Electronic payments - how it works. Electronic payment systems (Electronic money, EPS) The principle of operation of Internet payment systems

Thanks to the Internet, many new things have appeared in the world that greatly simplify life. Among them are various electronic payment systems that allow you to pay for services and transfer funds without leaving your home.

This is Elena Zaitseva, a financial analyst at HeatherBober magazine. I will talk about the features and capabilities of electronic payment systems and analyze the most popular of them. If you want to choose or change a service for remote financial transactions, you will find a lot of useful information in the article.

1. What are electronic payment systems

An electronic payment system (EPS) is an organization that provides mutual settlements between users on the Internet. The participants in the process are individuals and commercial enterprises, banks and other financial institutions.

EPS activity in Russia is regulated by the state. The main normative act is the law “On National payment system».

Electronic payment systems allow:

• pay utility bills mobile communication, television, etc.;
• purchase goods in online stores;
• withdraw funds to bank cards and accounts;
• exchange currency;
• transfer money to other participants in the system, for example, within a business.

The list is incomplete. Possibilities virtual services extensive, their functionality is constantly being improved and expanded.

For settlements, electronic money is used - virtual digital units issued by the system.

Features of digital cash:

1. Issued only in electronic form.
2. Backed by real money.
3. Guaranteed by the EPS (issuer) that issued them.
4. Stored on electronic media.
5. They are recognized not only within the system, but also in settlements with external counterparties.

Virtual money is stored on electronic wallets - this is the name of the user's account in the selected system.

2. How they work

The principle of operation of the EPS is similar to the conduct of traditional non-cash transactions. Each user has a personal account, through which settlements are made with counterparties and between their wallets.

Simplified scheme of work is as follows:

• real money is transferred to the user's digital account;
• at the internal rate, the service exchanges for virtual currency;
• the account holder makes the necessary transaction (transfers funds to a private person, buys goods, etc.);
• the counterparty receives electronic currency;
• the system redeems its internal money back, giving traditional ones in return.

After exchanging real money for digital money, the issuer has obligations to the user for the amount of receipt. EPS guarantees that, at the request of the participant, the virtual currency will be exchanged for real money.

In order for the use of digital cash to be possible, the recipient organization must accept payment in virtual currency.

Often transactions go through intermediaries.

Example:

The owner of the wallet makes an application for the transfer of virtual money to a bank card. The operation takes place through an intermediary - an organization that accepts digital money, exchanges it for traditional money and transfers it to the specified details.

As a result, the amount in the desired currency, for example, rubles or dollars, comes to the client's account.

Similarly, operations are carried out in favor of companies that do not accept virtual money. Sometimes the role of an intermediary is performed by the EPS itself.

3. How do electronic payment systems earn?

The main income comes from transaction fees. For example, Webmoney, one of the leaders in the digital cash market, withholds 0.8% from each user operation. The tariff applies both to external transfers and to actions between accounts of one user.

Additional income EPS receive from:

1. User certifications. There are wallets with different capabilities. To perform an extended set of actions or transfer more money, you need to pass certification - provide passport data, confirm your phone number, meet with a company representative for personal identification. Often a fee is charged for the service.
2. Use of terminals. You can replenish your wallet in different ways, a payment terminal or a partner ATM is one of them. There is a fee for the operation. For example, the Yandex.Money service, depending on the selected terminal, withholds from 0% to 19% for one replenishment.
3. Using your own cards. To simplify the input and output of money, EPS issue cards, the maintenance and maintenance of which costs money. The fee is taken for issuance, cash withdrawal, SMS informing and other operations.

The list is incomplete. In addition to the above, there are many other ways to earn money - payment for confirming transactions, commissions from partner organizations, providing intermediary services, etc.

4. Advantages and disadvantages

Electronic transactions are beneficial both for the EPS itself and for its corporate partners. The issuer of virtual currency receives a commission for the transaction, and outlets do not spend money on collection and storage of cash.

