The main problems of the development of electronic money. The problem of regulation of electronic money in the Russian market. Prospects for the development of the electronic money system in Russia

Collection output:

SECURITY ISSUES IN THE USE OF ELECTRONIC MONEY

Shkarupelova Anna Sergeevna

student, Volgograd State Technical University,

Trunina Valentina Fedorovna

Candidate of Sociological Sciences, Associate Professor, Volg.STU, Volgograd

The Russian law "On the National Payment System" contains the following definition of electronic money - these are funds that are previously provided by one person (the person who provided the funds) to another person, taking into account information on the amount of funds provided without opening a bank account (obligated person), to fulfill monetary obligations of the person who provided the funds to third parties and in respect of which the person who provided the funds has the right to transfer orders exclusively using electronic means of payment. At the same time, funds received by organizations engaged in professional activities in the securities market, clearing activities and (or) management of investment funds, mutual investment funds and non-state pension funds and accounting for information on the amount of funds provided without opening a bank account in accordance with the legislation governing the activities of these organizations.

The term "electronic money" is relatively new and is often applied to a wide range of payment instruments that are based on innovative technical solutions. The consequence of this is the lack of a single, globally recognized definition of electronic money, which would unambiguously define their economic and legal essence.

Electronic money is characterized by an internal contradiction - on the one hand, they are a means of payment, on the other hand, the obligation of the issuer, which must be fulfilled in traditional non-electronic money. Such a paradox can be explained with the help of a historical analogy: at one time, banknotes were also considered as an obligation payable in coins or precious metals. Obviously, over time, electronic money will be one of the varieties of the form of money (coins, banknotes, non-cash money and electronic money). It is also obvious that in the future, central banks will issue electronic money, just as they now mint coins and print banknotes.

A common misconception is the identification of electronic money with non-cash money.

Increasingly, reports began to appear about the theft of electronic money, the security of which, as it turned out, was rather inferior.

Firstly, we are talking about a system of risks that each owner of an electronic wallet is associated with. It depends on the method of storing electronic currency and information transfer technologies. First of all, the owners of electronic wallets are concerned about how operational risks are solved, that is, the risks associated with a failure in the payment system. Despite the fact that the human factor in the functioning of electronic money is minimized, it is he who causes fears associated with operational risks. Errors at this level lead to financial losses. And breaches in the security system in electronic wallets contribute to problems at the level of each party - the participant.

A significant place is also occupied by the fact of fraud associated with the use of electronic money. Dangerous are changes in information about an electronic wallet when paying for services on the World Wide Web, unauthorized refusal to pay for a service provided, and transactions under a false name.

If we talk about the problems of implementation, which also exist, then we can report the following.

The central banks of most states are very wary of the development of electronic money circulation. They see the main threat in uncontrolled emission, as well as the risk of a large number of possible abuses.

There are many controversial issues regarding the introduction of electronic money. The introduction of electronic currencies raises a number of issues, such as fundamentally unresolved problems in tax collection, issue security, lack of emission and circulation standards, electronic non-fiat money, concerns about the use of electronic payment systems for money laundering.

Quite complex technologies are used for the circulation of electronic money, and commercial banks are not always willing and able to independently develop new products.

The main reasons for the reluctance of banks to develop projects related to electronic money are:

1. the need to finance developments, the fruits of which can be used by competitors;

2. difficulties in cooperation with other banks in order to share the costs of innovative developments;

3. cannibalization of already existing banking products with new ones;

4. lack of qualified specialists in their own staff;

5. uncertainty about the reliability of outsourcers.

Against the backdrop of problems with the implementation of "electronic money" projects by commercial banks, a lot of small projects and start-ups appear on the market, the main problems of which at the moment are:

1. extremely small size of the real market of "electronic money";

2. priority orientation of legislation in the field of payment systems to the banking industry;

3. the unwillingness of regulators to let companies “not banks” into the market of payment systems;

4. a large number of competing and poorly oriented technologies for their consumers and the lack of standards.

Despite the fact that electronic cash potentially provides quite a lot of positive effects, such as ease of use and privacy, lower associated fees, new opportunities for the business community with the transfer of financial and economic activity to the Internet, there are many contentious issues regarding the implementation of electronic money.

Also, the creation and operation of electronic currencies raises a number of additional issues related to taxation and issues of money laundering procedures. Also, many states are concerned about the problem of confidentiality and the possible leakage of personal data of their citizens.

When using electronic money, negative macroeconomic effects may also appear: such as exchange rate instability, lack of real monetary support. That is, there may be a possibility that the amount of virtual money will at some point exceed the amount of real money.

Also, problems with the use of electronic money may arise due to their liquidity, expressed in the value of real money, as well as the obligations that are imposed on the issuer (similar to the problems that arise when using securities).

The threat is also hidden in the software of the electronic money holder system. If damaged, it can be susceptible to viruses and other attacks "from outside". The same applies to the use of unpopular and little-spread electronic systems: fraud can catch up with transactions and affect the functioning of the electronic money system, eliminating all available funds. The most dangerous, however, is the risk of intruders penetrating the E-money system. Using modern technologies, fraudsters can not only “rob” the owner of an electronic wallet, but also falsify Internet funds.

Disadvantages of electronic money:

1. lack of well-established legal regulation - many states have not yet decided on their unambiguous attitude to electronic money;

2. despite excellent portability, electronic money needs special storage and circulation tools;

3. as in the case of cash, when the electronic money carrier is physically destroyed, it is impossible to restore the monetary value to the owner;

4. there is no recognition - without special electronic devices it is impossible to easily and quickly determine what kind of object, amount, etc.;

5. the means of cryptographic protection used to protect electronic money systems do not yet have a long history of successful operation;

6. theoretically, interested parties may try to track the personal data of payers and the circulation of electronic money outside the banking system;

7. security (protection against theft, forgery, denomination change, etc.) - not confirmed by wide circulation and a trouble-free history;

8. Theft of electronic money is theoretically possible, using innovative methods, using the insufficient maturity of protection technologies.

