Why e-money is developing so fast

With the advent of the Internet, there has been a transition to another era. Once it will be given a capacious name that characterizes the global change in the appearance of the world.

With one click of a button, you can go to the virtual cinema and watch any movie; look into any library in the world and read a book, access to which was once unthinkable. Discover the treasures of world famous museums, attend virtual concerts of your favorite performers. Communicate with loved ones, friends, relatives who are in the farthest point of the planet.

In addition to all this, we still have the opportunity to make instant money transfers, even if the recipient is in another country. Thanks to innovative technologies created by the bright minds of brilliant programmers, we have the pleasure of using virtual payment systems. The development of electronic money has reached a level that people never dreamed of. And now we can observe what leaps and bounds this sphere is developing. A huge incentive for the improvement of a new type of currencies is their wide popularity and ever-growing demand. The number of consumers is already far from millions and is constantly growing. And since there is demand, there will be supply.
 

Sphere of use of electronic money

Prospects for the development of electronic money are very large, this area is wide open, because it affects many areas of life, both of each person individually and of business structures (from small enterprises to large corporations).

With the advent of the Internet, there was a unique opportunity to cope with mass unemployment, which has always been a big problem in any country, especially in the republics of the former Soviet Union. But now such a form as remote work has become a way out of the situation, because you can find an excellent option for yourself to improve your financial situation. With this method of earning, the employer can be tens of thousands of kilometers from the contractor. And for payments for the work performed, the electronic payment system is a unique find.

Programmers successfully solve the problems of electronic money development and bring unprecedented comfort and huge time savings into peoples lives. Thanks to these advantages, there are more and more virtual currency users. This area is so much in demand and needs further expansion and improvement.

If someone is looking for their niche, where they could turn around, realize their abilities, then it is in this direction that the greatest opportunities are. The field of activity is so wide that it will not lose its relevance for a long time.
 

Digital monetary units in the hands of Russians

If we take, for example, how the problems of the development of electronic money in Russia are solved, you will notice that it does not stand still. Although, unlike other countries, the policy of the Russian government does not fully contribute to this.

Despite this, the WebMoney electronic payment system is used by tens of millions of Russian citizens. The stages of development of electronic money are going on as usual. Russians successfully use e-currency for various monetary exchange transactions. Many have realized what the main meaning and advantages of such a system are. After all, the convenience of handling electronic money is incomparable with anything, and the speed of transactions is simply impressive, because they are performed instantly.

The constant increase in the popularity of payment systems is facilitated by various innovations in the development of electronic money, the result of which is the expansion of opportunities:

    Linking to electronic wallets numbers of mobile phones, smartphones.
    Attachment of electronic systems of bank cards to accounts.
    Obtaining an electronic card (virtual or plastic). This will allow you to make payments while at the computer or, for example, in a regular store, where there is a special terminal for virtual plastic cards.

The buyer does not need to withdraw their money or transfer it to a bank account. You can pay directly with e-currency. The prospects for the development of electronic money provide for the introduction of other instruments, which will be even more advanced.
 

Factors contributing to the development of digital money

There are a number of factors that have a positive impact on the implementation of projects in the field of electronic currency:

    Increasing the income of citizens of the country.
    Expanding the circle of Internet users with a computer and other gadgets.
    Growth in the volume of payment for advertising services.
    Making a large number of micropayments.
    Striving for comfort and time saving.

 Russian legislation: for or against electronic currency

But in Russia, there are factors that create problems for the successful development of electronic money. In particular, the new Federal Law of June 27, 2011 N 161-FZ "On the National Payment System", introduced changes that express extreme distrust of users of electronic currency. One gets the impression that the Russian authorities are by no means on the side of those who are interested in the development of electronic money in Russia. Although, on the other hand, such intervention by the state is explained by the desire to maximally protect users of electronic currency from fraud, attacks by hackers, and the use of currency for purposes prohibited by law.

As you know, the WebMoney payment system has a multi-level system for obtaining passports. The higher the status, the more expensive it is and requires additional personal data from the user. The Russian authorities explain such requirements by the desire to provide higher security guarantees for user virtual deposits. Although one cannot fail to notice that another goal is also visible here: to strengthen control and get maximum information about each user.

