/worldwide-blockchain-wallet-users/>. &#x20;

\[15] McKinsey & Company. Global Payments Report 2023: Rewriting the Rules. Available at: <https://www.mckinsey.com/industries/financial-services/our-insights/global-payments-report>. &#x20;

\[16] International Monetary Fund (IMF). Digital Money Across Borders: Macro-Financial Implications. Available at:[ https://www.imf.org/en/Publications/fintech-notes/Issues/2023/07/07/Digital-Money-Across-Borders-535282](https://www.imf.org/en/Publications/fintech-notes/Issues/2023/07/07/Digital-Money-Across-Borders-535282). &#x20;

\[17] Bank for International Settlements (BIS). Project Atlas: Mapping the Global Crypto Ecosystem. Available at: <https://www.bis.org/publ/othp61.htm>. &#x20;

\[18] CoinMetrics. State of the Network Report. Available at: <https://coinmetrics.io/state-of-the-network/>. \[Accessed on: 16 March 2026]

\[19] The World Bank. Migration and Development Brief – Global Remittances. Available at: <https://www.worldbank.org/en/topic/labormarkets/brief/migration-and-remittances>. \[Accessed on: 16 March 2026]

\[20] Bangko Sentral ng Pilipinas (BSP). Digital Payments Transformation Roadmap. Available at: [<mark style="color:blue;">https://www.bsp.gov.ph/Pages/InclusiveFinance/DigitalPayments.aspx.</mark> ](https://www.bsp.gov.ph/Pages/InclusiveFinance/DigitalPayments.aspx.) \[Accessed on: 16 March 2026]

\[21] Bank Indonesia. QRIS National QR Payment Standard. Available at: [https://www.bi.go.id/en/fungsi-utama/sistem-pembayaran/qris.](https://www.bi.go.id/en/fungsi-utama/sistem-pembayaran/qris) \[Accessed on: 16 March 2026]

\[22] State Bank of Vietnam. Non-Cash Payment Development Strategy. Available at: <https://sbv.gov.vn/webcenter/portal/en/home>. &#x20;

\[23] Central Bank of the Republic of Turkey. Digital Turkish Lira Project. Available at: [https://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+en/main+menu/payments/digital+lira. ](https://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+en/main+menu/payments/digital+lira)\[Accessed on: 16 March 2026]

\[24] National Bank of Georgia. Virtual Asset Service Provider Regulatory Framework. Available at: [https://nbg.gov.ge/en/page/virtual-asset-service-providers. ](https://nbg.gov.ge/en/page/virtual-asset-service-providers)\[Accessed on: 16 March 2026]

**\[25]** VietnamPlus. 2025 Cashless Payment Value Nearly 28 Times GDP. Available at: <https://en.vietnamplus.vn/2025-cashless-payment-value-nearly-28-times-gdp-post337178.vnp>. \[Accessed on: 18 March 2026]

\[26] Vietnam Investment Review. Cashless Payments Hit 28 Times GDP in 2025. Available at: [https://vir.com.vn/cashless-payments-hit-28-times-gdp-in-2025-146035.html](https://vir.com.vn/cashless-payments-hit-28-times-gdp-in-2025-146035.html?utm_source=chatgpt.com). \[Accessed on: 18 March 2026]

\[27] Vietnam News. Value of Cashless Payments Equal to Nearly 28 Times GDP. Available at: [https://vietnamnews.vn/economy/1765107/value-of-cashless-payments-equal-to-nearly-28-times-of-gdp.html](https://vietnamnews.vn/economy/1765107/value-of-cashless-payments-equal-to-nearly-28-times-of-gdp.html?utm_source=chatgpt.com). \[Accessed on: 18 March 2026]

\[28] Xinhua News Agency. Vietnam’s 2025 Cashless Payments Valued at 28 Times GDP. Available at: [https://english.news.cn/20260202/be74df4f18684db1b41c741950859a14/c.html](https://english.news.cn/20260202/be74df4f18684db1b41c741950859a14/c.html?utm_source=chatgpt.com). \[Accessed on: 18 March 2026]

\[29] Vietnam Banks Association. Cashless Payment: Digital Transformation Drives Strong Growth. Available at: [https://vnba.org.vn/en/cashless-payment--digital-transformation-drives-strong-growth-19434.htm](https://vnba.org.vn/en/cashless-payment--digital-transformation-drives-strong-growth-19434.htm?utm_source=chatgpt.com). \[Accessed on: 18 March 2026]