The fraud that exists in the traditional payment system is likely to exist in the proposed systems of the future. The issue of ensuring the security and confidentiality of settlements using electronic money can be effectively resolved through the development of special legislation and the development of uniform standards for secure settlements.

Solving these problems takes time and a lot of effort. First, you need to use secure devices, encoding information and user identification. Secondly, you should work on constantly updating the databases used and restrictions on the use of E-money. Thirdly, it is necessary to create a certain legislative framework and monitor the use and processing of user data. One way or another, work in this direction is already underway, and it is possible that after a while, the security of using electronic money will be much higher than it is now.

Bibliography:

1. Banking: Textbook / Ed. O. I. Lavrushina. - M.: Finance and statistics, 2004. 120 p.

2. Plastic cards in Russia. Collection. Comp. A. A. Andreev, A. G. Morozov, D. A. Ravkin. M.: Bankcenter. 2003.p. 51.

• ELECTRONIC MONEY
• ELECTRONIC WALLETS
• MARKET OF ELECTRONIC PAYMENTS
• PAYMENT SYSTEMS

The article reflects the features of the functioning of electronic money in the Russian market. The electronic payment market is a new direction in our country, which is developing at an accelerated pace. As a result, the question of its regulation is increasingly being raised.

• Product differentiation in the Russian air transportation market
• The influence of the central bank on exchange rate fluctuations

The development of forms and types of money is directly related to the development of production relations. When the previous forms and types of money begin to slow down the process of production and exchange, new forms (types) of money begin to appear. Economic necessity also demanded the appearance of electronic money, the form of manifestation of which was not a piece of paper or metal, but electronic impulses stored in the computer's memory. Due to the rapid pace of development of the circulation of electronic money, there are no norms and rules for regulating the issue and circulation of electronic money on the territory of the Russian Federation in the legislation, and there is also no concept of "Electronic money" at all. Thus, there was a problem of definition of essence of electronic money and their functioning. The relevance of the chosen topic lies in the fact that these problems are currently the main brake on the development of electronic payment systems.

Electronic money is a new form of credit money and represents, on the one hand, a prepaid financial product, and, on the other hand, a monetary value expressed in currency units and stored in electronic form on an electronic device. They are not linked to any account with a financial institution and are an interest-free obligation of their issuer. Therefore, electronic money should not be identified with deposit money.

The first electronic money appeared in the early nineties of the twentieth century. In 1993, digital money "Digi-Cash" was introduced into circulation for the first time. They were based on the technology of smart cards - plastic cards with a computer chip, which recorded information about the amount of money in the account. But then the "electronization" of money went further! In 1998, programmers in the United States created the first PayPal system, which allowed computer users to send money to each other via e-mail. And in Europe, around the same time, the PhonePaid system was developed, which allows transactions to be carried out using mobile phones. But these were still hybrid electronic payment systems, which still required the numbers and data of real plastic cards. But then a lot of “Internet money” systems were created, which had their own Internet wallets and a number of ways to transfer real money into “Internet money”, and vice versa, bring “Internet money” into real life: Clickshare, E- gold, Internet Cash, NetCheque, MoneyBookers.

For transactions with electronic money, electronic wallets are usually used. On the part of the owner of funds, an electronic wallet is a unique identifier, as well as one or more interfaces for interacting with the system, which allow you to control funds and make payments. Sometimes, working with electronic money requires the installation of special software on the user's computer, but more often interaction occurs using standard tools, such as Web or WAP browsers, SMS, or even voice interfaces (IVR).

A simple settlement scheme using electronic money includes the following steps (Fig. 1):

The buyer exchanges real money in the issuing bank for electronic money in advance.

The buyer transfers electronic money for the purchase to the seller's server.

The money is presented to the issuer, who verifies their authenticity.

If electronic banknotes are genuine, the seller's account is increased by the amount of the purchase, and the goods are shipped to the buyer or the service is provided.

Rice. 1 settlement scheme using electronic money

With the help of electronic money, it is possible to make a fairly wide range of different payments. These are internal payments of the payment system within which electronic money is issued, as well as payments to external systems, including ordinary bank transfers.

Data on the state of funds is stored on an electronic device owned by the user. In the event that electronic money is a product implemented on cards, then the value is usually stored on a microprocessor chip built into a plastic card - smart cards.

In Russia, electronic money occupies a special position, because due to the very low level of penetration of personal banking services at the moment, electronic money is the only method of non-cash payments used for a very large number of people.

The electronic payment market in Russia began to develop at a time when this market was already dynamically developing and regulated throughout the world. By the time Russian non-state payment systems (WebMoney, Yandex.Money, Single Wallet, RBK money, Credit Pilot, Rapida) appeared, the Russian consumer already had an idea about electronic money. Therefore, it was not difficult for Russian non-state payment systems to embark on the mission of electronic money surrogates and rapidly expand the number of their customers.

Already at the initial stage of development, Russian payment systems quickly gained the attention of customers and demonstrated rapid growth.

According to official data of payment systems, at present, every 15th resident of Russia pays for his purchases using electronic money.

To date, the leaders of the Russian electronic money market remain Yandex.Money and QIWI wallet, the combined share of which is about 43%. Figure 2 shows the popularity of payment systems according to the E-Money version. The most famous and frequently used electronic money service in Russia is still Yandex.Money. Among residents of large cities aged 12 to 55, 22% have paid at least once in the past six months through Yandex.Money. Through QIWI.Wallet - 21%, WebMoney - 19%, PayPal - 14%, Money Mail.ru - 6%. Yandex.Money and Qiwi are more popular among teenagers - 27% of young people use them, while WebMoney and PayPal attract only 24% and 14% of such users, respectively. Users from 46 to 55 choose WebMoney and Yandex.Money - 46% and 40% respectively. Through Qiwi and PayPal in this group, 2 times fewer users pay (29% and 27%, respectively).

Fig.2 Popularity of payment systems

Table 1 presents data on the volume of replenishment of electronic wallets, as well as the number of active electronic wallets.

Table 1

These tables show that the main indicators of the development of electronic money have a fairly rapid growth: in 2013, the volume of replenishment of electronic wallets increased by more than 3 times compared to 2011, and the number of active electronic wallets also increased significantly.

