Types and classification of electronic money. Electronic money and wallets in payment systems
Hello, dear readers of the blog site. Electronic money is increasingly becoming part of our lives. This is connected primarily, which has now become one of the most necessary attributes of our lives.
Moreover, he has long since crossed the level when we only gained knowledge there. Now we live online - we communicate, buy, sell, pay for services, make friends, etc., etc. It is quite logical that in this environment their own systems of mutual payments arise, allowing them to move away from primitive barter.
On at the moment There are already several dozen payment systems in Russia alone, and even more in the world. Of course, not all of them are well-known, but the very fact that there is competition gives ordinary users of electronic payments (all sorts of goodies to entice), which might not have existed in the absence of a fight for the client.
Of course, it will not be possible to cover all the players in one article (and there is still a wild excitement around them, which I wrote about in a separate publication), but we will definitely consider the most popular ones. At the end of the publication, I will also invite you to vote for the Internet currency that you personally prefer.
Three leading payment systems in Russia
It all started a very long time ago (mainly at the end of the last and beginning of this millennium). At that time, monetary relations began to actively develop on the Internet ( e-commerce, etc.) and the only available form of payment was plastic cards. The emergence of Internet money options has made it possible to significantly simplify the process of paying and receiving payments via the network (without leaving home).
But not only on the Internet, because now various electronic wallets offer you to use those lying on them not only for any operations on the Internet, but also in real life. For example, a system linked to an account, with which you can pay for your purchases in real life (supermarket, boutique, gas stations and other places where cards are accepted for payment). Actually, similar services Many payment systems are already offering.
In Russia you can highlight 3 leading payment systems, but I think it’s unlikely to be possible to put them in their strict places. In each individual case, you will need to choose exactly according to your needs.
For example, Qiwi is truly a “people’s” system and everyone who knows what payment terminals are works with it. At the same time, WebMoney is used by almost everyone who makes money in the Russian-speaking part of the RuNet. Yandex Money and other electronic wallets have their own audience. But first things first.
Qiwi payment system
If the main complaints about working with Qiwi (and many other systems) relate to the work of their technical support service, then in the WebMoney payment system the main problem is. Personally, I solved this problem for myself, which does not allow me to make a single payment or authorization on sites without confirming this action on my mobile phone (you receive a confirmation code in the form of SMS, or you install a special application on your phone to generate it).
Also the safety and security of these electronic money depends . There are several of them, and I wrote about some of them in some detail at one time:
You also need to understand that there are various Internet currencies that circulate within this system. Currencies, of course, are conditional (in fact, these are just title units), but are strictly tied to the official exchange rate of the real currencies coinciding with them (fiat money).
The main ones, of course, are dollars (WMZ) and rubles (WMR), but euros (WME), hryvnia (WMU), Belarusian rubles (WMB), etc. are also in circulation. In this regard, the need very often arises. Read about the most profitable ways to do this in the article below.
Electronic Yandex Money
Personally, this system attracts me because it can link a plastic card from Yandex to your wallet, so that you can then use it to pay in the store and in all other places where MasterCard is accepted. In this case, the account on the electronic wallet is equal to the balance on the card and no interest is charged for such use (a commission is charged only when withdrawing money from an ATM). In my opinion, very convenient way withdrawal of pennies earned on the Internet.
This payment system allows you to deposit and withdraw funds in a variety of ways, as well as pay for many services and goods. There is a mobile phone application that allows you to conveniently work with your e-wallet without having to download a browser. In general, read about that in the article provided.
8 best electronic payment systems in the world
— once upon a time, the Payoneer Mastercard was the only acceptable way to withdraw funds earned by freelancers and stockers abroad. Nowadays, quite a few similar systems have already appeared, but Payoneer (or Pioneer) still remains in great demand, because many bourgeois exchanges and sites for making money cooperate only with it.
The main feature of the system is to receive a branded card and withdraw money earned abroad from it through any ATM in the world. Although now you can withdraw money from your Payoneer account directly to an account in a local bank and with a not very high percentage of commission, many do not want to show their income to the bank and use the card, because it is not connected to a bank account (prepaid) and there are no problems there should not be any problems with the tax authorities only when using it.
Previously, withdrawing money from Adsense was quite inconvenient, but after connecting to Rapida everything became just fine (though only for residents of Russia). The fact is that in the Rapida system you can configure payment templates for the transit of electronic money from Adsense to any terminal options for cashing them out that are convenient for you. Moreover, the templates are executed automatically when a payment is received from Google’s contextual system.
Liqpay— Ukrainian payment system, the account in which is linked to the account in Privat Bank. It positions itself as an alternative to the world-famous PayPal and Moneybookers, but in reality this is, of course, far from the case. Working with electronic money is quite safe, and read about the rest at the link provided.
10 most popular cryptocurrencies in the world
Cryptocurrency in general is difficult to classify as a payment system, because due to the nature of this system, there cannot be owners or people managing (and even administering) this system. She is launched and she begins to live her own life, essentially not obeying anyone (all thanks to cryptography based on the great and terrible, which simply works wonders). This is its charm and, in a sense, its disadvantage.