\[30] Fintech News Singapore. QR Codes and A2A Drive Vietnam’s Cashless Boom. Available at: <https://fintechnews.sg/119732/vietnam/qr-codes-and-a2a-drive-vietnams-cashless-boom-amid-government-backed-digital-payment-push/>. \[Accessed on: 18 March 2026]

\[31] IOSR Journal. The Trend of QR Code Payment Among Vietnamese Consumers. Available at: <https://www.iosrjournals.org/iosr-jhss/papers/Vol.30-Issue10/Ser-1/A3010010108.pdf>. \[Accessed on: 18 March 2026]

\[32] Bangko Sentral ng Pilipinas. Report on E-Payments Measurement 2024. Available at: [https://www.bsp.gov.ph/PaymentAndSettlement/2024\_Report\_on\_E-payments\_Measurement.pdf](https://www.bsp.gov.ph/PaymentAndSettlement/2024_Report_on_E-payments_Measurement.pdf?utm_source=chatgpt.com). \[Accessed on: 18 March 2026]

\[33] Bangko Sentral ng Pilipinas. Digital Payments Transformation Roadmap. Available at: <https://www.bsp.gov.ph>. &#x20;

\[34] Statista. Number of Cryptocurrency Users in the Philippines. Available at: <https://www.statista.com>. &#x20;

\[35] World Bank. Personal Remittances Received (Philippines). Available at: <https://data.worldbank.org>. &#x20;

\[36] Philippine News Agency. Philippine Cash Remittances Hit Record in 2025. Available at: <https://www.pna.gov.ph>.  \
\
\[37] Bank of Thailand. PromptPay Payment System Overview. Available at: <https://www.bot.or.th>. &#x20;

\[38] Nation Thailand. PromptPay Registers Over 90 Million Users. Available at: [https://www.nationthailand.com/business/banking-finance/40060508](https://www.nationthailand.com/business/banking-finance/40060508?utm_source=chatgpt.com).&#x20;

\[39] Reuters. Thailand to Launch Crypto-to-Baht Conversion for Tourists. Available at: [https://www.reuters.com/world/asia-pacific/thailand-launch-crypto-to-baht-conversion-foreign-tourists-2025-08-18](https://www.reuters.com/world/asia-pacific/thailand-launch-crypto-to-baht-conversion-foreign-tourists-2025-08-18?utm_source=chatgpt.com). &#x20;

\[40] Chainalysis. Global Crypto Adoption Index. Available at: <https://www.chainalysis.com>.

\[41] Chainalysis. The 2025 Global Crypto Adoption Index. Available at: [https://www.chainalysis.com/blog/2025-global-crypto-adoption-index/](https://www.chainalysis.com/blog/2025-global-crypto-adoption-index/?utm_source=chatgpt.com). &#x20;

\[42] Reuters. Indonesia to Raise Tax Rate on Crypto Transactions. Available at: [https://www.reuters.com/sustainability/boards-policy-regulation/indonesia-raise-tax-rate-crypto-transactions-2025-07-30/](https://www.reuters.com/sustainability/boards-policy-regulation/indonesia-raise-tax-rate-crypto-transactions-2025-07-30/?utm_source=chatgpt.com). &#x20;

\[43] Bank Indonesia. Quick Response Code Indonesian Standard (QRIS). Available at: [https://www.bi.go.id/id/fungsi-utama/sistem-pembayaran/ritel/kanal-layanan/qris/default.aspx](https://www.bi.go.id/id/fungsi-utama/sistem-pembayaran/ritel/kanal-layanan/qris/default.aspx?utm_source=chatgpt.com). &#x20;

\[44] Bank Indonesia. Cara Membuat QRIS All Payment untuk Usaha. Available at: [https://www.bi.go.id/id/publikasi/ruang-media/cerita-bi/Pages/cara-membuat-qris.aspx](https://www.bi.go.id/id/publikasi/ruang-media/cerita-bi/Pages/cara-membuat-qris.aspx?utm_source=chatgpt.com).&#x20;

\[45] SSEK Law Firm. From Bappebti to OJK: Indonesia’s Crypto Regulation Just Changed. Available at: [https://www.lexology.com/library/detail.aspx?g=167c036b-2964-4ede-b49f-34cb3d87bdd4](https://www.lexology.com/library/detail.aspx?g=167c036b-2964-4ede-b49f-34cb3d87bdd4\&utm_source=chatgpt.com). &#x20;

\[46] Abu Dhabi Global Market. Virtual Asset Regulatory Framework. Available at: <https://www.adgm.com>. &#x20;

\[47] Dubai Virtual Assets Regulatory Authority. Virtual Assets Regulatory Framework. Available at: <https://www.vara.ae>. &#x20;

