Electronic money. The best payment systems, electronic money and cryptocurrencies
Main Features electronic money:
the monetary value is recorded on an electronic device;
it can be used for a variety of payments;
payment is final.
Nevertheless, the issue of independently identifying electronic money as a separate type remains debatable, as does their definition, role in payment system and functions.
In modern monetary systems electronic money is fiat money, have a credit basis, perform the functions of a means of payment, circulation, accumulation, and have a guarantee. The basis for issuing electronic money into circulation is cash and non-cash money. Electronic money acts as a monetary obligation of the issuer when servicing non-cash turnover as a requirement for it. They can be considered as an element of the monetary aggregate. Automatic maintenance of bank accounts (crediting and debiting funds, transfers from account to account, interest calculation, monitoring the status of settlements) is carried out electronically (electronic transfers). Tools electronic access accounts are constantly evolving, however, money is still presented in the form of account entries.
Properties of electronic money are based both on traditional monetary properties (liquidity, portability, versatility, divisibility, convenience) and on relatively new ones (security, anonymity, durability). However, not all of them in the process of application meet the requirements of high liquidity and stable purchasing power, and therefore their issue and use in circulation require a special procedure for regulation and control. Electronic access tools include payment cards, electronic checks, and remote banking.
Calculations on the Internet. "Network" electronic money
These calculations are based on the concept of electronic cash. Electronic cash is digital cash in electronic form, used in network payments, representing electronic bills in the form of a set of binary codes existing on a particular medium, transported in the form of a digital envelope over the network. Electronic cash technology allows you to pay for goods and services in the virtual economy by transferring information from one computer to another. Electronic cash, like real cash, is anonymous and reusable, and digital banknote numbers are unique. They can be transferred from one person to another, bypassing the bank, but at the same time keeping them within network payment systems. When paying for a product or service, digital money is transferred to the seller, who either transfers it to a bank participating in the system for crediting to his account, or pays his partners with it. Currently, various network payment systems are widespread on the Internet.
Yandex.Money. In mid-2002, Paycash entered into an agreement with the largest search engine on the Runet, Yandex, to launch the Yandex project. Money (universal payment system created in 2002). The main features of the Yandex payment system. Money:
electronic transfers between user accounts;
buy, sell and exchange electronic currencies:
pay for services (Internet access, cellular communications, hosting, apartment, etc.);
transfer funds to a credit or debit card.
The transaction fee is 0.5% for each payment transaction. When withdrawing funds to a bank account or other method, the Yandex.Money system withholds 3% of the amount of funds withdrawn, in addition, an additional percentage is charged directly by the transfer agent (bank, post office, etc.).
WebmoneyTransfer- the payment system, which appeared on November 25, 1998, is the most widespread and reliable Russian electronic payment system for conducting financial transactions in real time, created for users of the Russian-speaking part of the World Wide Web. Anyone can become a user of the system. The means of payment in the system are title units called WebMoney, or WM for short. All WM is stored in so-called electronic wallets. The most common types of wallets are:
WMZ - dollar wallets;
WMR - ruble wallets;
WME - wallets for storing euros;
WMU - wallets for storing Ukrainian hryvnia.
The WebMoney Transfer payment system allows you to:
carry out financial transactions and pay for goods (services) on the Internet;
pay for services mobile operators, Internet and television providers, pay for media subscriptions;
exchange WebMoney title units for other electronic currencies at a favorable rate;
make calculations according to email, use mobile phone as a wallet;
owners of online stores accept payments for goods on their website.
WM is a global information system for the transfer of property rights, open for free use by everyone. Using WebMoney Transfer, you can make instant transactions related to the transfer of property rights to any online goods and services, create your own web services and network enterprises, conduct transactions with other participants, issue and maintain your own tools.
There are several ways to replenish your WM wallet:
by bank transfer (including through Sberbank of the Russian Federation);
postal transfer;
using the Western Union system;
by exchanging rubles or currency for WM at an authorized bank or exchange office;
by receiving WM from any of the system participants in exchange for services, goods or in exchange for cash;
using a prepaid WM card;
through the E-Gold system.
RUpay- The payment system, operating since October 7, 2002, is an integrator of payment systems, where payment systems and exchange offices are programmatically combined into one system.
Main features of the RUpay payment system:
making electronic transfers between user accounts;
buy, sell and exchange electronic currencies with a minimum commission;
make payments to other electronic payment systems: WebMoney, PayPal, E-gold, etc.;
accept payments on your website in more than 20 ways;
receive funds from the system account at the nearest ATM;
manage your account from any computer connected to the Internet."
PayCash- electronic payment system. It began operating on the Russian market in early 1998 and is positioned primarily as an accessible means of fast, efficient and secure cash payments on the Internet.
The main advantage of this payment system is the use of its own unique developments in the field of financial cryptography, highly appreciated by Western experts. The PayCash payment system has a number of prestigious awards and patents, including the “Certificate of Special Recognition from the US Congress.” On at the moment PayCash technology is used by such well-known payment systems as Yandex. Money (Russia), Cyphermint PayCash (USA), DramCash (Armenia), PayCash (Ukraine).
PayCash is based on digital cash technology. From the point of view of the user (seller or buyer), PayCash technology represents many “electronic wallets”, each of which has its own owner. All wallets are connected to a single processing center, where information received from the owners is processed. Thanks to modern technologies, users can carry out transactions with their money without leaving the computer. The technology allows you to transfer digital cash from one wallet to another, store it in online banking, convert it, withdraw it from the system to traditional bank accounts or other payment systems.