It is also difficult to equate crypto-currency with electronic money, because there is not yet a developed network of services and goods that could be bought with crypto-money. Something is possible somewhere, but it is still in its infancy. But at the same time, speaking about electronic money, it is impossible not to plunge into the crypto world. Why?
Because cryptocurrency is an excellent tool for speculation, i.e. fast, often high-risk, but also very high earnings. Someone sells their home, and in a month or two doubles their capital. Some people play “small” and have a stable additional source of income. There is a rush of demand for cryptocurrency and it is becoming more expensive.
Most Internet users actively use virtual payment systems. Electronic money is suitable for instant payment transactions in the system from your wallet and replaces bank cards or accounts for many. There are a large number of Russian and foreign online systems with which you can easily pay for purchases, receive transfers, etc. Before you start using virtual money, it is worth studying in detail the features of different services.
What is electronic money
Not every Russian is familiar with the concept virtual money and opportunities for their use. It is worth noting that this type of replacement of rubles or foreign currency differs from coins and banknotes in that their owner stores them on a separate “virtual” resource. Electronic money is the obligations that the issuing organization undertakes in the form of funds at the user’s disposal, stored on online resource. This segment is part of the virtual payment systems market.
The definition refers to a transaction carried out through digital communications. The user's virtual money can be a debit or a credit. They are not traditional money in a common currency, but are means of payment, certificates or checks (this may depend on the rules of the law and the specific EPS). The functions of settlement instruments do not differ from coins or banknotes issued by the Central Bank.
Characteristic
Modern monetary systems perceive such means of payment as money that is not subject to exchange, has a credit basis, is used for settlements, circulation, accumulation, and has a certain level of reliability. Virtual money has the following characteristics:
- fixed cost within the EPS;
- the ability to use for various payment transactions, which are considered final after implementation.
Properties
Virtual money has properties based on traditional and relatively new ones:
- portability;
- liquidity;
- divisibility;
- versatility;
- durability;
- convenience;
- anonymity;
- safety.
Story
The phenomenon of virtual money has begun to be studied financial institutions since 1993. Initially, prepaid plastic cards were considered electronic means of payment. As a result of the analysis, virtual cash acquired legal status in 1994. While studying the technological schemes for using prepaid cards, banks decided that the spread of such payment systems would require constant monitoring of their development and changes. This is necessary to maintain the integrity of the products.
Since 1993, the active development of virtual money began, not only based on smart cards, but also based on networks. Three years later, European central banks decided to monitor EPS different countries peace. After this, analyzing the development of virtual money became a traditional process. Initially, monitoring data was confidential, but since 2000 it has been opened general access. At the moment, residents of 37 countries constantly or periodically use virtual money.
Digital money in Russia
In the Russian Federation, over the course of 13 years, online money has developed from magnetic plastic cards, which were issued by individual organizations, to global internet systems Already in 1993, Russians began to use the first similar funds. The first mentions in the press of money based on smart cards date back to approximately the same period. Until 1999, payment systems were actively developing, displacing banking products from the market. In the 2000s, network-based electronic money began to be used.
Types of electronic money
As a rule, the following classifications apply to any virtual money:
- Access method: smart card/network based.
- Access level: anonymous/personalized.
- Government influence on digital money: fiat/non-fiat.
The most popular payment systems in Russia are:
- Yandex Money;
- MoneyMail;
- QIWI;
- Skrill (formerly MoneyBookers);
- WebMoney;
- Rapida;
- RBK Money;
- PayPal;
- Mondex,
- "One Wallet";
- Z-Payment;
- Liqpay;
- NETELLER;
- PayCash;
- EasyPay.
Based on smart cards
This type of digital money is a plastic medium with a microprocessor on which is recorded the equivalent of the cost paid by the client to the original issuing organization in advance. Cards are issued by banks or non-banking organizations. Using plastic, the client can pay for purchases and services at all points of acceptance of such a payment instrument. Cards are issued multi-purpose or branded (telephone, for example). The tool is suitable for making a payment transaction or withdrawing funds through an ATM.
Among the variety of plastic cards, there are two types: debit (for storing one’s own funds, savings, payments) and credit (the owner of the plastic card spends money within a certain limit, which will then be required to be reimbursed to the issuing organization). A popular option for digital cash based on smart cards are products of the VisaCash and Mondex payment systems.
Network based
To use this cash option, the user needs to install a special program on his smartphone or computer. Money is suitable for purchases in online stores, virtual casinos, games and other transactions. They are multi-purpose and are accepted not only by issuing organizations, but also by other companies. Among the most famous network-based electronic payment systems are: Yandex.Money, Webmoney, Cybercash, Rupay. This type services have a high level of security.
Fiat and non-fiat money
There is another classification of virtual money. They are divided into fiat and non-fiat. The first type includes the monetary units of a specific country, expressed in the national currency. The issue, circulation, cashing and conversion of fiat money is ensured by state legislation. The second option is a currency issued by a non-state payment system. Government bodies Different countries control the issue and circulation of non-fiat money to a certain extent. This option refers to a type of credit money.
Legal status
Since September 2011, electronic payment systems have been controlled federal law No. 161. It reflects all the requirements for issuing organizations and conducting monetary transactions. Previously, this industry was controlled by different laws, but with the entry into force of the draft “On the National Payment System”, it became a single document regulating the relations of the parties.
