What is the most popular payment system in Russia?

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2016-06-11 00:00:00:


What is money? Just a title sign to facilitate the exchange of goods. The price of money must correspond to a certain equivalent. Previously, major currencies were pegged to gold, but now their value depends on other factors. What is virtual money and electronic payment systems in particular?

This is the evolution of currency and the processes of its turnover. The ability to pay for goods and services without using physical money has opened up prospects for humanity to accelerate financial transactions, which is very important in a rapidly changing world.

 

Why are electronic payment systems popular in Russia?

We, like people in other countries, want to benefit from the latest technological advances that make life better. Electronic money in Russia is more popular than ever. For several years, they have practically supplanted the use of bank cards on the Internet, influenced the development of electronic circulation of finance, simplified the process of monetary settlements in the course of business cooperation, and made it possible for online stores and other e-commerce resources to develop.  

Lets consider the main advantages of using electronic money through payment systems:

  • Almost instant financial transactions.
  • The currency conversion function is available to customers.
  • A full set of possibilities: depositing, withdrawing funds, paying for various services, bank transfers, using electronic transfer systems.
  • Most electronic payment resources provide their customers with branded payment cards for greater convenience.
  • Cooperation with foreign electronic systems, which opens up new opportunities for users.

Electronic payment systems popular in Russia play an important role in the development of the countrys financial structure and economy. They are not direct competitors, as it is commonly believed, they work together in order to raise the systems of electronic finance turnover to a qualitatively new level. 

 

Popular payment systems in Russia

To determine which payment systems are the most popular in Russia, you need to consider the main ones, conduct a deep analysis of their capabilities and choose the one that will be honored to become the best. 

 

Webmoney

This payment system is considered the first successful experiment in creating an electronic payment resource in Russia. It stood at the origins of the electronic turnover of finance in our country, and if we take into account the statistical data on the number of clients (more than six million users), then we can safely say that Webmoney remains the most popular electronic payment system in the Russian Federation.

It is noteworthy that this system is not a Russian company, it is registered in London, and the names of its owners are still unknown. Despite this, the payment system is popular not only in Russia, but also in the post-Soviet countries. So, how is this electronic payment resource different from others?   

  • Webmoney works closely with banks in different countries, which allows us to constantly improve the system, making adjustments to the conditions for conducting financial transactions.
  • The system provides for low commissions (no more than 3%). Some financial transactions are generally free or have a conditional commission of 0.5%.
  • The list of features is so long that its hard to list them all. The client can withdraw and deposit money in a variety of ways (bank transfer, using payment cards, terminals and transfer by mail), pay for various services (utilities, cable TV, Internet, games, social networks) and make purchases in online stores.
  • The Webmoney system is extremely useful for business projects and commercial activities on the Internet. The service works with all virtual trading platforms in the Russian Federation and on the territory of the CIS countries.
  • Working with Webmoney is easy, convenient and profitable.

The use of electronic money through the payment system popular in Russia provides a number of advantages both for ordinary users of the resource and for commercial organizations.      

Now a little about the cons. Like other electronic payment services, Webmoney also has its drawbacks. The system has limits for financial transactions. But it is difficult to call such restrictions disadvantages, since they help regulate financial flows and create additional protection against unauthorized entries (theft, break-ins, hacker attacks). Limits are set for users who do not want to work with the service in open mode. Those who have passed identity verification and verification of documents with the data entered during registration are given access to all the resources capabilities. It is not for nothing that Webmoney is one of the most popular electronic payment systems in Russia. Safety comes first. 

During the initial registration, the user is issued a "pseudonym certificate", which imposes certain restrictions: the balance on the wallet is not more than 15 thousand rubles, the withdrawal of money is impossible, and the amount of financial transactions within one day cannot exceed 3 thousand rubles.

If the client is not satisfied with such conditions of cooperation, it is enough to send scans of documents to technical support or go through identity verification in one of the points of the Webmoney system. After that, the client receives a "formal", "initial" or "personal" certificate, which opens access to the almost unlimited possibilities of the system.

 

Qiwi

One of the most popular payment systems in Russia and on the territory of the post-Soviet countries is Qiwi. This resource is also not a primordially Russian invention, Qiwi provides its services in 22 countries. But this does not prevent a huge number of people from using the services of the service. This system is slightly different from Webmoney, as it is aimed at working with clients directly. A network of branded terminals for working with electronic currency is located throughout the country.  

The operating conditions of the resource have their own characteristics that distinguish it from other similar electronic payment services. The obvious advantage of the popular payment system in Russia, of course, is the convenience of receiving services through a network of terminals. An interesting fact: about a third of the systems customers practically do not use the service online, exclusively through terminals. 

What the Qiwi service offers to its customers:

  • There is no commission for transfers of amounts below 500 rubles.
  • Terminal network in twenty two countries.
  • For full-fledged work, it is not necessary to provide your personal data, but if the client needs a set of special features, then identity verification will be required.
  • Partnership with other payment systems is well developed.
  • The systems clients have access to financial transactions to pay for various services, including loan repayment and purchases on the Internet.
  • Qiwi has a valid agreement with the Visa payment system, according to which the service can issue payment cards of the international standard.

The presented list shows that the system is designed to work with all segments of the population. The younger generation uses the online service, while the older people prefer to make payments through terminals. One thing confuses - a large commission (3-5%). Yes, electronic money is popular in Russia today , but not everyone is ready to pay such a high commission. In addition, Qiwi wallets have rather weak protection, so there are frequent cases of theft of funds. The majority of clients use the system for small financial transactions, but other services are needed for serious cooperation.     

 

PayPal

The list of electronic payment systems popular in Russia also includes a foreign electronic payment service - PayPal. This system is a leader in the provision of electronic payment services in the United States, Canada, Europe and many other countries. Russians are actively interested in foreign electronic payment service, but only a few work with it.  

The reason is that PayPal does not yet cooperate with the Russian financial sector, therefore direct withdrawal of funds to cards or current bank accounts is impossible. This severely limits users who need the services of foreign payment systems. Despite this, PayPal is still one of the most popular payment systems in Russia, because interest in the service from Russian citizens is growing every day. And not far off is the moment when PayPal will be presented on the Russian market in full compliance with the requests of Russian users. 

 

Yandex money

Yandex.Money today, unfortunately, is losing ground, and customers are slowly switching to other electronic payment services. It was Yandex.Money, together with Webmoney, that began to develop the system of electronic circulation of funds in Russia. But inflated commissions, the lack of unique developments and a decrease in investment volumes slow down the development of the service, forcing users to switch to other payment systems.

Yandex.Money remains one of the most popular payment systems in Russia, but experts say that in a situation of fierce competition and struggle for customers, it loses to more advanced companies.