The introduction of electronic money is associated with economic and technological uncertainty about their future. It should be noted that the introduction of electronic money is aimed primarily at replacing payments with cash and checks. However, the introduction of electronic money may also affect the use of credit and debit cards in retail payments. It is important to determine which factors have the greatest influence on the decisions of business entities about the use of electronic money.

Obviously, in the future, for successful operation, electronic money should provide additional benefits to the main subjects of economic relations: consumers, retail outlets, banks and electronic money institutions (money intermediaries). Benefits can be immediate and immediate. For example, electronic money will be more convenient or cheaper to use. Benefits may also be long-term and strategic. For example, merchants will use the introduction of electronic money as part of an overall marketing strategy to introduce new payment technologies to drive sales, even if their use does not have significant financial implications.

In view of the foregoing, the following factors can be distinguished that influence the decision of consumers: 1) greater ease of use and lower distribution costs; 2) security and confidentiality of settlements. Consumers expect e-money not only to reduce their costs, but also to be convenient. However, new means of payment are unlikely to affect household spending. If a greater volume of trade is conducted using electronic payments, then the volume of settlements using traditional means of payment, such as cash, checks, credit and debit cards, will decrease. In the case of settlements between businessmen, the situation is somewhat different. If electronic money proves to be cheaper or more convenient to use than traditional forms of money, then businessmen can increase their working capital and their total income.

All users of electronic money will face the same problem as users of traditional forms of money - the need to ensure the security and confidentiality of settlements. In the case of smart cards, the vast majority of financial institutions planning to issue cards are banks. Therefore, behind the smart cards or electronic account numbers of the client are the assets of banks that are members of such an association. But is the money behind these cards adequately protected by the savings and checking accounts of those insured, for example, in the US by the Federal Insurance Corporation? Apparently not, as such accounts are not covered by mandatory federal insurance in the United States.

Fraud that exists in traditional system payments are 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.

The following factors influence the merchant's decision to use electronic payment methods: a) increase in sales volumes; b) cost reduction; c) favorable terms of contracts.

Merchants expect that there are a significant number of consumers who cannot make a purchase simply because it does not work with a particular payment system. If a sufficiently large number of consumers use a particular payment system, competition may induce the merchant to make the capital investment required to install equipment for that payment system. Thus, the threat of losing potential consumers who do not use cash in their calculations has led many operators of small goods vending machines to install special devices that accept plastic cards. A similar situation occurs in the electronic economy, where, along with the use of plastic cards as a means of payment, they are increasingly being used different kinds electronic money. The main thing is that the increased profit from additional sales covers the increased costs arising from the introduction of new payment methods.

Upsells are not the only benefit of e-money, they can also lead to cost savings. For example, cash management is expensive, slow, and insecure. Systems that reduce the use of cash will be able to reduce distribution costs, although they will certainly increase capital costs. Whether new forms of payment will reduce total costs in the short term will determine the willingness of merchants to use them.

The introduction of electronic money leads to additional obligations, risks and costs. For example, sales made using electronic money can be disputed after the transaction has been completed. Therefore, in order to work with electronic money, merchants and issuers will have to enter into new contracts that will spell out the rights, obligations and risks of merchants and electronic money issuers. The merchant's acceptance of the new settlement system will depend on the terms of such contracts (profitability and risks). The specific terms of the contract are important factors in determining the success of new payment methods.

The following factors can be identified that influence the decision of electronic money issuers regarding the issue of electronic money: 1) electronic seigniorage; 2) low transaction costs; 3) gaining a share in the financial market.

As a result of issuing electronic money, issuers receive share premium. The value of this income is directly related to the volume of emission of electronic money. Therefore, issuers of electronic money are interested in the growth of emission volumes.

Since the costs of cash transactions are very low compared to the cost of purchase, for the mass use of electronic money, issuers of electronic money will have to significantly reduce the costs of their use. Today, the average cost of an electronic money transaction in the United States is about 15 cents, but even this low cost can be enough high percent, for example, from the cost of an electronic service for $ 1.

E-money issuers are also seeking to capture as much of the market as possible for transactions that are currently carried out in cash or deposit money. Winning a share in the financial market may allow e-money issuers to provide other financial services, competing for money resources with other financial institutions.