From a legal point of view, electronic money is a perpetual obligation of the issuer to users of payment systems. The issue of funds is carried out as a credit limit or amount of obligations. The circulation of virtual money is carried out by assigning the right of claim to the issuer. Accounting is carried out using special software or electronic devices. As for the material form of virtual money, it represents information that is available to users around the clock.
The economic status of virtual money is a payment instrument that has the properties of traditional means or payment instruments, depending on the chosen method of implementation. What virtual currency has in common with cash is that users can make payments without using banking systems. Electronic funds are similar to traditional payment instruments in that the client can transfer an amount or make a payment without opening an account with a financial institution.
Electronic money and forms of its use
As a rule, electronic funds are used in online business. They consider this payment instrument as one of the forms of market economy. Using virtual money, you can make payments between clients and companies, while avoiding a large number of unnecessary expenses or loss of time. Due to the technical component, electronic payments are carried out instantly, which distinguishes this method from banking transactions.
Internet payments
One of the reasons why Russians are starting to use electronic money systems is the ability to instantly make payments via the Internet. The service is available around the clock. You can send money to any other accounts using the details of organizations, individuals, other wallets, in the form of payments for housing and communal services or cellular communications, etc. All transactions are saved by the system and tracked. Instead of the traditional client signature, an electronic digital signature is used - the most reliable way protection of user funds.
Credit cards
Another option for using virtual funds is credit cards. Using a physical plastic medium, the owner of an electronic wallet can spend virtual savings when paying for purchases in supermarkets, hotels and anywhere where bank cards are accepted. However, in this case, it is important not to transfer personal data to third parties so as not to lose money. It is especially dangerous to save details of such cards in online stores.
ATMs
Quick service terminals and ATMs are another convenient way to use your virtual savings. To receive cash, you need to issue a online map with bank details, but without physical media. It is issued instantly and allows you not only to receive cash through ATMs, but also to pay for purchases online. Using bank terminals, users can not only withdraw money from virtual wallets, but also replenish online accounts.
Bank checks
To get cash from financial institutions, you can consider using electronic savings such as issuing bank checks. There are several ways in this case:
- Transfer of funds to a bank account with subsequent withdrawal.
- Transfer of virtual savings to a bank that will exchange them for cash.
- Sending electronic money using an international payment system with the possibility of receiving it at any bank.
How electronic payment systems work
Each system has its own operating principles. As a rule, the founders of such non-bank payment services introduce their digital currency (bitcoin, DigiCash, webmoney, letters of credit, certificates, E-Gold). The fact is that it is illegal to count electronic funds in rubles or dollars. In fact, users can only hope that the EPS cares about its reputation, because there are no legal guarantees at all.
The operating principles of different payment systems are similar. The founders issue their own currency, after which a cloud financial structure is organized, which includes the following:
- The official Internet portal through which transactions on user accounts and registration of new participants are carried out.
- Electronic wallets with data on how much a specific client has.
- Online terminals or gateways through which user wallets are replenished.
- Some payment systems create their own network of ATMs or exchange offices.
- It is imperative that the EPS must establish cooperation with a financial institution through which the conversion of real funds into electronic ones will be carried out.
Opening a wallet
To create an online wallet, the user needs to fill out a form indicating personal information and phone number. It is worth noting that initially the client receives anonymous access to payments in the system, so passport data is often not checked. However, to move to more high level To gain access to all features of the system, you must pass identification. Additionally, you can link your bank card to your wallet. This option is not provided by the PayPal service, but the service is available in the Yandex.Money or WebMoney payment systems.
The procedure for using an electronic drive includes the following steps:
- Registration in the selected system.
- Installing a special program on a PC (for example, WebMoney Keeper and others).
- Creating a virtual wallet or several at once (currency analogues).
- Account replenishment.
How to withdraw funds
If it is easy to carry out incoming and outgoing transactions with electronic wallets directly through the website, then cashing out existing money requires the help of a financial institution or the presence of an ATM. Withdrawal of funds is made to an account, card or mobile client according to details. In addition, the use of payment acceptance points is allowed. In this case, the user must transfer money to his wallet and receive a password for cashing out.
As a rule, to withdraw funds from an electronic wallet, a client needs:
- Have an account in EPS.
- Know how to use it correctly special programs.
- Obtain a sufficient certificate in advance (for example, formal or personal; certain types exist for servicing legal entities).
- Have the required amount in your account, taking into account the commission.
Cashing out
Modern users who do not know how to withdraw money from an electronic wallet can use one of the methods below:
- Transfer through a financial institution with conversion into the equivalent of the desired currency if necessary.
- Return of unused funds through EPS.
- Translation legal entity physical.
- A standing payment order issued by the issuing organization.
- Through the guarantee.ru service.
- Sending an instant transfer to yourself / another person.
- Using exchange offices.
