Review of electronic wallets. Electronic money: value, types, prospects

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 accounts computer memory banks, the management of which is carried out 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 electronically digital signature and redeemable at the time of presentation with 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 electronic access accounts are constantly evolving, however, money is still presented in the form of account entries.

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 communication, hosting, apartment, etc.);
transfer funds to a credit or debit card.

The transaction fee is 0.5% for each payment transaction. When withdrawing cash to a bank account or in another way, the Yandex.Money system retains 3% of the amount of withdrawn funds, 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:

realize financial transactions and pay for goods (services) on the Internet;
pay for services mobile operators, Internet and television providers, pay for media subscriptions;
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 global information system 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, carry out transactions with other participants, issue and maintain their own instruments.

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 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. Began her work on Russian market in early 1998, is 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.” On 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 payment 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 access 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 widespread use 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. Account number in payment system Stormpay is the address email. 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. Payment PayPal system 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 mobile phone with access to the Internet, 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 mailing 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 payment a large number 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);
opportunity automatic sending funds on a schedule without user participation;
the system commission is 1% of the payment amount and is deducted from the sender.

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 in payment system and functions.

In modern monetary systems 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.

Calculations on the Internet. "Network" electronic 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 withholds 3% of the amount of funds withdrawn, in addition, an additional percentage is charged directly by the transfer agent (bank, post office, etc.).

WebmoneyTransfer- the 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, such well-known payment systems as Yandex operate using PayCash technology. 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 access 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 widespread use of this payment system allows it to be used for almost any financial transaction.

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);

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.

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.