E-gold- an electronic payment system created in 1996 by Gold&Silver Reserve (G&SR). E-gold is an American electronic money settlement system, the main currency of which is precious metals - gold, platinum, silver, etc., and this currency is physically backed by the corresponding metal. The system is completely international, works with all currencies of the world, and anyone can gain access to it. The reliability of this payment system is guaranteed by US and Swiss banks. The main difference between the e-gold payment system is that all funds are physically backed by precious metals stored in Nova Scotia Bank (Toronto). The number of users of the c-gold payment system in 2006 was about 3 million people. The main advantages of the e-gold payment system are as follows:
internationality - regardless of place of residence, any user has the opportunity to open an account in e-gold:
anonymity - when opening an account, there are no mandatory requirements for indicating the user’s real personal data;
ease and intuitiveness - the interface is intuitive and user-friendly;
no additional software installation required;
versatility - the widespread use of this payment system allows it to be used for almost any financial transaction.
You can enter money into the system in two ways: receive a transfer from another participant or transfer money in any currency to the E-gold system using the mechanism described on the website via bank transfer.
You can receive or cash out money by ordering a bank transfer on the E-gold website, making a transfer to other systems (PayPal, WebMoney, Western Union) or to any credit or debit card.
Stormpay- payment system opened in 2002. Any user can register in this system, regardless of country of residence. One of the advantages of the system is its universality and lack of reference to a specific geographic region, since the system works with all countries without exception. Account number in payment system Stormpay is an email address. Its main drawback is the inability to convert funds from a Stormpay account to E-gold, WebMoney or Rupay. This payment system allows you to transfer funds to credit cards.
PayPal- electronic payment system, one of the most popular and reliable among foreign payment systems. By early 2006, it served users from 55 countries. PayPal was founded by Peter Thiel and Max Levchin in 1998 as a private company. PayPal provides its users with the opportunity to receive and send payments using email or a mobile phone with Internet access, but in addition, users of the PayPal payment system have the opportunity to:
send payments (Send Money): transfer any amount from your personal account. In this case, the recipient of the payment can be either another PayPal user or an outsider;
execute a request to receive payment (Money Request). Using this type of service, the user can send letters to his debtors containing a request for payment (issue an invoice for payment);
place on the website special tools for accepting payments (Web Tools). This service is only available to Premier and Business account holders and is recommended for use by online store owners. In this case, the user can place a button on his website, by clicking which the payer is taken to the payment system website, where he can complete the payment procedure (you can use a credit card), after which he returns to the user’s website;
use auction trading tools (Auction Tools). The payment system offers two types of services: 1) automatic distribution of requests to receive payment (Automatic Payment Request); 2) auction winners can make payments directly from the website where the auction is held (Instant Purchase for Auctions);
carry out financial transactions using a mobile phone (Mobile Payments);
make simultaneous payments to a large number of users (Batch Pay);
carry out daily transfer of funds to a bank account (Auto-Sweep).
In the future, the possibility of receiving interest for storing funds in the account is being considered.
Moneybookers- electronic payment system, opened in 2003. Despite its relative youth, it successfully competes in many areas with such a giant as PayPal. The main advantage of this payment system can be considered its versatility. Moneybookers is easy to use for both individuals and owners of online stores and banks. Unlike PayPal, the Moneybookers payment system serves users in more than 170 countries, including Russia, Ukraine and Belarus. Moneybookers features:
installation of additional software is not required for operation;
The Moneybookers user account number is the email address;
the minimum transfer amount to Moneybookers is 1 euro cent (or the equivalent in another currency);
the ability to automatically send funds on a schedule without user participation;
the system commission is 1% of the payment amount and is deducted from the sender.
1.Digital money. Concept of electronic money Digital (hereinafter referred to as electronic) money completely simulates real money. At the same time, the issuing organization - the issuer - issues their electronic analogues, called different systems in different ways (for example, coupons). Next, they are purchased by users, who use them to pay for purchases, and then the seller redeems them from the issuer. When issued, each monetary unit is certified by an electronic seal, which is verified by the issuing structure before redemption. One of the features of physical money is its anonymity, that is, it does not indicate who used it and when. Some systems, by analogy, allow the buyer to receive electronic cash in such a way that the connection between him and the money cannot be determined. This is done using a blind signature scheme. It is also worth noting that when using electronic money, there is no need for authentication, since the system is based on the release of money into circulation before its use. Below is the payment scheme using digital money. The buyer exchanges real money for electronic money in advance. The client can store cash in two ways, which is determined by the system used: On the computer’s hard drive. On smart cards. Different systems offer different exchange schemes. Some open special accounts to which funds from the buyer’s account are transferred in exchange for electronic bills. Some banks may issue electronic cash themselves. Moreover, it is issued only at the request of the client, followed by its transfer to the computer or card of this client and the withdrawal of the cash equivalent from his account. When implementing a blind signature, the buyer himself creates electronic bills, sends them to the bank, where upon receipt real money they are stamped on the account and sent back to the client. Along with the convenience of such storage, it also has disadvantages. Damage to a disk or smart card results in irreversible loss of electronic money. The buyer transfers electronic money for the purchase to the seller’s server. The money is presented to the issuer, who verifies its authenticity. If the electronic bills are genuine, the seller’s account is increased by the purchase amount, and the goods are shipped to the buyer or the service is provided.
