Types of electronic money message. Electronic money and ways to earn it

Many modern users have heard the term “digital money”. But not everyone understands what it is. But you need to know about this. After all, digital technologies are an integral part of the life of a modern person. And electronic money is becoming more and more common in practice. But what is it? And how can you use these objects?

Terminology

Digital money is a system for storing various currencies using modern technologies. In particular computers.

In simple terms, electronic money refers to cash flows stored in so-called electronic wallets. We can say that this describes a currency that circulates not in the form of cash, but in electronic payment systems.

An electronic wallet is a storage of digital money. A set of data available to a financial organization that emphasizes a citizen’s right to use certain finances. Often, electronic wallets are simply called payment systems.

Flaws

What are the pros and cons of digital money? Let's start with the shortcomings. After all, every user should know about them. And at the same time we will dispel some myths.

The disadvantages of digital money include:

Legal regulation. In most countries, it is not yet entirely clear how to legally work with electronic media. In addition, there are official prohibitions on the use of digital money in some areas. For example, they will not be able to pay for the purchase of an apartment or car.
Daily life. Another very dubious drawback. Not everyone is familiar with digital money. And they can't be used everywhere. Some people claim that it will be possible to work without problems with electronic means only on the Internet. In practice this is not the case. Especially when you consider that the majority of electronic payment systems offer a special form of storing money (more on that later). This service allows you to freely use available funds.
Difficult to use. Digital money today is strongly tied to technological progress. Just a few years ago this feature was a serious drawback. For example, if a person’s internet or electricity is cut off, they will not be able to access funds.

We have studied the disadvantages of electronic money. But they also have enough advantages. After all, today users are working more and more with a similar interpretation of tools.

Positive sides

Now about the positives. Electronic money is very convenient. It is important to understand that the bulk of their shortcomings are already being perfectly eliminated. In particular, if you choose a good storage facility.

So, the advantages of digital money include:

Mobility. For digital media there is no concept of size. In addition, a person will always be able to use his money. All funds will be at hand. This is very captivating. You no longer need to stand in line to pay receipts and taxes; you can easily transfer money anywhere in the world.
Full automation. There is no human factor when working with digital money. All operations are performed by computers and then recorded. In electronic payment systems there is no concept of change. And thanks to saving the history of transactions, a person will be able to understand where this or that money went.
Safety. It is almost impossible to lose electronic funds. They will not be stolen from your hands, and a person will not forget where he put them. All finances are stored in a special electronic wallet. Electronic money can only be lost if the corresponding storage facility is hacked. Fortunately, such situations are extremely rare.
Freedom. When working with digital finance, the user may not provide information about himself. For most operations, it is enough to know the account details of the recipient of the funds.
Comfort of use. Today, technological progress does not stand still. And now digital money can be used almost everywhere. The main thing is to choose the right e-wallet. Paying digitally is allowed wherever there is cashless payment.

As you can already see, the components being studied have a lot of advantages. But what else do users need to know? How to work with electronic money and wallets?

Examples of digital media

It is important to understand that electronic money is different. And they all allow you to work with different currencies. Therefore, it is not entirely clear how digital media differ. It is customary to classify them by storage systems.

Let's look at the most common types. Examples of digital money:

cryptocurrency;
"Yandex money";
PayPal;
Qiwi;
Webmoney.

These are not all types of electronic media. But users work with the listed options most often.

Blurred concept

The definition of digital money is vague. On the one hand, we found out what it is. On the other hand, some people claim that any non-cash transactions are actions with electronic means. Is it really?

Yes and no. After all, many banks offer Internet banking. In this case, the funds will be stored in an account opened in advance, and management will be carried out using computer technology. Therefore, it is not always possible to understand what digital tools are.

But as we have already said, this term is usually used to describe money stored on an electronic wallet. It is with this interpretation that we will work further.

About wallets and their use

We found out what electronic money is. An electronic wallet is a repository of relevant finances. Such payment systems are in great demand. Especially when shopping online.

Electronic wallets, like money, are diverse. Most often, people work with the systems "WebMoney", "Yandex. Money", "Qiwi", "PayPal". How can I use a wallet of one type or another?

The main functionality of the digital (electronic) money storage includes:

paying bills (any);
checking taxes and fines;
payment for purchases on the Internet;
payment for receiving certain services;
mobile phone account replenishment;
making money transfers.

