Electronic money is a monetary obligation that is stored electronically. They are accepted as a means of payment if the technical capabilities are available to carry out this operation.
Electronic money, based on the quality of the electronic medium, is divided into two categories: service based on networks and based on smart cards. In addition, a distinction is made between anonymous and personalized payment systems. In anonymous or non-personalized systems, users are allowed to conduct transactions with electronic money without providing their personal data. In personalized, or non-anonymous systems, mandatory user identification is required.
Fiat e-money
Electronic money can also be fiat or non-fiat. Fiat funds are necessarily denominated in the state currency. They are included in the payment system of the state, so all organizations and individuals are required by law to accept them for payment. Circulation, redemption and emission of electronic fiat money occurs according to the rules of national central banks or other government regulators.
Network-based fiat e-money includes the widespread PayPal system. It is an electronic money operator and allows you to make purchases and pay bills, send and receive money transfers. The system works with 26 national currencies in 203 countries, although the full range of services is not provided everywhere.
The fiat electronic money based on smart cards includes the Visa Cash electronic wallet. It is a prepaid smart card that allows you to quickly and conveniently pay for small purchases.
Non-fiat e-money
Non-fiat electronic money belongs to non-government payment systems. The level of government control and regulation of such payment systems varies greatly from country to country. Often, non-fiat electronic money is tied to the exchange rates of world currencies, but their reliability and value component are not guaranteed by the state. Network-based non-fiat electronic money has become widespread.
WebMoney - the American electronic payment system - is the most popular electronic transfer in the world. In Russia, in terms of the number of users, it surpasses Yandex. Money, a domestic electronic payment system, the functions of which largely coincide with WebMoney. Non-fiat electronic money is also represented by Wallet One, RBK Money, QIWI, Eleksnet, EasyPay, Money @ Mail. Ru.