According to J'son & Partners ( a leading international consulting company specializing in the markets of telecommunications, media, IT and innovative technologies in Russia, the CIS, Central Asia since 1996. ), the turnover of the XPS market in Russia in 2013 amounted to 2.4 trillion rubles, showing an increase of 27% compared to 2012. The turnover of payments through electronic money systems increased by 43% over the year and amounted to 0.44 trillion rubles, or 18% of the turnover of the EPS market. Also, according to J'son & Partners Consulting, the number of transactions in the electronic money segment increased by 22% over the year and amounted to 0.55 billion rubles.

Significant growth of the market is associated both with the expansion of the possibilities of using electronic money (improving the functionality of mobile versions, expanding the list of services available for payment, etc.), and with the ability of most players to make deposits directly from bank cards and issue virtual cards.

According to AED statistics, the most common purpose of electronic payments is online games and entertainment, and government payments are the most unclaimed (Fig. 3).

Fig.3 Main directions of electronic payments

However, despite the intensive development and significant advantage of using electronic money, there are many unresolved problems and issues related to tax collection, provision of emission, circulation of electronic money.

The lack of legal regulation in this area also leads to the insecurity of Russian users in terms of the possibility of claiming funds placed in the payment system, receiving compensation in case of software failures, as well as in terms of maintaining the confidentiality of providing personal data. Issues such as: consumer protection, competition, affordability, breadth of application are of particular concern to financial public authorities.

An important issue in the functioning of electronic payments is the assessment of potential risks, the consequences of which are not clearly defined. It can be argued that the risks associated with electronic money systems are also inherent in traditional retail payment mechanisms: operational risk, reputational risk, legal risk, strategic risk.

The degree of fraud that leads to material damage to the user of electronic money or their issuer, disclosure of confidential information depends on the security of electronic money systems.

A direct consequence of the legal unsettledness of the sphere of issuing electronic money is the insecurity of the user (the possibility of claiming funds placed in payment systems, maintaining confidentiality of personal data provided, receiving compensation in case of software failures). Operations of electronic payment providers, taking into account the terminology used in the contracts, for example, "electronic account", can be classified as illegal banking activities. Indeed, opening and maintaining bank accounts, making settlements, making money transfers on behalf of individuals without opening a bank account are strictly classified by Law No. 395-1 “On Banks and Banking Activity” as banking operations.

In Russia, the activities of Internet payment providers are governed by general civil law principles, therefore a wide range of broad schemes are used, often without determining the legal consequences for the participants. In general, the legal registration of relations between electronic payment systems and users is divided into 2 main groups. Some systems operate strictly according to the agency scheme (Yandex.Money), within which they are intermediaries in the transfer of payment between buyers of goods and their suppliers. Other systems attract credit organizations to issue instruments that are used to make settlements between clients (for example, WebMoney transfer uses electronic checks to bearer as a settlement instrument in rubles).

In the first case, the legal basis for the transaction is the provisions of the Civil Code of the Russian Federation Chapter 52 (payment service provider, acts on behalf and at the expense of the principal, which is the supplier of goods and services), in the second - the Civil Code of the Russian Federation Chapter 46 (considering checks as a non-cash form of payment ). The legal risks of the check settlement scheme are associated with the recognition in Russian legislation of electronic checks to the bearer (in accordance with Article 149 of the Civil Code of the Russian Federation, a non-documentary form can only be used to fix the rights secured by a registered or order security) and the possibility of treating them as money surrogates, settlements which are prohibited on the territory of the Russian Federation by the law "On the Central Bank of the Russian Federation".

From the foregoing, we can conclude that the creation of a regulatory framework for the regulation of electronic money is a relevant and important aspect of the functioning of this area.

In October 2009, the leading companies of the Russian market of electronic payments within the framework of the round table "Electronic money: in search of regulation" announced the creation of the Association "Electronic money" (AED). Companies such as I-free, WebMoney, Yandex.Money, QIWI payment service, national industrial associations NAMIR and NAUET have joined the association.

The founders of the association determined the main goal of the AED: the development of the electronic money market as a public financial service in the interests of the population, the state and industry participants. The following tasks were identified:

serious work on the legislative aspects of regulation of the electronic money market;

expanding the level of interaction between market participants among themselves, with other business entities and government bodies;

increasing market transparency and developing best business practice criteria;

popularization of services provided on the basis of electronic money, and protection of the rights of their consumers.

Important events in the process of regulating the electronic money industry were the creation of the concept of the law on the National Payment System and the beginning of work on the law on electronic money. According to the AED participants, legislation that takes into account world experience and business practice can become a powerful impetus for the development of high-tech payment instruments. These processes echo the adoption of the European Directive 2009/110, which has become a synthesis of almost a decade of experience in the application of the European Directive 2000/46 on electronic money. Industry participants consider the principles of European law (equality of banking and non-banking players, simplified regulatory regime for small and specialized systems, simplified identification for small payments) as key and critical for the future regulation of the market in Russia.

It is also possible that electronic money will soon be legalized and brought under control. The government submitted to the State Duma a draft law "On the National Payment System".

Currently, the development of the electronic economy is gaining momentum, including the development of electronic money, every year the number of people using electronic money is growing.

The main prospects for the development of the electronic economy and electronic money systems are mainly related to mobile commerce, local micropayments, and all intensive integration with universal personal financial services.

Despite the rapid development of electronic payment systems, online shopping systems and other opportunities for using electronic money, the main problem of the system in Russia remains the lack of regulation and rules for conducting transactions with electronic money.

Obviously, over time, electronic money will officially be one of the varieties of the form of money. It is also quite possible that in the future all Central Banks will issue electronic money, just as they mint coins and print banknotes now.

