Prospects for the use of electronic money articles. Problems of regulation and use of electronic money in the Russian Federation

According to some analysts, in the near future, electronic means of payment will completely displace cash and checks from the market, since they represent a more convenient way to pay for goods and services.

Electronic payments may soon replace cash and checks, according to ABA/Dove estimates, as every second in-store purchase is now made electronically. Cash remains the main means of payment in traditional stores for only 33% of shoppers.

While the majority of online purchases are made using credit cards, almost half of respondents use checks and money orders in e-commerce, and a quarter of virtual shoppers use P2P payments.

Two-thirds of consumers pay at least one monthly bill electronically, including credit/debit cards. Analysts estimate that by 2003 online bill payment will reach significant volumes 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 refuse to pay their bills by checks. However, experts warn that banks will face competition from financial service providers in this area, given that a provider that provides users with a convenient and simple interface will be able to keep them for a long time.

Growth of turnover of e-commerce "Business to consumer" 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):

The share of e-commerce in GDP (GDP) of the United States (according to eMarketer):

Active Internet audience in Russia according to ROCIT, million people:

From the moment of its formation on the Russian exchange market, trading platforms have been using 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 more and more attractive in the global market. There were prerequisites for rapprochement and communication of trading platforms both within Russia and abroad. Today, information technology determines the face of the global financial market. World financial markets are becoming more and more 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 take an important step - to join the World Trade Organization (WTO). A necessary condition for joining the WTO is Russia's integration into the international financial market. Therefore, speaking about the prospects for the development of the Russian market, integration into the infrastructure of the global capital market can be singled out as one of the main stages. This work has already begun. Electronic technology is developing rapidly. Today it is already difficult to imagine our life without the Internet. In the past few years, the popularity of trading shares of companies via the Internet has been growing rapidly in the world. Individual investors were able to conclude transactions, in fact, without leaving their homes. In 1999, the development of Internet trading on the Russian stock market began.

The total volume of transactions via the Internet in 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, about 47% of the trading volume and about 70% of transactions on the MICEX stock market were concluded via the Internet. Trading via the Internet today is the most simple and convenient access for private investors in the financial markets. With the spread of Internet trading, the number of transactions of small volume began to increase. In other words, the activity of clients on the stock market and the share of client operations in the 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 turned out to be 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 master the new service much later. Today's realities are such that it is not the "big", but the "fast" company that wins.

Having received a start in the stock market for a number of reasons, Internet trading is now steadily 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 offered service and the range of additional services for clients based on their full automation, will expand. We will see a closer interconnection within the same Internet system of the functions of banking systems, Internet trading, and systems of depository and back office services. In addition, the process of expanding the analytical and information support of clients on the basis of integration with information and analytical Internet systems developed by news agencies will continue more actively.

Given the low level of development of telecommunications networks, especially in the regions of Russia, of course, one of the priority areas for development will be to improve the quality of work, improve the consumer properties of Internet trading systems. The solution to this problem lies not only in the field of improving the applied hardware and software of Internet trading systems, but also in the field of creating a new generation of 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 the financial markets, in the very near future, with the advent of an appropriate regulatory framework, will undoubtedly be the need for mandatory use of certified information security software and electronic digital signature in remote access systems via the Internet. On January 10, 2002, President of the Russian Federation V.V. Putin signed the Federal Law "On Electronic Digital Signature", aimed at ensuring the legal conditions for the use of electronic digital signature in electronic documents, under which an electronic digital signature in an electronic document is recognized as equivalent to a handwritten signature in a document on paper media.

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 of various functional purposes with a chain of possibility of their information interconnection in real time or their integration into single software and hardware complexes of multifunctional purpose.

Online trading seems to be becoming ubiquitous. Or does it just seem so? Numerous reports state that only a third of all Internet users actually make purchases, and the majority are wary of such transactions for security reasons. In response, merchants are trying to find a way to convert interested but distrustful people into Web shoppers. A possible solution in this case could be electronic money.

Despite all these advantages of electronic money, they are not very popular. However, according to GartnerGroup forecasts, in the next five years the technology of electronic money will be significantly improved, and by the end of 2009 the volume of electronic payments will be 60% of all online transactions, although this figure does not exceed 14% now.