The first electronic money systems were largely unclaimed. First of all, they were not comfortable. Consumers needed to have special software and use complex transaction protocols. In addition, early electronic money systems often did not provide anonymity for transactions. Almost all systems of the first generation functioned within the framework of a closed circulation, which in advance limited the universality of their use. Consumers could only spend their e-money at a very limited number of merchants and service outlets. Therefore, in contrast to the 1998 forecasts, according to which by 2002 electronic money payments should have accounted for 41% of the total volume of online payments, their real share in developed countries today does not exceed 5% (Fig. 3.3).

Currently, second-generation electronic money payment systems are being actively developed. They are based on increased requirements for the convenience of these systems for end users, for their anonymity and universality. Many companies are widely using incentive programs when introducing electronic money. In addition, most modern systems electronic money supports micropayments. Some of them are offline compatible, others are exchangeable and portable. The most successful system of the new generation of electronic money in a broad sense is PayPal.

In general, electronic money is only at the initial stage of its development. This stage is characterized by significant technical complexity and high cost of payment systems based on electronic money, the liberalization of regulation of the activities of credit institutions and the revival of competition in the monetary sector. Modern development electronic money affects not only the theoretical problems of money, but also issues of banking, aspects of monetary policy. For the widespread introduction of electronic money into the money circulation of developed countries, the following conditions must be met: 1) to ensure an extremely low cost of transactions using electronic money; 2) to develop a clear legal framework governing the status of issuers of electronic
money and the procedure for regulating relations between participants in the circulation of electronic money; 3) create reliable and accessible encryption algorithms that guarantee complete confidentiality and security of electronic payments; 4) develop a broad infrastructure for servicing payers using electronic money. The fulfillment of all the above conditions will allow electronic money to take one of the most important places in the monetary system of the 21st century.

Currently, in our country and abroad, the issue of the prospects for the use of electronic money is being actively discussed. Based on the analysis of the opinions of various domestic and foreign economists and practitioners regarding the possibility of expanding the practice of using electronic money when paying for goods and services, three main scenarios for the development of the situation can be formulated:

• 1. Scenario one: electronic money will not be widely used or will completely disappear from circulation.
• 2. Scenario two: electronic money will be widely used as a payment instrument and will circulate along with traditional cash.
• 3. Scenario three: electronic money will completely replace traditional cash from circulation.

Despite a quarter of a century of experience in the introduction of electronic money in industrialized countries, cash still accounts for the vast majority of settlements in the retail trade and services. The rapid development of electronic money systems in the mid-90s of the last century, when several hundred pilot projects appeared within a few years, has ended. Many projects, having failed to attract a sufficient number of consumers, were forced to end their existence.

The financial failures of some issuers of electronic money, the lack of interest in the latter on the part of the population and trade enterprises allowed some domestic and foreign scientists to make the assumption that electronic money will not be able to compete with traditional cash in the future and will function only within certain closed systems (the first scenario ).

Such a conclusion seems to be hasty. Today, electronic money is at one of the first stages of its development, which is reflected in the relatively low degree of their compliance with the desired monetary properties. Modern electronic money is a monetary surrogate, they act only as a medium of exchange, which provides for subsequent settlement, and not a new form of credit money.

However, this is a temporary phenomenon. Information and financial technologies are constantly being improved, in many countries new legislation is being developed or changes are made to the old legislation regulating the process of issuing, circulation and redemption of electronic money, telecommunications infrastructure is developing, and the volume of e-commerce is growing. All this should contribute to the formation of new electronic money systems that will really be reliable, efficient and low-risk, and therefore attractive to consumers.

In other words, electronic money will function and be used by entities in the future, although not in the form in which they exist today.

According to a number of economists, in the future, hardware-based electronic money will be able to completely replace traditional cash and checks from circulation, while software-based electronic money will replace credit cards (the third scenario).

Such a development scenario seems to us the least probable. The fact is that traditional cash is the easiest payment instrument to use. Their use does not require any special programs or technical devices, as in the case of electronic money, the payment is made by simply transferring a physical object (banknote) to the payee.

The likelihood of such a scenario becoming even less if electronic money does not receive the status of legal tender in the territory of the state. This would mean that any payee may, at their discretion, refuse to accept electronic money in payment for their goods and services. In other words, the owner of electronic money, theoretically, may end up without any means of subsistence.

In addition, traditional cash issued by a central bank has zero credit risk, while e-money, being a liability of private lending institutions, has a significantly higher degree of credit risk. Therefore, traditional cash will initially have significant competitive advantages over electronic money.

It is most likely that the development of electronic money will occur according to the second scenario. In this case, electronic money will compete with other payment instruments for the right to be used as a means of payment for goods and services.