Almost like a regular wallet with money! The difference is that cash does not appear in this case. Cashless payments only.

Under certain circumstances, the user can cash out digital funds. For example, by making a money transfer via the Contact system.

Types of wallets

It is also important to understand that modern electronic wallets try to protect as much as possible. To achieve this, payment systems introduce various restrictions and several types of accounts.

The most common among them are:

initial (anonymous);
standard, formal (nominal);
confirmed.

In the first case, the citizen does not provide any information about himself. Such wallets are severely limited in terms of storage limits in the account, transactions and amounts that can be withdrawn from the account per day/week/month. Formal certificates (profiles) require the user to upload passport data and provide personal information. This is the most common scenario. The wallet has large limits, but not all restrictions have been removed from it yet.

Confirmed accounts allow you to work with all options of a particular wallet. In this case, restrictions will be minimal. Usually you have to confirm your identity at the payment system service center (for example, in Euroset communication stores). Such certificates are used by individual entrepreneurs.

About media

As we have already said, previously electronic funds were very problematic to use. But now this problem has been eliminated in many payment systems. The thing is that digital money can be stored on different media.

The following scenarios are possible:

electronic invoice (required);
bank card linked to the wallet;
virtual card.

When opening an electronic wallet, the user is required to be issued a special account (like a bank account). This is the money depository.

Many services like Yandex.Money allow you to create special bank cards linked to an electronic account. Under such circumstances, all the money in the wallet immediately ends up on the card. It is very comfortable! Thanks to this feature, digital funds are now almost no different from money stored on a bank card of a regular bank.

A virtual card is an analogue of a physical medium. Used for ease of use on the Internet. With the help of such “plastic” you can pay for purchases on the Internet with special comfort. A striking example of such a product is the WebMoney card.

Beginning of work

How to get started with an electronic wallet and digital money? It is enough to register in one or another payment system.

For example, you can do this:

Go to the Webmoney website.
Click on the "Registration" button.
Provide your mobile phone number.
Click on the "Continue" button.
Fill out the registration form. Here you must indicate the e-mail that will be linked to the wallet.
Create a login password and repeat it.
Click on the "Register" button.
Confirm the operation. To do this, you need to enter a special code sent by SMS.

That's all. Now the user will have a "WebMoney" wallet. The user will see his account, which will allow him to work with digital means. In your “Personal Account” you can upload scans of your passport and receive a formal certificate.

Virtual card

The WebMoney card can be issued only after the user gets rid of the anonymous profile. This means virtual “plastic”.

To order it you need:

Log in to your wallet.
Open the WM map page.
Click on the "Order" button.
Select the type of plastic.
Click on the "Next" button.
Indicate whether SMS notification is required.
Check the box next to "Confirm".
Click on the "Confirmation" button.
Pay for plastic through the "Merchant" system, indicating the details from your bank card.

Ready! Now you can use the virtual card. This task does not cause any difficulties.

Conclusion

In today's world, the future of digital money is uncertain. But we can say with confidence that most countries are trying to introduce such means and introduce laws that allow them to control relevant finances. Electronic payment services are improving every year.

Already, there is almost no difference between a bank card and plastic linked to an electronic wallet. This means that digital tools are in demand. They replace cash. Working with that kind of money is a pleasure!

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 an employee, engage in charitable activities and carry out many other financial transactions. Today electronic money systems varied. Each of them has its own characteristics, advantages and disadvantages. And since modern people certainly cannot do without the use of electronic money, it is 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 in the world. 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 conventional financial means. They are issued in the same way as non-cash money. The only difference is that a specialized organization takes part in this process, 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. The impossibility of sheltering funds from taxation – we are talking about 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 of the necessary security measures, electronic money can be easily stolen 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. The ability to manage your wallet directly from the official website, a high degree of 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 utilities, telephone, and 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 of funds using PayPal are free. 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 anti-virus program or utility to detect hacker attacks than to subsequently lose a large amount of money that is simply stolen from your 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 in the coming years the number of people using electronic money for payments will grow steadily. 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.” This status is occupied by an organization that ensures that applications from payment system participants are accepted for execution while they transfer their funds using electronic payment forms. 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;
- the maximum amount of funds in the account is 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 of an individual who 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!