1.Digital money. Concept of electronic money Digital (hereinafter referred to as electronic) money completely simulates real money. At the same time, the issuing organization - the issuer - issues their electronic analogues, called different systems in different ways (for example, coupons). Next, they are purchased by users, who use them to pay for purchases, and then the seller redeems them from the issuer. When issued, each monetary unit is certified by an electronic seal, which is verified by the issuing structure before redemption. One of the features of physical money is its anonymity, that is, it does not indicate who used it and when. Some systems, by analogy, allow the buyer to receive electronic cash in such a way that the connection between him and the money cannot be determined. This is done using a blind signature scheme. It is also worth noting that when using electronic money, there is no need for authentication, since the system is based on the release of money into circulation before its use. Below is the payment scheme using digital money. The buyer exchanges real money for electronic money in advance. The client can store cash in two ways, which is determined by the system used: On the computer’s hard drive. On smart cards. Different systems offer different schemes exchange. Some open special accounts to which funds from the buyer’s account are transferred in exchange for electronic bills. Some banks may issue electronic cash themselves. Moreover, it is issued only at the request of the client, followed by its transfer to the computer or card of this client and the withdrawal of the cash equivalent from his account. When implementing a blind signature, the buyer himself creates electronic bills, sends them to the bank, where upon receipt real money they are stamped on the account and sent back to the client. Along with the convenience of such storage, it also has disadvantages. Damage to a disk or smart card results in irreparable loss of electronic money. The buyer transfers electronic money for the purchase to the seller’s server. The money is presented to the issuer, who verifies its authenticity. If the electronic bills are genuine, the seller’s account is increased by the purchase amount, and the goods or service are provided to the buyer.
One of the important distinguishing features of electronic money is the ability to make micropayments. This is due to the fact that the denomination of the banknotes may not correspond to real coins (for example, 37 kopecks). Both banks and non-banking organizations can issue electronic cash. However, a unified conversion system has not yet been developed different types electronic money. Therefore, only the issuers themselves can redeem the electronic cash they issued. In addition, the use of such money from non-financial structures is not guaranteed by the state. However, the low transaction cost makes electronic cash an attractive tool for online payments. Credit systems Internet credit systems are analogues of conventional systems that work with credit cards. The difference is that all transactions are conducted over the Internet, and as a result, the need for additional security and authentication measures. The general payment scheme in such a system is shown in the figure. The following are involved in making payments via the Internet using credit cards: Buyer. A client with a computer with a Web browser and Internet access. Issuing bank. The buyer's bank account is located here. The issuing bank issues cards and is the guarantor of the client’s financial obligations. Sellers. Sellers are understood as E-Commerce servers where catalogs of goods and services are maintained and customer purchase orders are accepted. Acquiring banks. Banks serving sellers. Each seller has a single bank in which he holds his current account. Internet payment system. Electronic components that act as intermediaries between other participants. Traditional payment system. A set of financial and technological means for servicing cards of this type. Among the main tasks solved by the payment system is ensuring the use of cards as a means of payment for goods and services, using banking services, conducting mutual offsets, etc. Participants in the payment system are individuals and legal entities united through the use of credit cards. Payment system processing center. An organization that provides information and technological interaction between participants in the traditional payment system. Settlement bank of the payment system. A credit organization that carries out mutual settlements between payment system participants on behalf of the processing center.
The buyer in the electronic store creates a basket of goods and selects the payment method “credit card”. Next, the credit card parameters (number, owner's name, expiration date) must be transferred to the Internet payment system for further authorization. This can be done in two ways: through the store, that is, the card parameters are entered directly on the store’s website, after which they are transferred to the Internet payment system (2a); on the payment system server (2b). The advantages of the second way are obvious. In this case, information about the cards does not remain in the store, and, accordingly, the risk of receiving them by third parties or being deceived by the seller is reduced. In both cases, when transferring credit card details, there is still a possibility of them being intercepted by attackers on the network. To prevent this, data is encrypted during transmission. Encryption, naturally, reduces the possibility of data interception on the network, so it is advisable to carry out communications between buyer/seller, seller/Internet payment system, buyer/Internet payment system using secure protocols. The most common of them today is SSL protocol(Secure Sockets Layer). It is based on an asymmetric encryption scheme with public key, and the RSA algorithm is used as the encryption scheme. Due to the technical and licensing features of this algorithm, it is considered less reliable, so now the SET (Secure Electronic Transaction) standard for secure electronic transactions is being gradually introduced, designed to eventually replace SSL when processing transactions related to payments for purchases via credit cards to the Internet. Among the advantages of the new standard are increased security, including the ability to authenticate all participants in transactions. Its disadvantages are technological difficulties and high cost. The Internet payment system transmits the authorization request to the traditional payment system. The next step depends on whether the issuing bank maintains an online database of accounts. If there is a database, the processing center sends the issuing bank a request for card authorization (4b) and then (4a) receives its result. If there is no such database, then the processing center itself stores information about the status of cardholders’ accounts, stop lists and fulfills authorization requests. This information is regularly updated by the issuing banks. The authorization result is transmitted to the Internet payment system. The store receives the authorization result. The buyer receives the authorization result through the store (7a) or directly from the Internet payment system (7b). If the authorization result is positive, the store provides the service or ships the product (8a); the processing center transmits information about the completed transaction to the settlement bank (8b). Money from the buyer's account with the issuing bank is transferred through the settlement bank to the store's account with the acquiring bank. In most cases, special software is required to make such payments. It can be supplied to the buyer (called an electronic wallet), the seller and his servicing bank. For example, consider the WebMoney Transfer electronic payment system.

4. Popularity of digital money. Development prospects According to some analysts, electronic means of payment will soon completely displace cash and checks from the market, since they represent more convenient way payment for goods and services. According to ABA/Dove estimates, electronic payments may soon replace cash and checks, since today every second purchase in a store is made using electronic means of payment. Cash remains the main means of payment in traditional stores for only 33% of shoppers. While most online purchases are made with credit cards, nearly half of respondents use checks and cash in e-commerce. postal transfers, and a quarter of virtual buyers use P2P payments. Two-thirds of consumers pay at least one monthly bill electronically, including credit/debit cards, direct payments, or online banking. Analysts believe that online bill payment will reach significant volumes by 2003 as the majority of users begin to use or increase their use of this payment option. At the same time, the use of “paper” payments will be significantly reduced - 21% of respondents said that they intend to stop paying their bills by check. At the same time, Yankee Group analysts note that 8.7% of American consumers now pay their bills online, up from 5.1% last year. Marketing efforts are starting to pay off: 29% of consumers have already expressed interest in using electronic bill payment systems (EBPP), and 14.9% cite time savings as a primary motivator. 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 retain them for a long time. Growth in “Business to consumer” e-commerce turnover in Russia, million dollars (according to The Economist, Boston Consulting Group):
Growth of e-commerce in the “Business to consumer” sector, billion dollars (according to eMarketer):
Share of e-commerce in US GDP (GDP) (according to eMarketer):