One of the important distinguishing features of electronic money is the ability to make micropayments. This is due to the fact that the denomination of the banknotes may not correspond to real coins (for example, 37 kopecks). Both banks and non-banking organizations can issue electronic cash. However, a unified conversion system has not yet been developed different types electronic money. Therefore, only the issuers themselves can redeem the electronic cash they issued. In addition, the use of such money from non-financial structures is not guaranteed by the state. However, the low transaction cost makes electronic cash an attractive tool for online payments. Credit systems Internet credit systems are analogues of conventional systems that work with credit cards. The difference is that all transactions are conducted over the Internet, and as a result, the need for additional security and authentication measures. The general payment scheme in such a system is shown in the figure. The following are involved in making payments via the Internet using credit cards: Buyer. A client with a computer with a Web browser and Internet access. Issuing bank. The buyer's bank account is located here. The issuing bank issues cards and is the guarantor of the client’s financial obligations. Sellers. Sellers are understood as E-Commerce servers where catalogs of goods and services are maintained and customer purchase orders are accepted. Acquiring banks. Banks serving sellers. Each seller has a single bank in which he keeps his current account. Internet payment system. Electronic components that act as intermediaries between other participants. Traditional payment system. A set of financial and technological means for servicing cards of this type. Among the main tasks solved by the payment system is ensuring the use of cards as a means of payment for goods and services, using banking services, conducting mutual offsets, etc. Participants in the payment system are individuals and legal entities united through the use of credit cards. Payment system processing center. An organization that provides information and technological interaction between participants in the traditional payment system. Settlement bank of the payment system. A credit organization that carries out mutual settlements between payment system participants on behalf of the processing center.
The buyer in the electronic store creates a basket of goods and selects the payment method “credit card”. Next, the credit card parameters (number, owner's name, expiration date) must be transferred to the Internet payment system for further authorization. This can be done in two ways: through the store, that is, the card parameters are entered directly on the store’s website, after which they are transferred to the Internet payment system (2a); on the payment system server (2b). The advantages of the second way are obvious. In this case, information about the cards does not remain in the store, and, accordingly, the risk of receiving them by third parties or being deceived by the seller is reduced. In both cases, when transferring credit card details, there is still a possibility of them being intercepted by attackers on the network. To prevent this, data is encrypted during transmission. Encryption, naturally, reduces the possibility of data interception on the network, so it is advisable to carry out communications between buyer/seller, seller/Internet payment system, buyer/Internet payment system using secure protocols. The most common of them today is SSL protocol(Secure Sockets Layer). It is based on an asymmetric public key encryption scheme, and the RSA algorithm is used as the encryption scheme. Due to the technical and licensing features of this algorithm, it is considered less reliable, so the standard for secure electronic transactions SET (Secure Electronic Transaction) is now being gradually introduced, designed to eventually replace SSL when processing transactions related to payments for credit card purchases on the Internet. Among the advantages of the new standard are increased security, including the ability to authenticate all participants in transactions. Its disadvantages are technological difficulties and high cost. The Internet payment system transmits the authorization request to the traditional payment system. The next step depends on whether the issuing bank maintains an online database of accounts. If there is a database, the processing center sends the issuing bank a request for card authorization (4b) and then (4a) receives its result. If there is no such database, then the processing center itself stores information about the status of cardholders’ accounts, stop lists and fulfills authorization requests. This information is regularly updated by the issuing banks. The authorization result is transmitted to the Internet payment system. The store receives the authorization result. The buyer receives the authorization result through the store (7a) or directly from the Internet payment system (7b). If the authorization result is positive, the store provides the service or ships the product (8a); the processing center transmits information about the completed transaction to the settlement bank (8b). Money from the buyer's account with the issuing bank is transferred through the settlement bank to the store's account with the acquiring bank. In most cases, special software is required to make such payments. It can be supplied to the buyer (called an electronic wallet), the seller and his servicing bank. For example, consider the WebMoney Transfer electronic payment system.
4.
