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Electronic money and operations with them. the best electronic payment systems in the world

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Electronic money is a virtual currency that is equivalent to regular cash or non-cash funds and does not require opening a bank account.

In fact, this is money, the circulation of which occurs not in the form of paper bills, but through the introduction of computer technology and a modern communication system into the sphere of financial settlements.

At first glance, electronic money looks like non-cash payments, but this is not entirely true. Non-cash funds were originally familiar monetary units that a person, for example, deposited in a bank account. After which they turned into his working capital within the banking system.

Electronic money is initially a form of money whose storage is the Internet. They can be used by a person to pay for goods on the Internet or transferred to a bank card for cash withdrawal or non-cash payments. One electronic monetary unit is equal to a fiat monetary amount.

Flaws

Now the fly in the ointment.

Not everywhere you can pay with this currency.
There is usually a fee for transfers to wallets of other systems.
Internet addiction: no Internet - you can’t use it.
Electronic currency is not regulated by the government.
Limitation on the size of transfers, cash withdrawals, etc.

Now the issue of using electronic money is relevant. Business is increasingly conducted via the Internet, and you can’t live without such currency.

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31.10.2017 2529

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If only a couple of decades ago we would have been told that in the future humanity would be able to use not only “real” ones for calculations, but also electronic money, most people would probably be skeptical about this forecast. Meanwhile, today use of electronic money is perceived as a completely ordinary fact - with their help you can pay for goods and services, receive wages or, on the contrary, pay remuneration to the employee, engage in charitable activities and conduct many other financial transactions. Today electronic money systems varied. Each of them has its own characteristics, advantages and disadvantages. And since without the use of electronic money to modern man There’s no way around it, it’s important to know how payment systems of this type function, when and how they can make our lives easier, and what types of electronic money exist today...

We learned about such a term as “electronic money” relatively recently.

Their rapid development began in 1993, and 10 years later, according to research, electronic money began to be used in 37 countries around the world.

This is not surprising, because they allow you to quickly carry out mutual settlements with correspondents who can be located almost anywhere globe. Electronic money in Russia quickly gained popularity, because with their help you can significantly reduce the time and effort spent on making transfers and payments. So, relatively recently, it became possible to purchase goods in online stores using electronic money, pay bills for the phone or the Internet. Now these means of payment are in no way inferior to their “real” counterparts - such money has a similar value, although at a certain stage of settlements it does not have any material expression.

Electronic and non-cash funds: is there a difference?

A very common misconception is the identification of electronic and non-cash money. In fact, this is not true. Electronic money does not act as a substitute for regular money financial resources. They are issued in the same way as non-cash money. The only difference is that this process takes part specialized organization, and in the case of non-cash money, the central state bank acts as the issuer.

Also, do not confuse electronic money with credit cards. The cards themselves act as ways to use the client’s bank account, and all transactions in this case are carried out using ordinary money. As for electronic money, they act as a separate means of payment.

Advantages and disadvantages of electronic money

Of course, many will be interested in why they are needed at all. electronic payment systems and electronic money, if they are connected only indirectly with cash or non-cash funds and, at first glance, are no different from them? Meanwhile, electronic money has a large number of undeniable advantages:

1. Unitability and divisibility - the use of electronic money allows you to do without issuing change.
2. Low cost of issue - there is no need for minting coins, issuing banknotes and costs for paint, paper, metals and other materials in this regard.
3. High level of portability - unlike cash financial instruments, the amount of electronic money is not related to its weight or overall dimensions.
4. Ease in the settlement process - there is no need to recalculate electronic money, since this process is automatically carried out using a payment instrument.
5. Simplicity in organizing physical security of electronic payment instruments.
6. Reducing the impact of the human factor - the moment of payment is always recorded by the electronic system.
7. Saving space and time - electronic money does not need to be packaged, transported, counted or left in storage.
8. Impossibility of sheltering funds from taxation – we're talking about on payments made through fiscalized acquiring devices.
9. Qualitative uniformity - electronic money cannot be damaged, like banknotes or coins.
10. Ideal preservation - electronic money can retain its qualities for a long period of time.
11. High level of security - electronic money is protected from changes in denomination, counterfeiting or theft, which is ensured using electronic and cryptographic means.
12. Exchange of electronic money for cash is simple - today electronic money can be withdrawn to a bank card or account, and also received in cash using the services of specialized organizations.