Active Internet audience in Russia according to ROCIT, million people:
Since its formation on the Russian exchange market, trading platforms use modern technologies, creating systems that are unique in their characteristics almost from scratch, trying to cover the entire market, all regions of the Russian Federation. Developing in line with advanced global trends, organized e-commerce is becoming increasingly attractive in the global market. Prerequisites have emerged for the rapprochement and connection of trading platforms both within Russia and abroad. Today, information technologies determine the face of the global financial market. World financial markets are becoming increasingly global, and Russia is moving in line with this process. The challenge of the time is the internationalization of the world economy, which today acts as a globally integrated economic system. Our country is going to do important step- join the World Trade Organization (WTO). A necessary condition accession to the WTO is the integration of Russia into the international financial market. Therefore, speaking about the prospects for the development of the Russian market, one of the main stages can be identified as integration into the infrastructure of the world capital market. This work has already begun. Electronic technologies are developing rapidly. Today it is difficult to imagine our life without the Internet. Over the past few years, the popularity of trading company shares via the Internet has grown rapidly around the world. Individual investors have the opportunity to enter into transactions essentially without leaving home. In 1999, the development of Internet trading on the Russian stock market began. The total volume of transactions via the Internet on the Russian market is constantly growing, and according to some estimates, already in 2001 it amounted to about 40% of the total turnover of the stock market. For example, in December 2001, already about 47% of trading volume and about 70% of transactions on the MICEX stock market were concluded via the Internet. Trading via the Internet is today the easiest and most convenient access for private investors in the financial markets. With the spread of Internet trading, the number of small-volume transactions began to increase. In other words, client activity in the stock market and the share of client transactions in total turnover are growing at a faster pace. It is interesting to note that the leaders in the introduction and promotion of Internet trading on the Russian stock market were not large, but dynamic brokerage companies, which are now consistently among the top ten market participants in terms of turnover. At the same time, large brokerage companies and banks began to develop the new service much later. Today's realities are such that it is not the “big” company that wins, but the “fast” company. Having started on the stock market for a number of reasons, Internet trading is now confidently developing in other sectors of the financial market: government securities; currency; urgent. In the future, the development of Internet trading will be determined by the following main trends. First of all, both the range of markets and traded instruments offered within the framework of Internet trading systems, as well as the service offered and the range of additional services for clients based on their full automation, will expand. We will see a closer interconnection within the framework of one Internet system of the functions of banking systems, Internet trading and depository and back-office service systems. In addition, the process of expanding analytical and information support for clients based on integration with information and analytical Internet systems developed by information agencies will continue more actively. Given that low level development of telecommunication networks, especially in the regions of Russia, of course, one of the priority areas of development will be improving the quality of work and improving the consumer properties of Internet trading systems. The solution to this problem lies not only in the area of improving the applied technical and software Internet trading systems, but also in the field of creating new generation systems that can significantly expand the technological capabilities of customer service and improve the quality of their work. A very important factor influencing the development of Internet business in financial markets, in the very near future, with the advent of the appropriate regulatory framework, will undoubtedly become the need for mandatory use in systems remote access via the Internet certified information security software and electronic digital signature. On January 10, 2002, President of the Russian Federation V.V. Putin signed the Federal Law “On Electronic Digital Signature”, aimed at ensuring legal conditions for the use of electronic digital signatures in electronic documents, subject to which an electronic digital signature in an electronic document is recognized as equivalent to a handwritten signature in a document on on paper. With the advent of Internet technologies, a real need arose to connect the disparate technological links of the customer service process into a single chain. Investors can now use automated systems to monitor the entire investment process and manage their assets in real time. This approach requires constant modernization of software products and all systems for various functional purposes with the possibility of their information interconnection in real time or their integration into single multifunctional software and hardware complexes. Conclusion A superficial analysis of Internet technologies for business, an integral part of which are online payment systems, allows us to draw the following conclusions: 1. Issuers of digital money are systems that organize Internet transactions. 2. Systems for issuing digital money are of at least two types: those that issue electronic cash immediately upon receipt of real money in the bank account of the system and those that issue only when and for the period of payment. 3. Digital money is money issued backed by real money. 4. The turnover rate of digital money is the highest today. 5. Traditional credit and debit cards issued by banks for remote account access are not digital money as such. Even if the open card account is multi-currency, it is not directly related to digital money, since it is opened in any base currency. And its multicurrency nature is expressed in the fact that when paying with a plastic card, it is possible to instantly convert the base currency into the payment currency. 6. Non-cash money also cannot be directly called digital money, despite the fact that its medium is electronic. Since their analogue exists in cash form. 7. Digital money allows you to make micropayments and, when a sufficient amount is accumulated, convert them into real money.