Term electronic money(and electronic cash, or digital cash) refers to transactions of funds carried out through electronic communications. Electronic money can be a debit or a credit. Digital cash can be a form of currency, and to start using it, you need to convert some amount of regular money into digital money. This conversion is similar to purchasing foreign currency.

Electronic money:

are not money, but are either checks, or gift certificates, or other similar means of payment (depending on the legal model of the system and the restrictions of the law).
can be issued by banks, non-profit organizations, or other organizations.

The fundamental difference between electronic money and ordinary non-cash funds: electronic money is a means of payment issued by an organization (money surrogate), while ordinary money (cash or non-cash) is issued by the central state bank of a particular country.

The term electronic money is often used inaccurately to refer to a wide range of payment instruments based on innovative technical solutions in the field of retail payments.

Digital Cash

Digital cash is electronic money that will be issued by the states themselves.

Market of electronic money systems in Russia

2012: Yandex.Money rules the market

2011: Law 161-FZ "On the national payment system"

On September 29, 2011, Federal Law No. 161-FZ “On the National Payment System” of June 27, 2011 became key for the industry, which established the definition of electronic money (EMF) and established key requirements for the transfer of EMF, as well as electronic money operators. If earlier activities were regulated by many laws and individual articles in various laws, then the law “On the National Payment System” has become a single regulatory document for the entire electronic payment industry.

2012

The identification system for users of electronic wallets can be tightened. This was stated in November 2012 by the head of the Bureau of Special Technical Events (BSTM) of the Russian Ministry of Internal Affairs, Alexey Moshkov. According to Alexey Moshkov, the use of anonymous payment systems greatly facilitates the activities of fraudsters, since in some cases the personification of the holder of a virtual wallet is difficult or impossible.

“Criminals use anonymous payment systems to collect and cash out funds, distribute and confuse financial flows. In addition, such virtual wallets are used for the anonymous purchase of prohibited goods and internal payments between members of criminal groups.”

Legal and economic status of electronic money

From a legal point of view, electronic money is a perpetual monetary obligation of the issuer to bearer in electronic form, the release (issue) into circulation of which is carried out by the issuer both after receiving funds in an amount not less than the amount assumed by the obligations, and in the form of the loan provided. The circulation of electronic money is carried out by assigning the right of claim to the issuer and gives rise to the latter’s obligations to fulfill monetary obligations in the amount presented by electronic money. Accounting for monetary obligations is carried out electronically on a special device. In terms of their material form, electronic money represents information in electronic form that is at the disposal of the owner and stored on a special device, usually on the hard drive of a personal computer or a microprocessor card, and which can be transferred from one device to another using telecommunication lines and other electronic means of information transmission.

In an economic sense, electronic money is a payment instrument that, depending on the implementation scheme, has the properties of both traditional cash and traditional payment instruments (bank cards, checks, etc.): cash has in common the possibility of making payments without banking system, with traditional payment instruments - the ability to make cashless payments through accounts opened with credit institutions.

Types and classification of electronic money

There are 2 types of electronic money:

Electronically issued payment certificates, or checks. These certificates have a specific denomination, are stored in encrypted form, and are signed with the electronic signature of the issuer. During settlements, certificates are transferred from one participant in the system to another, while the transfer itself may occur outside the framework of the issuer’s payment system.
Entries on the current account of the system participant. Calculations are made by debiting a certain number of payment units from one account and depositing them into another account within the payment system of the electronic money issuer.

Electronic money schemes:

which implement technology for transferring information electronically about monetary obligations issuer from the device of one holder to the device of another holder. These include Mondex (developed by Mondex International, owned 51% by MasterCard and 49% by the largest banks and financial institutions around the world) and the eCash network product from Digicash.

Among the world's well-known electronic money operators are:

Unlike ordinary non-cash money, electronic money

With the development of credit circulation, electronic money appears, which has certain advantages compared to paper:

increasing the speed of transfer of payment documents;
simplification of processing of bank correspondence;
reducing the cost of processing payment documentation.

