Management and marketing
The role of e-commerce in the modern economy
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The role of e-commerce in the modern economy
Trends in the development of e-commerce in market business models "Digitalization of the economy" since 2017 has been proclaimed the course economic development of our country. The essence of the "digital economy is not in individual transformations, but in a change in the way of life, a new foundations for the development of the system of public administration, economy, business, social sphere. The formation of the digital economy takes place in mainstream of national security and independence of Uzbekistan, competition domestic companies. It is necessary to use all available Uzbekistan resources in order to make a breakthrough in the development of digital economy. President V. Putin noted: “One of our colleagues in one of Arab countries, a former oil minister, once said: “The Stone Age ended not because the stones ran out, but because new ones appeared technologies... They appear in the world and the one who is late in this competition, instantly, in any case very quickly, will fall into complete dependence on leaders of the process . A broader concept, from which it is worth starting from the analysis the nature and relevance of e-commerce is the term "digital economy". Until a certain time, realizing the objectivity of the era informatization, our country was content with the role of a third-party an observer, then a user of networks, processes and tools, provided by innovative digital technologies, but in order to maintain and strengthen its significance on the world stage of this not enough. Gradually, diversification of domestic economic processes, infrastructure is being built (technological, legal, informational), in order for Uzbekistan to be confident in its future. Despite the high relevance of the problems associated with the study issues in the field of e-commerce and electronic payment solutions, in the Russian literature there is no comprehensive study of specified area. Currently, there are separate works based on applied issues of introducing innovative technologies in the field economy in terms of organizing the infrastructure of payment services and the national payment system as a whole. From the works of economists one can note the monograph edited by the doctor of economic sciences, Professor N. A. Savinskaya and Doctor of Economics, Professor G. N. Beloglazova , analytical study by P. A. Tamarov , conducted in 2015, on a range of issues in the field of functioning mechanism and infrastructure of the NPS. Legal aspects of organizing the functioning of electronic commerce in Russia are covered in noteworthy works and. O.anthroptseva , a. Mr. Guznov, etc. Christmas . from these authors the concept of the national payment system as an object of supervision with side of the Bank of Russia. it is necessary to single out the works of b. sizemova , in which considered various issues of the mechanism of legal regulation interbank settlements, legal nature and status of payment systems. Many Russian and foreign scientists such as D. Kozier , A. Summer and Duncan Gr. , Reiman L.D. , Sokolova A.N. , Uspensky I.V. , Solovenko N. , Tsarev V.V. and Kantarovich A.A. , Pirogov S.V. , Kobelev O.A. , Rezgo G.Ya. , Skiba O.D. , L. Novomlinsky . Part of these communications, carried out with the aim of extracting commercial profit and is called "electronic commerce" (e-commerce, english e-commerce). The term appeared in the 20th century, but to this day13 has a lot of interpretations, researchers scale it based on their own goals. E-commerce is studied as an area of the national economy, which covers all business processes related to transactions, financial and commercial transactions carried out with the help of computer networks. It should be noted that some authors, such as L. Novolynsky and D. Amour , consider the definition of "electronic commerce" as type of business operations, financial transactions involving the use of leading information technology and communication environments to providing higher economic efficiency compared to traditional types of business. In the draft federal law "on electronic commerce" - the sector of Information Law , edited by Doctor of Law. Bachilo I.L., Ph.D. seven years f s.i. given the following definition: "electronic commerce -implementation by the parties of the transaction provided for by law actions and operations in the execution and execution of transactions on sale, delivery of goods, performance of work, provision of services, as well as performance of other actions aimed at making profit, on the basis of execution of electronic procedures. Based on the analysis of research ideas, electronic commerce - any commercial activity using electronic information technologies.The subject area of e-commerce is economic relations, during which electronic information technologies are used. E-commerce includes the following functions and processes: Electronic Data Interchange (EDI) is the terminology of the Russian information society, given 14 the term is enshrined in the national standard of the Russian Federation GOST R 52292 - 2004), where we are talking about any movement of data using electronic resources. - Electronic capital movement (electronicfundstransfer, efs) – is the order of monetary transactions from one bank account to another without use of paper money. - Electronic commerce (e-trade) is the execution of a trade procurement actions using the global Internet. - Electronic money (e-cash) - monetary arrangements of the issuer, submitted in electronic form, which are on the electronic media at the user's disposal. most often, the turnover of electronic money occurs in the process of using computer networks, namely Internet, payment cards, electronic wallets and devices that work with payment cards (banknotes, pos-terminals, mastercard paypass, and etc.) -Electronic marketing (e-marketing) is a type of activity, aimed at attracting, retaining and making a profit or otherwise positive effect in the process of interaction with the Internet users. - Electronic banking (e-banking) is a hardware- software solution for bank account management through the Internet. -Electronic insurance services (e-insurance) – insurance services, which can be ordered online. in Russia this technology has been developed along with other new directions attracting and using capital only after 2010. Although e-commerce includes various categories of e-business, it is important to distinguish e-business from ecommerce. there are many definitions