List of information sources: 1. Official website of the WebMoney Transfer payment system – http://www.webmoney.ru 2. Official website of the analytical agency RosBusinessConsulting – http://www.rbc.ru 3. Internet resource – http://www.i2r.ru 4 . Website of the PayWell payment system – http://www.paywell.ru 5. “Banks and banking systems» member of the International Academy of Informatization, member of the scientific and expert council of the Committee on Economic Policy and Entrepreneurship of the State Duma of the Russian Federation V. Yurovitsky - http://www.yur.ru 6. Ozone online store - http://www.ozone.ru 7. “Where does the money go” member of the International Academy of Informatization member of the scientific expert council of the Committee on Economic Policy and entrepreneurship of the State Duma of the Russian Federation V. Yurovitsky - http://www.yur.ru 8. Information site "Electronic money. Payment systems on the Internet" - http://www.pay-system.info 9. Official information site "Business Technologies on the Internet", 1997-2006, Internet Payment Systems Group - "Internet Payment Systems" - http://emoney.ru/menu.asp 10. Official information site "Business", - section: Business from and to. - 2008, http://business.rin.ru

Hello! Igor Zuevich is in touch, and today we’ll talk about money on the Internet. No, not about how to earn it, but about what electronic money is and how to use it.

It cannot be considered as a way to preserve accumulated funds. Payment systems will not pay you interest, and your money is subject to certain risks.

To date, the activities of payment systems are not fully regulated by law. If you lose money, you can sue the company founder and recover the lost amounts from him.

But you won’t be able to receive compensation from the state; it can only be paid in the event of loss of bank deposits.

Which payment system to choose?

In order to use virtual funds, you must select a payment system. It's not difficult at all.

The electronic payment system is selected taking into account the following criteria:

Convenient and simple interface for the user;
Possibility of round-the-clock replenishment of your wallet and withdrawal of funds to a bank card;
Some experience in the functioning of the payment system on the Internet market;
The popularity of the payment system on the Internet, is it used for payments in which you plan to order goods;
High degree of protection against unauthorized use of funds in the electronic wallet by third parties.

Popular payment systems

The most popular electronic payment systems on the Internet are:

Webmoney- has a high degree of protection. Allows you to pay for goods and services via the Internet, ensuring the security of payments. For people far from the Internet, the system is difficult to understand. Unfortunately, there are interruptions in the system, and sometimes you will have to wait. Be prepared for the fact that almost every expense transaction is accompanied by a commission;

Yandex.money will allow you to instantly make money transfers and pay for purchases. The system has low commissions for transactions, which gives it an advantage over its competitors. The disadvantage of the system is the very expensive withdrawal of funds;

Qiwi, CyberPlat, RBK Money less common among Runet users. Each system has advantages and disadvantages, which you can learn about by becoming a user of the system. We recommend trusting your money to market leaders.

PayPal the largest electronic payment system, which is gradually gaining popularity in RuNet. Only a month ago it became possible to withdraw funds to a card account opened in a Russian bank, although the payment acceptance function has been available to Russian users for two years, since 2011.