The user from such calculations receives:

• convenience - operations are carried out from home or another place with the Internet;
• reliability - subject to the security rules for using the wallet, the service ensures the protection of information and the safety of funds;
• unlimited use - digital cash has no expiration date and does not burn out;
• free support - no fee is charged for wallet maintenance;
• high speed of payments - many transactions are carried out almost instantly, delays are possible when intermediaries are involved;
• transparency - all transactions are recorded, the history of electronic payments can be requested at any time.

But in addition to the advantages, EPS also has disadvantages:

• the need to verify identity - for the full use of the account, you will need to provide personal data and documents;
• restrictions on use - not all companies and trade organizations accept virtual money, although their list is growing;
• commissions - some mandatory fees are significant, which is especially noticeable on large amounts;
• difficulties with recovery - if you lose your password, it will be difficult to resume work due to increased security requirements, you will need to provide a lot of identity information.

Each user will find significant advantages and significant disadvantages. For example, for me, the commission for withdrawing funds from Webmoney to a card is too high. Because of this, I try to minimize the use of virtual money.

Watch the video for an independent expert opinion on the features and prospects of digital cash:

5. What are the types of EPS

There are several types of electronic payment systems. They can be divided by participants in the transaction, by the amount of the transaction, by payment terms, by currency, etc.

More often than others, classification is used according to the moment money is entered into the system. According to it, credit and debit types of EPS are distinguished.

Credit

For settlements between participants of such services, credit cards with additional protection are used - message encryption and digital signature. To carry out the operation, it is required to confirm the creditworthiness and compliance of the provided payment data with reality.

The main feature of such transactions is that first a contract is concluded, and then payment or money transfer is made.

Credit EPS include First Virtual, Open Market, CyberCash, CheckFree and others.

Debit

Almost all international electronic payment systems are debit. The principle of their work is that transfers and payment operations are available to the user strictly after replenishing the account.

Some debit EPS do not use digital cash, but electronic checks.

The principle of their work is as follows:

1. The sender of the payment issues a check and certifies it with a virtual signature.
2. The document is transferred to the recipient through the arbitration system.
3. The service checks the check.
4. If no violations are found, then payment is accepted.
5. Funds from the account of the user who issued the check are transferred to the recipient.

Digital checks use a limited number of systems - NetCash, NetChex, NetCheque and some others.

6. TOP-5 electronic payment systems in Russia

Not all world EPS are known or used in Russia. This is due both to the difficulties with replenishment and withdrawal of funds, and to limitations in application.

webmoney

Considered the market leader. The development of the company began in 1998. During this time, more than 36 million people have joined Webmoney.

The account owner has the right to open an unlimited number of wallets in virtual counterparts of various currencies, including Bitcoin and gold. All accounts are combined into a kind of Keeper vault, each is assigned an individual WMID number.

All transactions are instant and irrevocable. The commission for any transaction is 0.8%. To work, you must provide personal data and confirm it. There are several types of certificates. The higher the account status, the more opportunities the user has.

Yandex money

Commercial non-banking organization, licensed by the Central Bank.

The user is prompted to open one of three possible wallets - anonymous, named or identified. The status affects the maximum possible balance on the electronic account and limits on transfers.

NPO Yandex.Money has its own card for paying and withdrawing cash, linked to a wallet. Cost for 3 years - 200 rubles.

PayPal

International EPS unites more than 200 million users. PayPal allows you to pay for purchases online and make transfers both within the country and abroad. You can open both personal and corporate accounts.

The main advantage of the service is that a transfer within the country for a private client will be free when debiting funds from a PayPal wallet. There is also no commission for payment of services.

If the transfer is at the expense of funds on the linked card, then the commission will be 3.4% + 10 rubles for each operation.

Qiwi

Offers simplified registration - to create a wallet, you just need to provide a mobile phone number. When opening an account, the Qiwi service will assign the client the status of Minimum, which, after passing the certification, will be replaced by Basic or Professional.

Through the service, you can pay for services or transfer money. For ease of use, the client is invited to issue a free card associated with the funds in the wallet.

payeer

The service offers to transfer funds to more than 200 countries in dozens of ways. At the time of this writing (March 2018), 157 online exchangers were announced on the Payeer website.

It is possible to issue a free card and withdraw funds to it without commission.