e-business terms that reflect different points of view. So 15 according to IBM's definition of a term: "electronic business is a change in the main business processes with the help of Internet technologies” Gartner Group, e-business is defined as "continuous optimization of the organization's products and services, as well as industrial relations through the use of digital technologies and the use of the Internet as primary means of communication” . The Encyclopedia of Internet Business adheres to the following interpretation: e-business is any business activity that uses opportunities for global information networks to transform internal and external relations in order to create profits” . However, these definitions reflect the processes associated mainly with using the Internet, while the development of electronic business on today has already passed this stage and stepped into a new, more extensive era of its development. Thus, we can give the following definition e-business: electronic business (e-business) is the implementation of business processes using the capabilities of information and telecommunication technologies, systems and networks. Internal organization of the company based on a single information network (intranet), which increases the efficiency of interaction between employees and optimizing planning and management processes; external interaction (extranet) with partners, suppliers and customers - all this components of e-business. The most important component of e-business is e-commerce. E-commerce means any form of transactions in which the interaction of the parties is carried out with using the possibilities of information and telecommunication technologies of systems and networks. Consider the classification of e commerce systems. To the main business models of the object of study include the following: Scheme 1 - E-commerce bussiness models relationship. - B2B (business-to-business) is defined as a category of electronic commerce, in which the market participants are two commercial companies. For example, connections and relationships between dealers and suppliers, head offices of companies and their regional representatives; B2C (business-to-consumer) regulates the relationship between companies and consumers, i.e. retail e-commerce (online stores); -B2A (business administration) governs the relationship between business and administration, licensing issues, business permits enterprise activity, equipment supplies, customs, etc.; -B2G (business government) - the concept of building a business processes of the enterprise, providing an increase in its "transparency" and facilitating interaction with government agencies; -C2C (consumer-consumer) regulates the relationship between two consumers, for example, through the exchange of experience in making commercial transactions. a classic example is an online auction; - C2A (consumer-administration) regulates relations between consumers and government agencies in various fields and sectors of the economy; -C2G (consumer-government). Regulates relations between consumers and government. Increasing public participation, in including chambers of public experts, in political decision-making and legislative expertise; - A2G (administration-government) regulates relations between the administration and the government in the field of politics and legislation at the macro level . E-commerce can also be classified into the following features: direction of implementation; implementation level; scale of implementation; means of delivering goods to the customer. Experts identify eight main e-commerce categories: - The first category includes large retailers companies that sell goods directly through Internet using well-established channels for payment and delivery of goods (e.g. OZON, Amazon). -The second category is large Internet portals (for example, Yandex, Yahoo!). Such portals provide various companies with their web18 space. The client, in this case, gets access to commercial services of these companies, and the portal, in turn, makes money on commissions from these transactions. -The third category is thematic portals that provide access to the services of companies operating in a particular market segment. - Fourth category - electronic auctions operating on principle of "stock exchanges". This category is currently is developing at a rapid pace. a - Fifth category - sites that sell products in digital form (e.g. music, text files, online games, etc.), and as well as persons engaged in online advertising. - The sixth category - sites that provide various kinds of bulk discounts for a group of united persons interested in buying products of the same class, thus allowing significant savings cash. -The seventh category is focused on servicing corporate customers (B2B). -Eighth category - provides services for payment of various types of bills (for example, for utilities, insurance, etc.). To this categories include banks, payment terminals, electronic wallets etc. A Statista report published in 2019 states that by 2021 year, the global e commerce market will increase sales by more than 246% . According to Statista, in 2017 the number of online shoppers increased by 9% compared to the previous year and amounted to 1.66 billion Human. By 2021, the number of users will reach 2.14 billion people, an increase of 29% compared to 2017. At the same time, in general the share of users making online purchases increased from 58.3% in 2016 19 year to 60.2% in 2017. This trend will continue and this figure will 2021 will be 65.2%. E-commerce and online advertising are dynamic emerging market segments. If in 2015 the share of e-commerce in the total retail trade was 7.4%, then by 2021 this figure will double their values and will be 15.5%. Rice. 1 - Worldwide e-commerce retail sales during 2014 to 2021 (in billions of US dollars) At the same time, the share of e-commerce in total retail sales in the world from 2015 to 2021 will continue to increase at an increasing pace. Percentage Actual and Projected Growth in E-Commerce Share shown in Figure 2 . Rice. 2 - Share of e-commerce in total retail sales in the world from 2015 to 2021 It should be noted that e-commerce is not only the IT-technologies in traditional commerce, and the innovation area commercial activities in which the Internet is the medium functioning of a commercial organisation. Currently electronic commerce has firmly entered everyday life, and in a near future, this model of organization will become dominant in trade. in the struggle to attract new customers, new technologies are created and methods of attracting customers, existing