You can open currency or ruble electronic wallets. The exchange between virtual money vaults is simplified as much as possible and takes no more than 5 minutes.

How not to make a mistake when choosing an electronic money system?

The disadvantages of electronic wallets today are quite high risks.

You may encounter the following risks when using electronic money:

Financial losses. May occur in case of transfer of identification data or interception of SMS passwords. Bankruptcy of the payment system can also trigger loss of funds;
Impossibility of payment at a specific point in time;
Lack of legislation regulating the activities of payment systems;
Holes in the security system of electronic wallets open up opportunities for advanced hackers to steal your money;
Additional costs associated with the payment of commissions;
The difficulty of restoring access to an electronic wallet due to its loss.

But, despite the shortcomings as such, you will appreciate the benefits of using electronic money.

How to top up your online wallet?

You can deposit money into your virtual wallet in two main ways:

Cash through payment terminals;
In cash or non-cash through banking institutions.

Withdrawal of funds from electronic wallet

If you need to turn electronic money into real money, you can use special services. About 10 sites work with each payment system. So, for example, to withdraw funds from WebMoney, you can use the wmtocard or inchange services. The commission for transferring money to a plastic card can range from 2 to 5 percent. All calculations are made within 5 minutes.

Benefits of electronic wallets

Very often you can hear the question: “what are the benefits of electronic money?” The main benefit is the efficiency and ease of payments. Although, some advanced users manage to make money by exchanging electronic money between various types wallets and payment systems.

Mutual aid societies also appear on the RuNet, the purpose of which is to provide borrowed funds to other participants in the system for a certain fee.

Electronic payment systems in Russia provide alternative sources calculations. Many financiers argue that in the future electronic money will replace real money.

Whether this is so, we will find out after a while, but for now we carefully select a payment system and join modern systems calculation. When making payments, we pay attention to security; we do not store passwords in wallets and passports.

As you can see, if you generally know how everything related to electronic money works, then using it in your calculations via the Internet will not be difficult at all. As always, the main thing is to act correctly and you will succeed. It is better to act together and under the supervision of those people who already have experience and results. Come to our programs and earn more at the same time!

With you,
- Igor Zuevich.

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The development of money circulation led to the emergence of electronic money. These are finances stored in computer memory on technical devices, which can only be managed using special software. Compared to paper counterparts, electronic money has certain advantages:

the speed of processing payment documentation has been reduced;
It has become easier to work with bank correspondence;
the cost of transfers is lower than with regular non-cash transactions.

Essentially this electronic form monetary obligations of a financial institution. Can be repaid in cash if required.

Money to an electronic wallet

An electronic wallet is nothing more than several regular bank accounts for storing and carrying out money circulation. Money for e-wallet Only users of the same system transfer money to each other with a minimum commission. In order to transfer money to another system, you must use special additional payment services. You can withdraw funds from an electronic wallet to a bank account connected to the Internet banking system of the issuing bank. This makes it possible to withdraw cash and receive paper banknotes through a teller or ATM in your banking system.

Electronic money systems

There are several electronic money systems. The most popular in Russia are:

Webmoney Transfer;
Yandex.Money;
QIWI;
LiqPay;
EasyPay.

The following payment systems are widely used in international money circulation:

Liberty Reserve;
ayza(AlertPay);
PayPal;
Moneybookers;
Moneybookers.

Each system has its own characteristics and rules for performing transactions with electronic accounts. The ratio of electronic money to the existing banking rate in the state also differs. Electronic money systems are perpetual banking obligations of the issuer of electronic currency.

Electronic money exchangers

For translation electronic means There are electronic money exchangers between accounts of different payment systems, including for withdrawal to bank card accounts with the possibility of subsequent receipt of cash. They differ in exchange methods - automatic, semi-automatic or manual. Each exchanger also sets its own rate for each currency and the percentage for exchange transactions between currency pairs. Each such service is limited by a certain limit - the electronic money reserve. Exchanges greater than this amount are not possible.