To understand which service is more profitable to use for withdrawing funds to bank accounts and cards, the data on commissions are summarized in the table:

№	Service name	Card withdrawal fee	Commission for withdrawal to the account
1	webmoney	2.5% + 40 rubles or 2% if the service finds a counter request from another participant	Depends on the offers of other participants, on average 2%
2	Yandex money	3% + 45 rubles	3% + 45 rubles
3	PayPal		Free, subject to the use of funds from the wallet
4	Qiwi	2% + 50 rubles	2% + 15 rubles
5	payeer	0% to 5%	0% to 5%

7. Conclusion

Now, knowing the basic information about EPS, you can easily choose the one that suits your needs.

The main thing is to ensure the safety of using the service. Use strong passwords and do not share personal information with anyone. While working on the computer from which you log into your virtual account, do not visit dubious sites and do not follow suspicious links.

Question for readers:

Do you consider the possibilities of virtual money useful for you personally?

We wish you to find a convenient, functional and easy-to-use electronic payment system. If you have any questions, ask them in the comments. We will gladly answer them!

Electronic money is the monetary obligations of the organization that issued them (the issuer), which are on electronic media in the management of users.

The main features of electronic money:

• issuance in electronic form;
• storage on electronic media;
• the issuer's guarantees for their provision with ordinary cash;
• their recognition as a means of payment not only by the issuer, but also by a number of other organizations.

For a clear understanding of what electronic money is, it is necessary to distinguish it from the non-cash form of traditional Money(release of the latest, produce central banks different countries, they also establish the rules for their circulation).

Credit cards, which are only a means of management, have nothing to do with electronic money. bank account. All transactions using cards are made with ordinary money, albeit in a non-cash form.

The history of the emergence of electronic money

The idea of ​​electronic payment systems appeared in the 1980s. It was based on the inventions of David Shaum, who founded the DigiCash company in the USA, whose main task was to introduce electronic money circulation technologies.

The idea was pretty simple. The system carries out operations with electronic coins, which are the issuer's obligation files with its electronic signature. The purpose of the signature was similar to the purpose of the security features of paper notes.

Principles of functioning of electronic money systems

For the successful operation of this payment instrument, the willingness of organizations selling goods and providing services to accept electronic money as payment is necessary. This condition was provided by the issuer's guarantees for the payment of amounts in real currency in exchange for electronic coins put into circulation by it.

In a simplified form, the system operation scheme can be represented as follows:

• The client transfers real currency to the issuer's account, receiving in return a file-banknote (coin) for the same amount minus the commission. This file confirms the debt obligations of the issuer to its holder;
• With electronic coins, the client pays for goods and services in organizations that are ready to accept them;
• The latter return these files to the issuer, receiving real money from him in return.

With such an organization of work, each of the parties benefits. The issuer receives his commission. Trading enterprises save on the costs associated with the circulation of cash (storage, collection, work of cashiers). Customers receive discounts due to lower costs for sellers.

Advantages of electronic money:

• Unity and divisibility. When making calculations, there is no need for change.
• Compactness. Storage does not require additional space and special mechanical protection devices.
• No need for recalculation and transportation. This function is performed automatically by payment and electronic money storage tools.
• Minimum issuance costs. There is no need for minting coins and printing banknotes.
• Unlimited service life due to wear resistance.

The advantages are obvious, but, as usual, there are no difficulties without difficulties.

Flaws:

• The circulation of electronic money is not regulated by uniform laws, which increases the likelihood of abuse and arbitrariness;
• The need for special tools for making payments and storage;
• For a relatively short period of operation, reliable means of storing and protecting electronic money from counterfeiting have not been developed;
• Limited application due to the unwillingness of all merchants to accept electronic payments;
• Difficulty in converting funds from one electronic payment system to another;
• Lack of state guarantees confirming the reliability of the issuer and electronic money as such.

Storage and use of electronic money

Online wallet- This software, designed to store electronic money and carry out transactions with them within one system.

Who organizes the functioning of these systems and issues electronic money?

Issuers of electronic money

Issuer requirements vary from country to country. In the EU, the issue is carried out by electronic money institutions - a new special class financial institutions. In accordance with the legislation of a number of countries, including India, Mexico, Ukraine, only banks have the right to engage in this activity. In Russia - both banks and non-banking financial institutions subject to obtaining a license.