But, like any other type of payment instrument, electronic money also has a number of disadvantages:

1. Lack of stable legal regulation– today, many countries have not yet fully determined the status of electronic money and, therefore, have not developed a number of laws that could regulate the process of mutual settlements carried out through the use of electronic payment systems.
2. The need to use special handling and storage tools.
3. The impossibility of restoring monetary value in the event of physical destruction of the electronic money carrier - however, cash is not without this drawback.
4. Lack of recognition – the amount of electronic money cannot be determined without special technical means.
5. There is a high probability that personal data of payers can be tracked by fraudsters.
6. Low level of security - in the absence necessary measures protection electronic money is quite easy to steal directly from the owner’s account

Forms of electronic money

It is believed that modern electronic money can exist in two main forms: network-based and smart card-based. There are also such forms of electronic money as fiat and non-fiat money. The former are a type of money of a certain payment system and are expressed in the form of one of the state currencies.

Since it is the state in its laws that obliges citizens to accept fiat money for payment, their issue, redemption and circulation are carried out in accordance with the rules of the current legislation and the central bank.

As for non-fiat money, it acts as a unit of value for non-state payment systems. Such electronic money is a type of credit financial instrument and is regulated by the rules of non-state payment systems, which are different in each country.

Types of electronic money

The types of electronic money are quite diverse. Just a few years ago there were a limited number of payment systems in the world. Today their number is constantly growing. For convenience, it is advisable to divide all electronic money and systems into domestic and foreign.

Electronic money in Russia is represented by the following systems:

1. Webmoney - perhaps today this is one of the most popular payment systems that works with electronic money.
The system does not set any restrictions, allows instant money transfers, and to complete a transaction it is not at all necessary to open a bank account or provide complete information about yourself. Users of the system can correspond and conduct transactions through secure channels by creating electronic wallets WMZ (dollars), WMR (rubles), WME (euros) and so on. The level of security when performing transactions using Webmoney is quite high. However, user wallets are often hacked by hackers. It is very difficult to return the funds later - the exception is cases when the account owner or the system management is looking for the criminal in hot pursuit. Needless to say, this is not easy? But, at the same time, Webmoney constantly informs users about the measures they can take to protect themselves. And they really “work”.

2. Yandex-money is another popular payment system, which is in many ways similar to Webmoney.
Yandex Money allows you to make instant payments within the system. Ability to manage your wallet directly from the official website, high degree protection and confidentiality, speed of settlements between system users - these are the main advantages thanks to which Yandex Money has gained popularity in Russia.

3. RBK Money is a kind of prototype of the Rupay payment system.
Electronic money transfer in this case is carried out instantly. All funds are equivalent to rubles, and they can be withdrawn to a bank card or account. To complete a transaction, a mobile phone, computer, or communicator is used. The main advantage of RBK Money is the ability to make payments for public utilities, telephone, Internet quickly and easily.

4. ASSIST is a system created by Reksoft, which is a leader in the field of system integration and consulting in the development of software solutions and implementation of information technology.
One of the main tasks of this system is to ensure payments by credit cards when making purchases in the Ozon online store. True, the development of electronic money subsequently led to the fact that ASSIST began to be used to pay for goods and services of various types.

Less well-known, but no less in demand in Russia, are also considered:

5. CG PAY
6. CHRONOPAY
7. CYBERPLAT
8. E-PORT
9.MONYMAIL
10. RUNET
11. SimMP
12. Z-PAYMENT
13. PILOT
14. TELEBANK
15. RAPID
16. RAMBLER

As for foreign types of electronic money and payment systems that work with them, their choice is also large:

1. PayPal is a large debit electronic payment system that allows you to work with 18 national currencies. Since 2002, PayPal has been a division of the famous eBay company.

PayPal payments are made over a secure connection. The registration procedure involves transferring a small amount of money from the user’s card to the account. Once the identity of the account holder and card is confirmed, the funds will be returned. Registration and transfer Money Free via PayPal. The fee is paid only by the payee, and its amount depends on his country of residence and PayPal status.