The largest decrease in the share of banknotes and coins in the structure of the narrow money supply is observed in the following countries - Germany, Belgium, the Netherlands and Singapore. And it is these countries that are this moment world leaders in the development and use of electronic money. And although the impact of electronic money itself on the process of replacing traditional cash is relatively small, this was primarily due to the growth in the use of plastic cards, in the future the situation may change.

Modern electronic money is a monetary surrogate, they act only as a medium of exchange, which provides for subsequent settlement, and not a new form of credit money. However, this is a temporary phenomenon. Information and financial technologies are constantly being improved, in many countries new legislation is being developed or changes are made to the old legislation regulating the process of issuing, circulation and redemption of electronic money, telecommunications infrastructure is developing, and the volume of e-commerce is growing. All this should contribute to the formation of new electronic money systems that will really be reliable, efficient and low-risk, and therefore attractive to consumers. In other words, electronic money will function and be used by entities in the future, although not in the form in which they exist today.

The predictability horizon of the industry does not exceed five years. Indeed, eight/ten years ago, a progressive PayPal system for payments between two PDAs via infrared was developed by several enthusiasts, the leader of online solutions was the Digicash system, which provides absolute privacy for payments, in the field of related developments, the Mondex system undoubtedly dominated.

In general, it was seriously discussed whether electronic money would create an independent monetary aggregate, replacing traditional means of payment, and whether they would lead to the creation of a new financial reality. All this, for various reasons, has sunk into oblivion or evolved unrecognizably, giving, nevertheless, a powerful impetus to the development of this industry.

The technological rivalry between the two dominant technologies - electronic money and credit cards - has clearly resolved in favor of the former on a trend level.

Giving a forecast for the development of electronic money in Russia, it is necessary to emphasize the following. The lion's share of payments, according to some estimates - over 90%, in the retail carried out in cash. The level of development of non-cash payment instruments is extremely low. Despite more than a decade of history of the development and use of plastic cards in our country, their share in the total number of non-cash transactions at the beginning of 2002 was only 4.5%. The main non-cash payment instrument is bank transfers - their share in the total number of non-cash transactions was 95.2% at the end of 2001. Electronic money systems have not received any significant development.

Unlike most economically developed countries, where hardware-based electronic money has been developing for more than three decades and network money has only recently appeared, in Russia only network money is still functioning. This can be explained by the following main reasons: poor development of infrastructure, which is expressed in a small number of terminals serving plastic cards (in leading countries, servicing electronic money cards is often possible through the same terminals as plastic cards); lower initial and ongoing costs of network money system participants; high rates of development of e-commerce (according to the data given at the 4th International Conference "eBusiness Russia 2004" by the executive director of the National Association of e-commerce participants A. Nikolsky, the volume of e-commerce in Russia in the B2C segment increased from 218 million US dollars to 480 4 million US dollars, in 2004 - 615.4 million US dollars). The main reasons hindering the development and use of electronic money in Russia include: a very limited effective demand of the population; lack of a well-functioning national banking system; deficiencies in the legislative framework, which does not provide adequate guarantees for the fulfillment of all obligations on electronic money; lack of a clear state policy regarding the development of electronic money.

In order to expand the practice of using electronic money in Russia and regulate activities for the implementation of transactions with them, it is necessary to implement a number of the following measures. First, it is necessary to give a clear definition of the concept of "electronic money" at the legislative level, to determine the list of possible operations with them and the composition of participants in electronic money systems. At the same time, it is proposed to limit the composition of electronic money issuers only to credit institutions licensed by the Bank of Russia to carry out banking operations, including with electronic money. It is necessary to prohibit participation in any capacity in electronic money systems financial institutions registered in an offshore zone.

Secondly, it is necessary to develop and legislate the procedure for issuing, circulation and redemption of electronic money. The issue of electronic money into circulation must be carried out by the issuer on the basis of agreements concluded with the holder. In accordance with the agreement, the issuer is obliged, upon the first request, to repay the emitted electronic money to the bearer by exchange for cash or by transferring non-cash funds to the current (settlement) account of the bearer in the amount and currency of the obligations presented.

Thirdly, in relation to the activities of electronic money issuers, the following requirements must be established:

• 1) initial capital and the amount of own funds (the amount of initial capital must be at least 5 million euros; the amount of own funds must not be less than 20% of the obligations for issued electronic money).
• 2) economic standards and reserve requirements (electronic money issuing banks must comply with economic standards and comply with reserve requirements established by the Bank of Russia in accordance with applicable law. At the same time, it is necessary to give the Bank of Russia the right to increase the amount of funds contributed to the required reserve fund by issuing banks electronic money.

