Electronic money. Electronic payment systems

Hi all! Today we will talk about electronic payment systems. I will tell you what they are for and what they are.

What are electronic payment systems

Virtual payment systems are designed to pay for services via the Internet. Because money is transferred to the account quickly, large companies, mobile operators, banks, etc. use the method.

According to the payment scheme, they are divided into:

• credit (work with credit cards);
• debit (work with digital cash and checks).

About electronic currencies

In the lexicon of economists and ordinary Internet users, the term " Electronic money" or " EPS". The system rotates not cash, but virtual currency. People quickly transfer this money over the Web from one wallet to another. If desired, each person at any moment can exchange electronic finance for cash and non-cash funds.

Payment systems on the Internet have become commonplace. They are especially popular among those who spend time on the Web for work or pleasure.

Advantages and disadvantages

Using electronic payment systems, a person receives the following benefits:

• fast speed of purchasing goods and carrying out other operations;
• low commissions compared to real stores;
• ease of opening an electronic wallet;
• full control over your income and expenses.

But there are a number of disadvantages, because of which many do not trust virtual currency:

• deanonymity – all translations are recorded on the servers of the service. For full access, you must upload your personal data, including information from your passport.
• Risk of Hacking - Hackers often break into people's wallets. The chance that your apartment will be robbed is much lower.
• Blocking funds. When registering, the user concludes a special agreement with the payment system.

Usage

Almost all virtual payment systems work the same way. To start using any of them, you need to register and create a wallet.

When choosing a "payment", you should be guided by its capabilities so that it fully meets your needs.

most popular Electronic payment system in Russian-speaking countries are considered:

• Advcash
• Qiwi
• perfect money
• payer
• bitcoin
• Most Popular Electronic Payment System

Registration is always free. After it, you should understand exactly how you will receive money for the wallet. One of the common options is to give his number to the employer.

When buying goods or paying for services, you need to replenish your wallets with paper bills. You can do this through:

• payment terminals;
• exchange offices;
• ATMs.

When registering in the electronic system, you need to enter only those data that correspond to reality. If necessary, technical support will require personal information from the user. When an account holder fails to show proof of identity, their wallet can be blocked.

Results

Now you know all the theoretical foundations about payment systems. Decide for yourself which one you will use. It is recommended to register in several at once and look at the advantages of each of the systems.

Electronic wallet systems such as QIWI, WebMoney, Yandex money, etc.

Payment intermediaries accumulating funds like PayPal or Moneybookers

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Internet electronic payment systems

1. Card payment systems for websites

With electronic currencies, everything is much simpler than with bank cards. Since these organizations simultaneously combine the functions of a technical provider when connecting, and a “central bank” for themselves, and a supervisory authority, and a legislator for their own money, it is easy to guess that under these conditions the bureaucratic component of connection is minimal. Of course, in Russia the Federal Law “On the National Payment System” has slightly increased the requirements for organizations, but in general, connecting to a payment system such as QIWI and WebMoney are the easiest non-cash payment solutions to integrate. Perhaps the only drawback of these systems is their low popularity, with the possible exception of such a group of buyers as technically advanced youth, which, of course, negatively affects the ability to use any electronic wallet as the main payment system for the site.

A special group of organizations that are, on the one hand, electronic wallets, and, on the other hand, work with real world currencies, are payment intermediaries. If you need a payment system for plastic cards, but you can’t go through the “compliance” procedure in any bank, or you just want to save time, then you can try contacting systems like PayPal or Moneybookers, which, acting on your behalf, will accept money into your account clients, and then transfer them to you. What is most interesting, commissions in such organizations can even be equivalent to normal processing. Unfortunately, in these systems there is always a requirement for each end buyer to complete the registration procedure, which greatly complicates the purchase process, which in the conditions of Internet commerce can become a fatal flaw.

Some processing centers working with VISA and MasterCard are striving to become universal payment systems. To do this, they integrate with many representatives of all previous groups. Due to the fact that they are the official distributors of all their counterparties, these "aggregators" provide their customers with "one-stop" services for connecting many payment solutions of "electronic wallets" and "payment intermediaries" at once.

As a rule, when contacting such an aggregator, a client only needs to fill out a questionnaire once, and then the aggregator takes over the entire process of working with other systems. At the same time, commissions and other conditions for each individual solution are always exactly the same as when working directly with service providers. The identity of the conditions with the end provider is a prerequisite for activity. One example of such an aggregator is our universal payment system Ecommerce Payments.

Dear Sirs, as you can see, we have done everything to become the most convenient and profitable way for you to receive payments. We own our own processing center, cooperate with many banks, and have organized a "one-stop shop" for connecting third-party providers. In addition, since our motto is "Everything for Internet business", we also provide legal and tax optimization services, as well as various consultations. Thanks to this, we are perhaps the most versatile online payment system in existence. We are always glad to see you.