Advantages and Disadvantages
The use of online systems has its advantages and disadvantages. Before you start virtual wallet, it's worth checking them out. Among the most important advantages are the following:
- the ability to make payments around the clock from any country in the world;
- instant transactions;
- ease of use of systems;
- no need to stand in lines;
- high degree of protection against counterfeiting;
- portability of virtual money;
- no risk of losing the appearance of banknotes during long-term storage of savings;
- complete absence of the human factor (all payments reach the addressee).
Among the disadvantages of using EPS, it is worth noting the following:
- there are commissions for transactions;
- there is a risk of wallet hacking and theft of savings;
- loss of funds due to loss of data for authorization in the system;
- lack of control over the activities of the EPS by state services.
Video
ELECTRONIC MONEY AND PAYMENT SYSTEMS
S.A. Musalaeva,
applicant at the Institute of Socio-Economic Research of the Dagestan Scientific Center of the Russian Academy of Sciences (Makhachkala)
The article discusses general issues related to the concept of “electronic money”. An overview of smart card-based and network-based electronic money is given. Dans brief characteristics payment systems in the Russian segment of the Internet.
Keywords: electronic money, payment system, smart card, network money, cards with a stored amount
UDC 332.1; BBK 64.04+65.22
Electronic (digital) money is a fairly new phenomenon in economic science and business practice, so there are different opinions regarding what is considered electronic money. Some believe that electronic money is a perpetual monetary obligation of a banking or other company, expressed in electronic form, certified electronically. digital signature, used as a means of payment and repaid at the time of presentation in ordinary money. Other
That this is a monetary value, which represents a claim on the issuer, which is stored on an electronic device, is issued after receiving funds in an amount not less than the volume of obligations assumed, and is accepted as a means of payment not only by the issuer, but also by other companies. The third is that it is an electronic analogue of cash that can be purchased, it is stored electronically in special devices and is at the disposal of the buyer. Smart cards or special cards are used as storage devices. computer systems. Fourth - that this is some information transmitted by any means of electronic communication and playing the role of bills and coins when making payments, both online and offline.
At the consumer level, users classify as electronic money any payment services that allow payments for goods or services, and settlements between users using electronic means communications, in particular via the Internet. In terms of its consumer properties, electronic money is similar to ordinary money. They can be earned, used to pay for services and goods, transferred and received from other people, accumulated in accounts, etc. It should be noted, as in the case of ordinary money, payments occur in real time, in some cases anonymously.
The idea of so-called electronic money was first proposed by the Dutch cryptographic scientist David Cho-um, who in 1994 organized the first electronic money system, Digicash, providing anonymity of payments for the buyer and security for sellers.
There are two main groups of electronic money, which are divided by type of media:
Card-based (electronic wallet)
Network-based (network money)
Smart cards are multi-purpose plastic cards with
built-in chips (microprocessors). A money file is recorded on their chip - the equivalent of money previously transferred to the issuer of these cards. Bank clients transfer money from their accounts to smart cards, transactions on which are carried out within the limits of the amounts credited to them. The mode of maintaining a personal account for a smart card differs from the mode of maintaining a personal account for traditional cards. Regular card by itself does not contain information about the account status, it is only a tool for accessing the current account. At the moment the bank credits funds to the card account to which a regular payment card is linked, no credit is made to the bank card itself. When the smart card is topped up, the balance on the personal account is reduced by the amount by which the card was topped up. Electronic cash appears on the card, as a result of which it becomes possible and safe (from the point of view of the occurrence of an overdraft on the account) to authorize transactions offline.
Chip card products can be classified as follows:
Debit/credit cards;
Electronic wallets;
Electronic cash.
Debit/credit chip cards are regular debit or credit cards that contain a chip. Unlike cards with a magnetic stripe, they have additional identification data and settings that can improve the security and efficiency of the transaction. But the principle of the operation remains the same.
Pre-authorized cards, e-wallets and e-cash cards require you to store a sum of money on the card, which is why they are called Stored Value Cards, which distinguishes them from debit/credit cards. These chip cards store the balance of available funds in the microprocessor. Before performing a transaction, it is compared with the transaction amount and, if the verification result is positive, it is reduced by the transaction amount. Transactions with these cards occur offline, i.e. without contacting the bank at the time of the transaction.
The difference between a pre-authorized card and an electronic wallet and electronic cash is that the amount is debited from the holder’s account only after the processing center receives settlement information about completed transactions. When an amount is deposited into an electronic wallet and an electronic cash card, it is immediately debited from the card holder’s card account. If a wallet card or an electronic cash card is lost, the amount recorded on it is lost to the card holder. This is the similarity between an e-wallet card and an e-cash card and a regular cash wallet.
The concept of electronic wallets as a financial product implies a certain limitation on the amount of funds stored in the wallet and its use for relatively small payments.
The peculiarity of chip cards that implement the concept of electronic cash is that, using special electronic devices that operate autonomously and confidentially without communication with the issuer, the cardholder has the opportunity to check the balance of money on the card, transfer money to another card, send money by phone , exchange the money file back to traditional money, etc. An example of such a map is bank card Mondex.