Bibliography

1. Grigoryan S.A. Trends in the development and regulation of the Russian market of electronic banking services // Money and credit. [Text] / 2008. No. 10.
2. Kuznetsov V.A. and others. Prepaid retail payment instruments - from traveler's check to electronic money. [Text] / M.: Market DS, 2008.
3. Electronic money and mobile payments: an encyclopedia. [Text] / M.: KnoRus, 2009.
4. Yurov A.V. Cash and electronic means of payment: assessment of prospects [Text] / Money and credit. 2007. No. 7.
5. Yanov, V. V. Money, credit, banks [Text] / textbook. allowance for universities in the direction of preparation. "Economics" (qualification (degree) "bachelor") / V. V. Yanov, I. Yu. Bubnova. - M.: KnoRus, 2014.
6. Electronic money [Electronic resource] // arteconomics.ru
7. Association "Electronic money" (AED) [Electronic resource] // npaed.ru
8. Civil Code of the Russian Federation (Civil Code of the Russian Federation) dated January 26, 1996 N 14-FZ [Electronic resource] // URL: http://www.consultant.ru/popular/gkrf2/
9. E-money [Electronic resource] // http://www.e-moneynews.ru/
10. Electronic wallets in law [Electronic resource] // www.rg.ru/2010/11/17/dengi.html

According to analysts, in the near future, electronic means of payment will completely displace cash and checks from the market, since they represent a more convenient way to pay for goods and services. However, experts warn that banks will face competition from financial service providers in this area, given that a provider that provides users with a convenient and simple interface will be able to keep them for a long time.

In the past few years, the popularity of trading shares of companies via the Internet has been growing rapidly in the world. Individual investors got the opportunity to conclude transactions, in fact, without leaving their homes by means of electronic money.

With the spread of online trading, the number of transactions of small volume began to increase. Internet trading is currently developing steadily in other sectors of the financial market: the state securities market, foreign exchange and futures. Despite all the advantages of electronic money, they are not very popular. However, according to forecasts, in the next five years, electronic money technology will be significantly improved, and by the end of 2009, the volume of electronic payments will be 60% of all online transactions, although now this figure does not exceed 14%. Companies that accept e-money can expect to reduce the costs of non-payment of bills when using credit cards, as well as to increase the volume of commercial transactions between producers and consumers, as well as between individual users. The shock technology for electronic money is smart-card technology, that is, plastic cards with a computer and cryptographic software inside. Such a card, as already noted, will be suitable not only for paying for goods in stores, but also for payments on the Internet. Already today, electronic money based on smart cards has appeared in Russia, marked for "for paying traffic police fines." Electronic money technology is attracting considerable interest, and many merchants are starting to use this form and these means of payment.

There are many controversial issues regarding the introduction of electronic money. The introduction of electronic currencies raises a number of issues, such as fundamentally unresolved problems in collecting taxes, ensuring emission, the lack of standards for ensuring the emission and circulation of electronic non-fiat money, and concerns about the use of electronic payment systems for money laundering.

The main reasons for the reluctance of banks to develop projects related to electronic money are:

• - the need to finance developments, the fruits of which can be used by competitors;
• - difficulties in cooperation with other banks in order to share the costs of innovative developments;
• - cannibalization of existing banking products with new ones;
• - lack of qualified specialists in their own staff;

Against the backdrop of problems with the implementation of "electronic money" projects by commercial banks, many small projects appear on the market, the main problems of which are:

• - while the size of the real market of "electronic money" is very small;
• - priority orientation of legislation in the field of payment systems to the banking industry;
• - unwillingness of regulators to let companies - "not banks" into the market of payment systems;
• - a large number of competing and poorly oriented technologies for their consumers and the lack of standards.

It is obvious that the problems of the still new market of "electronic money" can be solved by a long evolutionary path, or with the help of large infrastructure projects initiated by states.

Electronic money is especially useful and convenient when making mass payments of small amounts.

For example, when paying in transport, cinemas, clubs, paying utility bills, paying various fines, making payments on the Internet, etc. The process of paying with electronic money is fast, there are no queues, there is no need to give change, money is transferred from the payer to the recipient quickly .

Electronic money is most correctly compared with cash, since the circulation of non-cash money is necessarily personified and the details of both parties are known. In the case of payments by electronic money, it is enough to know the details of the recipient of the money.

The prospects for the use of electronic money will completely displace cash and checks from the market, as they represent a more convenient way to pay for goods and services.

Despite all the advantages of electronic money, they are not very popular. Companies that accept e-money can expect to reduce the costs of non-payment of bills when using credit cards, as well as to increase the volume of commercial transactions between producers and consumers, as well as between individual users. The shock technology for electronic money is smart-card technology, that is, plastic cards with a computer and cryptographic software inside. Such a card, as already noted, will be suitable not only for paying for goods in stores, but also for payments on the Internet. Electronic money technology is attracting considerable interest, and many merchants are starting to use this form and these means of payment. one

In 2012, 2.1 billion transactions worth 9.1 trillion rubles were made on the territory of the Russian Federation using payment cards. rubles, of which cash withdrawal operations amounted to 76.2% in terms of number and 88.9% in volume, payments for goods and services - 23.4 and 9.7%, other operations (transfers “from card to card” , payments for charitable purposes, etc.) - 0.4 and 1.4%. Significant growth rates of payments for goods and services (42.0% in terms of quantity and 51.1% in terms of volume) are directly related to the development of infrastructure for accepting cards for payment. one

The growth of non-cash payments was facilitated by the installation of trading terminals - in just 9 months, 23.6 thousand new devices appeared in stores (the total number reached 118.3 thousand). In the previous three years, their number grew by 6-18 thousand annually. At the same time, the number of payment card users is increasing, as well as their income level. The role is played by the growth of wages, which an increasing number of companies transfer to their employees on card accounts. Bank customers are gradually getting used to non-cash payments. This is facilitated by the tariff policy of institutions. Indeed, it is often necessary to pay a commission for cash withdrawals, especially if the card is a credit card. 2

According to PrivatBank, which analyzed the spending of 16 million cardholders, most often citizens use cards in grocery stores and supermarkets - 51% of transactions. The second position was occupied by the purchase of household appliances, computers and mobile phones - 32%, the third - settlements at gas stations (5.6%). Other operations, in particular entertainment, cafes, purchase of clothes, shoes and jewelry, accounted for a total of 11.4%. “Daily grocery shopping is the most popular, and among active Internet users, the purchase of air tickets is common. 3

The growth of non-cash payments in the future should also be facilitated by the technology of contactless payments, which is promoted by the largest payment systems: MasterCard-PayPass, and VISA-PayWave. “We put a lot of effort into explaining to payment card holders that cards are a convenient and safe payment instrument. To do this, the company allowed to withdraw cash from Debit MasterCard cards at any ATM for free.