Electronic payment systems in Russia

Let's look at the most popular domestic systems and give answers to questions about how to buy and how to cash out electronic money in each of them.

The largest operators are "Yandex.Money" and "WebMoney", in total their share exceeds 80% of the market, but there are also "PayPal", and "Moneybookers", and "Qiwi" ....

WebMoney

WebMoney, positioning itself as an "international settlement system", was founded in 1998. Its owner is WM Transfer Ltd. It is registered in London, but technical services and the Main Certification Center are located in Moscow.

Operations are carried out with electronic equivalents of a number of currencies.

For each of them, the guarantor is legal entities registered in various countries: Russia, Ukraine, Switzerland, the United Arab Emirates, Ireland and Belarus.

Used for work online wallet"WebMoney Keeper", which can be downloaded from the company's website. There is also an instruction for its installation, registration and use. The program allows you to operate with equivalents of US dollars (WMZ), Russian rubles (WMR), euros (WME), Belarusian rubles (WMB) and Ukrainian hryvnia(WMU). Gold circulation is provided, the unit of measurement of which is 1 electronic gram (WMG).

To carry out transactions, it is necessary to register in the system and obtain a participant certificate, of which there are 12 types.

A higher level of the certificate provides greater opportunities in work.

When making transactions, the payer is charged a commission in the amount of 0.8% of the amount of the transfer. It is possible to use various types of payment protection. All disputes are decided by the Arbitration.

Here are ways to deposit electronic money into a wallet:

• bank, postal or telegraphic transfer;
• through the Western Union system;
• purchase of a prepaid card;
• by depositing cash at exchange offices;
• through electronic terminals;
• from electronic wallets of other system participants.

All of these methods are associated with the payment of commissions. It is the least profitable to start money through terminals and buy prepaid cards.

And how to cash out electronic money in the WebMoney system? You can use the following methods:

• transfer to a bank account from your electronic wallet;
• using the services of an exchange office;
• through the Western Union system.

There are virtual points where it is possible to automatically exchange one electronic currency for another at a specified rate, although the system does not formally take part in this.

Since 2009, the use of WebMoney has been prohibited at the legislative level in Germany. This prohibition also applies to individuals.

"Yandex money"

The system has been operating since 2002. It provides settlements between participants in Russian rubles. The owner of the Yandex.Money LLC system in December 2012 sold a 75% stake to Sberbank of Russia.

There are two types of accounts:

• "Yandex.Wallet", which is available through the web interface;
• "Internet. Wallet is an account with which operations are carried out through a special program. Its development was terminated in 2011.

Now for new users, only Yandex. Purse.

Users of Yandex.Money can pay for utilities, pay for fuel at gas stations, and make purchases in online stores.

The advantage of Yandex.Money is the absence of commissions for most purchases and account replenishment. For transactions within the system, it is 0.5%, and for withdrawals - 3%. When accepting payments and withdrawing funds, Yandex.Money partners can set commissions at their own discretion.

Significant disadvantages are the impossibility of doing business through the system and strict limits on the amount of payments.

You can replenish Yandex.Wallet in several ways:

• converting electronic money of other systems;
• by bank transfers;
• through payment terminals;
• depositing cash at points of sale;
• through Unistream and Contact systems;
• from a prepaid card (now the issue of cards has been discontinued, but activation of previously purchased cards is possible).

You can cash out electronic money of the system in the following way:

• transfer to a card or bank account;
• receiving from a Yandex.Money card at an ATM;
• through the transfer system.

The main share of the electronic money circulation market in Russia falls on WebMoney and Yandex.Money, the role of other systems is much less significant. Therefore, we consider only their characteristic features.

PayPal

"PayPal" is the world's largest electronic payment system, created in 1998 in the United States and has more than 160 million users. It allows you to receive and send transfers, pay bills and make purchases.

For Russian participants, the acceptance of payments became possible only in October 2011, and the withdrawal of funds has so far been carried out only in American banks. These circumstances significantly reduce the popularity of the system among domestic users.

The planned conclusion of an agreement between PayPal and Russian Post can correct the situation, but this is a matter of a distant future.