Fourth, to increase the transparency of the activities of credit institutions - issuers of electronic money, including the openness of the ownership structure and financial position. Fifth, to increase the requirements for the quality of risk management in credit institutions that carry out transactions with electronic money. Banks participating in electronic money systems must have adequate technical, organizational and procedural protections to prevent, contain and identify system risks.

Sixth, develop common standards electronic money and the rules for converting electronic money from one type to another. Seventh, in order to increase the guarantee of the return of funds to consumers, set reserve requirements at the level of 100% of the amount of electronic money issuance. The implementation of the proposed measures, together with the economic growth of the country, the improvement of the welfare of the population, the development of the payment infrastructure, will create favorable conditions for the development and use of electronic money in Russia. The growth in the use of electronic money should lead to a decrease in the share of banknotes and coins in the narrow money supply, as well as to a decrease in the share of bank transfers.

Summing up the results, it is necessary to emphasize the following. In the payment systems of economically developed countries, two main trends continue to be observed: a trend towards a decrease in cash turnover and its replacement by non-cash payments, primarily plastic cards, and a tendency to replace non-cash paper credit money with non-paper credit money.

According to some analysts, soon electronic means of payment will completely replace cash and checks from the market, as they represent a more convenient way to pay for goods and services.

According to ABA/Dove companies, electronic payments may soon replace cash and checks, as already today every second purchase in the store is made using electronic means of payment. 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 start using or increase 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 market of the exchange, trading platforms use modern technologies, creating almost from scratch systems unique in their characteristics, 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 development prospects 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 beginning of the development of Internet trading on stock market Russia.

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 on 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 relationship within one Internet system of functions banking systems, Internet trading and systems of depositary 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 the possibility of their information interconnection in real time or their integration into single software and hardware complexes for multifunctional purposes.

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 now this figure does not exceed 14%.

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 shock 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 a 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 the most different ways to make purchases, to buyers for whom there is no alternative to Internet-shops Web.

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 there, 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 individuals to purchase certain 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 and every 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.

PROBLEMS OF ACCOUNTING OF SETTLEMENTS USING ELECTRONIC MONEY

G. I. ALEKSEEVA, Candidate of Economic Sciences, Associate Professor of the Department accounting in commercial organizations Yu. I. MAKOVSKA, 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 (banknotes 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 last years electronic money is becoming more and more popular. 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 site will offer to download and install special program- online 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 central nor 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 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 company "First House of Consulting" What to do Consult "" D. Antonov, who argues his position with the norms of Law No. 161-FZ, "operations with electronic in cash are a non-cash form of payment, so it is more expedient to record them using the account. 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 specialists 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 way 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 guidelines 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.

The central banks of most countries are very wary of the development of electronic money, fearing uncontrolled emission and other possible abuses; although electronic cash can provide a host of benefits, such as speed and ease of use, greater security, lower transaction fees, new business opportunities with the transfer of economic activity to the Internet.

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 in collecting taxes, ensuring emission, the lack of standards for ensuring the emission and circulation of electronic non-fiat money, and 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:

• - the need to finance developments, the fruits of which can be used by competitors;
• - difficulties in cooperation with other banks in order to share the costs of innovative developments;
• - lack of qualified specialists in their own staff;
• - 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 appear on the market, the main problems of which at the moment are:

• - extremely small size of the real market of "electronic money";
• - priority orientation of legislation in the field of payment systems to the banking industry;
• - Regulators' unwillingness to let non-bank companies into the payment systems market;
• - a large number of competing and poorly oriented technologies and lack of standards.

Russian business entered the electronic payment market at a time when this market was confidently and dynamically developing and regulated all over the world.

By the time Russian players appeared - electronic non-state payment systems such as WebMoney, Yandex.Money, Single Wallet, RBK Money, Rapida, the Russian consumer already had ideas about electronic money and the need for electronic payments.

And the listed Russian non-state payment systems have begun issuing electronic money surrogates, expanding the number of participants accepting these means of payment.

It should be said that electronic means of payment are divided into electronic money proper and money surrogates.

Electronic money is necessarily expressed in one of the world currencies and is a kind of monetary units of the monetary system of one of the states. From this it follows that the emission, circulation and redemption of electronic money occur according to the rules of national legislation.

Electronic money surrogates are electronic units of value of non-state payment systems.

Accordingly, the emission, circulation and redemption (exchange for ordinary money) of electronic money surrogates occur according to the rules of non-state payment systems.