In economic literature electronic money is defined as:

money in computer memory accounts of banks, which are managed using a special electronic device;
electronic storage of monetary value using a technical device;
a new means of payment that allows for payment transactions and does not require access to deposit accounts;
an open-ended monetary obligation of a financial credit institution, expressed in electronic form, certified by an electronic digital signature and repayable at the time of presentation in ordinary money, etc.

In international practice are prepaid or store of value financial products in which fund or value information is stored on an electronic device.

Electronic money - in a broad sense words are considered as a set of subsystems of cash (issue is carried out without opening personal accounts) and non-cash money (issue is carried out with the opening of personal accounts) or as a system of monetary settlements through the use of electronic technology.

Electronic money - in the narrow sense represent a subsystem of cash issued by banks or specialized credit institutions. The main difference here is that it is not necessary to use a bank account when making a payment, when the transaction is carried out from the payer to the recipient without the participation of the bank.

Properties of electronic money

Main characteristics of electronic money:

the monetary value is recorded on an electronic device;
it can be used for a variety of payments;
payment is final.

Nevertheless, the issue of independently identifying electronic money as a separate type remains debatable, as does their definition, role and functions.

In modern times, electronic money is fiat money, have a credit basis, perform the functions of a means of payment, circulation, accumulation, and have a guarantee. The basis for issuing electronic money into circulation is cash and non-cash money. Electronic money acts as a monetary obligation of the issuer when servicing non-cash turnover as a requirement for it. They can be considered as an element of the monetary aggregate. Automatic maintenance of bank accounts (crediting and debiting funds, transfers from account to account, interest calculation, monitoring the status of settlements) is carried out electronically (electronic transfers). Tools for electronic access to accounts are constantly evolving, however, money is still presented in the form of account records.

Properties of electronic money are based both on traditional monetary properties (liquidity, portability, versatility, divisibility, convenience) and on relatively new ones (security, anonymity, durability). However, not all of them in the process of application meet the requirements of high liquidity and stable purchasing power, and therefore their issue and use in circulation require a special procedure for regulation and control. Electronic access tools include payment cards, electronic checks, and remote banking.

Calculations on the Internet. "Network" electronic money

These calculations are based on the concept of electronic cash. Electronic cash is digital cash in electronic form, used in network payments, representing electronic bills in the form of a set of binary codes existing on a particular medium, transported in the form of a digital envelope over the network. Electronic cash technology allows you to pay for goods and services in the virtual economy by transferring information from one computer to another. Electronic cash, like real cash, is anonymous and reusable, and digital banknote numbers are unique. They can be transferred from one person to another, bypassing the bank, but at the same time keeping them within network payment systems. When paying for a product or service, digital money is transferred to the seller, who either transfers it to a bank participating in the system for crediting to his account, or pays his partners with it. Currently, various network payment systems are widespread on the Internet.

Yandex money. In mid-2002, Paycash entered into an agreement with the largest search engine on the Runet, Yandex, to launch the Yandex project. Money (universal payment system created in 2002). The main features of the Yandex payment system. Money:

electronic transfers between user accounts;
buy, sell and exchange electronic currencies:
pay for services (Internet access, cellular communications, hosting, apartment, etc.);
transfer funds to a credit or debit card.

The transaction fee is 0.5% for each payment transaction. When withdrawing funds to a bank account or other method, the Yandex.Money system retains 3% of the amount of funds withdrawn, in addition, an additional percentage is charged directly by the transfer agent (bank, post office, etc.).

WebmoneyTransfer - payment system, which appeared on November 25, 1998, is the most widespread and reliable Russian electronic payment system for conducting financial transactions in real time, created for users of the Russian-speaking part of the World Wide Web. Anyone can become a user of the system. The means of payment in the system are title units called WebMoney, or WM for short. All WM is stored in so-called electronic wallets. The most common types of wallets are:

WMZ - dollar wallets;
WMR - ruble wallets;
WME - wallets for storing euros;
WMU - wallets for storing Ukrainian hryvnia.

The WebMoney Transfer payment system allows you to:

carry out financial transactions and pay for goods (services) on the Internet;
pay for the services of mobile operators, Internet and television providers, pay for subscriptions to the media;
exchange WebMoney title units for other electronic currencies at a favorable rate;
make payments by email, use your mobile phone as a wallet;
owners of online stores accept payments for goods on their website.