To store funds transferred from a bank account, a device called a wallet (Mondex wallet) is implemented, which allows you to transfer funds from card to card, read the balance, and change the PIN. Funds can be transferred to the card from the wallet as needed. Thanks to this, the anonymity of transactions was realized and the security of the system was increased: part of the money is in the wallet, part is on the card. In addition, the Mondex system allows for the use of ATMs for cash withdrawals and point-of-sale terminals to transfer funds from the buyer's card to the merchant's card, who can then use a Mondex-compatible phone to transfer the funds accumulated on his card to the business bank account.
In a payment system using electronic cash cards, there are restrictions on transactions with merchant cards. This ensures the so-called auditability of operations. The electronic money model is becoming less dangerous.
Payment associations Visa International., MasterCard Int. and Europay Int. formed a working group that developed
international ISO standards for cards with a microprocessor, the so-called EMV standard (the name is based on the first letters of the systems of the main developers EuroPay/MasterCard/Visa)
The European Union decided to switch plastic cards to smart cards or EMV cards in 2010. Currently, there are options for combining products of payment systems based on smart cards:
1. MasterCard proposed combining applications for pre-authorized cards and debit/credit cards. In this case, operations are carried out online to replenish the card account within established limit for the amount of one offline transaction, and offline for making payments.
2. Visa introduced multi-application EMV cards. The system provides customers with additional convenience when making payments using Visa debit or credit cards and mobile phones. The solution is based on EMV and Infrared Financial Messaging, or IrFM technologies (an international standard that ensures device interoperability when transmitting data over infrared channels). Visa cardholders and SKT subscribers can pay for goods and services by sending a secure infrared signal from a mobile phone to miniature infrared receivers built into POS terminals at points of sale, vending machines, a variety of transport terminals and other devices that accept payments. In this case, the cardholder's payment data will be securely stored in the EMV-compatible microprocessor of the mobile phone. It is obvious that the initialization of payment transactions in the future will occur not only from the corresponding mobile phones, but also from other mobile devices having an infrared port.
The second group of electronic money includes network money, which is issued in the form of a sent money file by the organizer of settlements when he receives traditional money, stored in memory on hard drives PC or other removable media and are transferred when making payments via electronic communication channels, including via the Internet. They are used to pay for goods and services in online stores and other companies doing business on the Internet. They can also be exchanged for traditional money. By its nature, electronic money is closer to non-cash bank money.
Different electronic payment systems organize work with electronic money in different ways. For example, in the digital cash model, the security guarantee is the strength of the cryptographic protocols used in the production (issuance) of digital money and regulating their circulation. By analogy with cash bills, digital money is like electronic documents contain the nominal value, an indication of the issuer, individual characteristics (series, number, etc.) and elements of protection against counterfeiting by verifying them with the digital signature of the issuer. To ensure the anonymity of circulation of digital money, individual characteristics are selected by their future owner and are transferred in a closed form to the issuer for signature. The issuer signs the banknote “blindly” (without knowing its individual characteristics, but knowing exactly the denomination), for which a special digital signature and cryptographic protocol are used. Therefore, the issuer can only control the volume of digital money issued, but not its distribution among respondents, which ensures the anonymity of settlements. When issuing digital money instead of cash or other means of payment, the issuer may not even know the respondent. To eliminate repeated payments with the same electronic banknote, Digital money is made “disposable”, each banknote is used for calculations only once. To this end, the issuer must maintain a database of used banknotes and check it with each payment. The issue and use of digital money are not regulated by current legislation, therefore their liquidity is ensured by the issuer and is based on agreements on their use as means of payment. This model is used in such payment systems as PayCash, Yandex.Money.
Replenishment of electronic network wallets occurs both through the banking system (bank transfers, Internet banking, card payments, checks, etc.) and non-banking system (non-bank transfers, for example, cash payments through Russian Post branches, various payment terminals,
nominal plastic cards of the payment system, other electronic payment systems, etc.). When choosing an electronic payment system, the user needs to inquire about the size of the commission for this operation. Usually this data, like possible ways replenishment of the electronic wallet are posted on the system website.
An electronic payment system is a non-cash payment system that is carried out through payments from an electronic wallet through a guarantee agency - the payment system operator or the payment system administrator. That. A payment system is an environment in which electronic money operates. Payment systems can operate not only with electronic currency, but also conduct traditional non-cash transactions.
The main advantages of electronic money compared to non-cash payments through a bank include the following parameters:
Low cost of transaction and transfer from one electronic account to another;
The high speed of the transaction, which is limited only by the capabilities of the payment system, practically the action occurs instantly.
The main disadvantages of electronic money are that:
The issuer of electronic money is not the state, but a specific payment system, which is responsible for maintaining their solvency;
The use of electronic money is possible only within the issuing payment system;
There are security issues when making electronic payments.
In Russia, there are such electronic payment systems as WebMoney, Yandex.Money, RUpay, E-gold, E-port, PayCash, MoneyMail, CyberPlat, Rapida, etc. Most systems are non-anonymous or partially anonymous. Almost any online store offers payment for goods through these systems.
What are the features of the most common electronic payment systems in the Russian segment of the Internet?
The largest system, built on the basis of electronic wallets is Webmoney Transfer. To carry out calculations, the system uses accounting units, the so-called title units, which are an analogue of money for the user. The system is multi-currency and supports several types of title units, which act as equivalents of different currencies:
WMR (equivalent to Russian rubles on R-wallets);
WME (Euro equivalent on E-wallets);
WMZ (equivalent to US dollars on Z-ko-shelk);
WMU (equivalent to Ukrainian hryvnia on U-wallets);
WMY (equivalent to Uzbek som on U-wallets).
