Identifying opportunities and challenges of the 4.0 technology revolution to international payments

Abstract

Nowadays, every activity in daily life has the presence of technology. In this context of the fourth industrial revolution, based on the integrated digital technology platform, there has been the emerge and application of smart technologies to optimize processes, production, and business methods, in order to overcome obstacles, in terms of reducing space and time, saving costs. This revolution has been affecting the development of each country, each region, and the world as a whole. Globalization has brought an end to the need for countries’s increasing cooperation as it takes advantage of each other's comparative benefits to build a cooperative strategy for national development. Positive contributions to foreign economic activities include international payment activities, which are considered a bridge connecting domestic economic trade with foreign countries. The research aims to help regulators, businesses and banks have a comprehensive view of the technologies that are currently widely used around the world for international payment activities. As it compares the application of technology in the process of conducting international payment transaction at Vietnamese banks in order to provide policies and strategies related to the application of digital technology in international payment.