This allows you not to worry about finding "your" ATM in order to immediately withdraw the entire salary. As a result, people begin to pay more actively with cards, and withdraw cash as needed,” she says. Reduced tariffs and VISA. one

Market participants believe that the main brake on the development of cashless payments is the shadow economy. Large retail chains that declare the full volume of sales have long accepted payment cards for payment and even actively participate in payment systems campaigns to popularize these operations. And it is unprofitable for small traders - in order to reduce taxation, they hide part of the turnover. Citizens prefer to make some purchases at the bazaar, where it is not possible to pay with payment cards.

Bankers are betting on mobile payments. “Internet banking and mobile apps are among the most popular banking channels. People who have tried to pay bills via the Internet and receive transfers to a card in terminals are unlikely to get cash in stores.” In addition, the development of cashless payments continues to be constrained by customer stereotypes. “Many cardholders are afraid to pay with them or simply do not know about this possibility, believing that the card is needed only to receive a salary. 2

The annual maintenance of Sberbank electronic cards is charged immediately upon its activation. For the convenience of debit and credit card holders, subsequent annual card maintenance fees are deducted by the Bank from the card account automatically. If desired, payment can be made through the bank's cash desk, but I think if there are huge queues at Sberbank branches, you are unlikely to have a desire. Depending on the type of your credit card, the cost of annual service at Sberbank of Russia can be 750 or 3000 rubles. Other fees that will be charged when using the card can be found in the tariff plan. one

The turnover of just one successfully delivered payment terminal can reach 30 thousand rubles. The income of the terminal owner is formed from three to five percent of the external commission of payers and a two percent external commission of the service operator, half a percent of which goes to the payment system. Among the leaders of payment systems, experts identify three main payment systems that hold about 80% of the federal market - these are "e-port", "Cyberplat" and "OSMP" ("United System of Instant Payments"). Payment terminals are still in demand. But they were replaced by cashless payments.

Of course, commissions will decrease, because in the event of a transition to cashless payments in general, bank ATMs will become our direct competitors.
Progress does not stand still. Already today, payment terminals are equipped with readers that allow the use of bank cards and any documents containing a barcode (receipts, discount cards, etc. 2

In the modern world, sadly, everywhere, not only in real life, but also in the Internet space, there is crime, and electronic payment payment systems, scammers have not bypassed.

As statistics show, the most common online currency scams are based on our ineradicable desire to unconditionally trust almost every person we meet.

Each of the people who work with electronic payment systems can fall for the bait of scammers, and probably many of them did. A common and very common situation that almost every one of us has met in our lives, when you ordered something on the Internet, paid for everything, but in the end, did not receive either the product or your money. one

Every day, only in the Russian Internet space, millions of contracts are concluded, the most diverse, from the purchase and sale to the performance of any work. And in all this diversity there is a very big risk of running into scammers. The solution to all problems is to contact the special Internet resource SafeDeal.ru. This site gives you the opportunity to conclude any contract with your partners, which will have real legal force. That is, in case of non-fulfillment of the contract by your counterparty, you can easily file a lawsuit in court or have the right to recognize the contract as invalid, in a civil procedure. The essence of the work of this resource is that the administrators of this site themselves check all the necessary information about your partner, they will be able to guarantee the security and legal force of your contract. Of course, you may doubt whether they can be trusted. But the numbers can convince you, because in the first few days of work, this service has successfully assisted in the conclusion of a contract for more than 100 clients. Of course, such services are not free, but 3% of the transaction value is not that much money to guarantee the security of your contracts. 2

Thus, firstly, electronic money is a new form of credit money, presented in the form of electronic impulses on a technical device and performing in the aggregate the functions of a measure of value, a means of circulation, a means of payment, as well as the function of world money.

Secondly, the nature of electronic money is multifaceted. Electronic money has not only a commodity, but also a credit, legal and informational nature.

Thirdly, in its evolutionary development, electronic money has gone from a non-cash form of circulation to a cash form of circulation.

Fourthly, electronic money is constantly evolving, which is reflected, as we have seen, in the variety of their types.

When introducing electronic money into money circulation, the following main problems arise:

Lack of legal framework for the functioning of electronic money.

At present, the government structures of most countries are not striving to form a new legal framework for electronic money, preferring to adjust the existing legislation to suit them. The solution of the security problem can be carried out by technical, functional and legal methods.

Technical methods include the use of secure hardware and software devices, information encoding, and user authentication.

To functional methods - the establishment of restrictions on the use of electronic money, periodic software updates and a number of other measures. The legal method is a legislative framework that regulates the use and processing of electronic money and establishes liability for violations of the law. Also, every year payment with electronic cards becomes more relevant, as it is very convenient and simple.

The central banks of most countries are very wary of the development of electronic money, fearing uncontrolled emission and other possible abuses; although electronic cash can provide a host of benefits, such as speed and ease of use, greater security, lower transaction fees, new business opportunities with the transfer of economic activity to the Internet.

There are many controversial issues regarding the introduction of electronic money. The introduction of electronic currencies raises a number of issues, such as fundamentally unresolved problems in collecting taxes, ensuring emission, the lack of standards for ensuring the emission and circulation of electronic non-fiat money, and concerns about the use of electronic payment systems for money laundering.

Quite complex technologies are used for the circulation of electronic money, and commercial banks are not always willing and able to independently develop new products.

The main reasons for the reluctance of banks to develop projects related to electronic money are:

• - the need to finance developments, the fruits of which can be used by competitors;
• - difficulties in cooperation with other banks in order to share the costs of innovative developments;
• - lack of qualified specialists in their own staff;
• - Uncertainty about the reliability of outsourcers.

