Currently, the global financial system can no longer do with cash and bank transactions using plastic cards. In accordance with the trends of the times, services that function as electronic payment systems are dynamically developing today. The list of these financial resources is regularly updated, and even online investments can no longer do without them.
In the early nineties of the last century, e-commerce began to emerge, which aimed to simplify traditional financial transactions. It is the electronic settlements implemented through the online services of payment systems that were able to implement all the beneficial characteristics (speed and anonymity) of e-commerce.
Payment systems refers to all online payments that are made over the Internet. It was the capabilities of the network that made it possible to implement these services, the demand for which was due to the market situation itself. Today it is no longer possible to imagine the modern world without numerous trade transactions that can be carried out without leaving home.
General concepts
Currently, credit systems using bank cards and electronic money can act in this context. The technology of using bank cards (Assist and CyberPlat systems operate in Russia) allows their holder to make purchases in online stores in real time. In this case, paying for goods or services by credit card means settling from a bank account, as well as receiving a statement and payment history.
Thus, the capabilities of the network allow the client to make a money transfer by registering this transaction through any Russian bank. Today, without leaving your home or office, you can make any purchase in an online store, pay for standard services, including network providers, cellular operators or utility service providers, and transfer funds using the payment system to any banking institution.
Another popular niche of payment systems is occupied by resources that use electronic money for payments. Financial calculations in this case use the introduction of digital equivalents of real money into circulation. In many cases, this payment format is the most convenient and profitable. After all, the modern consumer market for the most part is focused on small purchases. And payment systems using electronic money focus exclusively on such financial transactions, additionally protecting their users from the involvement of a third party and providing complete confidentiality of transactions.
Digital money technology enables the client to open an electronic wallet (an account in an electronic bank) without leaving home through the Internet resource. This electronic account is replenished by transferring within a specific system from other customers or by depositing money into it using banking operations (cash at the cash desk, postal order, bank transfer, credit card settlement).
The owner of an electronic wallet automatically becomes a client of this payment system from the moment the first payment is received on him and gets the opportunity to use all its resources. Moreover, within the framework of this system, a client can even create several electronic books on his computer or other gadget, where he must enter the necessary amounts of digital money from an electronic account for further calculations. After the receipt of electronic money on the book, the client becomes completely ready for further monetary transactions within the framework of this payment system. And each of his payments is authorized by the bank.
In the future, in this article, it will be precisely electronic payment systems that will be considered in view of their special versatility and demand today.
Principle of operation
It is important to understand that the creators of electronic payment systems create a unique digital product - an electronic currency with an original name that excludes the concept of "money" due to the legal aspect (the use of the word "money" is prohibited by Russian law). That is why all payment systems function in completely different ways.
Before becoming a client of any payment system, you need to understand that in this case, their users are not subject to such forms of financial security as financial guarantees and deposit insurance. That is, there is no legal regulation for payment systems aimed at protecting the rights of depositors. This aspect is in the full power of the founders of these resources, who are guided exclusively by their own reputation.
In its practical essence, the payment system is an Internet portal in which registered participants carry out certain transactions. All depositors have their own personal accounts with electronic wallets, which indicate a specific amount of electronic money in the account. Some thematic resources even have exchange offices for withdrawing cash.
Advantages and disadvantages
Payment systems working with electronic money have the following undeniable advantages:
- instant execution of transactions for the transfer of funds, conversion or payment for purchases online;
- confidentiality, which is of key importance for semi-legal activities of clients;
- a low level of commission due to a dense competitive environment in this segment of the service market;
- security (in comparison with cash);
- the ability to transfer funds to any bank accounts;
- a wide range of operations, including the possibility of payment, telephone, utilities, Internet;
- high availability, which allows using the resource for, for example, remuneration of remote employees.
The following factors are among the disadvantages of payment systems:
- the legality of services is conditional, which creates a number of problems with the safety of the safety of deposits;
- conversion to cash has a high cost;
- electronic money today can not be paid for all purchases in the network.
Since the legal regulation in our country does not provide for the protection of these services, today there are cases of fraud when five-minute thematic sites are created on free hosting. Therefore, in order to verify the authenticity of the declared payment system, potential customers need to find out with which financial structures it cooperates. If they include, for example, "Sberbank", "VTB" or "Gazprombank", then this indicates a worthy reputation of the resource.
List of major payment systems operating in Russia
The main Russian platforms using electronic money are the following payment systems.
Yandex. Money is one of the most popular payment systems in Russia, which is a serious financial instrument for many types of payments, including payments for network services, games, telephone, housing and communal services, purchases in online stores.
MIR - National payment card system founded by the Central Bank. It guarantees safe and uninterrupted operation in the implementation of any financial transactions in Russia.
Arsenal Pay is a reliable payment system for Primorsky Krai. It is designed to carry out any financial transactions without calculating hidden commissions.
In addition, there are international payment systems that successfully operate in Russia.
WebMoney is the international leader among payment systems, working with individual currency guarantors. Users are identified by unique WMID numbers.
PayPal is a worldwide payment system that performs financial transactions calculated in real money.
QIWI (QIWI) is an instant payment system, the market segment leader.
Is it worth using payment systems
Currently, the high demand for "electronic wallets" is due to their serious advantageous characteristics. After all, the convenience of payments, for example, in online stores that accept electronic money, is recognized by everyone.
An important element of the financial protection of customers is the very algorithm of payment systems focused on electronic settlements, which provides for the payment status "with the protection of a trade transaction" payment for the goods only after its delivery to the buyer.