In addition, two more specialized signs WM-C and WM-D are used for credit transactions, which are equivalent to US dollars.
WebMoney allows you to make transfers only between wallets that have the same currency. However, you can easily exchange different types title units to each other or to units of account of other systems, using the services of numerous exchange offices existing on the Internet. The system is not linked to bank accounts.
The second most widespread and popular payment system is Yandex.Money. It is based on the technologies of the PayCash payment system, which uses the digital cash model. Instead of electronic coins, PayCash uses its own development - a “payment book”, the denomination of which is confirmed by the bank’s signature. The user can spend money using this payment book without knowing the bank's signature, but crediting to it is carried out only if the transaction is confirmed by the bank using the Blind signature method.
This method means that the generation of the “payment books” themselves is carried out by the holder’s “wallet”, and the bank confirms only their nominal value, without knowing their details, thereby ensuring the anonymity of payments in the system. To protect against fraud, the “payment book” means - electronic coins - are made disposable, that is, when making a payment, the bank checks whether this money has not been used before. PayCash allows you to store digital cash
exclusively in clients’ electronic wallets, completely independent of the system server. This approach provides increased protection for the system itself, but if the electronic storage medium on which the cash is recorded is lost or malfunctions, the client’s electronic money is also lost.
The system has a perfect form of protection from intruders. In terms of security, it is superior to traditional payment systems such as payment cards. The user himself plays an important role in ensuring complete security of payments, and the system provides all the means for this. The system ensures anonymity of payments.
The RUpay system allows you to make instant internal transfers between users, international and domestic bank transfers, accept and send funds to electronic wallets of other electronic payment systems, exchange electronic money different systems, organize the acceptance of payments in a variety of ways on your Internet resource, get a virtual Visa payment card. RuPay allows you to make payments to accounts in the most popular foreign electronic money system PayPal, the payment service of which is limited for Russians - it can only be used for payments for purchases.
In the international payment system E-gold, user funds are not tied to any national currency. Four types of currencies are used as internal money: e-silver (silver), e-gold (gold), e-platinum (platinum) and e-palladium (palladium). These are analogues of precious metals, actually backed by real metal located in the company's vault. Money deposited into the system is converted into one of the internal currencies.
The user chooses the type of currency in the system from the corresponding precious metal independently when replenishing the account. The rate for depositing and withdrawing funds from the system is floating and depends on fluctuations in the cost of precious metals on world markets.
The system allows you to make payments in online stores, accept payments on your website, and make transfers to the accounts of other users in the system. You can top up your account in the system by bank transfer, having received a payment from another user, or through an exchange office, by exchanging one of the currencies. You can withdraw funds by receiving a metal ingot using exchange services to another electronic currency, bank transfer to account, check, via Western Union. Most exchange offices work with the e-gold system and allow you to exchange into other electronic currencies, including WebMoney and Yandex. Money, and make a reverse exchange.
When registering, the client receives a registered account number in E-gold by email, and in the future, each of his logins will be accompanied by an email sent to email login code.
This system is one of the few methods of settlements with foreign users who rarely use Russian electronic money systems.
The operation of the E-Port system is based on the use of a single prepaid e-port card, which can be presented
in the form of a regular plastic card or in the form of a virtual card. You can buy a plastic card of this system in the agent network, you can purchase a virtual analogue of the card on the system’s website, and then top it up through a bank transfer, in cash at the bank’s cash desk, at the system’s offices or through system agents. E-port is developing an agent network of enterprises providing services for accepting payments for services mobile operators, Internet providers and other companies. The disadvantage of the system is that funds can only be withdrawn at the cash desk of the system organizer.
Having considered various types electronic money and payment systems, we note some advantages of smart cards in relation to network money:
1. The ability to use the card outside the Internet, because physical media can be carried with you, but for network money you need a PC and an Internet connection;
2. Smart cards are more familiar to consumers than network money. Using online money requires some computer skills;
3. Electronic money based on smart cards has historically been implemented on the basis of cards with a microprocessor, which are difficult to counterfeit, and transactions were verified by a PIN code, which also makes them difficult to use after the theft of the card itself. In the case of online money, it is enough for passwords and security codes to be compromised as a result of an attack on the user’s computer, and the money can be stolen. In addition, computer problems can lead to the loss of received security certificates that give access to the electronic wallet, or the electronic wallet itself. To be fair, we note that the security instructions in all payment systems propose certain rules, compliance with which significantly reduces the risk of losses of electronic cash.
Despite the fact that electronic money is similar to officially valid payment units, there are important points, preventing them from being considered “full-fledged” money:
Electronic money is not issued by a central bank, but by commercial companies;
Electronic cash is not a method universal exchange. The owner of electronic money can only use it together with a merchant or bank that is a member of the relevant electronic money system and nowhere else.