Against the backdrop of problems with the implementation of "electronic money" projects by commercial banks, a lot of small projects appear on the market, the main problems of which at the moment are:

• - extremely small size of the real market of "electronic money";
• - priority orientation of legislation in the field of payment systems to the banking industry;
• - Regulators' unwillingness to let non-bank companies into the payment systems market;
• - a large number of competing and poorly oriented technologies for their consumers and the lack of standards.

Russian business entered the electronic payment market at a time when this market was confidently and dynamically developing and regulated all over the world.

By the time Russian players appeared - electronic non-state payment systems such as WebMoney, Yandex.Money, Single Wallet, RBK Money, Rapida, the Russian consumer already had ideas about electronic money and the need for electronic payments.

And the listed Russian non-state payment systems have begun issuing electronic money surrogates, expanding the number of participants accepting these means of payment.

It should be said that electronic means of payment are divided into electronic money proper and money surrogates.

Electronic money is necessarily expressed in one of the world currencies and is a kind of monetary units of the monetary system of one of the states. From this it follows that the emission, circulation and redemption of electronic money occur according to the rules of national legislation.

Electronic money surrogates are electronic units of value of non-state payment systems.

Accordingly, the emission, circulation and redemption (exchange for ordinary money) of electronic money surrogates occur according to the rules of non-state payment systems.

Often, non-state payment systems tie their electronic money surrogates to the rates of world currencies, but this does not guarantee the complete reliability and real value of such surrogates.

Having entered the market, Russian payment systems have demonstrated sufficient attractiveness for customers and very rapid growth: numerous data from payment systems show that at present every 15th resident of Russia pays for purchases with electronic money.

The volume of mobile payments (using paid SMS) shows a two-fold increase per year, and this segment is actively developed by mobile operators. More and more Russian credit institutions are adding online transactions to their range of services.

The user audience in Russia and the CIS shows continuous growth, and the demand for such operations is growing accordingly. Let us add that the inclusion of such banking services as Internet banking and other modern means of accessing a bank account (namely, traditional bank payment cards (both microprocessor and magnetic stripe) as electronic money and mobile payments) is one of the most common mistakes. , since in systems that carry out electronic money settlements, bank accounts are used only when entering and withdrawing money from the system, and in this case, the consolidated bank account of the electronic money issuer is used, and not card or current accounts of users.

A convincing growth in the volume of electronic payments and an increase in the number of involved participants, of course, cannot but bring to the fore such issues as: the legal nature of electronic money, the legal regime, guarantees and confidentiality, and the relationship between participants in the electronic payment market. Clearly follows the requirement to develop legal regulation of the electronic money market in Russia.

The legislation of the Russian Federation currently does not spell out the norms and rules for regulating the issue and circulation of electronic money on the territory of the Russian Federation.

Despite the fact that the Russian legal literature uses concepts similar to the definition of electronic money given in the EU Directive, there are other points of view on the nature of electronic money.

According to one point of view, electronic money is recognized as a non-cash means of payment of a special kind, since it has the property of divisibility, which makes it possible for them to perform the functions of a means of circulation and a means of payment.

However, a number of properties of "electronic money" contradict this point of view. In particular, the fact that they are a prepaid financial product, as well as the fact that the actual receipt of value is possible only after the transfer of "electronic money" into cash or non-cash.

Another point of view is that virtual monetary units represent the right of claim to the issuer, which is fixed with the help of special technical means, information carriers.

Accordingly, their circulation is a concession of the right of claim to the issuer. That is, at the moment of crediting money to an electronic account, the issuer of electronic money and the client enter into a contractual relationship. And in this case, the question of the legal nature of such an agreement remains open. When determining the legal structure of electronic money, it is necessary to take into account aspects of the current civil legislation. in accordance with the Civil Code of the Russian Federation, electronic money is not monetary, however, the Central Bank of Russia made attempts to regulate the electronic money market. Thus, when setting the task of regulating and legally defining electronic money, a serious comprehensive study of this issue is necessary in order to draw an unambiguous conclusion in favor of one or another legal structure.

The legal definition of electronic money precedes the next stage of regulation - the definition of issuers and a set of requirements for them, designed to ensure their solvency to customers.

At the current time in the territory of the Russian Federation there are ordinary legal entities operating through a network of certified partners and a system of bank accounts.

Some systems, such as Yandex.Money, work strictly according to the agency scheme, while others involve credit organizations to issue payment instruments that allow settlements between clients.

The latter include WebMoney Transfer, which uses electronic checks to bearer to pay in rubles.

The current lack of legal regulation also leads to the insecurity of users in terms of the possibility of claiming funds placed in the payment system, receiving compensation in case of software failures, as well as in terms of maintaining the confidentiality of the personal data provided.

Issues of a socio-economic nature, such as consumer protection, competition, accessibility, breadth of application, are of particular concern to financial authorities.

Another important aspect of regulation, which must be approached with all responsibility, is the issue of assessing the potential risks inherent in these systems, the consequences of which are not well defined.

With a high degree of certainty, it can be argued that the risks inherent in electronic money systems fall into the general categories inherent in traditional retail payment mechanisms, settlements in which are carried out by checks, payment cards: operational risk, reputational risk, legal risk and strategic risk.

Violation of the security of electronic money systems is fraught with the possibility of fraud, which leads to material damage to the consumer of electronic money or their issuer, disclosure of confidential information.

Also, electronic money systems seem attractive for the implementation of various schemes related to the legalization of proceeds from crime (the so-called "money laundering").

The anonymity of payments may cause issuers to find it increasingly difficult to apply traditional methods of detecting and preventing criminal activity.

The problem of identifying customers when making payments by means of electronic money, especially if payments, according to Russian legislation and regulations of the Bank of Russia, are subject to special control, seems to be particularly relevant.

All of the above considerations show how much the need for legal regulation of the Russian market of electronic payments is overdue.

ELECTRONIC MONEY: PROBLEMS AND PROSPECTS

N. N. parasotskaya,

Candidate of Economic Sciences, Associate Professor of the Department of Accounting in Commercial Organizations M. A. ARKHIPOVA, Student Financial University under the Government of the Russian Federation

At present, the achievements of scientific and technological progress make it possible to make purchases without leaving home, which became possible thanks to the invention of the worldwide computer network Internet. Electronic payment systems make it possible to purchase the desired product, regardless of where the buyer or seller is located. In Russia, this area is at an early stage of development. Many people think that electronic money is plastic cards that can be used to pay in shops, hotels, transport, buy tickets, etc. In reality, plastic cards such as Visa, MasterCard, Maestro do not belong to electronic money , but are only a means of accessing the account at the bank that issued the card.