If you are interested in PayPal, then the article PayPal - registration, deposit and withdrawal of funds will be very helpful.

Qiwi

Qiwi is a domestic payment service that focuses on paying for various services, including utilities, mobile communications and repayment of bank loans.

Greetings to all my regular readers, investors and guests of my blog! This article opens the “electronic money” section, and to begin with, I propose to get acquainted with the concept of electronic money and find out what electronic payment systems (EPS) are.

I strongly advise you to study this article, because for us, as investors, this topic is actually the basis, because investments on the Internet are inextricably linked with electronic money.

In today's article, we will discuss the following questions:

Most of us have been using electronic payment systems for a long time when paying for various purchases and services on the Internet. EPS are also used to transfer funds to your friends, relatives around the world.

Payment using electronic money is currently one of the three most "favorite" payment methods by bank transfer among people aged 12 to 55 years.

So, why do we need electronic money:

• Well, firstly, most of us use electronic money when paying for various goods and services on the Internet;
• Secondly, we also use them to transfer funds to our friends, relatives, etc. around the world;
• And, of course, we Internet investors are interested in electronic money as a tool for replenishing and withdrawing funds in online investments.

Electronic money - what is it, when did it appear

Electronic money is the currency that you and I use when paying or investing online. With the help of these virtual units, calculations are carried out - as a rule, in real time.

This type of money is becoming more and more popular, as it makes it possible to make payments between people not only in different cities, but also countries around the world.

In fact, ED can be equated to real money that is stored on our plastic cards ah or bills.

Electronic money can be completely freely exchanged for real currency (for example, you can exchange dollars from your Perfect money wallet and withdraw to a ruble or dollar plastic card at the current rate).

By the way, I recently wrote a detailed comparison of bank plastic cards, with which you can freely withdraw dollars from ATMs around the world: you can read this review

In addition, I would like to draw your attention: do not confuse electronic money and funds on your plastic card or bank account - these are different concepts.

Payment systems - a brief excursion into the history of electronic money

In general, the term payment systems and electronic money first appeared in the 70s of the twentieth century and for a long time the circulation of such money was very limited. In our time, the range of use has become much larger.

At the moment, for example, the inability to pay with electronic money on the website of an online store is already perceived as bad form: after all, with the help of electronic units, we can easily buy a ticket for any type of transport, top up our mobile balance, pay for housing, and, of course, invest funds in order to receive passive income!

So let's recap:

Electronic money -it is fast, reliable and convenient for making financial transactions online, for investments, and maintaining anonymity. Modern financial market is increasingly turning to the attractive conditions of Internet systems.

Electronic payment systems - principles of operation

EPS are companies that introduce their own electronic money and invest it in the development of innovative technologies. There are quite a few examples of large companies on the Internet that have created their own EPS, for example, Yandex.Money.

ED of one system can be exchanged for the currency of other payment systems at a certain rate with a certain commission for the transfer.

Yes, of course - all EPS that are registered in a particular country are required to comply with the law. However, financial transactions on the Internet are extremely difficult to track, so the acts of legislation are not yet strictly regulated.

Moreover, many EPS are officially registered offshore, which means that they do not fall under the regulation of other countries, which gives them certain advantages for their use.

How do EPS earn?

The earnings of such systems are based on commissions charged for transactions, exchange operations and other trading relationships between clients. In other words, EPS are the same banks, only on the Internet.

Benefits of using electronic money and electronic payment systems

• Work on the condition of anonymity - the ability to make payments and transfers without specifying personal data;
• Efficiency of money transfer operations, payment for services and purchase of goods;
• Low payment commission: moreover, many EPS do not charge any interest for payment at all, such as the ADVCash system;
• The most simplified procedure for creating an electronic account;
• High level of protection during operations;
• The ability to transfer funds to a bank account and plastic cards, as well as instant replenishment of wallets.

Types of EPS

As I mentioned earlier, all EPS release their own monetary units. Some of them are recognized all over the world, and some work only within a few countries.

That is why before choosing a particular system, you need to clearly define what needs it will be used for. Of course, no one limits you to one system: I personally have wallets open in most payment systems, and I actively use them.

