Electronic money
Electronic money - the issuer's monetary obligations in electronic form, which are located on an electronic medium at the disposal of the user. This segment is part of the electronic payment systems market.
Definition of electronic money
The term electronic money (as well as electronic cash, or digital cash) refers to transactions of funds carried out through electronic communications. Electronic money can be a debit or credit. Digital cash can be some currency, and to start using it, you need to convert some ordinary money into digital money. This conversion is similar to buying foreign currency.
Electronic money:
- are not money, but are either checks or gift certificates or other similar means of payment (depending on the legal model of the system and on the restrictions of the law).
- may be issued by banks, NGOs, or other organizations.
A fundamental difference between electronic money and ordinary cashless funds: electronic money is payment means issued by an organization (money surrogate), while ordinary money (cash or cashless) is issued by the central state bank of a country.
The term electronic money is often used inaccurately in relation to a wide range of payment instruments based on innovative technical solutions in the field of retail payments.
Digital Cash
Main article: Digital Cash
Digital cash is electronic money that will be issued by the states themselves.
Electronic Money Systems Market in Russia
Chronicle of the development of electronic money
2022: ARSPluses and Goznak jointly create an analogue of cash - digital currency
The Russian IT- companies ARSPLUS"" together with JSC Goznak"" in April 2022 began development digital currency technologies - a complete analogue of cash. The company "ARSPLUS" announced this on July 4, 2022. here More.
2021: The Interpay electronic money system has appeared in Uzbekistan
On August 3, 2021, the Central bank Uzbekistan registered the system, the electronic money Interpay press service of the regulator said. More. here
2018: Vladimir Putin tightens punishment for stealing electronic money
Russian President Vladimir Putin signed a law in April 2018 to toughen the punishment for theft of electronic funds or funds from a bank account. Now theft from a bank account, including in relation to electronic funds under sanctions, is equated to theft on a large scale and provides for a fine in the amount of 100 thousand to 500 thousand rubles, forced labor for up to 5 years, or imprisonment for up to six years.
The same punishment is introduced for theft by fraud from a bank account or in relation to electronic funds (supplemented by Article 159.6 of the Criminal Code of the Russian Federation - "fraud in the field of computer information").
Article 159.3 of the Criminal Code of the Russian Federation was renamed from "Fraud using payment cards" to "Fraud using electronic means of payment" and according to it, even in an insignificant amount, the guilty person will now be able to face punishment in the form of imprisonment - for up to 3 years.
2012
Yandex.Money rules the market
There are several electronic money systems in Russia, among them the largest are:
According to J'son & Partners Consulting (February 2013), in 2012 the e-money market turnover amounted to 281 billion rubles, an increase of 72% compared to the same indicator in 2011. In 2011, the total share of Visa QIWI Wallet, Web Money and Yandex.Money in terms of turnover in the market amounted to 90%. By the end of 2017, the market is expected to exceed 680 million rubles, with a CAGR of 20% from 2012 to 2017.
- In the spring of 2012, the analytical company TNS examined the Russian audience of electronic money systems. It turned out that this is the second most popular means of payments on the Internet, and Yandex.Money turned out to be the most popular electronic currency.
The survey involved 3.5 thousand Russian Internet users from 18 to 45 years old living in cities with a population of over 800 thousand people. For six months from September 2011 to February 2012, at least one payment with electronic money was made by 3.9 million users who were included in the circle of respondents outlined by TNS. As a result, electronic money turned out to be the second most popular means of payment in Runet: at least once in six months it was used by 27% of the population of the largest cities in Russia (within the TNS sample).
The most popular means of payment on the Internet was cards (35% of respondents), in 3rd place - Internet banking programs (17%).
From the point of view of the respondents' awareness of different methods of payments, the picture turned out to be slightly different: most of the respondents (93%) first remembered payment terminals, and electronic money was practically divided 2nd place with cards (88% and 85%, respectively).
The leader in audience size among different electronic money systems in September 2011. - February 2012 was Yandex.Money: 2.1 million people used it (15% of the Russian population within the TNS sample). They are followed by QIWI and WebMoney (10% of the population each), PayPal (6%) and Деньги@Mail.ru (2%). Yandex.Money users were also the most loyal: 44% of those who used the wallets of this system in the last six months did not turn to other systems. QIWI calf (38%) - in 2nd place, WebMoney- in 3rd (32%).
The Ministry of Internal Affairs of the Russian Federation plans to toughen the system of identification of users of e-wallets
The system for identifying users of electronic wallets may be tightened. This was announced in November 2012 by the head of the Bureau of Special Technical Events (BSTM) MINISTRY OF INTERNAL AFFAIRS Russia Alexei Moshkov. According to Alexei Moshkov, the use of anonymous payment systems greatly facilitates the activities of fraudsters, since in some cases the personification of the virtual wallet holder is difficult or impossible.