Popularity of digital money. Development prospects According to some analysts, electronic payment methods will soon completely displace cash and checks from the market, since they represent a more convenient way to pay for goods and services. According to ABA/Dove estimates, electronic payments may soon replace cash and checks, since today every second purchase in a store is made using electronic means of payment. Cash remains the main means of payment in traditional stores for only 33% of shoppers. While the majority of online purchases are made with credit cards, nearly half of respondents use checks and money orders for e-commerce, and a quarter of virtual shoppers use P2P payments. Two-thirds of consumers pay at least one monthly bill electronically, including credit/debit cards, direct payments, or online banking. Analysts believe that online bill payment will reach significant volumes by 2003 as the majority of users begin to use or increase their use of this payment option. At the same time, the use of “paper” payments will be significantly reduced - 21% of respondents said that they intend to stop paying their bills by check. At the same time, Yankee Group analysts note that 8.7% of American consumers now pay their bills online, up from 5.1% last year. Marketing efforts are starting to pay off: 29% of consumers have already expressed interest in using electronic bill payment systems (EBPP), and 14.9% cite time savings as a primary motivator. However, experts warn that banks will face competition from financial service providers in this area, given that a provider that provides users with a convenient and simple interface will be able to retain them for a long time. Growth in “Business to consumer” e-commerce turnover in Russia, million dollars (according to The Economist, Boston Consulting Group):
Growth of e-commerce in the “Business to consumer” sector, billion dollars (according to eMarketer):
Share of e-commerce in US GDP (GDP) (according to eMarketer):
Active Internet audience in Russia according to ROCIT, million people:
Since its formation on the Russian exchange market, trading platforms use modern technologies, creating systems that are unique in their characteristics almost from scratch, trying to cover the entire market, all regions Russian Federation . Developing in line with advanced global trends, organized e-commerce is becoming increasingly attractive in the global market. Prerequisites have emerged for the rapprochement and connection of trading platforms both within Russia and abroad. Today, information technologies determine the face of the global financial market. World financial markets are becoming increasingly global, and Russia is moving in line with this process. The challenge of the time is the internationalization of the world economy, which today acts as a globally integrated economic system. Our country is about to take an important step - to join the World Trade Organization (WTO). A necessary condition for joining the WTO is Russia's integration into the international financial market. Therefore, speaking about the prospects for the development of the Russian market, one of the main stages can be identified as integration into the infrastructure of the world capital market. This work has already begun. Electronic technologies are developing rapidly. Today it is difficult to imagine our life without the Internet. Over the past few years, the popularity of trading company shares via the Internet has grown rapidly around the world. Individual investors have the opportunity to enter into transactions essentially without leaving home. In 1999, the development of Internet trading on the Russian stock market began. The total volume of transactions via the Internet on the Russian market is constantly growing, and according to some estimates, already in 2001 it amounted to about 40% of the total turnover of the stock market. For example, in December 2001, already about 47% of trading volume and about 70% of transactions on the MICEX stock market were concluded via the Internet. Trading via the Internet is today the easiest and most convenient access for private investors in the financial markets. With the spread of Internet trading, the number of small-volume transactions began to increase. In other words, client activity in the stock market and the share of client transactions in total turnover are growing at a faster pace. It is interesting to note that the leaders in the introduction and promotion of Internet trading on the Russian stock market were not large, but dynamic brokerage companies, which are now consistently among the top ten market participants in terms of turnover. At the same time, large brokerage companies and banks began to develop the new service much later. Today's realities are such that it is not the “big” company that wins, but the “fast” company. Having started on the stock market for a number of reasons, Internet trading is now confidently developing in other sectors of the financial market: government securities; currency; urgent. In the future, the development of Internet trading will be determined by the following main trends. First of all, both the range of markets and traded instruments offered within the framework of Internet trading systems, as well as the service offered and the range of additional services for clients based on their full automation, will expand. We will see closer interconnection within the framework of one Internet system of the functions of banking systems, Internet trading and depository and back-office service systems. In addition, the process of expanding analytical and information support for clients based on integration with information and analytical Internet systems developed by information agencies will continue more actively. Given that low level development of telecommunication networks, especially in the regions of Russia, of course, one of the priority areas of development will be improving the quality of work and improving the consumer properties of Internet trading systems. The solution to this problem lies not only in the area of improving the applied technical and software Internet trading systems, but also in the field of creating new generation systems that can significantly expand the technological capabilities of customer service and improve the quality of their work. A very important factor influencing the development of Internet business in financial markets, in the very near future, with the advent of the appropriate regulatory framework, will undoubtedly become the need for mandatory use in systems remote access via the Internet certified information security software and electronic digital signature. On January 10, 2002, President of the Russian Federation V.V. Putin signed the Federal Law “On Electronic Digital Signature”, aimed at ensuring legal conditions for the use of electronic digital signatures in electronic documents, subject to which an electronic digital signature in an electronic document is recognized as equivalent to a handwritten signature in a document on on paper. With the advent of Internet technologies, a real need arose to connect the disparate technological links of the customer service process into a single chain. Investors can now use automated systems to monitor the entire investment process and manage their assets in real time. This approach requires constant modernization of software products and all systems for various functional purposes with the possibility of their information interconnection in real time or their integration into single multifunctional software and hardware complexes. Conclusion A superficial analysis of Internet technologies for business, an integral part of which are online payment systems, allows us to draw the following conclusions: 1. Issuers of digital money are systems that organize Internet transactions. 2. Systems for issuing digital money are of at least two types: those that issue electronic cash immediately upon receipt of real money in the bank account of the system and those that issue only when and for the period of payment. 3. Digital money is money issued backed by real money. 4. The turnover rate of digital money is the highest today. 5. Traditional credit and debit cards issued by banks for remote account access are not digital money as such. Even if the open card account is multi-currency, it is not directly related to digital money, since it is opened in any base currency. And its multicurrency nature is expressed in the fact that when paying with a plastic card, it is possible to instantly convert the base currency into the payment currency. 6. Non-cash money also cannot be directly called digital money, despite the fact that its medium is electronic. Since their analogue exists in cash form. 7. Digital money allows you to make micropayments and, when a sufficient amount is accumulated, convert them into real money.
List of information sources: 1. Official website of the WebMoney Transfer payment system – http://www.webmoney.ru 2. Official website of the analytical agency RosBusinessConsulting – http://www.rbc.ru 3. Internet resource – http://www.i2r.ru 4 . Website of the PayWell payment system - http://www.paywell.ru 5. “Banks and banking systems” member of the International Academy of Informatization, member of the scientific and expert council of the Committee on Economic Policy and Entrepreneurship of the State Duma of the Russian Federation V. Yurovitsky – http://www.yur.ru 6. Ozone online store – http://www.ozone.ru 7. “Where does the money go” member of the International Academy of Informatization member of the scientific expert council of the Committee on Economic Policy and entrepreneurship of the State Duma of the Russian Federation V. Yurovitsky - http://www.yur.ru 8. Information site "Electronic money. Payment systems on the Internet" - http://www.pay-system.info 9. Official information site "Business Technologies on the Internet", 1997-2006, Internet Payment Systems Group - "Internet Payment Systems" - http://emoney.ru/menu.asp 10. Official information site "Business", - section: Business from and to. - 2008, http://business.rin.ru
Electronic money is a qualitatively new direction in implementation. Today, electronic wallets around the world allow you to quickly pay and receive payment for purchases, pay bills, earn money, invest, and all this via the Internet, without leaving your home. Comfortable? Undoubtedly. What is it, and what types of electronic money are the most popular in Russia? All this is discussed in this article.