Companies that accept e-money can expect to reduce the costs of non-payment of bills when using credit cards, as well as to increase the volume of commercial transactions between producers and consumers, as well as between individual users.

Some of the leading companies in this field are offering producers and consumers the means to conduct interactive transactions using electronic money. There are already a number of well-known and large nodes where companies can sign an agreement on the use of electronic payment facilities. to such decisions. These include X.com's PayPal services, X.com's Flooz, and eCash Techologies' Monneta suite of products.

The impact technology for electronic money, which will soon (in about a year) blow up the platinum holding back business on the Internet, is smart-card technology, that is, plastic cards with a computer and cryptographic software inside.

Such a card, as already noted, will be suitable not only for paying for goods in stores, but also for payments on the Internet. It will be very soon (although even today in Russia there are smart-card-based electronic money marked for "paying traffic police fines"), however, now other electronic payment systems are really working. They are easy to use, and for those who are already ripe for organizing their virtual business, it is useful to start with them, especially since with the introduction of smart cards into wide circulation, the virtual business technology will not change (although it will already be so simple that any schoolgirl will be able to organize it).

Electronic money technology is attracting considerable interest, and many merchants are starting to use this form and these means of payment.

Electronic money promises to transform consumers who now prefer a variety of ways to shop into buyers for whom there is no alternative to Web-based online stores.

Electronic money - a world without borders :

A multi-level system will make it easy to send money from a village in the wilds of Paraguay to a Siberian village, will allow you to establish financial connections between any people on Earth, wherever they are, will turn all Humanity into a single financial society.

The world opened for money will become open for people, for goods, for ideas, for any communication. It is electronic money that will fulfill the age-old dream of Mankind about uniting people. It is electronic money that will eliminate all borders, turn borders into cartographic concepts, and then, perhaps, eliminate them altogether.

A person will be able to freely go to any point on the Earth with just one card in his pocket and find food and shelter, entertainment and everything he needs, of course, if there is money on this card, more precisely, on a bank account that is controlled by a card. . Just money. Not American or Japanese money. And in the future, one can imagine that the card itself will not be required, the bank account number can be written on the palm of your hand with invisible and indelible paint, identification of the person and his account will be carried out by the papillary pattern on his finger.

It can be assumed that no passports and registrations will be needed, the bank account number will become the only identifier of a person's identity, and the identifier is unique, the only identifier from birth to death and even after death.

All his banking transactions - his purchases, receipts and other financial movements for a certain time can be stored in the bank.

Thus, in the 21st century the world is entering the era of not a legal, but a financial society. It will no longer be a right to control the behavior of an individual, which you need to know, you need to understand, you need to read and remember something somewhere. In the era of electronic money, most violations will simply be impossible simply because a computer will not let them through. If drugs are illegal, then you can't buy them simply because the computer won't let through a payment from an individual to a drug manufacturer. If it is forbidden for private individuals to purchase some dangerous products - radioactive substances, poisons, weapons, etc., then an individual will not be able to purchase them, because the payment from an individual to manufacturing enterprises or suppliers will simply be blocked in the bank computer. And that which cannot be paid for, cannot be possessed. Of course, some master can make a scarecrow for himself, but it is clear that such "crime" does not threaten society in any way, just as a dozen boys running through the subway without a coin do not pose any danger or financial damage to the subway. So small crime is not at all dangerous to society, rather it is even useful, the main thing is that there are no opportunities for mass crime, it will be eliminated by electronic money.

So, electronic money is a society of freedom, a society in which a person is free to move around the world - not only a white person from North America and Western Europe, but any person on Earth. This is a society of truly equal people in the sense that the limits of behavior are set, in fact, by a computer that cannot be bribed or appeased, that is not capable of making any distinctions between people - be it a janitor or a president, where your rights do not depend on an official, which may or may not allow. Everything is extremely simple here. The computer program forbids this action - it will be forbidden, and any pleas, "approaches" and bribes are powerless to persuade him. So we really see that the idea of a rule of law is the yesterday of human civilization, the 21st century is not the century of law, but the century of financial regulation of human behavior through soulless universal unified algorithms, financial prohibition, creating the widest scope for permissible actions. This is the kind of freedom in front of which the freedoms of a rule of law state will seem like real slavery and bureaucratic despotism. A person feels offended if he knows that he can, but it is impossible, since a person or a circular forbid. And he cannot be offended by a car, no one is offended by a turnstile in the subway, which does not let him through without a token. Such is the difference between legal (juridical) and financial social arrangements.