Let's take a quick look at the most popular systems (I've listed them in my priority order):

perfect money .

The undisputed leader of this review. I personally use it to participate in many investment projects.

The year of foundation of this system is 2007. Perfect Money is often used for financial transactions by both individuals and legal entities. This payment is accepted in 99% of investment projects, which makes it very popular in the investment environment.

Perfect Money Finance Corp received a license in offshore (Panama), so it is almost impossible to somehow influence it. A more detailed overview and how to start a wallet in this system is posted on my blog on this >>>

AdvCash.

The second most popular EPS for me personally.The system is relatively young, and its active development began only in 2014.

Initially, many investment projects did not use it as an opportunity to invest funds, but more and more often I see the opportunity to invest through this payment aggregator.

Moreover, the AdvCash service is constantly developing, and a special program for IOS and Android is planned to be released soon. A huge advantage of this system is the possibility of issuing bank MasterCard cards, with which you can pay for purchases and withdraw cash dollars in more than 200 countries of the world, including the CIS countries.

I also wrote a detailed article on this system, I recommend it for review..

payeer.

It is also very popular with online investors.This payment service started working in 2012 and quickly gained popularity on the Internet among brokerage companies and electronic stores.

The company began active expansion in the network, including in the US and Europe, and as a result, the number of users is already over 15 million.

The advantage of this system is the absence of mandatory identification, the presence of its own exchange points, the ability to issue its own bank card, similar to AdvCash.

But I want to note that commissions in Payeer are less humane than in AdvCash. You can learn more about the advantages and disadvantages of this system in my review on this >>>

OkPay.

Also a popular EPS, which is in demand among investors and is recognized by many investment projects. It was launched in 2009 (the system is registered in the British Virgin Islands). OkPay is also used in settlements of both physical and legal entities and is recognized in more than 200 countries around the world.

The system is easy to use, moreover, it was the first system among offshore wallets that offered its customers the issuance of a bank card. Personally, I actively used it before, despite the increased commission, but for a long time it was the only alternative for withdrawing dollars from an ATM.

But with the advent of AdvCash, I began to use this system less actively, although I periodically invest through it. I also wrote a review on OkPay, I recommend reading this >>>

PayPal.

It has been operating since March 2000 and is part of the structure of the Ebay company, through which goods are purchased online (online stores, individuals). The PayPal system is recognized in most countries of the world, however, in some of them - with restrictions. This system is used by more than 140 million users, it can carry out transactions with 26 currencies.

In the CIS countries, this EPS is not very common, but development is still underway: since 2013, it has become possible to withdraw rubles to bank accounts and cards, albeit with a high commission.

I am registered in this system, but I use it exclusively for purchases on Ebay. If you plan to invest in networks, this system is not suitable for this in principle, so you don’t have to waste time registering.

WebMoney (WebMoney).

This EPS occupies a leading position both in the Russian Federation and in the CIS. From a legal point of view, WebMoney Transfer is not a payment system, because ED does not issue. However, this does not change the essence - this payment system is actively used by users, whose number is more than 25 million. WebMoney was founded even earlier than PayPal - in 1998.

Some investment projects connect this system to accept payments, but it is worth noting that in case of complaints about dishonest work, the system promptly responds and blocks the user's wallet. This is used by competitors to block payments from investment projects, which leads to panic and negative reviews (the project does not pay, etc.) and early closure of the investment project.

I use it extremely rarely and only when absolutely necessary: ​​I am personally annoyed by the high percentage of commissions for transactions, as well as extortionate interest when cashing out.

Yandex money

The second most popular EPS within the Russian Federation. The system was launched in 2002 and is part of the Yandex. Transactions are carried out in ruble equivalent. Mainly used in Russia.

The system was created in cooperation with a foreign partner PayCash: as a result of this cooperation, Yandex Money LLC appeared.

In this system, I also have a wallet, but I try to use it to a minimum. The reasons are the same as WebMoney: extortionate commissions for the transfer and withdrawal of funds. I rarely see this system in investment projects, apparently for the same reason as the situation with WebMoney - account blocking.

