Payment systems: list, principles of work

At the moment, progress has gone far. Calculations have long been occurring not only in cash but also in a 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 can not do without electronic money. During the birth of electronic commerce (early 90-ies) it became clear that traditional financial products are not suitable for electronic payments. This is how the 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, as it is illegal to use "money" in the title. 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.

Individual services have even their own exchange offices for cash withdrawal.

Advantages and disadvantages

Electronic payment systems have a number of advantages.

1. Instant execution of transactions (transfer of funds, payment for online purchases, conversion).
2. Low commission (due to high competition).
3. Anonymity (a big plus for those who work semilegally).
4. Funds can be transferred to any bank accounts.
5. Greater security (than in cash settlements).
6. Very convenient for receiving salaries by remote employees.
7. Possibility to pay for utility services, telephone, Internet.

Payment systems list of shortcomings also have.

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

To check the EPS for authenticity, it is sufficient to know whether large financial structures cooperate with this service (Sberbank of Russia, Alfa-Bank).

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 accounting systems in Russia. With her, you can make many payments. In particular, payment for paid games and other Internet services, utilities, phone, purchases in online stores. Also, it provides money transfers.
• 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 commissions.
• WORLD (NSPC) is a Russian payment system founded by the Central Bank. The system guarantees the safety and absence of interruptions in the operation of various financial transactions in Russia.

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

• WebMoney is the most popular international service. Different guarantors work with different currencies. Users have a unique number of WMID for using their personal account.
• PayPal is another global system. Its feature: all calculations are made in real money.
• QIWI (KIWI) is the world leader among instant payment systems.