Many people, when getting their first bank card for payment by bank transfer, start to be a little afraid of this system and wonder about their disadvantages in using. Read what disadvantages are present in electronic money and bank cards.

Despite all the advantages of bank cards, electronic money also has a number of disadvantages for their use. First of all, it concerns the costs that they require. This problem applies to both banks and entrepreneurs. It also applies a little to ordinary people. Ordinary people need to spend money on making the plastic card itself. But fortunately, these are small costs, especially since the card is usually issued for 2 years.

For shop owners, this issue remains one of the main ones. After all, there is a need to purchase a terminal or rent it. Plus, it needs maintenance. The result is not a small amount. Therefore, some outlets have to take a commission for cashless payments. As for banks, they generally have the most colossal costs. They not only need to issue electronic money, but also install expensive ATMs and spend money on their maintenance. That is, to pay salaries to collectors, to pay for the electricity from which they work, etc. The next point can be noted about the problems of inconvenience. The most typical are to cash out money or find out your bank card balance - you need to stand in line at an ATM. A particularly large crowd near them is observed in the first days after the transfer of salaries or interest on deposits.

And the main problem is that not in all places you can pay with a card. Therefore, most of the population believes that it is better to keep money in cash and see how much you give for a purchase. From this, this shortcoming should be taken into account. But, despite this, the future of the economy will still be connected with the electronic form of payment. And people will have to get used to paying for goods and services with a bank card. In such situations, today it is recommended to store funds, both in cash and in electronic form. If possible, use the card. For example, in supermarkets or in commercial premises where there is a terminal.

Another problem is the lack of a single payment system. Today there are a lot of them. If, for example, you use Yandex Money, then not all online stores allow you to pay for their goods with this particular payment. Also, this drawback occurs with Webmoney and other systems. In stores with a terminal, you cannot pay with a payment, and you will have to withdraw money to a bank card.

As for payment systems, it is recommended here to protect yourself with a strong password, download an anti-virus program to your PC and, of course, not share your secret information with anyone. Whatever electronic money would be, there will always be negative aspects when using them. The only thing that can be done is to minimize them through thoughtful improvements. For example, if there were a single payment system, then people would lose their choice, and they would have to use only a single payment system.

ELECTRONIC MONEY
ELECTRONIC WALLETS
MARKET OF ELECTRONIC PAYMENTS
PAYMENT SYSTEMS

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

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

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

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

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

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

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

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

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

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

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

Rice. 1 settlement scheme using electronic money

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

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

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

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

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

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

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

Fig.2 Popularity of payment systems

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

Table 1

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

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

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

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

Fig.3 Main directions of electronic payments

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

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

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

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

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

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

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

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

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

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

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

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

increasing market transparency and developing best business practice criteria;

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

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

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

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

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

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

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

Bibliography

Grigoryan S.A. Trends in the development and regulation of the Russian market of electronic banking services // Money and credit. [Text] / 2008. No. 10.
Kuznetsov V.A. and others. Prepaid retail payment instruments - from traveler's check to electronic money. [Text] / M.: Market DS, 2008.
Electronic money and mobile payments: an encyclopedia. [Text] / M.: KnoRus, 2009.
Yurov A.V. Cash and electronic means of payment: assessment of prospects [Text] / Money and credit. 2007. No. 7.
Yanov, V. V. Money, credit, banks [Text] / textbook. allowance for universities in the direction of preparation. "Economics" (qualification (degree) "bachelor") / V. V. Yanov, I. Yu. Bubnova. - M.: KnoRus, 2014.
Electronic money [Electronic resource] // arteconomics.ru
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PROBLEMS OF ACCOUNTING OF SETTLEMENTS USING ELECTRONIC MONEY

G. I. ALEKSEEVA, Candidate of Economic Sciences, Associate Professor of the Department of Accounting in Commercial Organizations Yu. I. MAKOVSKYA, student of the Faculty of International Economic Relations

Financial University under the Government of the Russian Federation

One of the most important elements of a market economy is money, since it is money circulation that ensures the normal functioning of market mechanisms, the circulation of goods and services between economic entities. At the same time, money remains one of the most complex and controversial economic categories. One of the most poorly studied monetary phenomena is monetary surrogates that function in monetary circulation, are used in internal mutual settlements between various persons and constitute a certain part of the money supply, but are not “full” money.