In recent years, electronic payment systems have taken a firm place in the financial world, which is associated with the active evolution of money as a means of payment. In developed countries, this process has been rapidly developing over the past forty years, and in Russia - since the early 90s, which resulted in electronic money.

So, what is an electronic payment system? Briefly, electronic payment systems (EPS) can be described as a technology of direct mutual settlements between the participants in the transaction without additional conditions (interbank transfers, indication of personal data, etc.) via the Internet. Combined with speed, the use of EPS has contributed to the rapid development of e-commerce. Today EPS is a convenient payment method for mobile operators, Internet providers, large stores and many others. Let's try to understand how this happens.

Electronic money (ED) has gone through three stages of development. The first stage is magnetic credit and debit cards with extensive use of EPS. The second stage is the introduction of smart cards (with a stored amount). These EDs did not replace cash for their owners, but only made the management of bank accounts more efficient. So the main meaning of ED acquired a new meaning: a combination of the advantages of cash and electronic circulation of the money supply. The third stage in the development of electronic money - "network money" - has already made it possible to make "on-line" payments.

Today, several main technologies of payment systems are used as EPS:

• use of credit schemes;
• use of debit schemes
• use of digital money.

The first of them - the most popular in the world - work with ordinary credit (plastic) cards (Visa, MasterCard, etc.). The second technology is based on the use of digital equivalents of checks and cash (NetCash, NetChex, NetBill, etc.). The third (the so-called payment gateways) is a category of electronic payment systems that translate the benefits of real cash into the Internet world (Citybank, DigiCash, PayCash, WebMoney, etc.). Let us consider in more detail the features of each type of EPS.

It has long been a tradition to calculate plastic card with online purchases. Credit card payment, accepted by a huge number of online stores around the world, is very popular. By the way, the presence of a psychological factor - the imperceptibility of ED - plays an important role. As a result, when paying with a card, its owner usually easily spends much more than when paying in cash. Of course, this circumstance plays into the hands of online stores. There are not many of them in Russia yet, so this service is not very developed due to a number of subjective and objective circumstances.

However, not only online stores welcome the use of credit cards. Offline sellers also accept them with pleasure, which is typical of both the world market and the Russian one, although credit cards are only gaining popularity in our country. At the same time, debit (salary) “plastics” are not very favored by both online and offline stores. This is explained by studies commissioned by MasterCard by IMCA, which showed that Russians spend on average 30% more money from credit cards than from debit cards. IMCA also found out that in Russia the average monthly cost for one credit card is about 8.5 thousand rubles, while for a debit card it is 2 thousand less. For those who use a plastic card at least 4 times a month, the same figures reach 13.5 and 9.15 thousand rubles. for each card, respectively.

However, sellers are not the only party interested in this system. Banks deliberately stimulate customer preference for credit plastic by simply setting the percentage for withdrawing money from credit cards higher than from debit cards. And it seems to the owner of a credit card to pay with it more economically than in cash, which leads to the mentioned psychological factor.

It is clear that all this is doubly convenient in an online store: money from a credit card is not only “easy” to spend, you do not need to pick up the card itself. The combination of the benefits of an online store and the convenience of the client is obvious: I went to the desired site, chose the product and the option "Pay with a plastic card", entered the card number and - get your purchase. I didn’t wander anywhere, I didn’t seem to spend money, but the thing you needed was already brought. The beauty! But, as usual - with spikes ... These spikes, that is, shortcomings, can hurt the user with the loss of money, since there is always a risk of losing credit card data. The situation is further complicated by the fact that with an electronic payment by card, it is practically impossible to 100% identify the payer, assuring that he is paying from his card. An online store can also get a shot in the form of a chargeback (fine, refund). The reputation of the online store, the payment system and the acquiring bank directly depends on their number, up to the possibility of further work. Chargeback is issued in case of receiving a refusal to make any purchase. Due to the lack of a signed receipt for an Internet purchase, this allows attackers (including true cardholders who colluded with someone) to make notes that "I (the real cardholder) did not make this purchase." According to analysts, the global damage from credit card fraud is measured in billions of dollars a year. So, according to the FTC, in the United States in 2003. amounted to about $ 50 billion. In Russia, the same figure almost reached $ 0.5 million (data from the GUBEP), and this is only taking into account the formation of the domestic credit plastic market at that time. The FTC notes that in the United States a victim of fraud in 2003. became every eighth owner of credit cards. Such sad statistics, of course, cannot but affect the trust of users in the use of electronic payments. Together with customers, all other participants in electronic payments, especially online stores, suffer from fraudsters. Factors contributing to the preservation of the number of consumers of EPS services, in addition to greater convenience and lower costs, are the security and confidentiality of settlements. So what is the electronic payment flow scheme and the main participants involved in it? Acceptance (processing) of plastic cards as a means of payment for Internet goods/services - Internet acquiring - includes:

• buyer
• online store
• issuing bank (card issuer)
• acquiring bank (conducting the primary processing of the transaction and providing the full range of operations with cards of partner banks)payment server (EPS, which ensures the security of the payment, etc.)