What is electronic money and electronic wallet?
Electronic money is the same thing that is in your wallet and on your bank card, the only difference is that it is used to pay on the Internet. Here, just like with a card, you can pay for goods via the Internet (and in different countries), exchange them for another currency, pay bills, bills public utilities and mobile communications, buy air and train tickets, transfer from wallet to wallet, withdraw them for real money. The list is almost limitless.
Electronic wallets are especially loved by those who prefer to earn money as a freelancer, since most of them are anonymous and do not require identification
Payment with electronic money is fast and convenient, not requiring filling out paperwork, going to stores and banks, or standing in queues. All payments can be made at your computer monitor without leaving your home; you just need to select the appropriate payment system.
What is EPS?
The concept of electronic money and its types are inextricably linked with the concept of “electronic payment system”. This is an organization that takes care of your wallet after it is opened, similar to how a bank takes care of your financial transactions after you open a card account with it.
In Russia there are various types electronic money systems, each of which has its own functionality, different levels of development and popularity, different degrees of coverage, and different goals. Some of them interact with each other and allow you to transfer funds from the wallet of one OPS to the wallet of another, naturally, with the charging of a certain commission. Why is this being done?
Each payment system has its own money. Suppose you want to order some product via the Internet, and you have an open wallet from OPS number 1, where your electronic money is. The online store where you want to make a purchase accepts payments only through OPS number 2. Then you will be faced with a choice - whether to open a wallet in OPS No. 2 and invest money there again or simply transfer funds from OPS wallet No. 1 to it.
How to put money into your wallet?
Electronic money, the types of which will be discussed below, are usually assigned to a specific bank, so you can transfer it to electronic money through a bank cash desk. There is such a function through mobile or online banking. You just need to indicate which payment system you use and how much you want to transfer.
By the way, some types of electronic cards allow the creation of plastic cards that can be used to make payments through the terminal. You can also withdraw cash from them, just like from regular bank cards.
Types of electronic money and their characteristics
As mentioned above, right choice wallet will allow you to largely avoid problems with commissions and delays in payment in the future. This decision depends on which country and what types of payments you are going to make. For example, in Belarus, electronic wallets with Belarusian currency are active only after complex identification has been completed, so here you are unlikely to be able to pay with an electronic wallet. Of course, such complex nuances are not available everywhere; clients are then offered a choice of popular electronic money, the types of which are used in payments all over the world.
PayPal
One of the most popular and convenient payment systems in the world is that of the global auction eBay. PayPal electronic money allows payments in 203 countries around the world. A special advantage of PayPal is the numerous types of financial transactions and cash withdrawal methods.
This payment system allows:
- transfer any funds from your personal account;
- carry out payment transactions using the mobile version;
- carry out simultaneous transactions with several persons;
- send an invoice for payment by mail;
- make daily withdrawals to your account and much more.
"Yandex.Money"
The second most popular electronic money, the types of which allow making payments mainly in Russia and the CIS countries - Although they can be converted into dollars, Ukrainian hryvnia, Belarusian rubles, their main currency is the Russian ruble.
In this system everything is also fast and simple; you can carry out a huge number of instant operations:
- payment of receipts and services;
- payment for goods;
- accepting payments;
- withdraw money to a plastic card;
- transfer from a card to another user’s card.
For these services, OPS charges a 0.5% commission on the amount. When withdrawing funds - 3%.
A big advantage of Yandex.Money is the ability to connect your wallet directly to your own website. This way, your customers will be able to instantly pay for goods using another wallet, bank account or card directly on your website.
WebMoney
One of the very first OPS, WebMoney Transfer, is widely used by many users of the Russian-speaking part of the Internet and some Western European countries. However, you should be careful and clearly understand where the payments will be made when connecting this electronic money, the types of which are prohibited, for example, in Germany.
The WebMoney system uses 4 currencies - dollar, hryvnia, Belarusian and Russian ruble. With their help, you can also carry out a huge range of operations - from paying for commodity and financial bills to accepting payment for goods on your own website.
- through the cash desk of Sberbank;
- via card;
- via mail;
- through exchange offices;
- via Western Union and many others.
Qiwi
Another Russian payment system, used more in payments between CIS countries. Unfortunately, despite a fairly wide range of operations, you rarely see it in online stores. But you can use it quite conveniently and quickly to pay bills for your apartment, television, internet and telephone.
The Qiwi system is especially loved by those who are not particularly comfortable with the Internet. The task is simplified thanks to numerous terminals that help carry out transactions.
In addition to the above, the classification and types of electronic money include RUpay, Stormpay, Moneybookers, Liqpay, Wallet One, Money Mail and many others. Their use is not as common as, for example, WebMoney or Yandex.Money. If you want to make payments in the CIS countries for goods in online stores or, conversely, receive payment on the website, it is better to connect a more popular wallet.