Monetary surrogates are substitutes for official forms of money put into circulation by arbitrarily economic entities to make payments (money units not provided for by law and introduced by individuals without permission). The main reason for the emergence of monetary surrogates, as many economists note, is the lack of official banknotes (violation of the real commodity-money balance), which can be revealed as a result of the government's overly tight monetary policy aimed at eliminating negative inflationary processes.

Money surrogates can serve as a means of payment, but cannot serve as a store of value and determine the proportion of the exchange of goods. Money surrogates, unlike money, do not have absolute liquidity, since they have limited circulation. In addition, money surrogates may not ensure the preservation of purchasing power, since in secondary circulation they can be accepted at a discount, i.e. at a price below par.

In economics, money surrogates are most widely represented by the following types:

counterfeit money;

Securities (bills, bonds, deposit and savings certificates, etc.);

Non-cash money arising in the process of barter exchange;

The right to claim a debt arising primarily from civil law contracts;

Foreign currency circulating in the domestic market as a means of payment;

Electronic money.

In recent years, electronic money has become increasingly widespread. They become an integral element of settlements between various entities.

Electronic money means the equivalent of real money that circulates only within a specific electronic payment system (EPS). The essence of electronic money is the storage of monetary value on electronic media - smart cards or a computer hard drive. They are a monetary obligation of the issuer to their bearer and serve as a method of settlement within the EPS with other users or sellers of goods and services who have concluded agreements with the issuer. To become an EPS member, you just need to register on the system's website and conclude an agreement there. Then the EPS website will offer to download and install a special program - an electronic wallet. The funds with which the electronic wallet is replenished is the electronic value of money. Operators of electronic payment systems, as a rule, provide agent services.

The circulation of electronic money is regulated by Federal Law No. 161-FZ of June 27, 2011 "On the National Payment System" (hereinafter - Law No. 161-FZ), which establishes the legal and organizational foundations of the national payment system, regulates the procedure for the provision of payment services, including the implementation of transfer of funds, use of electronic means of payment, and also determines the requirements for the organization and functioning of payment systems, the procedure for exercising supervision and supervision in the national payment system.

Electronic money is a monetary obligation of the issuer to their bearer and serves as a method of settlement within the EPS with other users or sellers of goods and services who have concluded agreements with the issuer. Electronic money can be used to settle not only with the issuer itself, but also with other participants in the system. In this case, the issuer, as a rule, is an organization that is neither a central nor a commercial bank. Unlike traditional money, which can be issued either by the central bank (in the form of cash) or other banking institutions (in the form of deposit money), monetary value (electronic money) can be issued by specialized non-bank credit institutions that provide for a special procedure for regulating their activities.

You can turn electronic money into rubles only when withdrawing from the payment system. Many

companies use EPS to accept payments for their goods and services sold via the Internet (distance selling). Only a credit institution (bank) can act as an operator.

A bank account is not opened for the client, settlements through the operator are carried out by means of electronic means of payment. The electronic means of payment is corporate. In accordance with paragraph 19 of Art. 3 of Law No. 161-FZ, electronic money settlements are carried out, as noted above, using an electronic wallet.

To use an electronic means of payment, legal entities or entrepreneurs in accordance with paragraph 7 of Art. 10 of Law No. 161-FZ are required to undergo identification, which is carried out in accordance with the provisions of Federal Law No. 115-FZ of 07.08.2001 "On counteracting the legalization (laundering) of proceeds from crime and the financing of terrorism".

From paragraph 1 of Art. 86 of the Tax Code of the Russian Federation, it follows that organizations can receive a corporate electronic means of payment in a bank only upon presentation of a certificate of tax registration. At the same time, the bank is obliged to inform the tax authority about the granting or termination of the organization's right to use corporate electronic means of payment within three days from the date of the relevant event.