Electronic money transfer

Electronic money transfer is today's fastest form of performing settlement transactions from your account in the EPS (electronic payment system) to the recipient's account. The operation is completed almost instantly. You are only required to have a sufficient amount in the payment currency in your EPS account and indicate the exact details of the recipient of the electronic funds. A money transfer can be initiated from any electronic device with the appropriate software (personal computer or a wearable gadget, payment terminal).

Electronic money was introduced to simplify payments on the Internet. They are used to pay remote workers (freelancers) and pay for goods and services. Usually people come across them when they are planning to make money online. After all, this is the money that is used to pay for labor.

Electronic money is a means that is used to pay for goods and services on the Internet, and it has the same value as real money.

For example, I want to make transfers via the Internet from English language. I find a website where I can take orders and start working. Let's say I completed an order and some amount was credited to me. In order to receive it, you need to have a personal electronic wallet. I indicate it on the site, and the money I earn comes to this wallet. Then you can spend them online or receive them in cash.

Types of electronic money

All types of electronic money will not be considered here, otherwise it won’t be an article, but whole book(there are too many of them). I will tell you only about the most popular ones, and, therefore, about those that are used by the majority.

Yandex.Money

Yandex.Money is the most popular online payment system in Russia. Instant payments, payment for goods and services on the Internet, transfer to a bank account or bank card.

Operating principle. First you need to register. This is done in the same way as on other sites. After registration, you are immediately given a wallet number - this is a long set of numbers. It must be indicated for mutual settlements.

Example (part of the number is hidden):

That's all - the wallet immediately starts working. You can top it up and pay for goods and services online. And also receive and send money transfers.

Note: If you have mail on Yandex, then you don’t have to register at all. Just go to your inbox and click on the “Money” link at the top.

The wallet is managed through the system website money.yandex.ru

How to top up your account:

Via a bank card;
Via mobile;
Cash at Sberbank, Euroset, Svyaznoy.

In addition, there are other ways to replenish: through Internet banking, bank transfer, other electronic money, through transfer systems (CONTACT, Unistream, City, Russian Post).

How to withdraw money:

Withdraw to a bank card.
Send to bank account.
Receive cash through Western Union and Unistream.

Directly on the Yandex.Money website you can pay for telephone, internet, any receipts, traffic police fines, taxes, public utilities, repay the loan and much more.

You can also order a bank card. Then you will receive a real plastic card by mail, tied to your wallet. This makes it possible to withdraw Yandex.Money in cash from ATMs and pay with it in regular stores.

The system also allows you to open a virtual card for free. This is an analogue of a plastic card, but it can only be used on the Internet: pay for purchases on a website where cards are accepted for payment (eBay, App Store, Google Play and others).

Note: When you register, you receive a Yandex account along with your wallet. And that means also mail, Yandex.Disk ( cloud storage) and access to other services.

Webmoney

Webmoney is the largest electronic payment system in Russia. Payment for services, transfers, loans. WebMoney is available not only in Russian rubles, but also in other currencies: dollars, euros, hryvnias, Belarusian rubles, Kazakhstani tenge.

Operating principle. We register and immediately receive a number in the system, which is called WMID. Next, you will need to create a wallet in the desired currency. There can be several of them, both for one currency and for different ones. Each wallet will have its own unique number. This is what you need to send and receive money.

You can attach a bank card, bank account or e-wallet from another system to WMID. You can also issue a virtual card for making purchases on the Internet.

The account is managed through the website webmoney.ru or mobile application. You can also use a special computer program Keeper WinPro, but it is more difficult to work with.

Among the disadvantages, it should be noted that this system is not as simple as others. It seems that it is written in an accessible way, but in practice difficulties arise. All these certificates, restrictions, types of wallets. In general, it takes some time to figure it out.

PayPal

PayPal is the most popular system electronic money in the world. Suitable for payments between foreigners and purchases in foreign online stores (eBay and others).

Operating principle. Register on the site. This procedure is more complicated than in other systems - you need to provide your full data (full name, address, phone number, etc.). After this, the system will open an account. It does not have a number; the email address specified during registration will be used instead.

To pay for purchases and services via PayPal, you need to link a plastic card to your account on the site. The money will be debited directly from her.

If you plan not to spend, but to receive money, then it will be credited to an internal account in the system. Then you can withdraw them to your bank account.

