TITLE:
Impact of Economic Conditions on Online Business and Digital Payments System: Evidence from Uzbekistan with Global Insights
AUTHORS:
Jamoliddinov Jaloliddin, Xiangxing Tao
KEYWORDS:
Digital Economy, Online Business, Digital Payments System, E-Commerce, Macroeconomic Stability, Inflation, Economic Growth, Financial Development, Uzbekistan, Digital Payments, FinTech, Emerging Economies
JOURNAL NAME:
Open Journal of Business and Management,
Vol.14 No.4,
June
29,
2026
ABSTRACT: The intensive development of digital technologies has changed the way modern economies operate in terms of developing online business formats and introducing digital payments system infrastructure usage. This paper analyzes how macroeconomic factors affect the growth of the online business and the use of digital payments system with specific consideration to Uzbekistan and bearing in mind the global experience. Based on a quantitative research design, the research uses time-series data and econometric studies which explore how some of the primary macroeconomic factors, such as economic growth, inflation, financial development, internet penetration, and trade openness, affect digital economic performance. The empirical findings show that the economic growth, financial development and the internet penetration have a positive and significant impact on e-commerce activity and the adoption of digital payments system. Conversely, the effect of inflation is the opposite, and it is harmful, showing the influence of macroeconomic instability on lowering the purchasing power and the desire to use digital finance. The openness to trade also promotes the spread of the digital economy by increasing integration with the international market and improving access to the digital environment. The results present the significance of macroeconomic stability and institutional preparedness in defining the digital transformation within emerging economies. In the example of Uzbekistan, further economic reforming, inflation management, and digital infrastructure investment are pointed out as the key elements of the online business and digital payments system continuation. The research has a contribution to the literature in that it offers a coherent framework to relate macroeconomic factors to digital economic progress and insights to policy makers in fostering financial inclusion and economic strength in the transitioning economies.