WM is a global information system for the transfer of property rights, open for free use by everyone. Using WebMoney Transfer, you can make instant transactions related to the transfer of property rights to any online goods and services, create your own web services and network enterprises, conduct transactions with other participants, issue and maintain your own tools.

There are several ways to replenish your WM wallet:

by bank transfer (including through Sberbank of the Russian Federation);
postal transfer;
using the Western Union system;
by exchanging rubles or currency for WM at an authorized bank or exchange office;
by receiving WM from any of the system participants in exchange for services, goods or in exchange for cash;
using a prepaid WM card;
through the E-Gold system.

RUpay- The payment system, operating since October 7, 2002, is an integrator of payment systems, where payment systems and exchange offices are programmatically combined into one system.

Main features of the RUpay payment system:

making electronic transfers between user accounts;
buy, sell and exchange electronic currencies with a minimum commission;
make payments to other electronic payment systems: WebMoney, PayPal, E-gold, etc.;
accept payments on your website in more than 20 ways;
receive funds from the system account at the nearest ATM;
manage your account from any computer connected to the Internet."

PayCash- electronic payment system. It began its work on the Russian market in early 1998, positioned primarily as an accessible means of fast, efficient and secure cash payments on the Internet.

The main advantage of this payment system is the use of its own unique developments in the field of financial cryptography, highly appreciated by Western experts. The PayCash payment system has a number of prestigious awards and patents, including the “Certificate of Special Recognition from the US Congress.” At the moment, PayCash technology is used by such well-known payment systems as Yandex. Money (Russia), Cyphermint PayCash (USA), DramCash (Armenia), PayCash (Ukraine).

PayCash is based on digital cash technology. From the point of view of the user (seller or buyer), PayCash technology represents many “electronic wallets”, each of which has its own owner. All wallets are connected to a single processing center, where information received from the owners is processed. Thanks to modern technologies, users can carry out transactions with their money without leaving the computer. The technology allows you to transfer digital cash from one wallet to another, store it in online banking, convert it, withdraw it from the system to traditional bank accounts or other payment systems.

E- gold- an electronic payment system created in 1996 by Gold&Silver Reserve (G&SR). E-gold is an American electronic money settlement system, the main currency of which is precious metals - gold, platinum, silver, etc., and this currency is physically backed by the corresponding metal. The system is completely international, works with all currencies of the world, and anyone can gain access to it. The reliability of this payment system is guaranteed by US and Swiss banks. The main difference between the e-gold payment system is that all funds are physically backed by precious metals stored in Nova Scotia Bank (Toronto). The number of users of the c-gold payment system in 2006 was about 3 million people. The main advantages of the e-gold payment system are as follows:

internationality - regardless of place of residence, any user has the opportunity to open an account in e-gold:
anonymity - when opening an account, there are no mandatory requirements for indicating the user’s real personal data;
ease and intuitiveness - the interface is intuitive and user-friendly;
no additional software installation required;
versatility - the wide distribution of this payment system allows it to be used for almost any financial transaction.

You can enter money into the system in two ways: receive a transfer from another participant or transfer money in any currency to the E-gold system using the mechanism described on the website via bank transfer.

You can receive or cash out money by ordering a bank transfer on the E-gold website, making a transfer to other systems (PayPal, WebMoney, Western Union) or to any credit or debit card.

Stormpay- payment system opened in 2002. Any user can register in this system, regardless of country of residence. One of the advantages of the system is its universality and lack of reference to a specific geographic region, since the system works with all countries without exception. The account number in the Stormpay payment system is an email address. Its main drawback is the inability to convert funds from a Stormpay account to E-gold, WebMoney or Rupay. This payment system allows you to transfer funds to credit cards.

PayPal- electronic payment system, one of the most popular and reliable among foreign payment systems. By early 2006, it served users from 55 countries. PayPal was founded by Peter Thiel and Max Levchin in 1998 as a private company. PayPal provides its users with the ability to accept and send payments using email or a mobile phone with Internet access, but in addition, users of the PayPal payment system have the opportunity to:

send payments (Send Money): transfer any amount from your personal account. In this case, the recipient of the payment can be either another PayPal user or an outsider;
execute a request to receive payment (Money Request). Using this type of service, the user can send letters to his debtors containing a request for payment (issue an invoice for payment);