Currently, electronic money and electronic payment systems are a dynamically developing market both technically and technologically. It is of great importance that in the legal aspect there are still many unresolved problems. Thus, currently in Russia there is no special state regulation of electronic money. Banks are not directly related to network electronic money, providing only the end point for the input and output of funds into the system, and are practically not significant players in this market. Although it seems that in the future banks will occupy, if not a leading, then a significant position in the provision of this service.
Literature
1. Directive of the European Parliament and of the Council 2000/46/EC of 09/18/2000 “On the taking up, pursuit of and prudential supervision of the business of electronic money institutions” (OJL 275, 10/27/2000). - See. Article 1 (Directive of the European Parliament and of the Council of 18.09.2000 No. 2000/46/EC “On activities in the field of electronic money and prudential supervision of institutions engaged in these activities”
2. http://www.glossary.ru
3. Genkin A.S. Planet Web Money. - M.: Alpina, 2003.
4. Kalistratov N.V., Kuznetsov V.A., Pukhov A.V. Retail banking business // BDC-Press Publishing Group, 2006.
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6. Egizaryan Sh.P. Electronic money in modern system cash turnover. - M., 1999. - P. 50.
7. Komarov A. Electronic money: advantages and disadvantages // Financial newspaper. Regional release. - 2008. - No. 8 (February).
8. Semenov S.K. About counting and electronic money // Financial and accounting consultations. - 2003. - No. 11 (November).
9. Krupnov Yu.S. On the nature of electronic money // Business and banks. - 2003. - No. 5. - P. 3-4.
10. Genkin A.S. Legal status of electronic money and electronic payment systems // Business and banks. - 2003. - No. 15. - P. 5.
11. Glushenkov A. Electronic payments and how they differ from electronic money // http://www.lawfirm.ru
12. Electronic money systems, their forms, types and methods of use // http://www.y-money.com.ua
13. Kuznetsova M.S. Payments using electronic money // Russian tax courier. - 2008. - No. 18 (September).
14. Skinner K. The future of banking. Global trends and new technologies in the industry. - Minsk: Grevtsov Publisher, 2009.
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Electronic money exists relatively recently. But they have already received recognition from Internet users. At the same time, for many, the essence of electronic payments remains not fully understood. What is electronic money in Russia?
General points
Japan first began using electronic money in the 1980s. It began with the introduction of prepaid chip cards from individual companies, which over time began to be used by other economic entities.
For Europe, the first use of prepaid electronic payment products began in the 1990s. Individuals could save their funds on special cards (Mondex, Proton, Danmont and Primeur Card).
Interest in such means of payment was attracted by innovative technologies, as well as the lack of affiliation with the banking industry. After some time, similar projects began to be implemented by banks.
A little later, new payment technologies came to Russia. And if at first they were perceived with some doubt, then by 2013 the turnover of the electronic payment market in the Russian Federation reached almost two and a half trillion rubles.
Several factors contributed to the development of the use of electronic money. In particular, the active spread of online commerce, the low price of Internet transactions, the possibility of instant execution of transactions without personal identification.
The scale of the spread of electronic means of payment and their considerable importance in settlements between legal and private entities have led to the need to resolve the main issues of application.
The state was required to:
Basic definitions
Electronic money, in essence, is money in the usual sense of the word. They can be used to pay for purchases in online stores, pay for various services, and transfer to bank accounts and cards.
But they have the advantage of mobility. There is no reference to time and place. You can make a payment from anywhere in the world and at any time of the day. The main condition is access to the Internet.
The main formulations are that electronic money is:
The term “electronic money” is far from ambiguous. It is used in a variety of understandings. This definition refers to systems for storing and transferring both official and private currencies.
Consequently, the rules for the circulation of electronic money are regulated both by the provisions of Central Banks and by the personal regulations of payment systems.
In a more simplified sense, electronic money payments can be thought of as a transfer of regular cash from one bank account to another. At the same time, the procedure is quite simple and does not require unnecessary formalities.
Their qualifications
Most often, electronic cash is classified as follows:
In Russia, the following electronic payment products are considered the most popular::
- Yandex Money;
- WebMoney;
- Single wallet;
- RBC Money;
- PayCash;
- Rapida.
Most Russian systems electronic payments are not represented by financial organizations. Their activities are not considered financial.
This allows payment systems to reduce costs arising from banking activities. But at the same time, this prevents the conduct of legally complete financial relations between participants in the system.
It is this state of affairs that requires clear legislative regulation of the concept of electronic money and the rules for its use.
Current standards
Initially, the legality of the circulation of electronic money was questioned, since it does not recognize electronic money as cash. Therefore, payment systems have found a way to solve this problem.
In particular, electronic cash has received a different name. For example, WebMoney title units or PayCash advance payments.
Thus, electronic money becomes not cash, but prepaid cash title units or securities.
At the same time, electronic money has become a way to take into account the rights of claims of users of electronic payment systems to representatives of these systems.
Electronic payments are essentially the exchange of messages that confirm the transfer of title units and property rights.
Regarding legal aspect, then the payment system is a guarantor that guarantees to third parties the payment of an amount equivalent to a system unit through a bank.
From a legal point of view, electronic money is an analogue of checks, securities, gift certificates. That is, payment systems issue securities using uncertificated bearer checks.