In some cases, there is no fifth participant, but due to the high degree of risk, such schemes are now practically not used. Visually, the scheme for implementing an electronic payment looks like this:

Essentially, the card EPS procedure ensures the security of card data transmission to the processing center of the acquiring bank. In fact, there are much more functions implemented, with many services, but guarantees are the main purpose of systems.

It turns out that card EPS play the role of an agent in managing operations with the card account of the cardholder. Representatives of this class of systems in Russia Cyberplat, Assist, Chronopay, etc. operate only with bank records, but not with the money itself. Against the backdrop of the traditional nature of Internet payments abroad, where plastic cards are the main means of payment, these systems have not yet become widespread in our country. In our country, the types of electronic payment systems operating with digital cash.

The use of digital cash provides a manageable level of owner anonymity, which prevents computer crime, and electronic cash flows can be tracked in real time, which is practically impossible when using "live" money. These advantages, against the backdrop of large-scale fraud, led to the emergence of this type of EPS, which work not with cards, but with their own currency in equivalent to real money at a stopped rate. By registering in the system, the client receives a personal Internet wallet. As it is replenished, the funds in it can be used to pay for goods and services in the online stores of the system. You can replenish your account, depending on the system, with a special prepaid card, bank or postal transfer, cash at special kiosks or exchange offices, and even ATMs of EPS partner banks. There are also a huge number of electronic exchange offices. As for the withdrawal of money from an electronic wallet, the maximum benefit for the system prevails here. For the client, this is an incomprehensible and inconvenient process, fraught with high interest rates, a meager number of ways to withdraw money, etc. What can not be said about using e-money from a wallet - there are plenty of options.

Advantages, however, can have a downside. The possibility of anonymity of the payer, on the one hand, allows him to make appropriate purchases, and the online store to avoid taxes. On the other hand, it is possible to deceive a client with one-day shops without providing paid goods and services.

Interestingly, initially e-money was conceived to pay for goods/services on the Internet. This explains the noticeable advance in the dynamics of the electronic payment market (70%-120%), the development of e-commerce (30%-45%). Nevertheless, the very idea of ​​digital cash in the current DigiCash design developed by Professor D. Chaum is definitely promising. And even with all the existing shortcomings, electronic money is quite firmly established in our daily lives.

Nevertheless, the development prospects and the future of such systems are not entirely clear. Despite the high level of protection, digital cash is still stolen, which representatives of payment systems explain by the user's ignorance of information security. So, first of all, it is necessary to determine their legal status. So, WebMoney calls itself a "system of property rights", "Yandex.Money" is a "prepaid financial product", and their activities are not regulated by the country's central financial institution. But in terms of virtual units, the role of EPS data in e-commerce and the commodity-money turnover of the country is increasing. At the same time, the fraud that exists in the traditional financial system is likely to find its place in the proposed systems of the future. Minimization of its distribution by ensuring the security and confidentiality of settlements using e-money can be solved by the development of legislation and the development of uniform standards for settlements.

It is undeniable that digital cash systems have already won their audience, ideally suited to a range of tasks. Of course, it is not yet possible to completely replace cash transactions. Cash transfers are quite inexpensive and their costs are low compared to the purchase price. Today, each e-transaction costs about 15 cents on average. It seems inexpensive, but at the cost of, say, a drink for 60 cents, it will be a decent cheat. But with expensive purchases, the effect will be the opposite. Considering the expansion of the potential audience of EPS, and given that businessmen and government organizations usually pay by check or other non-cash means, the transition from cash to electronic payments should be expected mainly in the household sector. But that's not all. If electronic payment systems prove to be cheaper or more convenient to use than traditional ones, then the business environment will be able to significantly increase the amount of working capital and, as a result, spend more. As a result, this will lead to an increase in their total income, which will also favorably affect the development of the economy as a whole. However, increasing sales is not the only benefit of electronic payment mechanisms. Their use can significantly reduce costs. It's no secret that cash management is an expensive, slow and insecure process. And systems that reduce the use of cash can reduce distribution costs, although they increase initial capital costs. In short, how much new forms of payments will reduce the total amount of costs in the short term will depend on the willingness of Internet providers to use them.

Summing up, we can say that in some cases, it is more convenient and easier to use digital cash systems than card ones. We repeat that in order to increase the reliability of this market and the degree of user confidence in it, a clear definition of the legal status and rules of the game for electronic payment systems operating with digital cash is necessary. To date, the general state of the market niche of payment systems in Russia is still at the stage of development. Accordingly, the volume of participants and the number of transactions carried out in comparison with North America and Western Europe is negligible. Nevertheless, observing some progress, it can be expected that the level of use of the Internet segment used for e-commerce will soon increase in Russia, along with the number of financial institutions and the quality of their services.