How to start using electronic money
The principle of working with an electronic wallet is usually the same for all payment systems, so we will present a general algorithm of actions.
- Choose the e-wallet that suits you best and go to its official website.
- Come on in free registration, fill in the necessary information about yourself, if necessary, indicate your passport information, depending on how you will use this wallet. Some systems recommend going through a verification and identification process. To do this, you will most likely need to send a scan of your passport or come to the OPS office (bank branch) to confirm your identity. Such a complex identification system is needed if you, for example, are a private entrepreneur or plan to deposit and withdraw large amounts from your wallet. After passing it will open more possibilities working with the account. Many wallets, on the contrary, allow you to open your wallet anonymously. This option is suitable for freelancers who do not want to advertise their income.
- Some OPS offer to download a mobile offer, which makes it more convenient to make transactions, for example, WebMoney.
- The last step involves replenishing your wallet with cash or electronic money.
Cautions
The popularization of electronic money contributes not only to fast payments via the Internet, but also to the rapidly developing fraud. Therefore, it is extremely important to choose and trust your funds to reliable, trusted companies. If you have not heard of this or that payment system before, you should not enter your personal data into the registration form, much less transfer funds without knowing where. Beware of scams!
Resume
So, now you know what electronic money is - the essence, types, and forms of use, as well as the fact that it is convenient, fast and reliable way carry out monetary transactions directly from your computer monitor. Trust only proven payment systems. Firstly, today they are available in almost any online store, railway and air ticket offices, cinemas, and service centers. They allow you to pay any receipts - from fines to loans and apartment bills. Secondly, these systems are reliably protected from fraudsters, and you can completely trust them with your funds without fear. Thirdly, they have a huge number of ways to conveniently replenish and withdraw cash if necessary.
Electronic wallet is a system that allows you to store funds in electronic form and carry out any payment transactions using such a wallet.
In general, the concept of an electronic wallet is just beginning to gain popularity.
Types of electronic wallets
Nowadays, there are quite a lot of such electronic wallets, all of them are in great demand.
Webmoney
This e-wallet was created in the late 90s. The symbol of this system is the ant. Using it you can make both payment transactions and transfers to current accounts, or bank cards.
When transferring money to bank cards or a current account, a commission is charged, which will depend on the amount you transfer.
To ensure that your WebMoney wallet is always with you, special applications have been created for both your mobile device and your computer. There is an option not to install applications, but simply go to the site and enter your username and password.
In order to start working through webmoney, you need to obtain a certificate. To do this, you need to upload scans of your passport and indicate your personal data. You can confirm transactions via SMS, captcha, or question-answer method.
WebMoney is currently the leader in popularity in Russia. In general, this system is registered in London, but the certification center is located in Russia. But in Germany this system is banned.
Yandex Money
Yandex Money appeared in the early 2000s. Using the web interface, this system became possible to work in 2005. Its disadvantage is the fact that it does not work with foreign currency, only rubles. However, these rubles can be transferred anywhere in the world. A plus is the fact that there are no commissions charged at all for many transactions.
To withdraw money from such a wallet, you can link it to your bank card or make a separate Yandex Money card. It is free to produce. When using this system for the first time, you must also identify yourself.
We can say that this wallet is adapted specifically for work in the Russian Federation, so not everyone uses it.
At the moment, the main shareholder of this system is Sberbank of Russia.
Visa
Such a wallet can be easily topped up through terminals, of which there are a sufficient number in any city. This service is popular in Russia, primarily due to very simple registration, the popularity of the brand of this wallet, the absence of fees for internal transfers and the possibility of receiving a card linked to an electronic wallet.
But there is a huge disadvantage of this system - a commission is charged on service payments mobile communications. Another disadvantage is the low degree of security of such a wallet.
Qiwi
The advantage of this system is that registration is quite simplified: just indicate your mobile phone, after which you will receive a verification password. You can top up the balance of such a wallet without commission, and all payments and transfers are carried out very quickly.
As in the Yandex Money system, you can order a plastic card and use it to pay when making purchases, or simply withdraw money from ATMs. The validity period of such a card is one year.
You can link this wallet to the webmoney system and transfer funds from one wallet to another.
At the same time, you should remember the commission that is charged when using the webmoney system.
PayPal
PayPal is the most large system payments worldwide and the most common. It was created in the late 90s. In Russia it is not as popular as in other countries of the world. Such a system must be linked to your bank card. To do this, you provide your account details, within a few days you will receive 2 transfers in the region of 10 kopecks. After this, you will finally link your bank account with PayPal.
If you actively make purchases abroad, you definitely cannot do without this payment system. Until recently, Russians did not have the opportunity to use this system, but then they first made it possible to pay for purchases, and then replenish and withdraw funds from this card.
The limit on withdrawals in Russia is $500. Creating an account is free, and the commission is charged not from the sender, but from the recipient of the funds, which is very in a convenient way when paying for purchases online.
Liqpay.com
Liqpay.com has been operating since 2008. It is most popular in Ukraine. The account number in this system will be your mobile phone number. Confirmation of transactions occurs via SMS messages.
Liqpay allows you to work with any currency. You can use it to make a variety of payment transactions. You can withdraw funds from your account to a card or in cash through ATMs.
Rapida online
This system is not popular. Most often it is used corporate clients. It works on the basis of Google.
Perfect Money
Most often it is used in any investment projects, or in financial pyramids. Payments can be made in foreign currency and gold equivalent.