In accordance with Art. 7 of Law No. 161-FZ, electronic wallets in EPS are replenished by organizations and entrepreneurs only by transferring from their bank account. Funds transferred by the client to the electronic money operator remain the property of the client.

Working with an electronic account has its limitations. For example, companies and entrepreneurs cannot settle with electronic money among themselves. One of the participants in the settlements must necessarily be an individual, which follows from Part 9 of Art. 7 of Law No. 161-FZ. The use of electronic means of payment is possible only if the balance of electronic money does not exceed 100,000 rubles. or an equivalent amount in foreign currency (at the exchange rate of the Bank of Russia at the end of the operator's working day). In accordance with paragraphs. 8 and 9 st. 10 of Law No. 161-FZ, the amount of the balance may be greater than the limit in only one case: if the change occurred due to the fact that the official foreign exchange rate increased.

If the balance is exceeded, the operator is obliged to withdraw the excess to the company's bank account. In this case, no order from the owner of the money is required. For these purposes, an organization must either have a bank account opened with an electronic money operator, or provide the operator with information about a bank account opened with another credit institution, to which the balance (its part) of electronic money can be transferred. The operator generates records reflecting the amount of his obligations to the client in the amount of funds provided by him (hereinafter referred to as the balance of electronic funds).

The operator is prohibited from lending to the client, accruing interest on the balance of electronic funds or paying remuneration to the client. The transfer of electronic funds is carried out on the basis of the instructions of the payers in favor of the recipients of funds. The transfer of electronic funds is carried out immediately after the operator accepts the client's order. The operator simultaneously reduces the payer's electronic money balance and increases the recipient's balance by the amount of the transfer.

In cases stipulated by the contract, the operator may not perform these actions simultaneously. Such a mode of transfers is called an offline mode of using an electronic means of payment. Once a transfer has been made, it becomes irrevocable and final. The operator immediately sends a confirmation to the client about the execution of his order. At the same time, the operator keeps records of information on the balances of electronic money and the transfers made on an ongoing basis. According to Art. 10 of Law No. 161-FZ, organizations and entrepreneurs must use a corporate electronic means of payment that allows you to identify the client. By order of the organization, the balance of electronic money can also be transferred only to the client's bank account. Withdrawal of money from the electronic wallet of a legal entity or entrepreneur cannot be carried out in cash. Already, the operator has the right to terminate or suspend the use of electronic means of payment by the client. In accordance with paragraph 9 of Art. 9 of Law No. 161-FZ, this is possible on the basis of a notification received from the client, or in case of violations of the contract, which

describes the procedure for using electronic means of payment.

The provisions of Law No. 161-FZ provided grounds for the appearance of relevant instructions in regulatory acts to consider that electronic money is an analogue of cash. However, at present, the accounting of transactions that are carried out with the help of EPS, as well as funds in an electronic wallet, is not regulated by law. The Chart of Accounts for accounting of the financial and economic activities of organizations and the Instructions for its application, approved by order of the Ministry of Finance of Russia dated October 31, 2000 No. 94n, do not provide for a special account for accounting for such funds. Therefore, there is no single approach to accounting for money that is in an electronic wallet.

There are several opinions regarding the reflection in accounting of settlements using electronic money:

Using cash accounts;

With the use of c. 58 "Financial investments";

With the use of c. 76 "Settlements with different debtors and creditors".

According to the leading economist-consultant of the First House of Consulting "Chto Delat Consult" company D. Antonov, who argues his position with the norms of Law No. sch. 55 "Special accounts in banks", and analytical accounting for this account can be maintained for each type of payment system for sub-accounts.

The commission on transactions using electronic money should be attributed to the account. 91 “Other income and expenses”, sub-account “Other expenses”, for example:

Dr. c. 55 "Special bank accounts" Kt sc. 62 "Settlements with buyers and customers" -

payment received from the buyer by electronic money;

Dr. c. 51 "Settlement accounts" Kt sch. 55 "Special accounts in banks" - funds are transferred from an electronic wallet to a current account;

Dr. c. 76 "Settlements with different debtors and creditors" Kt sc. 55 "Special accounts in banks" - commission for money transfer is taken into account;

Dr. c. 91 "Other income and expenses", sub-account "Other expenses" Kt sc. 76 "Settlements with various debtors and creditors" - the commission for the transfer is included in other expenses.

