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Why do payment systems require passport data?

2016-05-21

Why do payment systems require passport data?

Under the influence of the accumulated experience, civilization becomes more perfect. Humanity is introducing progressive, innovative technologies. Unique ideas bordering on fantasy come to the minds of brilliant scientists, designers, programmers. People have conquered the airspace, the depths of the ocean, and now they are intensively mastering the virtual space. And this area is truly fantastic in its possibilities and limitlessness.

One of the latest human inventions in the financial sector is electronic money. For their application, virtual payment systems have been created. It seemed that something new could be invented, implemented in ordinary monetary settlements? It wasnt like that. The inquisitive thinkers of our time have adapted the achievements of information and computing technologies to the current standards of financial mutual settlements and have developed payment systems that operate online.

They allow you to carry out transactions around the clock, without unnecessary time frames, territorial and other types of restrictions, the number of users of which has grown to hundreds of millions and continues to grow steadily. This is such a convenient, simple and affordable system that anyone with minimal technical training can use it. Even a first-grader or a person of advanced age can master a computer at a basic level. And to become a user of electronic money, you dont need professional training either.

What data and why are they required for authorization in the payment system?

The first electronic payment services presented fairly democratic requirements, and a person did not have to provide detailed personal data. But lately, many are asking the question, why is a passport required in electronic payment systems?

For example, you can take the most popular Webmoney system. If you consider in more detail its features, you can find comprehensive answers to the question asked. At the time of registration, the client must provide his data, including his passport. Many people ask why to attach a passport, because this is not a state or commercial bank? In fact, the completeness of the requested information depends on the level of the certificate that each participant in the system must have.

By the way, at the initial stage of its creation, the user could get by with a pseudonym certificate, and he did not have to identify himself. But if a service takes responsibility for the safety of funds in an electronic wallet, it must "know by sight" its client. After all, any banking institution will not serve a client incognito, but will require identification documents.
 

The need for security has increased

When the scale of WebMoneys activities reached the level of a large bank, and huge amounts appeared on users wallets, the question of their security arose. To guarantee their safety, you need appropriate tools, but the software is designed in such a way that without personal data about the client, protection simply will not work. So the idea arose to strengthen the defense system.

For this, passport data began to be required in the electronic payment system. Customer certification has been complicated, 12 types of certificates have been developed, the user has the right to choose any of them. The higher the level of the certificate, the stronger the security system and the wider the users capabilities.

Now, after a pseudonym passport, which is issued automatically without personal data, there is a formal one with passport data. Further - an initial passport with subsequent verification of personal information (scanned color copies of the passport and identification code). And the highest certificate is personal. It is received by the user who provided passport data, which are subject to more thorough verification by the Registrar.

Why attach a passport, most likely, not only in order to know the names of all their users. The developers argue that this approach is needed for more reliable protection of electronic money. But on the other hand, the service, thus, will not allow dubious customers into the system, which will have a favorable effect on the safety of honest people.
 

Yandex.Money is subject to law

The same happens on the Yandex.Money service. At first, ordinary people became users, from whom only some personal data were required without documentary identification. But over time, when the functions of the service expanded, an identification system was introduced for those who claim a higher status. For this, the electronic payment system Yandex.Money began to require a passport.

In addition to all the above reasons, due to which the introduction of passport data by the client has become a mandatory standard, there is one more, perhaps the most compelling need. On September 1, 2015, a new law "On the retention of personal data in the Russian Federation" was introduced in the Russian Federation, requiring that Russian services own a bank of personal data about their users, otherwise, their activities will be threatened.

Why is it necessary to attach a passport to an electronic wallet, there are many answers, and they are all well-reasoned. The user of many well-known payment systems is forced to comply with such requirements. If he does not agree, he will have to look for another service. As is known from practice, if the client identifies himself, he will not suffer from this. And the level of security of these services really justify the new requirements.