\[48] Chainalysis. Geography of Cryptocurrency Report. Available at: <https://www.chainalysis.com>. &#x20;

\[49] Reuters. UAE Emerges as Crypto Hub with Rising Inflows. Available at: <https://www.reuters.com>. \[Accessed on: 18 March 2026]

\[50] Dubai Future Foundation. Dubai Blockchain Strategy. Available at: <https://www.dubaifuture.gov.ae>. &#x20;

\[51] Chainalysis. Global Crypto Adoption Index. Available at: <https://www.chainalysis.com>. &#x20;

\[52] Reuters. Argentina Inflation and Economic Data. Available at: <https://www.reuters.com>. \[Accessed on: 18 March 2026]

\[53] International Monetary Fund. Argentina Economic Outlook. Available at: <https://www.imf.org>. \[Accessed on: 18 March 2026]

\[54] Statista. Cryptocurrency Usage in Argentina. Available at: <https://www.statista.com>. &#x20;

\[55] CoinDesk. Stablecoin Adoption in Argentina. Available at: <https://www.coindesk.com>. &#x20;

\[56] Central Bank of Brazil. Pix Payment System Overview. Available at: <https://www.bcb.gov.br>. &#x20;

\[57] Chainalysis. Latin America Crypto Adoption Report. Available at: <https://www.chainalysis.com/blog/latin-america-crypto-adoption-2025/>. &#x20;

\[58] Reuters. Brazil Crypto Market and Stablecoin Usage. Available at: <https://www.reuters.com>. &#x20;

\[59] Central Bank of Brazil. Pix Usage Statistics. Available at: <https://www.bcb.gov.br>. &#x20;

\[60] Milken Institute. Digital Asset Adoption in Latin America. Available at: <https://milkeninstitute.org>.&#x20;

European Securities and Markets Authority. Markets in Crypto-Assets Regulation (MiCA). Available at: [https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica?utm_source=chatgpt.com). \[Accessed on: 18 March 2026]

\[61] National Bank of Georgia. Annual Report 2024. Available at: [https://nbg.gov.ge/fm/%E1%83%9E%E1%83%A3%E1%83%91%E1%83%9A%E1%83%98%E1%83%99%E1%83%90%E1%83%AA%E1%83%98%E1%83%94%E1%83%91%E1%83%98/%E1%83%90%E1%83%9C%E1%83%92%E1%83%90%E1%83%A0%E1%83%98%E1%83%A8%E1%83%94%E1%83%91%E1%83%98/%E1%83%AC%E1%83%9A%E1%83%98%E1%83%A3%E1%83%A0%E1%83%98\_%E1%83%90%E1%83%9C%E1%83%92%E1%83%90%E1%83%A0%E1%83%98%E1%83%A8%E1%83%98/2024/annual-eng-2024.pdf?v=38wt1](https://nbg.gov.ge/fm/%E1%83%9E%E1%83%A3%E1%83%91%E1%83%9A%E1%83%98%E1%83%99%E1%83%90%E1%83%AA%E1%83%98%E1%83%94%E1%83%91%E1%83%98/%E1%83%90%E1%83%9C%E1%83%92%E1%83%90%E1%83%A0%E1%83%98%E1%83%A8%E1%83%94%E1%83%91%E1%83%98/%E1%83%AC%E1%83%9A%E1%83%98%E1%83%A3%E1%83%A0%E1%83%98_%E1%83%90%E1%83%9C%E1%83%92%E1%83%90%E1%83%A0%E1%83%98%E1%83%A8%E1%83%98/2024/annual-eng-2024.pdf?v=38wt1\&utm_source=chatgpt.com)&#x20;

\[62] Chainalysis. Geography of Cryptocurrency Report (Sub-Saharan Africa). Available at: <https://www.chainalysis.com>. &#x20;

\[63] World Bank. Remittance and Financial Inclusion Data (Africa). Available at: <https://data.worldbank.org>.&#x20;

\[64] GSMA. State of the Industry Report on Mobile Money. Available at: <https://www.gsma.com>. &#x20;

\[65] International Monetary Fund. Sub-Saharan Africa Economic Outlook. Available at: <https://www.imf.org>. &#x20;

\[66] Statista. Digital Payments and Crypto Usage in Africa. Available at: <https://www.statista.com>. &#x20;

\[67] Chainalysis. Global Crypto Adoption Index. Available at: <https://www.chainalysis.com>. &#x20;

\[68] World Bank. Migration and Remittances Data (CIS Region). Available at: <https://data.worldbank.org>. &#x20;