The term "electronic money", one might say, is completely new and is used quite often for a wide range of payment instruments based on innovative technical solutions. Because of this, there is no single, globally recognized definition of electronic money, which would clearly and precisely define their legal and economic nature. Consider what is electronic money.

Electronic money is a relatively new form of money, which is the financial obligations of the issuer in electronic form, which are at the disposal of the user on an electronic medium. Their history begins around the 1950s, when bank records

accounts began to be carried out not only on paper media, but also on electronic media.

The next stage in the development of electronic money occurred at the end of the 1970s. The American specialist David Choum proposed the idea of ​​electronic cash, or electronic money. The first digital signature systems were developed, which was based on changes taking into account two passwords:

1) public (“open”);

2) individual ("closed"). Despite the fact that electronic money appeared quite recently, it can be argued with certainty that they have advantages over real money. Such advantages include simplicity and speed of settlements, etc. However, in Russia, electronic money has not completely replaced cash payments, which is primarily due to legislative problems, namely, the lack of a full-fledged status of electronic money and, as a result, mistrust from the side of society.

Electronic money meets three criteria:

Fixation and storage on electronic media;

Issue by the issuer upon receipt from other persons of funds in an amount not less than the issued monetary value;

Acceptance as a means of payment by other organizations.

As already mentioned, David Choum proposed the theory of "electronic money", the main idea of ​​which was that he introduced a system of "blind" digital signature. This means that the person signing the information sees only the necessary, necessary part of it, but digitally certifies the accuracy of all information. The issuer, in turn, sees only the denomination of banknotes, he does not know the serial number of the banknote - only the one who owns the banknotes knows it. Quite precisely in theory it is proved that a "blind" signature ensures the authenticity of all the information contained in the bill.

The new type of money at that time was characterized by anonymity, unlike popular credit cards. E-money was not taken into account on the accounts of the system's customers in the bank, and when making a payment, the payer's personal data was not even registered. But at that time, electronic money could not yet be a full-fledged means of circulation, i.e. the recipient did not have the opportunity to make payments for them, he only had the right to receive the monetary equivalent of electronic funds from the bank serving him.

This problem was partially solved in the 1990s. with the advent of another type of electronic money. So, suppliers of goods, consumers got the opportunity to transfer money to each other without the participation of banks. In the USA, Japan and EU countries, during the rapid development of Internet technologies, approximately 25 Internet payment systems were created. Subsequently, most of them ceased to exist or simply went bankrupt, for example, Beenz. com, Flooz. com, Goldmoney. com etc.

There are two types of electronic money:

Based on smart cards (card-based);

Based on networks (network-based).

All of them are divided into anonymous (non-personalized) systems, in which operations can be carried out without user identification, and non-anonymous (personalized) systems, which require mandatory user recognition.

Electronic fiat and non-fiat money should also be distinguished. A prerequisite for electronic fiat money is that they must be expressed in one of the state currencies. The state, relying on laws, obliges all citizens to accept fiat money for payment. Thus, the issuance of electronic fiat money, their

circulation and redemption take place according to the rules of state regulators on the basis of, for example, adopted national legislative acts, central banks, etc.

Since electronic non-fiat money is an electronic unit of value of non-state payment systems, their issue, circulation and redemption (when they are exchanged for fiat) occur according to the rules of non-state payment systems. In different countries, the level of regulation and control by government agencies over such payment systems varies greatly. Non-state payment systems often tie their electronic non-fiat money to the rates of world currencies, but at the same time, the state does not provide the real value and reliability of such value units. Electronic non-fiat money is a type of credit money.

One of the widely and frequently encountered errors is the assignment of modern means of accessing a bank account to electronic money, namely plastic bank cards, as well as Internet banking.

In electronic money settlement systems, bank accounts are used only when depositing/withdrawing money from the system. In this case, not card or current accounts of users are used, but a consolidated bank account of the issuer of electronic money. When issuing electronic money, traditional money is credited to the consolidated bank account of the issuer. When electronic money is presented for redemption, traditional money is debited from the issuer's consolidated bank account.

Another common mistake is to classify prepaid single-purpose cards as e-money, for example, gift cards, fuel cards, telephone cards, etc. The use of such a payment instrument does not apply to a new payment. Only at the moment of replenishment of the card or at the moment of purchase is a really real payment made. The use of such a card is a simple exchange of information about consumed services or goods and does not generate any new cash flows. Consider the most popular electronic money systems currently operating in Russia.

Webmoney system. The system was founded in 1988. When working with it, the user uses a web interface or special applications for

computer, tablet or mobile phone. In addition to payment instruments, the system has the ability to encrypt messages, all transactions are stored in a special database, from which it is possible to obtain individual details. Note that there is a minimum commission for depositing/withdrawing funds.

In addition, electronic money is very conveniently distributed to the corresponding currency electronic wallets. For example, there is a WMR wallet for rubles, a WMZ wallet for dollars, a WME wallet for euros, etc.

Yandex system. Money. This system was created in 2002 and is practically similar to the WebMoney system. It is an affordable and secure way to pay for goods or services online. This system provides the ability to pay fines, loans. Yandex system. Money is not a bank. When depositing funds into the system, the user receives an unallocated monetary obligations of the operator, which are signed by the digital analogue of his handwritten signature, i.e. the electronic analogue of cash - digital money. All funds in the Yandex. The money is secured by real bank accounts placed with the following banks: Alfa-Bank, VTB 24, OJSC Bank Otkritie, Sberbank of Russia. Since April 2012, users of the Yandex. It became possible to receive money and bank cards.

RBK-Money system. Another electronic money system created to make payments over the network. This system is the successor to the RuPay system. It should be noted that the RBK-Money system has limited capabilities. Payments in this system are possible only in the following areas:

■ payment for Internet services;

■ paying utility bills;

■ payment for telephone services;

■ pay for purchases in virtual stores.