Okpay
This system is positioned as a global one. Payments are made in various currencies. It is possible to get a card. The upside is that if you involve other people in it, there are much greater opportunities for you.
Payeer
The system is very easy to use and allows you to easily transfer funds from one wallet to another.
RBK Money
RBK Money - appeared in Ukraine in the early 2000s.
Liberty Reserve
This wallet belongs to Costa Rica. To register, you can provide false information about yourself, which is very often used by scammers. Money can be transferred anywhere in the world. The system is very well protected. Works with two currencies: euro and dollar.
E-gold
This system works with metals such as gold, silver, platinum, etc. The main advantage is that it does not depend on the exchange rates of different countries. But so far there are a number of problems in using E-gold that are in the process of being finalized.
Unified electronic wallet
This wallet allows you to pay for services online. You can use this wallet with: mobile device, and through personal computer or tablet. To register, just indicate your phone number, to which you will receive an SMS with your wallet number and password. Many payments via this system are carried out without charging a commission. You can withdraw money from your account through any post office.
Beeline electronic wallet
The electronic wallet was created for making micropayments; no transaction fees are charged; the system operates jointly with Alfa-Bank. It is possible to transfer funds to a bank card or to a Webmoney wallet.
Electronic wallets common in the Republic of Belarus
It’s worth saying right away that in the Republic of Belarus for a long time refused to accept electronic funds. They came into use only at the beginning of 2013.
We can say that currently there are about ten electronic systems in operation in Belarus.
- Of course, in the first place, as throughout the world, is the payment system Webmoney.
- The next system can be called Belqi. This system is very young and works on the basis of the QIWI system we know. All operations are carried out in the same way.
- Wallet One. This is the youngest system operating in the Republic of Belarus. You can connect either via a mobile phone or via a PC. The balance is replenished both through terminals and through InterPayBank. The commission for payments through this system is either minimal or not charged at all. You can also withdraw money from your account through a bank or transfer it to a card.
- EasyPay. Before you start using it, you must also complete the registration procedure. Payment commission is charged at 2%.
- iPay. A very easy-to-use payment system, but fees may range from 0% to 4%, depending on the purpose of the payment.
- Berlio. Designed for making payments for fuel both in the Republic of Belarus and throughout the world.
- There are also systems such as Prepaid cards. They are used as standard cards, but they are still classified as electronic wallets.
Electronic wallets in Ukraine
- As elsewhere, the most popular is the payment system Webmoney.
- Yandex Money are also used quite actively, despite the fact that this system is focused on the Russian ruble. This system is used when paying for goods purchased in ruble equivalent. A commission of 0.5% is charged.
- RBK Money. You can top up the balance of such a wallet in the most in different ways, however, ATMs are only available in Russia. The commission is charged from 0.3% to 0.5%.
- UK Money. This purely Ukrainian system was created quite recently. It actively cooperates with PrivatBank, which allows users of such a system to carry out all payments through this bank. You can use your account from a PC. Accounts are opened for you in rubles, hryvnias, dollars and euros.
- Internet. Money. Through this system you can make any purchases and pay for them. To use it, just install the application or access it through the official website from any PC. The commission can be up to 0.5%, or not charged at all.
- E-gold. As already written, it is used all over the world. It is good because it maintains complete confidentiality for the payer, which is why it is very popular among scammers. For the account itself you will need to pay 1% every year.
- The system is also popular in Ukraine PayPal, which we have already discussed above.
Electronic wallets in Kazakhstan
- The most frequently used e-wallet in Kazakhstan is QIWI. He appeared on this territory in 2011. It has earned its popularity due to simplified registration, the ability to top up the balance from numerous ATMs, payments from this system are accepted by almost any online store and, of course, a reduced commission.
- Webmoney. In Kazakhstan it is considered one of the safest systems.
- Yandex. Money. As we said above, it focuses on the Russian currency, so it is often used when making payments in rubles.
- And, of course, PayPal is also actively used in Kazakhstan, especially when making payments in online stores in America.
It is worth noting that there are still a huge number of different electronic wallets. For example, in Moscow the Troika system is popular, with which you can pay for travel on public transport. It was put into effect in 2013.
In the Moscow region, such a system is called Strelka, and in St. Petersburg - plantain. The same cards are available in many Russian cities with a developed transport system. Such cards allow you to minimize queues to pay for transport, and allow you to create unified system payment for transport services. You can get such a card directly at the ticket office or kiosks. You can also top up such a card through cash desks.
Funds are kept in the account for five years after last used cards. You can put no more than 3,000 rubles on such a card.
In conclusion, I would like to say that before you create an electronic wallet, choose the currency with which you plan to make payments and only after that choose a convenient wallet, it is important not to forget about the security of such payments.
Most active Internet users use electronic money to pay for goods and services online. Payments using electronic money are instant, and they are a good alternative to bank cards and accounts. Most novice Internet users have heard about electronic money, but have a very superficial understanding of it. However, as you master the computer and worldwide network, sooner or later, a moment will arise when you need to make a payment online.
In this article we will talk about what electronic money is, the history of its origin, how to start it, its advantages and disadvantages.
Electronic money (or in other words, virtual money) cannot be touched or put in a wallet, but it has the same value as physical money. And this is not surprising, because... In order for you to have electronic money on the Internet, you need to add real banknotes there to exchange for an electronic equivalent or receive them from someone by transfer, who in turn also deposited real banknotes, i.e. Electronic money on the Internet does not appear out of nowhere like in a fairy tale.