It is possible to order a bank card, but reviews on the Internet about its use are quite contradictory. I didn’t order it myself, so I can’t express my opinion about the use of this card. To use this system or not is up to you personally.

Qiwi.

Another popular EPS, launched in 2007. It operates on the territory of the following countries: Russia, Belarus, Moldova, Kazakhstan, America and a number of other countries.

The advantage of this system is a large number of machines through which you can replenish the balance and transfer funds.

I have a wallet in this system, but a couple of years ago I was blocked from withdrawing funds. I never heard a clear explanation from support, and the blocking was eventually lifted, but an unpleasant aftertaste remained. Another disadvantage is high interest when withdrawing funds from this wallet.

Finally

Before registering in a particular system, first decide for what purpose you plan to use it. If your goal is, then I recommend Perfect Money, AdvCash, Payeer and OkPay: after registration, you will need to replenish your wallet usingexchange offices (bestchange), and then move on to investing on the Internet.

When registering with the EPS, I strongly recommend that you indicate your real data, since:

• firstly, in most systems you simply cannot withdraw money without it;
• secondly, it will be proof that the wallet belongs to you - if attackers steal your password and hack the wallet.

I hope I was able to convey to you in as much detail as possible information about what electronic payment systems are and how to use them.

You also have the opportunity to find out where I invest money: investment projects are presented in my portfolio at the links below:

Doing business on the Internet has ceased to be something innovative and has moved into the category of “self-evident” concepts. Almost every store has its own store or catalog online.

However, how easy it is to find and order a product online, it is just as difficult to pay for it online, in this case I'm talking specifically about Belarus. In the best case, a courier with a terminal will come to you to pay by card. One of the reasons for this phenomenon lies in the low culture of the population in the field of electronic payments. She comes from a banal misunderstanding - how it works.

In this article I want to talk about key points making an online payment.

A little theory, schemes and important points

Let's start with a little theory.

1. To make their payment online, the client needs to transfer their hard-earned money into electronic form. To do this, you need to go to the bank and open an account there. After that, the cash dear to the heart turns into a set of bytes on one of the bank servers. In reality, there is no need to go anywhere, because banking system quite developed in the country. According to statistics, the population has more than 10 million bank cards in their hands, so we can safely say that every person in our country has a bank (debit, credit, salary) card, which means that there are “electronic” money. The bank that issues the payer's card and ensures the safety of funds on it is called the Issuer.

2. In order for customers of different banks to be able to make payments without problems and use any terminal or ATM, and not just the services of their “own” bank, a common standard for interaction between banks and a certain regulator that would ensure this interaction are needed. This role performed by processing centers. These centers are the international payment systems Visa, MasterCard. Within the framework of our country, there is also BelKart and the Bank Processing Center. Each bank that issues you a card with the Visa MasterCard BelKart logo is a member of this system.

3. In order to accept card payments, you again need to go to the bank and open a special Merchant Account or Merchant Account there. The bank where you can open such accounts is called Acquirer.

Let's see how all this already works on the example of the usual payment by card in a regular store.

1. You are told the amount - you hold out your card.

2. Your card is swiped through a special device (terminal) that reads data from the card.

It is important to understand that only the card number and owner information are read.

PIN code or CVC code are security elements - the data on them is not hardwired into a magnetic stripe or a chip. Therefore, they cannot be read so easily. You may be asked to confirm the check by signing or entering a PIN. But it is impossible to name or transfer this data just like that. It is important to know and remember - in order to avoid possible fraud with your card

3. The terminal is programmed for a specific request to the Acquirer bank, which the device issued to the store. This request contains a pointer to the merchant's/shop's account number in this bank and card data.

4. Having received this request, the bank sends a request with card data to the processing center. The processing center determines the card issuer and sends a request to this bank. The Issuer Bank, in turn, checks whether the requested funds are on the card account and, if so, freezes them and gives a positive response to the operation.

5. The Acquirer Bank gives a positive response to the terminal - and your payment has been successfully completed.

Important point in this scheme, which many people miss. The issuing bank freezes the money on the client's account, and does not make an instant transfer from the client's account to the seller's account. Depending on the location and rules of operation of banks, the operation for the final transfer of funds can take up to several days. Often, many traders at this point there is a misunderstanding. The payment is approved - the goods are given away, but there are no funds on the account. It's okay - will be within the next few days.