Often, non-state payment systems tie their electronic money surrogates to the rates of world currencies, but this does not guarantee the complete reliability and real value of such surrogates.

Having entered the market, Russian payment systems have demonstrated sufficient attractiveness for customers and very rapid growth: numerous data from payment systems show that at present every 15th inhabitant of Russia pays for purchases with electronic money.

The volume of mobile payments (using paid SMS) shows a two-fold increase per year, and this segment is actively developed by mobile operators. More and more Russian credit institutions are adding online transactions to their range of services.

The user audience in Russia and the CIS shows continuous growth, and the demand for such operations is growing accordingly. We add that the inclusion of such banking services as Internet banking and other modern means of access to electronic money and mobile payments bank account(namely, traditional bank payment cards (both microprocessor and magnetic stripe) is one of the common mistakes, since in systems that carry out payments with electronic money, bank accounts are used only when entering and withdrawing money from the system, and at the same time it is used consolidated bank account of the issuer of electronic money, and not card or current accounts of users.

A convincing growth in the volume of electronic payments and an increase in the number of involved participants, of course, cannot but bring to the fore such issues as: the legal nature of electronic money, the legal regime, guarantees and confidentiality, and the relationship between participants in the electronic payment market. Clearly follows the requirement to develop legal regulation of the electronic money market in Russia.

The legislation of the Russian Federation currently does not spell out the norms and rules for regulating the issue and circulation of electronic money on the territory of the Russian Federation.

Despite the fact that the Russian legal literature uses concepts similar to the definition of electronic money given in the EU Directive, there are other points of view on the nature of electronic money.

According to one point of view, electronic money is recognized as a non-cash means of payment of a special kind, since it has the property of divisibility, which makes it possible for them to perform the functions of a means of circulation and a means of payment.

However, a number of properties of "electronic money" contradict this point of view. In particular, the fact that they are a prepaid financial product, as well as the fact that the actual receipt of value is possible only after the transfer of "electronic money" into cash or non-cash.

Another point of view is that virtual monetary units represent the right of claim to the issuer, which is fixed with the help of special technical means, information carriers.

Accordingly, their circulation is a concession of the right of claim to the issuer. That is, at the moment of crediting money to an electronic account, the issuer of electronic money and the client enter into a contractual relationship. And in this case, the question of the legal nature of such an agreement remains open. When determining the legal structure of electronic money, it is necessary to take into account aspects of the current civil legislation. in accordance with the Civil Code of the Russian Federation, electronic money is not monetary, however, the Central Bank of Russia made attempts to regulate the electronic money market. Thus, when setting the task of regulating and legally defining electronic money, a serious comprehensive study of this issue is necessary in order to make an unambiguous conclusion in favor of one or another legal structure.

The legal definition of electronic money precedes the next stage of regulation - the definition of issuers and a set of requirements for them, designed to ensure their solvency to customers.

IN this moment time in the territory of the Russian Federation there are ordinary legal entities operating through a network of certified partners and a system of bank accounts.

Some systems, such as Yandex.Money, work strictly according to the agency scheme, others attract credit organizations for the issue of payment instruments that allow settlements between clients.

The latter include WebMoney Transfer, which uses electronic checks to bearer to pay in rubles.

The lack of legal regulation at present also leads to the insecurity of 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 the personal data provided.

Issues of a socio-economic nature, such as consumer protection, competition, accessibility, breadth of application, are of particular concern to financial authorities.

Another important aspect of regulation, which must be approached with all responsibility, is the issue of assessing the potential risks inherent in these systems, the consequences of which are not well defined.

With a high degree of certainty, it can be argued that the risks inherent in electronic money systems fall into the general categories inherent in traditional retail payment mechanisms, settlements in which are carried out by checks, payment cards: operational risk, reputational risk, legal risk and strategic risk.

Violation of the security of electronic money systems is fraught with the possibility of fraud, which leads to material damage consumer of electronic money or their issuer, disclosure of confidential information.

Also, electronic money systems seem attractive for the implementation of various schemes related to the legalization of proceeds from crime (the so-called "money laundering").

The anonymity of payments may cause issuers to find it increasingly difficult to apply traditional methods of detecting and preventing criminal activity.

The problem of identifying customers when making payments by means of electronic money, especially if payments, according to Russian legislation and regulations of the Bank of Russia, are subject to special control, seems to be particularly relevant.

All of the above considerations show how much the need for legal regulation of the Russian market of electronic payments is overdue.