\[69] International Monetary Fund. Regional Economic Outlook: Europe and Central Asia. Available at: <https://www.imf.org>.&#x20;

\[70] Reuters. Crypto Regulation and Adoption in CIS Countries. Available at: <https://www.reuters.com>. &#x20;

\[71] Astana International Financial Centre. Digital Asset Framework. Available at: <https://aifc.kz>. &#x20;

\[72] Astana Financial Services Authority. Digital Asset Regulation. Available at: <https://afsa.kz>. &#x20;

\[73] Reuters. Kazakhstan Crypto Mining and Regulation. Available at: <https://www.reuters.com>. &#x20;

\[74] International Monetary Fund. Kazakhstan Financial System Overview. Available at: <https://www.imf.org>. &#x20;

\[75] National Agency for Perspective Projects. Virtual Asset Regulation Framework. Available at: <https://napp.uz>. \[Accessed on: 18 March 2026]

\[76] Reuters. Uzbekistan Crypto Regulation and Licensing. Available at: <https://www.reuters.com>. \[Accessed on: 18 March 2026]

\[77] International Monetary Fund. Uzbekistan Financial System Overview. Available at: <https://www.imf.org>. \[Accessed on: 18 March 2026]

\[78] Chainalysis. Global Crypto Adoption Index. Available at: <https://www.chainalysis.com>. \[Accessed on: 18 March 2026]

\[79] World Bank. Armenia Data. Available at: [https://data.worldbank.org/country/armenia](https://data.worldbank.org/country/armenia?utm_source=chatgpt.com). \[Accessed on: 20 March 2026]

\[80] World Bank. Personal Remittances, Received (% of GDP) – Armenia. Available at: [https://data.worldbank.org/indicator/BX.TRF.PWKR.DT.GD.ZS?locations=AM](https://data.worldbank.org/indicator/BX.TRF.PWKR.DT.GD.ZS?locations=AM\&utm_source=chatgpt.com). \[Accessed on: 20 March 2026]

\[81] Central Bank of Armenia. 2023 Annual Report. Available at: [https://www.cba.am/file\_manager/Annual-reports/Annual\_Report\_2023\_eng.pdf](https://www.cba.am/file_manager/Annual-reports/Annual_Report_2023_eng.pdf?utm_source=chatgpt.com). \[Accessed on: 20 March 2026]

\[82] World Bank. Realizing Armenia’s High-Tech Potential. Available at: [https://documents1.worldbank.org/curated/en/855171575909144517/pdf/Realizing-Armenias-High-Tech-Potential.pdf](https://documents1.worldbank.org/curated/en/855171575909144517/pdf/Realizing-Armenias-High-Tech-Potential.pdf?utm_source=chatgpt.com). \[Accessed on: 20 March 2026]

\[83] Reuters. Armenia Adopts Law to Launch EU Accession Process. Available at: [https://www.reuters.com/world/asia-pacific/armenia-adopts-law-launch-eu-accession-process-2025-04-04/](https://www.reuters.com/world/asia-pacific/armenia-adopts-law-launch-eu-accession-process-2025-04-04/?utm_source=chatgpt.com). &#x20;

\[80] Central Bank of the Republic of Azerbaijan. Digital Payments Strategy of the Central Bank of the Republic of Azerbaijan. Available at: [https://uploads.cbar.az/assets/Digital\_Payment\_Strategy\_public\_final\_08.06\_v02\_ENG\_final.pdf](https://uploads.cbar.az/assets/Digital_Payment_Strategy_public_final_08.06_v02_ENG_final.pdf?utm_source=chatgpt.com). &#x20;

\[81] Central Bank of the Republic of Azerbaijan. Digital Payment Strategy. Available at: [https://cbar.az/page-680/digital-payment-strategy?language=en](https://cbar.az/page-680/digital-payment-strategy?language=en\&utm_source=chatgpt.com).&#x20;

\[82] World Bank. Personal Remittances, Received (% of GDP) – Azerbaijan. Available at: [https://data.worldbank.org/indicator/BX.TRF.PWKR.DT.GD.ZS?locations=AZ](https://data.worldbank.org/indicator/BX.TRF.PWKR.DT.GD.ZS?locations=AZ\&utm_source=chatgpt.com).&#x20;

\[83] World Bank. Azerbaijan Data. Available at: [https://data.worldbank.org/country/azerbaijan](https://data.worldbank.org/country/azerbaijan?utm_source=chatgpt.com). &#x20;

\[84] Central Bank of the Republic of Azerbaijan. Financial Sector Development Strategy 2024–2026 Progress Report 2024 / Related Policy Materials. Available at: <https://www.cbar.az>. &#x20;

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