place on the website special tools for accepting payments (Web Tools). This service is only available to Premier and Business account holders and is recommended for use by online store owners. In this case, the user can place a button on his website, by clicking which the payer is taken to the payment system website, where he can complete the payment procedure (you can use a credit card), after which he returns to the user’s website;

use auction trading tools (Auction Tools). The payment system offers two types of services: 1) automatic distribution of requests to receive payment (Automatic Payment Request); 2) auction winners can make payments directly from the website where the auction is held (Instant Purchase for Auctions);
carry out financial transactions using a mobile phone (Mobile Payments);
make simultaneous payments to a large number of users (Batch Pay);
carry out daily transfer of funds to a bank account (Auto-Sweep).

In the future, the possibility of receiving interest for storing funds in the account is being considered.

Moneybookers- electronic payment system, opened in 2003. Despite its relative youth, it successfully competes in many areas with such a giant as PayPal. The main advantage of this payment system can be considered its versatility. Moneybookers is easy to use for both individuals and owners of online stores and banks. Unlike PayPal, the Moneybookers payment system serves users in more than 170 countries, including Russia, Ukraine and Belarus. Moneybookers features:

installation of additional software is not required for operation;
The Moneybookers user account number is the email address;
The minimum transfer amount to Moneybookers is 1 euro cent (or the equivalent in another currency);
the ability to automatically send funds on a schedule without user participation;
the system commission is 1% of the payment amount and is deducted from the sender.

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Electronic money is the monetary obligations of the organization that issued it (the issuer), located on electronic media under the control of users.

Main features of electronic money:

carrying out issuance in electronic form;
storage on electronic media;
the issuer's guarantees for their provision with ordinary funds;
their recognition as a means of payment not only by the issuer, but also by a number of other organizations.

To clearly understand what electronic money is, it is necessary to distinguish it from the non-cash form of traditional money (the latter is issued by the central banks of various countries, and they also establish the rules for their circulation).

Credit cards, which are only a means of managing a bank account, have nothing to do with electronic money. All transactions when using cards are carried out with ordinary money, albeit in non-cash form.

The history of electronic money

The idea of electronic payment systems appeared in the 80s of the twentieth century. It was based on the inventions of David Shaum, who founded the DigiCash company in the USA, whose main task was to introduce electronic money circulation technologies.

The idea was quite simple. The system carries out operations with electronic coins, which are files-obligations of the issuer with his electronic signature. The purpose of the signature was similar to the purpose of the security elements of paper bills.

Principles of operation of electronic money systems

For the successful operation of this payment instrument, it is necessary that organizations selling goods and providing services be willing to accept electronic money as payment. This condition was ensured by the issuer’s guarantees for the payment of amounts in real currency in exchange for electronic coins put into circulation by it.

In a simplified form, the system’s functioning diagram can be represented as follows:

The client transfers real currency to the issuer's account, receiving in return a file banknote (coin) for the same amount minus a commission. This file confirms the issuer's debt obligations to its holder;
The client uses electronic coins to pay for goods and services in organizations that are ready to accept them;
The latter return these files to the issuer, receiving real money from him in return.

With this organization of work, each party benefits. The issuer receives his commission. Trading enterprises save on costs associated with cash handling (storage, collection, cashier work). Customers receive discounts due to lower costs from sellers.

Advantages of electronic money:

Unitability and divisibility. When making payments there is no need for change.
Compactness. Storage does not require additional space or special mechanical protection devices.
No need for recounting or transportation. This function is performed automatically by payment and electronic money storage tools.
Minimum emission costs. There is no need to mint coins or print banknotes.
Unlimited service life due to resistance to wear.

The advantages are obvious, but, as usual, there are no difficulties.

Flaws:

The circulation of electronic money is not regulated by uniform laws, which increases the likelihood of abuse and arbitrariness;
The need for special payment and storage tools;
For a relatively short period of operation, reliable means of storing and protecting electronic money from counterfeiting have not been developed;
Limited application due to the unwillingness of all sellers to accept electronic payments;
The difficulty of converting funds from one electronic payment system to another;
Lack of government guarantees confirming the reliability of the issuer and electronic money as such.

Storage and use of electronic money

Online wallet– this is software designed for storing electronic funds and carrying out transactions with them within one system.

Who organizes the functioning of these systems and issues electronic money?