2. Mondex - this system was developed by English banks and operates, for the most part, in Europe and Asia.
Mondex involves issuing the client a special smart card on which there is a chip - a kind of analogue of an electronic wallet. It is on it that electronic cash is stored - cash, which in the system acts as a monetary equivalent. The advantages of electronic cash include the ability to make purchases via the Internet, store electronic funds in five currencies at once, and transfer funds to a correspondent without intermediaries. Mondex funds are accepted by many restaurants, shops, airlines, hotels, gas stations - 32 million businesses around the world that operate in the field of trade and services.

3. Visa Cash is a prepaid smart card that allows you to pay small expenses quickly and easily. With Visa Cash you can pay for cinema or theater tickets, telephone calls, newspapers, goods and services. The convenience of using Visa Cash is that you can quickly transfer a fairly large amount from your personal bank account to it.

4. E-gold is an international payment system that involves investing money in precious metals.
By playing on gold rates, you can receive electronic money and use it to carry out various financial transactions. The main advantages of the E-gold system are anonymity, transnationality and the presence of a profitable affiliate program. However, a fee is charged every month for storing money in the system. The same applies to transfers - for each transaction you will have to pay a certain percentage. You can always top up your account using transfers from Yandex-money, Webmoney, etc. systems. Electronic money exchangers also cope with this function quite well.

In addition, among the well-known foreign Internet payment systems are:
5. CASHKASSA
6. ALERTPAY
7. EASYPAY
8.EMONEY
9. LIBERTY
10. MONEYBOOKERS
11.CHECKFREE
12. CYBERMINT
13. DATACASH
14. DIGITCASH
15. EPASPORTE
16.FETHAND
17. GOLDMONEY
18.GOOGLE-CHECK
19.NETCASH
20. PAYMER
21. PECUNIX

If you decide to use electronic money: some tips for beginners

The first thing you need to remember is that electronic money is very “real”, and losing it can greatly harm you.

That is why, do not be lazy to study the instructions of a specific payment system, pay close attention to ensuring the security of your account or account. Sometimes it is easier to purchase a special antivirus program or utility to detect hacker attacks than to lose later a large amount money that will simply be stolen from the account.

Secondly, study the conditions for withdrawing, depositing and exchanging electronic money.

Each payment system offers the user its own conditions. Today, it is quite possible to exchange electronic money within two systems or currencies on favorable terms. The same applies to the input and output of electronic payment instruments. In the first case, you can use terminals, and in the second, you can transfer money to a card, bank account, or receive it in cash by contacting specialized organizations.

And finally, thirdly, do not refuse the opportunity to use electronic money.

Today they are successfully used in various countries of the world as a means of payment for goods, works, and services. Experts are already saying that next years The number of people using electronic money for payments will steadily increase. This is not surprising, because you only have to try once to carry out any financial transaction using electronic money, and you will also understand that it is convenient and simple!

Electronic money today: legislative news

Just a few years ago, electronic money was not equal to its paper counterpart. However, due to the expansion of the scope of their use, new ideas about means of payment have emerged, and the need arose to regulate such relations legislatively. So on June 27, 2011, Russian President Dmitry Medvedev signed a new one, which will make it possible to regulate the procedure for making payments using electronic money.

This bill was adopted back in December last year, but due to amendments that were made to it over a long period of time, the document was signed only in June 2011. The main purpose of the Law “On the National Payment System” is to establish requirements for payment systems in the area of their functioning and organization.

The bill describes the rules for transferring funds and also introduces the concept of a “clearing center.” In this status, there is an organization that ensures that applications of payment system participants are accepted for execution at the time when they transfer their funds using electronic forms calculations. In addition, the law introduces 3 types of means of payment that can be used in the process of electronic payments (the properties of the systems are listed below):
1. Non-personalized electronic means of payment:
- user identification is not performed;
- the maximum balance at any time is 15 thousand rubles;
- the limit on cash turnover per month is 40 thousand rubles;
- use for mini-payments.

2. Personalized electronic means of payment:
- client identification is carried out;
- maximum amount funds in the account amount to 100 thousand rubles monthly.

3. Corporate electronic means of payment:
- can be used by legal entities with their preliminary identification;
- the maximum balance at the end of the working day is 100 thousand rubles;
- will allow you to accept electronic money as payment for services and goods.

