Why are foreign payment systems worse than ours?

Russian-language payment systems are very popular not only among the population of the Russian Federation, but also among citizens of the post-Soviet countries. Who knows better than our cryptocurrency exchanger ?! Foreign analogues are not yet so in demand due to the current restriction on electronic financial transactions. If we consider foreign payment systems from the point of view of convenience and an accessible set of possibilities, then Russian users have a worse attitude to the issue of using them as the main platform for working with electronic payments. High-quality functionality, full access to a set of capabilities and a logically constructed algorithm for conducting financial transactions - this is the minimum set of qualities that an electronic payment service should have.

Why are foreign payment systems perceived worse by Russian users?

To date, there is no effective tool capable of synchronizing the work of foreign and Russian payment systems due to existing restrictions. Russian-language Internet resources of electronic payments are in some isolation, while other countries are actively developing partnerships in all areas, including in the sector of electronic finance. The situation in terms of cooperation is worse than it was before the imposition of economic sanctions. Foreign payment systems are developing their presence in other countries, constantly improving the ways of conducting financial transactions, developing innovative technologies that can radically change the approach to the processes of electronic circulation of finance. The evolution of Russian payment systems is taking place at a slower pace.

Economic constraints for the Russian economy have become an obstacle to the development of partnerships between Western companies and representatives of the Russian electronic payments sector. Foreign partners are not interested in a monopoly on the provision of electronic financial services on the Russian payment system market; we are talking about cooperation that is beneficial for both parties. What could be worse than getting a ban on partnerships with foreign payment systems based on political turmoil. Is it worth treating this phenomenon negatively? Russian financial analysts argue that sanctions against Russia play an important role in creating a strong economy for the country, but the results of the ongoing processes will be visible decades later.

Lets analyze the two most important electronic payment services in order to understand the difference in functionality and the prospects for possible cooperation in the future.

Electronic payment service "PayPal"

Today PayPal is one of the most popular electronic payment services. The number of active users exceeds 150 million. The company was officially founded in mid-December 1998. The controlling stake in the company was bought out by the eBay Internet auction, which made it possible to increase the number of users of the system several times and expand the geography of the provision of payment services.

Is it possible to say that the foreign payment system "PayPal" is worse than the others? No, PayPal fully meets the needs of residents of foreign countries. The system provides customers with full access to its capabilities. Deposit and withdraw money to debit and credit cards or current bank accounts. The network of system partners is daily replenished with new online stores and other resources operating in the “E-commerce” segment. Clients of the system get unique opportunities for online shopping, including preferential terms of work on the eBay auction site. The electronic payment service PayPal was an example in the creation of the largest Russian payment system WebMoney , because many functions are identical.

What is the difference between the foreign payment system "PayPal" and the Russian analogue? How much worse or better is Webmoney? The main drawback of PayPal is that residents of the Russian Federation cannot make direct withdrawals to the accounts of Russian financial institutions. Due to the restrictions imposed, users have to resort to the services of electronic exchange offices capable of conducting financial transactions in any direction.

Recently there was an opportunity to get a debit card from the "Western Union" money transfer system called "Pay Card". The cost of the card is $ 30 (upon registration it is sent to the client by mail). A citizen of any country, including Russia, can receive a Pay Card.

European counterpart - "Skrill"

How justified is the judgment that foreign payment systems are worse? Is it worth considering foreign electronic payment services from the point of view of permanent cooperation? It is worth it, but only if the entire range of services for conducting financial transactions is open to Russian users.

The Skrill payment system, formerly known as Moneybookers, was officially registered in 2001. The main office is located in London. Skrill is considered the European equivalent of the PayPal system and is quite popular in the European Union.

International payment system «Skrill» actively develops its activity on the territory of the EU, but with the number of business customers is worse than that of « PayPal ». The reason is the underdeveloped market for electronic money circulation in Europe. Residents of the EU have recently appreciated the advantages of using electronic payment systems, because there are not so many clients as the American counterpart.

The main feature of the service is making payments with a minimum commission (0.5 euros per transaction). For small financial transactions, it is enough to indicate your full name, email address and phone number. Clients wishing to withdraw limits will have to provide a whole package of documents confirming their identity, status and financial capabilities. Skrill is more sensitive to security, therefore there are several levels of identification. The highest level of access to the system assumes the removal of all financial restrictions. Why is this foreign payment system worse compared to PayPal or Russian electronic payment services? The reason is the same - there is no full-fledged cooperation with Russian banks.

Still, are foreign payment systems worse than Russian ones?

Based on the analysis of the two most important electronic payment services, some conclusions can be drawn. Is it worth arguing that foreign payment systems are worse than Russian ones? In no case! They look inferior only from the point of view of the Russian user, who is not yet available for the whole range of services. The world is striving for globalization, and financial markets, including electronic systems, will unite, this is inevitable.