Electronic money issuers

Requirements for issuers vary from country to country. In the EU, issues are carried out by electronic money institutions - a new special class of financial institutions. In accordance with the legislation of a number of countries, including India, Mexico, Ukraine, only banks have the right to engage in this activity. In Russia - both banks and non-banking financial organizations, subject to their obtaining a license.

Electronic payment systems in Russia

Let's look at the most popular domestic systems and give answers to questions about how to buy and how to cash out electronic money in each of them.

The largest operators are Yandex.Money and WebMoney, their total share exceeds 80% of the market, but there are also PayPal, Moneybookers, and Qiwi...

"WebMoney"

"WebMoney", positioning itself as an "international payment system", was founded in 1998. Its owner is WM Transfer Ltd. It is registered in London, but technical services and the Main Certification Center are located in Moscow.

Transactions are carried out with electronic equivalents of a number of currencies.

For each of them, the guarantor is legal entities registered in various countries: Russia, Ukraine, Switzerland, UAE, Ireland and Belarus.

For work, the electronic wallet “WebMoney Keeper” is used, which can be downloaded from the company’s website. There are also instructions for its installation, registration and use. The program allows you to operate in equivalents of US dollars (WMZ), Russian rubles (WMR), euros (WME), Belarusian rubles (WMB) and Ukrainian hryvnia (WMU). The circulation of gold is provided, the unit of measurement of which is 1 electron gram (WMG).

To carry out operations, you need to register in the system and obtain a participant certificate, of which there are 12 types.

A higher level of certification provides greater opportunities in work.

When making transactions, the payer is charged a commission in the amount of 0.8% of the transfer amount. It is possible to use various types of payment protection. All controversial issues are resolved by Arbitration.

Here are the ways to deposit electronic money into a wallet:

bank, postal or telegraphic transfer;
through the Western Union system;
purchasing a prepaid card;
by depositing cash at exchange offices;
through electronic terminals;
from electronic wallets of other system participants.

All of the above methods involve the payment of commissions. It is least profitable to deposit money through terminals and buy prepaid cards.

How to cash out electronic money in the WebMoney system? You can use the following methods:

transfer to a bank account from your electronic wallet;
using the services of an exchange office;
through the Western Union system.

There are virtual points where it is possible to automatically exchange one electronic currency for another at a specified rate, although the system does not formally take part in this.

Since 2009, the use of WebMoney has been prohibited by law in Germany. This prohibition also applies to individuals.

"Yandex money"

The system has been operating since 2002. It provides settlements between participants in Russian rubles. The owner of the system, Yandex.Money LLC, sold 75% of the shares to Sberbank of Russia in December 2012.

Two types of accounts are used:

"Yandex.Wallet", which is accessible via a web interface;
"Internet. “Wallet” is an account with which transactions are carried out using a special program. Its development was stopped in 2011.

Currently, new users can only open Yandex. Wallet."

Yandex.Money users can pay for housing and communal services, pay for fuel at gas stations, and make purchases in online stores.

The advantage of Yandex.Money is the absence of commissions for most purchases and account replenishment. For transactions within the system it is 0.5%, and for withdrawals – 3%. Yandex.Money partners, when accepting payments and withdrawing funds, can set commissions at their own discretion.

Significant disadvantages are the inability to conduct business activities through the system and strict limits on the amount of payments.

You can top up Yandex.Wallet in several ways:

converting electronic money of other systems;
by bank transfers;
through payment terminals;
depositing cash at points of sale;
through the Unistream and Contact systems;
from a prepaid card (cards have now been discontinued, but activation of previously purchased ones is possible).

You can cash out the electronic money system in this way:

transfer to a card or bank account;
receiving from a Yandex.Money card at an ATM;
through the transfer system.

The main share of the electronic money circulation market in Russia falls on WebMoney and Yandex.Money; the role of other systems is much less significant. Therefore, we will consider only their characteristic features.

"PayPal"

"PayPal" is the world's largest electronic payment system, created in 1998 in the USA and has more than 160 million users. It allows you to receive and send transfers, pay bills and purchases.

For Russian participants, accepting payments became possible only in October 2011, and withdrawals have so far been carried out only to American banks. These circumstances significantly reduce the popularity of the system among domestic users.