Management occurs through personal account on paypal.com or through the mobile application.

Qiwi

Qiwi is another popular system in Russia. Very convenient for personal use. Simple, intuitive.

Registration takes place using a mobile phone number, which is an account in the system. This account can be easily topped up through a payment terminal, bank card or from your mobile balance.

You can issue a virtual or regular plastic card, pay directly on the website for a lot of services (telephone, Internet, games, credit and others), send a money transfer. In general, do almost everything the same as in the Yandex.Money system.

Account management occurs through your personal account on the website qiwi.com or through a mobile application.

Which system to choose

For work. On the Russian-speaking Internet, Webmoney or Yandex.Money is most often used, on the English-speaking Internet - PayPal. If you have a choice, I recommend choosing Yandex.Money. They are easier to put on and take off. And the system itself is simpler.

For life. If electronic money is needed to pay for games, buy OKs on Odnoklassniki or Golosov VKontakte, then it is better to choose QIWI or Yandex.Money.

Through these systems, you can instantly issue a virtual card and make payments throughout the Internet, including on foreign sites (ebay, aliexpress and others).

Safety

Despite the fact that electronic money systems are currently very reliable, users still manage to lose their money. The reason is either ignorance of the banal rules of safe work on the network, or laziness. Therefore, below I will give simple, but effective ways protection.

Antivirus. Such a program must be installed on the computer. And it is imperative that it be updated, that is, it always has relevant antivirus databases. It is better, of course, to use paid products like Kaspersky Anti-Virus, but if this is not possible, use free Avast.

Strong password. Use a password of at least eight characters. It is better if these are both letters and numbers. Moreover, the letters are both uppercase and lowercase. Do not use your date of birth, phone number, or other personal information in your password.

Identification. This is a procedure that allows the payment service to see you as a respectable user. It concerns mainly Russian systems electronic money. Its meaning is that you need to indicate real passport data and show the document to an authorized person. Then your status will change and this will give certain advantages.

In addition, this will provide additional protection from scammers. After all, according to the law, if money is stolen from the account of an identified user, the system is obliged to return it (provided that he contacts the support service no later than 24 hours after the money is written off and the system confirms the fact of hacking).

In Yandex.Money and QIWI, the procedure for confirming your identity is called identification, and in Webmoney it is called certification.

By the way, many payment services greatly reduce the opportunities for “anonymous” users. For example, Yandex.Money prohibits such users from receiving and sending funds to other wallets, making transfers to bank cards and bills.

Address verification. Before entering your wallet number (login) and password to log in, check whether the site is open correctly.

Fraudsters often send fake emails purporting to be from the electronic money support service. For example, that a payment has been received into your account or, conversely, that the account has been blocked. Such messages may look very believable, but when you click on the link from the letter, a fraudulent site opens. Moreover, it usually looks the same as the real thing.

Only the site address is different. And if the user does not notice this and enters his data, the attacker will immediately receive it and be able to withdraw money. So before you log into your wallet, look at address bar browser. The correct payment system address must be written there.

Example correct address Yandex.Money:

Additional protection. If payment service has additional protection, you should enable it. This is done in the wallet settings. Usually this is login protection or confirmation of payments via SMS message. That is, until the code sent in the message is entered, the operation will not be performed. In this case, even if an attacker enters your password, he will not be able to withdraw anything from the account.

And most importantly: never give out your wallet password or card details!

And finally

Commissions. Almost every system has commissions. They charge some percentage for deposits, transfers, and withdrawals from the account. To avoid surprises, carefully read the information on the website - everything is written there.

Spend, don't save.. Electronic money is not backed by government gold reserves. We can say that this is an idea of this or that organization, and only it is responsible for them. Therefore, they should be used only as a means of payment, and not as a savings account. You should also not make large payments with such money.

P.S.

Often people actively use the Internet, but they do not have any electronic money. And this is normal, because now almost all goods and services can be paid for by card. This is much easier than creating some kind of wallets and understanding them.

But if you are going to earn money on the Internet or order services from other people, then electronic currency- the first thing you have to face. After all, this is the simplest and safe way calculation.