Virtual funds can be compared to a bank card to which your salary was transferred. You cannot touch the money, but you can pay with it or transfer it from card to card using online banking via a computer or smartphone.
To receive, store and make payments with virtual money, you must have an account in a payment system that handles electronic money. There are a large number of payment systems on the Internet, both foreign and Russian. They do not issue money like the Central Bank, but simply provide operational services for a small commission percentage.
Here is a small list of what you can pay with virtual funds:
- goods and their delivery in online stores;
- mobile communications;
- buy tickets;
- book hotel rooms;
- pay for housing and communal services;
- pay fines.
And in general, any goods or services sold via the Internet can be paid for with electronic money.
History of electronic money
The official history of electronic money dates back to 1993, when European central banks drew attention to the growth of electronic payments on the Internet and initiated a study of this phenomenon. In 1994, according to the results of a study, electronic financial transactions were officially recognized on the Internet. And since 1996, the central banks of the Big Ten countries began to carry out financial monitoring of electronic money in countries with a developed Internet.
On the territory of Russia, electronic money has been used for the first time since the mid-90s of the last century, gradually increasing turnover and actively developing. By 1998, the first electronic payment system (EPS) Webmoney appeared in Russia, carrying out transactions in all major currencies.
At the moment, the most common electronic payment systems in Russia are:
- Yandex money.
- Qiwi.
- Webmoney
Payments from the above systems are accepted by all online stores in Russia
To pay for goods and services with electronic money, you need to open an account, or a so-called “wallet,” in one of the EPS (electronic payment systems) that you are going to use.
To create electronic money you must complete the following steps:
- Register in the selected electronic payment system and receive an account number, the so-called “wallet”.
- Identify yourself. Without personal identification, the use of EPS is possible only with restrictions.
- Enter the required amount in real money into your wallet in any way (via a terminal, communication shops, online banking, with bank card etc.), which is available for this payment system.
Registration and further work should not cause any problems with your wallet, you just need to follow step by step instructions payment system.
Advantages of electronic money
The main advantages of electronic money are:
- Instant payment for goods and services at any time of the day using a computer or smartphone. Each payment system has an application for a mobile device.
- Quick transfer of funds to relatives and friends.
- Quick replenishment of your wallet with a minimal commission or no commission at all, depending on the replenishment method.
- Easy to use and create an account.
- All popular payment systems issue a virtual or real card from which you can make payments online without fear of revealing your main salary or credit card. And in the case of receiving a physical plastic card from the payment system, you can pay with it in ordinary stores or withdraw money from it that was transferred to you in the system.
Disadvantages of electronic money
Along with undeniable advantages, virtual money also has a number of disadvantages.
- Commission when withdrawing funds from your wallet to your bank account or card.
- Commission for withdrawing electronic money from a payment system card.
- If you lose your password, you lose access to your wallet, which will be difficult to recover.
- It is possible that the wallet could be hacked by attackers and therefore lose money.
Do not forget about the payment system, and also do not allow your password to become known to anyone, otherwise you may lose all the funds in your electronic wallet. When registering a wallet, come up with one that will be impossible to match.
In addition, despite the serious measures taken by payment systems to protect user funds, the possibility of wallet hacking cannot be completely ruled out. Therefore, do not constantly store large amounts in your EPS account.
Share.
The development of money circulation led to the emergence of electronic money. These are finances stored in computer memory on technical devices, which can only be managed using special software. Compared to paper counterparts, electronic money has certain advantages:
- the speed of processing payment documentation has been reduced;
- It has become easier to work with bank correspondence;
- the cost of transfers is lower than with regular non-cash transactions.
Essentially, this is an electronic form of monetary obligations of a financial institution. Can be repaid in cash if required.
Money to an electronic wallet
An electronic wallet is nothing more than several regular bank accounts for storing and carrying out money circulation. Only users of the same system transfer money to each other’s e-wallet with a minimum commission. In order to transfer money to another system, you must use special additional payment services. You can withdraw funds from an electronic wallet to a bank account connected to the Internet banking system of the issuing bank. This makes it possible to withdraw cash and receive paper banknotes through a teller or ATM in your banking system.
Electronic money systems
There are several electronic money systems. The most popular in Russia are:
- Webmoney Transfer;
- Yandex.Money;
- QIWI;
- LiqPay;
- EasyPay.
The following payment systems are widely used in international money circulation:
- Liberty Reserve;
- ayza(AlertPay);
- PayPal;
- Moneybookers;
- Moneybookers.
Each system has its own characteristics and rules for performing transactions with electronic accounts. The ratio of electronic money to the existing banking rate in the state also differs. Electronic money systems are perpetual banking obligations of the issuer of electronic currency.
Electronic money exchangers
For translation electronic means There are electronic money exchangers between accounts of different payment systems, including for withdrawal to bank card accounts with the possibility of subsequent receipt of cash. They differ in exchange methods - automatic, semi-automatic or manual. Each exchanger also sets its own rate for each currency and the percentage for exchange transactions between currency pairs. Each such service is limited by a certain limit - the electronic money reserve. Exchanges greater than this amount are not possible.
Electronic money transfer
Electronic money transfer is today's fastest form of performing settlement transactions from your account in the EPS (electronic payment system) to the recipient's account. The operation is completed almost instantly. You are only required to have a sufficient amount in the payment currency in your EPS account and indicate the exact details of the recipient of the electronic funds. A money transfer can be initiated from any electronic device with the appropriate software(personal computer or wearable gadget, payment terminal).