It should be noted that the law “On the National Payment System” will also have an impact on the regulation of mobile payments. The operator of the electronic payment system will be able to enter into an agreement with the mobile operator. Based on this, he will receive the right to increase the balance of electronic funds individual, which is a subscriber of this operator, at the expense of funds paid to the telecom operator in advance. One can even say that the new bill has created all the conditions for using a mobile phone as a device for making various types of payments.

In general, it can be noted that every year electronic payment systems and electronic money are becoming increasingly popular. Don’t miss the opportunity to feel the comfort of using them, because electronic payments can really make the payment process more convenient!

The development of e-commerce and Internet earnings has led to the rapid development of electronic payment systems (EPS), which offer every user of the World Wide Web to use electronic money for various purposes.

On this moment There are already several dozen payment systems in Russia alone, and even more in the world. Of course, not all of them are heard. Of course, it will not be possible to cover all the EPS, but we will consider the most popular ones.

Payment systems of Russia

In Russia, there are several leading payment systems. In each individual case, you 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.
Both Yandex Money and other electronic wallets have their own audience.

You can withdraw electronic money from Qiwi different ways(through instant payment systems, to bank details or to payment cards), but in most of them they will charge you a certain percentage (commission).
But there is still a way to withdraw funds interest-free and quite convenient - order from them plastic card QIWI Visa Plastic, with which you can pay for purchases both on the Internet and in regular stores, and no commission will be charged for this.

These electronic money do not have such popularity outside the Internet (like Qiwi). Not so many users pay for communal services, but the bulk of the money earned in RuNet is received and withdrawn from this Internet payment system.

This system is attractive because you can attach a plastic card to your wallet, so that you can then use it to pay in stores 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).
A very convenient way to withdraw your earnings on the Internet.

The main purpose of electronic money from mail.ru is to make online payments, for which the tariffs have been optimized - you will not be charged interest for entering and paying for goods in online stores. But for internal transfers, and even more so for withdrawals, a commission is provided (withdrawing money in real life through Mail.ru is generally not very profitable, compared to other payment systems).

In general, they are ideal for those who use them to pay for games on Mail.ru or any other services, and also receive transfers within the system.

More recently, Money Mail.ru was swallowed up by the insatiable QIWI.

International payment systems

PayPal is fiat electronic money, unlike many other payment systems. The purpose of creating this system was to ensure the security of payments from a card linked to an account. In this case, you do not need to fill out your card details, and also receive some guarantee from the system regarding the delivery of goods paid for via Paypal.

If the goods were not delivered or were not of proper quality, that is, there is a very real possibility of returning the money by opening a dispute (within a month and a half after payment). Read more about how on our website.

This system also has its drawbacks, of course. In my opinion, there is very high interest rates for replenishing your wallet (compared to the usual RuNet payment giants), but in many cases this is still more profitable than using some other payment systems or schemes for withdrawing money from the Internet.
Read how to start one on our website.

Verification in the system is not required and you can completely receive, deposit and withdraw money from Perfect Money anonymously. But... If the system suspects that you are committing fraudulent actions, your wallet may be blocked.

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 (electronic 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). In fact, many payment systems already offer similar services.

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 earns money in the Russian-speaking part of the RuNet. Both 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 this 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, this is a very convenient way to withdraw 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 your local bank account and with not very a large percentage commission, but many do not want to show their income to the bank and use the card, because it is not connected with bank account(prepaid) and there should be no 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.

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. Are given 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 in electronic format, certified by an electronic digital signature, used as a means of payment and redeemable at the time of presentation with 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 computer systems are used as storage devices. 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 of communication, 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 card is the Mondex bank card.

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 transfer 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 both online to replenish the card account within the established limit for the amount of one offline transaction, and offline to make 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 ( international standard, ensuring compatibility of devices when transmitting data via 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 payments 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) 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 it 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 “one-time”, each banknote is used for payments 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 common 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 perfect form 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 system electronic money PayPal, whose payment service for Russians is limited - 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 precious metals, actually backed by real metal located in the company's storage facility. 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 into another electronic currency, by bank transfer to an account, by check, or through 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 ways to pay with foreign users that are rarely used Russian systems electronic money.

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 that provide services for accepting payments for the services of 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 different kinds 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 for all payment systems suggest 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 that prevent it from being considered “full-fledged” money:

Electronic money is not issued by a central bank, but by commercial companies;

Electronic funds are not a universal exchange method. 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. Great importance has the fact 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 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”

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