After the introduction of the new law, which is called "anti-money laundering", new requirements have appeared, in which the user of any electronic payment system is obliged to identify himself. The exceptions are utility bills, payment of membership dues for garden and dacha cooperatives and payment for communication services, but if the amounts do not exceed 30 thousand rubles. Anything beyond that requires identification.

Thus, it can be assumed that in Russia the passage of the stages of development of electronic money will be somewhat different from how this process takes place in other countries. But, in any case, this one cannot be stopped, it is launched and actively continues.

The rivalry between virtual and traditional financial settlement methods

The origins of electronic money can be considered the events of 1918, when the US Federal Reserve Bank made the first transfer of money via the telegraph. It took a long time before the American clearing house returned to the issue of electronic services in 1972. But now we can safely say that the development of electronic money is taking place by leaps and bounds.
 

Evolution of virtual currency

The evolutionary process of virtual money is divided into several stages:

First stage: late 60s - early 70s. last century.

Second: the second half of the 80s.

Third: mid-90s

Fourth: the first half of the current XXI century.

At the first stage, digital currencies were records on the accounts of electronic computers installed in the buildings of financial institutions. Information from the accounts of credit institutions was converted into electronic format and entered into computer memory.

The second stage is significant in that the money was already represented by electronic impulses transferred to plastic cards. This was a tremendous progress, especially since such changes took place relatively quickly. This took less than 10 years.

At the third stage, in the last decade of the last century, there was a real breakthrough when the first electronic wallets appeared. For this, special devices were used, where electronic pulses were embedded. The innovative virtual money was presented in the form of an analogue of banknotes, with which it was possible to carry out the same operations as with ordinary cash.

The fourth stage presents broad prospects for the development of electronic money. At this stage, fundamental changes took place. Technologies have been improved, the functionality of virtual money has been expanded. Now they can not only pay off bills, but also exchange money, convert, accumulate. The future of electronic means of payment is their transformation into “world money”.

At this stage, thousands of problems of electronic money development are solved. After all, it is characterized by a huge surge in the popularity of digital currency, which claims to be the predominant means of mutual settlements. 

Prospects for electronic money in Russia

Despite some moments that hinder the process of introducing a new type of payment, the development of electronic money in Russia also has its own perspective. It will be successful if it can cope with some problems:

    The mass user must have complete confidence in the electronic currency. This requires ideal conditions for their unhindered use, so that an equivalent exchange for the required national currency can be easily made. Stabilize the state economy, because there must be a guarantee for monetary coverage of electronic monetary units in full.Definition of electronic money as a multifunctional and unique means capable of performing all transactions, as well as their recognition as world money. Clarity is needed, which is lacking at the moment. Different users and subjects of monetary relations understand electronic money in different ways: some equate them with bank cards, others believe that these are credit cards or cards of specific objects (shops, service companies, communications, etc.).
    The issuance process and the credit sector must be strictly regulated. Otherwise, lack of control can lead to a surge in inflation if the amount of electronic money exceeds the amount of real money.
    The circulation of virtual money should take place in the most optimal way for this type, so that it does not turn into a kind of national currency. They must have an adequate equivalent of a specific national currency and could be exchanged in accordance with the market rate for any other currency.
    The possibility of providing a loan in electronic money. So far, they do not have sufficient real backing with real money. After all, inflationary phenomena cannot be allowed.
 

The future of electronic money determines the pace of its development

If we objectively look at the prospects for the development of electronic money, we can say with confidence that their future is optimistic. The potential inherent in them predicts the possibility of becoming a global means of global payment interaction. One can disregard or deny the role of state regulation, perhaps, over time, it will disappear by itself as an unnecessary element. But, at this stage, the option seems more realistic in which a certain part of some functions can be controlled by the state, and the rest is completely at the disposal of individual users.

One can agree with this concept, one can deny, argue, discuss what is happening at the present time. After all, the fourth stage in the development of electronic money is the most responsible and significant. The level of development that has been achieved in the field of electronic payment systems, where electronic money is the main actor, requires special attention. After all, it is marked by immense popularity among hundreds of millions of users. Many types of electronic money and payment systems have been created. According to the accumulated number of new qualities, functions, tools, this stage is coming to an end, and soon we will be on the verge of a new stage. It is likely that this will be the transition to world money.