What is the fundamental difference between payment on the Internet and the scheme described above? Actually not many. The Acquirer Bank and the Issuer Bank, as well as the scheme of their interaction, remain unchanged. The only difference is how the request gets to the Acquirer bank. To implement online payment, Acquirer Bank must open access to its data center. In order to protect itself, the bank opens this access either to its division responsible for online payments, or to certified processing companies.

These companies fulfill 2 roles:

1. They provide verification of payment for fraud before entering the bank's network.
2. They provide a convenient request form for marketplaces. As a rule, you need to make a simple POST request to the resource of the processing company, which will then turn it into the required request for the bank (In fact, it will pretend to be a terminal). It is also convenient if the merchant changes the Acquirer Bank - the trading platform does not need to change the integration.

So, now let's see how it works in case of online payment.

1. You go to the cart on any marketplace.
2. You are shown the amount of the order and the form for entering your payment and personal data. Looks like the picture in the article.
3. After filling in all the information, you click the "Pay" button.
4. The platform collects your data and forms a request to the processing company.
5. The processing company checks it and sends it to the Acquirer Bank.
6. Further, the scheme is similar to the previous one: Bank Acquirer - Processing Network - Bank Issuer
7. The processing company gives the site the result.

There are even simpler schemes for payment: the trading platform simply redirects the client to the Payment page of the Processing Company. Next, the client will be greeted with a convenient data entry form, shown a beautiful spinner while the payment is being processed, and just as gently show the result of the payment and return to the site from which the client came.

Hence the main conclusion: if you want to start accepting payments on your trading platform, you need to contact the Bank that opens "Merchant Accounts", or a processing company that will study your business and select the appropriate Acquirer Bank for you, as well as help with integration your site.

If there is interest in this article, in the following articles I can talk about the various types of integration of your site, touch on the main points of security, schemes for making and canceling payments.

The future of payment systems

Over the next five years, the retail banking business in Russia will change dramatically - payment technologies are rapidly developing. Serious changes have already taken place: electronic databases are being introduced, processing systems are being improved, legislation and market conditions are changing. Internet banking and mobile banking will gradually push ordinary tellers out of the banking business.

What is a payment system

A payment system is understood as a set of rules and means that allow settlements between the buyer of a product or service and a trade or service organization. A payment includes a set of transactions for authorization, mutual settlements and transfer of payments, as well as other financial and non-financial information. Typically, the payment process involves:

1. client, buyer
2. Shop, seller of goods or services
3. Bank as a guarantor of legitimacy of payment
4. Processing company as a technological intermediary between all participants in the transaction.

There are several main types of non-cash payments

• With a bank card and a personal code indicated on the card
• Using an electronic wallet (a separate application of the payment system)
• Using an electronic account with authorization through an Internet browser
• Using a mobile phone from a client's account with a mobile operator
• By using mobile banking(when the bank account is linked to the customer's mobile phone)

Payment systems user interface

Are you wondering what it looks like Personal Area client in various payment systems?

Internet banking, mobile banking

Use of non-cash funds

Cash payments

To date, only one type of remote cash payment for goods or services is known - through payment terminals of independent payment systems (for example, QIWI) or through similar bank terminals. Acceptance of payment is carried out through an automatic bill acceptor of the terminal.

Transfer of electronic funds between payment systems

Learn more about security in payment systems

Payment systems secure payment transactions to prevent payments from being made by hackers. First, encrypted protocols are used. Secondly, each payment is often protected by confirmation using a code sent via SMS to the phone number registered by the client. Thirdly, if we are talking about Internet payments using plastic cards or electronic wallets, transactions in the payment system can be additionally protected by binding to a specific computer or IP address, as well as time-limited authorization methods - this helps to avoid logging into the system another user on public computers.

Each payment system tries to certify the participants in the transaction - the seller and the buyer. In order to obtain a certificate in the electronic payment system, to an individual You are required to provide proof of identity (such as a passport). Organizations provide legal documents indicating registration and availability of appropriate licenses for their activities.