"Criminals use anonymous payment systems to collect and cash out money, distribute and confuse financial flows. In addition, such virtual wallets are used to anonymously purchase prohibited goods and internal settlements between members of criminal groups. "
2011
161-FZ Law "On National Payment System" with reference to electronic funds
On September 29, 2011, the key for the industry was Federal Law No. 161-FZ "On the National Payment System" of June 27, 2011, which enshrined the definition of electronic funds (EMF), fixed key requirements for the transfer of EMFs, as well as operators of electronic money. If earlier activities were regulated by many laws and individual articles in various laws, then the law "On the National Payment System" became a single regulatory document for the entire industry of electronic payments.
NAUET: In 2011, electronic wallets in the Russian Federation will replenish by 140 billion rubles
According to forecasts of the NAUET association (March 2011), in 2011 the volume of replenishment of electronic wallets will double and amount to 140 billion rubles.
Boris Kim, Chairman of the Committee on Payment Systems and Banking Instruments of NAUET, predicts (April 2011) that the process of "weighting" payments in 2011 will continue, and this could give the instant payment market a 20% increase in 2011 - up to 925 billion rubles.
2010: Replenishment of wallets by 70 billion rubles (+ 75 %)
In 2010, the electronic money market in Russia continued to grow steadily. The volume of replenishment of electronic wallets increased from 40 to 70 billion rubles, the number of active customers over the past year increased by 50% and reached 30 million.
In total, in 2010, users of electronic money systems used them for payments totaling 70 billion rubles (plus 75% by 2009 - 40 billion), of which 33 billion rubles. passed through Internet wallets. In addition, the number of active clients of electronic payment systems increased by 50% - their number reached 30 million.
The most important event of the past year was the introduction of the bill "On the National Payment System" to the State Duma, which is currently being prepared for the second reading. Another significant step in the field of legislative regulation was the entry into force of the Federal Law "On Microfinance Activities and Microfinance Organizations": for the first time in Russia, control over credit activities in previously unregulated markets was transferred to the Ministry of Finance. The activity of the state in the field of cooperation with electronic payment systems has noticeably increased. The state supports the introduction of a universal electronic card, part of the functionality of which is planned to be implemented using electronic payments. The possibilities for payments to government agencies are significantly expanding, in particular, the portal of public services was launched, open to connect various payment methods.
Electronic payments are gradually being recognized as a factor in not only local, but also global development. The G-20 countries in Toronto drew attention to the need to intensify work on the introduction of financial services for the population and identified high-tech payment methods as one of the important tools for achieving this goal. Nine principles of innovative financial coverage were formed in Canada, and an appropriate action plan was adopted at the G20 summit in Seoul. Thus, Russia's policy in the field of development of payment instruments will be coordinated with the global strategy.
2009: Yandex.Money, WebMoney and QIWI form association
In 2009, the Electronic Money Association was created. It includes Yandex.Money, WebMoney, QIWI and i-Free.
2008: There are dozens of significant electronic money systems in the world
During this period, there are still a significant number of electronic payment systems in the world, but, nevertheless, the number of at least some significant ones is already in the tens. Among the largest electronic payment systems are Neteller, E-Gold, StormPay, PayAce, MoneyBookers and many others. Russia In noticeable, and WebMoney Yandex.Money others.
The second half of the 1990s: there are several hundred electronic money systems in the world
In the second half of the 1990s, there were several hundred electronic payment systems in the world, many of which did not comply with the (also fuzzy) rules of the game in this market. A large number of financial frauds, unsuccessful projects and much more led to some stagnation of the electronic payment market and the disappearance of many players from it.
1994: First Electronic Money Purchase
In the United States, the first purchase via the Internet was implemented using the same eCash technology (the operator was the DigiCash company organized by Chaum, which subsequently went bankrupt for a number of reasons).
1993: Invention of Electronic Money Technology
In the field of electronic payments, a kind of revolution took place - the head of the cryptographic department of CWI David Chaum proposed a fundamentally new technology for the implementation of the ideology of electronic money. It was the eCash system, the principle of operation of which is laid down in most electronic payment systems existing today.
The idea of eCash was that the cash itself was stored, in fact, on the hard drive of your personal computer, and special software and an Internet connection were needed to manage it and perform operations.
Legal and economic status of electronic money
From a legal point of view, electronic money is the issuer's perpetual monetary obligations for the bearer in electronic form, the issue (issue) into circulation of which is carried out by the issuer both after receiving funds in the amount of at least the volume of obligations assumed and the form of the loan provided. The circulation of electronic money is carried out by assigning the right of claim to the issuer and generates the obligations of the latter to fulfill monetary obligations in the amount of electronic money presented. Accounting of monetary obligations is carried out in electronic form on a special device. From the point of view of their material form, electronic money represents information in electronic form, which is available to the owner and stored on a special device, usually on the hard disk of a personal computer or microprocessor card, and which can be transmitted from one device to another using telecommunication lines and other electronic means of transmitting information.