For documentary confirmation of the operations carried out in accounting and tax accounting, it is necessary to have an operator’s report on the turnover on an electronic wallet or account” 1.

A similar opinion is shared by the leading consultant on accounting and taxation of Baker Tilly Rusaudit LLC E. N. Deeva: “This is how the transactions will look like when using electronic money:

Dr. c. 55 "Special accounts in banks", sub-account "Electronic money" Kt sch. 51 "Settlement account" - replenishment of an electronic wallet;

Dr. c. 55 "Special accounts in banks", sub-account "Electronic money" Kt sch. 62 "Settlements with buyers and customers" - receipt of electronic money from buyers;

Dr. c. 55 "Special accounts in banks", sub-account "Electronic money" Kt sch. 90, sub-account "Revenue" - proceeds from retail sales "2.

However, electronic money is not an actual currency, but only its electronic value. An electronic payment system is a non-cash payment system in which settlements are made by payment from an electronic wallet through an EPS operator. An electronic wallet is essentially a virtual account in a specific electronic payment system. Settlements in EPS are made using special intra-system electronic money, therefore, in the opinion of the authors, this method of accounting is rather controversial, although a number of experts offer this particular option for accounting for electronic money, referring to their definition given in Law No. 161-FZ: “electronic cash - cash that is previously provided by one person (the person who provided the funds) to another person, taking into account information on the amount of funds provided without opening a bank account (obliged person), to fulfill the monetary obligations of the person who provided the funds to third parties and in respect of which the person who provided the funds is entitled to transfer

1 Antonov D. Electronic means of payment // Consultant. 2013. No. 3.

2 Deeva E. N. Tax nuances when trading goods through

online store // Russian tax courier. 2014. No. 4.

orders exclusively with the use of electronic means of payment” 3.

Adherents of the third method rely on the provisions of the Civil Code of the Russian Federation (Civil Code of the Russian Federation): electronic money is not money in the sense defined by the Civil Code of the Russian Federation. Therefore, accounting for these funds on the account. 55 "Special accounts" is contrary to the principle of reliability of financial statements. The EPS operator is not a credit institution, but carries out intermediary transactions between the seller and the buyer for settlements. In view of this, the funds on the account of the EPS operator (in an electronic wallet) should be reflected using the account. 76 "Settlements with various debtors and creditors" with the opening of a special sub-account "Settlements in EPS". Since the funds in the electronic wallet are not intended for any specific transaction, it is more logical to reflect them in the financial statements not as part of other receivables, but to present them in the “Other current assets” line of the balance sheet.

Over the past few years, payment for goods, various works and services via the Internet has become increasingly popular, since this method saves time, is easy to use and affordable. When entered into the EPS, cash and non-cash money are transformed into electronic means of payment, which operate only within this system. That is, in fact, electronic money is not money in the traditional sense of the word. It is important to remember that only the ruble is legal tender, mandatory for acceptance at face value throughout the Russian Federation. The payment means with which the electronic wallet is replenished, as noted above, is just the electronic value of money. The real money remains with the operator of the EPS, i.e. when making payments through the EPS, there is no movement of real money, the electronic money of the company

3 On the National Payment System: Federal Law No. 161-FZ dated June 27, 2011.

exchanged for real ones at the end of the transaction through the partner banks of the operator.

The company can create an electronic wallet for itself as a legal entity in accordance with Part 3 of Art. 7 of Law No. 161-FZ only by transfer from your bank account.

Example. Zarya Limited Liability Company (LLC) has registered an electronic wallet. To clean the production premises, we decided to buy 10 sets of work clothes in the online store using an electronic wallet. The cost of one set is 1,062 rubles, including VAT - 162 rubles. 11,000 rubles were entered into the system. The commission for entering money into the system is 0%, for transferring the amount to an online store - 1.5%.