Also worthy of attention. It presupposes the possibility of carrying out legal circulation of securities not provided for by law. This means that the circulation of electronic money does not violate Russian legislation.
At this time, the electronic money market in Russia is regulated by the Central Bank of the Russian Federation. The main governing law is.
Some changes came into force on May 16, 2014. He made adjustments to Federal Law No. 161.
In accordance with the new amendments, mandatory identification of users has been introduced in relation to individuals, non-profit organizations and organizations created outside the Russian Federation. At the same time, a simplified identification procedure became possible.
Features of electronic money
The main feature of electronic money is its virtuality. Such means of payment cannot be seen, touched or put in your pocket.
But this does not diminish their value. Of course, you can’t pay with that kind of money in regular stores. However, you can make purchases via the Internet, pay for various payments and services, and transfer funds to other persons.
As for other features, electronic money can be personalized and anonymous. This depends on the rules for the circulation of electronic cash in the system.
At the same time, all sorts of attempts are being made to personalize most electronic means. To achieve this, limits are introduced for anonymous users and the size of the anonymous wallet is limited.
Security cryptographic methods can also be called an important feature of electronic payment instruments. They allow you to achieve a certain security when using electronic cash.
That is, electronic money is reliably protected by an electronic digital signature. This eliminates the possibility of counterfeiting electronic money.
Who are they using?
Basically in Russia electronic money is used for payment cellular communication, Internet access, utilities, Online shopping.
Often, electronic payments are used to transfer funds to other users of the system. Teenagers often spend money on online games. The older population pays for goods and services, taxes and fines in this way.
In terms of the number of users who have used electronic payments at least once, Russian statistics for a large city are as follows?
At the same time, 14% of the younger generation spends money earned on the Internet. 48% of the older generation are novice users.
Electronic money is increasingly used when conducting online business. At the same time, electronic money is considered as a form of modern market economy.
Electronic payments allow instant settlements between entrepreneurs and clients. This eliminates many of the costs inherent in doing business offline.
Forms of their use
According to the forms of use of electronic means, several main methods can be distinguished.
These include:
Internet banking | With the help this method You can transfer money from your bank account to any other, including an electronic wallet account. The received electronic money can be used for any possible purpose. At the same time, the transfer can be monitored online. Instead of a signature, the client of a virtual bank uses an electronic digital signature, which is considered the most reliable method of protection |
Credit cards | The method is convenient because it allows you to pay in any currency, including electronic ones. But it is advisable not to transfer personal data when using this option, since the protection of credit cards is not so perfect |
ATMs | You can cash out your electronic money through an ATM. To do this, just order a virtual debit card from the payment system and transfer funds from an electronic wallet to it. The cashing process is no different from using a regular plastic card. You need to enter virtual card details and withdraw cash from it |
Bank checks | This option is acceptable for receiving cash from a bank. You can transfer electronic money to a bank account and then withdraw the money. Or transfer electronic funds to a bank, which will exchange them for cash. This method also includes sending electronic money through the system of international transfers with receipt at any bank |
What is their advantage
The most significant advantages of electronic money include:
- the ability to pay anywhere and at any time;
- almost instant transfer of funds;
- convenience and ease of use.
Less obvious advantages include the possibility of reducing queues at cash registers and reducing the burden on accounting. In addition, electronic money is protected from counterfeiting.
They are portable, that is, they will not take up much space in any quantity. They divide perfectly, eliminating the need to wait for change.
Electronic money can be stored as long as you like, which makes it appearance will not become unusable. At electronic payments The human factor is completely excluded, that is, all payments will reach their intended destination.
Disadvantages of such payments
Among the disadvantages, the following are especially significant:
- the need to pay interest to the system when withdrawing money;
- possibility of wallet hacking;
- loss of money if you lose your password.
With more detailed analysis the shortcomings are practically reduced to zero. When withdrawing funds, you need to pay a certain percentage for withdrawal. But banks also charge fees for services and transactions.
Therefore, this disadvantage is rather the usual cost of contacting third parties to carry out financial transactions. The e-wallet can be hacked. In this case, a third party will log into the system and spend or transfer the stored funds.
And most often the user himself is to blame for this. You can only log in using a username and password that are created by the owner of the wallet. The possibility of theft of confidential data depends on how carefully he stores his data.
Another drawback is that if you lose your password, you will not be able to log in to the system. This means that no transactions with electronic means will be possible. The basic advice is still the same - keep your password in a safe place.
But you shouldn’t neglect the password recovery method. To do this, when registering in the payment system, you need to identify your identity in as much detail as possible.
Ideally, provide scans of documents, link your email and phone number. After this, even losing your password is not a problem. Using your identification data, you can obtain the right to renew access and change your password.
In general, electronic money is a very flexible tool that allows you to expand the scope of use of cash and significantly simplify cash flow.
In Russia, the use of electronic payment systems is not yet well developed. But given the pace of development, it can be assumed that in the future electronic money will be given a fairly significant priority.
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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
To transfer electronic funds between accounts of different payment systems, including withdrawal to bank card accounts with the possibility of subsequent receipt of cash, there are electronic money exchangers. 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 a wearable gadget, payment terminal).