The positive moment of the RBK-system

Money is that for the withdrawal of funds to a bank account or card in the amount of up to 10 thousand rubles. There is no commission per month.

E-gold system. This system is an example of a transnational anonymous system. All funds that make up its turnover are backed by precious metals and, accordingly, are not tied to any currency. Customers residing in Canada or the United States are subject to

the opportunity to receive part of the amount of their contribution in the form of precious metals. It should be noted and serious shortcomings of the system:

■ the difficulty of depositing funds - for this you will have to buy e-gold electronic money at an exchange office for the currency of the host country. But there is also a positive point - it is possible to replenish funds using WebMoney;

■ monthly fee for holding funds;

■ transfers on accounts within the system are also subject to commission.

There are, of course, the advantages of the system. These include the existing affiliate program, which consists in the fact that each user of this system you attract will bring you a certain percentage of its turnover.

There are both advantages and disadvantages in the use of electronic money. Consider the problems and prospects for the development of electronic money.

I would like to note that the main problems in the development of electronic money are 1: 1) unpopularity.

The share of users of electronic payment systems remains minimal and does not exceed 10% of Russians. The supporter of these payment instruments is most often young people aged 18 to 24, as well as residents of Moscow and St. Petersburg. A number of factors hold back Russians from more active use of electronic money.

First, if we compare electronic money with bank cards, then electronic wallets are inferior, according to Russians, primarily in terms of reliability and safety of personal data. For example, 48% of Russians consider plastic reliable and only 15% are confident in electronic payment systems. The level of protection of personal data of bank card holders is also assessed by respondents as much higher.

Secondly, electronic wallets lose to bank cards in terms of commissions. If we compare these two payment services according to this characteristic, then 47% believe that plastic is preferable, and 18% - electronic money. 42% of Russians do not see differences in the amount of commissions.

1 Kochergin D. A. Electronic money: textbook. M.: Market DS, 2011.

In terms of convenience, electronic payment systems are also inferior to plastic (40% of votes for bank cards versus 29% for electronic money);

2) unwillingness of banks to develop projects related to electronic money;

3) unpreparedness of regulators to let companies “not banks” enter the market of payment systems and many other problems.

The Bank of Russia and other banks are extremely wary of the development of electronic money, as they are afraid of uncontrolled emission, although electronic money has many advantages, including speed and ease of use. The main reason for the reluctance of banks to develop such projects is the need to finance developments, the results of which can be used by competitors. In addition, banks are not very confident in the reliability of service providers (outsourcers). Apparently, the problems of the development of "electronic money" can be solved either by a long evolutionary path, or by supporting infrastructure projects initiated by the state.

But do not forget that in addition to problems, there are also such positive aspects as prospects. Currently, electronic money is considered as an acceptable substitute for cash for micropayments. But in terms of its qualities, electronic money is able to partially replace or completely displace cash in settlements. The amount that can be stored in an electronic wallet is constantly artificially limited. The reason for this is that regulators are not sure about the reliability and safety of using such a payment instrument. Obviously, in the absence of negative examples, this limit will either increase, or it will be completely canceled.

After the adoption of the Federal Law of June 27, 2011 N ° 161-FZ “On the National Payment System”, there is hope that electronic money will soon be fully legalized and taken under control. Experts believe that the need to regulate the electronic payment market is long overdue. According to Rossiyskaya Gazeta, the amount of funds that were transferred over 9 months. 2012 on electronic wallets amounted to about 39 billion rubles, which exceeds last year's figure by 40%. Active electronic wallets, or rather their number, increased by 20% over the year and amounted to 25 million.

Electronic money is very useful and convenient when making mass payments in small amounts, for example, when paying for transport, paying at cinemas, paying utility bills, various fines, when making payments on the Internet, etc. The process of paying with electronic money is really very fast, there is no queues, no need to give change, the money is transferred from the payer to the recipient instantly.

It is most correct to compare electronic money with cash, and not with non-cash, because when handling non-cash money, the details of both parties are known, and when payments are made with electronic money, it is enough to know only the details of the recipient. If we compare electronic money with cash, we can note a number of advantages of electronic money:

■ no need to pay change when making a payment;

■ high portability - the value of the amount is not at all associated with large amounts of money;

■ very low cost of issuing electronic money - no need to produce banknotes, mint coins, etc.;

■ no need to physically count money (this function can be performed by a storage instrument or a payment instrument);

■ simplicity of organization of physical protection of electronic money;

■ fixing the moment of payment by electronic systems;

■ the seller's inability to hide funds from taxation when paying through a fiscalized acquiring device;

■ electronic money does not require recalculation, packaging, transportation and organization of special storage facilities;

■ ideal persistence - electronic money is ideally preserved over time, i.e. does not lose its qualities;

■ qualitative homogeneity - none of the copies of electronic money has any special unique properties;

■ security - electronic money is more protected from theft, counterfeiting, denomination changes, etc.

It would seem that with such significant advantages, electronic money could long ago

fully coexist with real money and be equally used by the population, having received their trust.

But electronic money also has disadvantages:

■ there is no well-established legal regulation, many states have not yet determined their unambiguous attitude to electronic money;

■ the need for electronic money in special tools for storage and circulation;

■ in case of physical destruction of the electronic money carrier, it will be impossible for the owner to restore their monetary value;

■ lack of recognition;

■ it is impossible to directly transfer part of the money from one payer to another;

■ It is theoretically possible to steal electronic money using some of the latest methods, using insufficient maturity of protection technologies.

When solving the problem of transition to the use of electronic money, unfortunately, there are more questions than answers. But it is pointless to dispute that electronic money has a very rich untapped potential.

Speaking about the disadvantages and advantages of electronic money, we can say that the advantages

va - significant enough to more fully introduce and use electronic money, but banks are still afraid and do not want to take risks by developing such projects. And the population is still not very familiar with the concept of "electronic money" and has practically no idea about the purpose of electronic money, and the state has not yet fully decided on its attitude towards them. The fate of electronic money is a matter of time.