The following entries are made in the accounting records of Zarya LLC:

Dr. c. 76 "Settlements with different debtors and creditors" Kt sc. 51 "Settlement accounts" - 11,000 rubles. - money is deposited into the system through a bank;

Dr. c. 10 "Materials" Set of sc. 76 "Settlements with various debtors and creditors" - 9,000 rubles. - 10 sets of working clothes were taken into account;

Dr. c. 19 "Value Added Tax on Acquired Values" Kt sc. 76 "Settlements with different debtors and creditors" - 1,620 rubles. - reflected value added tax (VAT) from the cost of 10 sets of work clothes;

Dr. c. 68 "Calculations for taxes and fees", sub-account "Calculations for VAT" Kt sch. 19 "Value added tax on acquired valuables" - 1,620 rubles. - VAT on the cost of 10 sets of work clothes is deductible.

Under the terms of the agreement, the system operator is paid a commission in the amount of 159.30 rubles. (10,620 rubles x 1.5%);

Dr. c. 10 "Materials" Set of sc. 76 "Settlements with different debtors and creditors" -

135 rub. - the commission is included in the price of 10 sets of work clothes;

Dr. c. 19 "Value Added Tax on Acquired Values" Kt sc. 76 "Settlements with different debtors and creditors" - 24.3 rubles. - reflected VAT from the commission;

Dr. c. 68 "Calculations for taxes and fees", sub-account "Calculations for VAT" Kt sch. 19 "VAT on acquired valuables" - 159.3 rubles. - VAT from the commission is deductible.

Thus, we can conclude that there is a need to develop methodological recommendations for the accounting of electronic money, actively used in their activities by Russian companies.

Bibliography

1. Antonov D. Electronic means of payment // Consultant. 2013. No. 3.

2. Deeva E. N. Tax nuances when trading goods through an online store // Russian tax courier. 2014. No. 4.

3. Civil Code of the Russian Federation (Part One): Federal Law No. 51-FZ of November 30, 1994.

4. Civil Code of the Russian Federation (Part Two): Federal Law No. 14-FZ of January 26, 1996.

5. Tax Code of the Russian Federation (part one): Federal Law No. 146-FZ dated July 31, 1998.

6. Tax Code of the Russian Federation (Part Two): Federal Law No. 117-FZ dated August 5, 2000.

7. On the national payment system: Federal Law of June 27, 2011 No. 161-FZ.

8. On combating the legalization (laundering) of proceeds from crime and the financing of terrorism: Federal Law No. 115-FZ of 07.08.2001.

9. On approval of the Chart of Accounts for accounting of financial and economic activities of organizations and Instructions for its application: order of the Ministry of Finance of Russia dated 10/31/2000 No. 94n.

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Volgograd State Technical University

Problems of security of using electronic money

Student

Shkarupelova Anna Sergeevna

Volgograd

The Russian law "On the National Payment System" contains the following definition of electronic money - these are funds that are previously provided by one person (the person who provided the funds) to another person, taking into account information on the amount of funds provided without opening a bank account (obligated person) , to fulfill the monetary obligations of the person who provided the funds to third parties and in respect of which the person who provided the funds has the right to transfer orders exclusively using electronic means of payment. At the same time, funds received by organizations engaged in professional activities in the securities market, clearing activities and (or) activities for managing investment funds, mutual investment funds and non-state pension funds and accounting for information on the amount of funds provided without opening are not considered electronic money. bank account in accordance with the legislation governing the activities of these organizations.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4. lack of qualified specialists in their own staff;

5. uncertainty about the reliability of outsourcers.

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

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

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

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

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

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

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

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

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

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

Disadvantages of electronic money:

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

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

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

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

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

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

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

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

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

Solving these problems takes time and a lot of effort. First, you need to use secure devices, encoding information and user identification. Secondly, you should work on constantly updating the databases used and restrictions on the use of E-money.

Thirdly, it is necessary to create a certain legislative framework and monitor the use and processing of user data. One way or another, work in this direction is already underway, and it is possible that after some time, the security of using electronic money will be much higher than now.

electronic money risk wallet

Bibliography

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

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

3. Clause 18 of Article 3 of the Federal Law of the Russian Federation No. 161-FZ "On the National Payment System" dated June 27, 2011.

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