Payment systems: list, principles of work

At the moment, progress has stepped far. Settlements have long been taking place not only in cash, but also by card, as well as online through electronic payment systems. The list of these services is regularly updated.

Currently, online investments and payments are developed that cannot do without electronic money. During the inception of electronic commerce (early 90s), it became clear that traditional financial products are not suitable for electronic payments. This is how the existing online payment systems appeared. The list and features of each of them are presented below.

Principle of operation

Such systems operate in different ways. Basically, the founders of such services create their own electronic currency. They are called originally, since it is illegal to use "money" in the name. However, it is important to understand that beautiful terms indicate the absence of any financial guarantees and deposit insurance.

All on the conscience of the founders, who value their reputation. In fact, this is a portal where participants are registered and transactions are conducted. Each depositor has a personal account and an electronic wallet, in which the amount of money in his account is fixed.

Some services even have their own cash points.

Advantages and disadvantages

Electronic payment systems have a considerable list of advantages.

1. Instant transactions (transfer of funds, payment for online purchases, conversion).
2. Low fees (due to high competition).
3. Anonymity (a big plus for those who work semi-legally).
4. Funds can be transferred to any bank accounts.
5. Greater security (than with cash).
6. Very convenient for receiving salaries by remote employees.
7. The ability to pay utilities, telephone, Internet.

Payment systems also have a list of shortcomings.

1. The main disadvantage is that accounts are not completely legal.
2. Not all purchases can be paid using electronic money.
3. The service of converting funds into cash is expensive.
4. Due to the lack of control by the law, one can often encounter scammers (on free hosting, such sites are created in 5 minutes, so the service should be checked for authenticity).

To verify the authenticity of electronic collateral, it is enough to find out whether large financial institutions (Sberbank of Russia, Alfa Bank) cooperate with this service.

List of payment systems in Russia

The main services operating in the territory of the Russian Federation:

• Yandex. Money is one of the most popular payment systems in Russia. With it, you can make many payments. In particular, the payment of paid games and other Internet services, utilities, telephone, purchases in online stores. Also, with its help, money transfers are made.
• Arsenal Pay - payment system of the Primorsky Territory of the country. This is another reliable service for transferring funds and making payments. The service does not charge hidden fees.
• MIR (NSPK) is a Russian payment system founded by the Central Bank. The system guarantees safety and absence of interruptions in work during various financial operations in Russia.

There are also other Russian and international payment systems, a list of which is presented below:

• WebMoney is the most popular international service. A separate guarantor works with different currencies. Users have a unique WMID for using their personal account.
• PayPal is another global system. Its feature: all payments are made in real money.
• QIWI (QIWI) is a world leader among instant payment systems.