In the economic sense, electronic money is a payment instrument that, depending on the implementation scheme, has the properties of both traditional cash and traditional payment instruments (bank cards, checks, etc.): cash is related to the possibility of settlements bypassing the banking system, with traditional payment instruments - the ability to conduct settlements in a non-cash manner through accounts opened in credit institutions.
Types and classification of electronic money
There are 2 types of electronic money:
- Electronically issued payment certificates, or checks. These certificates have a certain denomination, are stored in encrypted form, and are signed by the electronic signature of the issuer. When calculating, certificates are transferred from one system participant to another, while the transfer itself can go outside the framework of the issuer's payment system.
- Entries on the system member's settlement account. Settlements are made by debiting a certain number of payment units from one account, and entering them into another account within the payment system of the electronic money issuer.
Electronic money schemes:
- in which the technology of transferring information in electronic form about the issuer's monetary obligations from the device of one holder to the device of another holder is implemented. These include Mondex (developed by Mondex International, owned by 51% of MasterCard and 49% by the largest banks and financial institutions around the world) and Digicash's eCash network product .
Among the world's famous operators of electronic money are:
In Russia, such products include:
- in which there is no technical possibility of transferring information in electronic form about the issuer's monetary obligations from the device of one holder to the device of another holder. These include VISA Cash (developer VISA International), Quick (developer Austriacard with the participation of the Austrian National Bank, Europay Austria), CyberCoin (developer CyberCash).
In terms of functionality, electronic money is identical to traditional money. They can be earned, paid for by them services and goods, transferred and received from other people, and, as in the case of "traditional money," payments take place in real time. For example, if you were paid for something, then you will immediately have the money, and vice versa, as soon as you paid, the electronic money will be debited from your e-wallet and sent to the recipient. In turn, both the first and second groups are divided into anonymous systems that allow operations without identifying the user, these systems are essentially close to the traditional concept of cash. Non-anonymous systems require mandatory identification of system participants.
Most systems are not anonymous. In this case, those systems that have the anonymity function can be transferred to the second class, having received registration or certification. Experts share open and closed circulating electronic money systems, two-slot and single-slot electronic wallets based on cards, and also refer some of the systems described below to payment gateways and Internet banks.
Operation of the electronic money operator
Entering funds
The input of funds can be carried out in various ways, the set of which depends on the capabilities of a particular electronic money system. The most common methods are:
- Purchase and Initiate Express Card (PCO). In some systems, such as Rapida, the card may be initiated as a separate e-wallet, or may be used to replenish an existing e-wallet. The card can be initiated using different interfaces.
- Cash deposit using cash receipt machines, payment machines at the cash desks of retail outlets or cash receipt points. When depositing funds, the identifier of the e-wallet is indicated.
- Bank transfer to the electronic money operator's current account. One of the most expensive methods of crediting with a small amount, since banks, as a rule, charge a fixed commission. This is one of the cheapest ways, because when making a large amount, the bank's commission is minimal.
- Payment [Credit Card]]. This transaction can be carried out through a TV bank, through ATMs, through services provided directly by the payment system, as well as using external services.
- Conversion of funds from another electronic money operator.
Withdrawal
Withdrawals can also be made in various ways:
- Receipt of cash at the cash desk of the system operator or at the point of cash issue.
- Postal order in the name specified by the owner of the e-wallet.
- Bank transfer to the specified account.
- Top up your credit card account with electronic money.
- Conversion to electronic money of other operators.
Usually, a certain commission is taken for the withdrawal of funds. There are also limits on the amount of amounts to be displayed.
Internal translations
One of the main functions of any electronic money operator is to carry out the possibility of non-cash transfers between system participants, replacing cash payments. There are several ways to make internal translations:
- Direct transfer of funds to the specified electronic wallet. This is the most common way to make internal payments.
- Issue an electronic check for a certain amount, and transfer this check to the recipient of the tent. The check can be transferred in any way, including personally. The recipient uses the check to top up their own e-wallet. This method can be useful if the settlement takes place on the spot, during the transfer of a product or service. And also if the payer or recipient, for some reason, wants to hide the identifiers of their electronic wallets.
The electronic money operator can provide various mechanisms for guaranteeing or insuring the transfer, withdrawal of payment, identification.
Electronic wallet
For transactions with electronic money, as a rule, an electronic wallet is used, which can be considered as an analogue of a regular wallet, or as an analogue of a bank account. From the point of view of the owner of funds, an electronic wallet is usually a unique identifier, as well as one or more interfaces for interacting with the system, allowing you to control funds and make payments. Sometimes, 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).
Unlike regular cashless money, electronic money exists only within the issuer's payment system, and cannot be transferred to other systems unchanged. This limitation greatly simplifies the creation and support of electronic money systems, which leads to a very large decrease in the cost of transactions, since all transactions occur within the system.
Sources
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