ones are being improved. At the moment, from the huge number of innovations, several can be distinguished as the determiners of the success of e-commerce in the coming years. Sales through mobile devices are constantly growing. Mobile devices are playing an increasingly important role around the world, which illustrates figure 3 . Rice. 3 - Comparative analysis of data on payment sources used in e- commerce in the world from 2014 to 2018 It is no longer possible to win customers over to your side if they don't get what they need in a few clicks. Some sellers are gradually moving to a new level by offering an online chat service. This provides instant communication with the client. And if the store can offer useful advice to the buyer through his mobile device, then with a high more likely the visitor will become a loyal customer, and will come back constantly. Mobile shopping becomes dominant in 2019 in e-commerce. Context - or inexhaustible possibilities of personalization. Data-driven, personalized shopping is becoming the norm. While some customers appreciate this approach, most annoying that a product they once searched for in a search engine continues to haunt them for the next weeks or even months as advertising on various sites, although interest in this product has long been lost, however, this innovative e-commerce trend is not yet revealed its full potential. Retargeting – advertising the mechanism by which online advertising is directed to those users who have already viewed the advertised product by visiting advertiser's website. However, retargeting, being an effective tool, does not always take context into account. The idea is that if you become a user of the site, it will remember your preferences. The same tools now are used on those who are not registered or not authorized on the site. By providing the right content at the right time, the site can effectively guide the customer to the purchase decision. For example, some discounts may displayed depending on what the client has already viewed on the site. Personalization is gradually being replaced by contextual shopping. Clients begin to pay attention to the most relevant information. Real time analytics Data is an invaluable resource that helps determine the real state of the business. Unfortunately, with traditional analytics detection of trends or problems turns into a rather long process. Such analytics do not provide immediate support to the client until before he leaves the site. Today, analytics is becoming a game-changing factor real time. As you monitor customer and shopper habits you can identify problems in the sales funnel. Problems may be related to payment process or promotional codes. Many sales can be "lost" precisely because of this. But if it is possible to fix problems immediately and communicate with the customer before he leaves his shopping cart, then you can significantly improve your conversion rate. Real-time tracking will enable online stores offer customers the most complete service so that they do not have reasons to leave the site. Video Marketing Correct product description plays a huge role in online sales. and high quality photographs. However, in order to stay competitive, many companies are moving to a new level, providing the client with branded video content that evokes buyer more confidence. Educational, entertaining and informational product videos, that tell a fascinating story, this is just the beginning. Video about product creation, demos, product rotation 360 degrees and even live video is now considered promising strategies. Video can increase conversion, make content more popular, viral, it allows customers to get more information for less time in 2019, mobile shopping is becoming the dominant trend in e-commerce. context - or inexhaustible possibilities of personalization. data-driven, personalized shopping is becoming the norm. while some buyers appreciate this approach, most annoying that a product they once searched for in a search engine continues to haunt them for the next weeks or even months as advertising on various sites, although interest in this product has long been lost, however, this innovative e-commerce trend is not yet revealed its full potential. retargeting – advertising the mechanism by which online advertising is directed to those users who have already viewed the advertised product by visiting advertiser's website. however, retargeting, being an effective tool, does not always take context into account. The idea is that if you become a user of the site, it will remember your preferences. The same tools now are used on those who are not registered or not authorized on the site. By providing the right content at the right time, the site can effectively guide the customer to the purchase decision. For example, some discounts may displayed depending on what the client has already viewed on the site. Personalization is gradually being replaced by contextual shopping. Clients begin to pay attention to the most relevant information. Real time analytics Data is an invaluable resource that helps determine the real state of the business. Unfortunately, with traditional analytics detection of trends or problems turns into a rather long process. Such analytics do not provide immediate support to the client until before he leaves the site. Today, analytics is becoming a game-changing factor real time. As you monitor customer and shopper habits you can identify problems in the sales funnel. Problems may be related to payment process or promotional codes. Many sales can be "lost" precisely because of this. But if it is possible to fix problems immediately and communicate with the customer before he leaves his shopping cart, then you can significantly improve your conversion rate. Real-time tracking will enable online stores offer customers the most complete service so that they do not have reasons to leave the site. Video Marketing Correct product description plays a huge role in online sales. and high quality photographs. However, in order to stay competitive, many companies are moving to a new level, providing the client with branded video content that evokes buyer more confidence. Educational, entertaining and informational product videos, that tell a fascinating story, this is just the beginning. Video about product creation, demos, product rotation 360 degrees and even live video is now considered promising strategies. Video can increase conversion, make content more popular, viral, it allows customers to get more information for less time. Many e-commerce businesses have created their own channels on "YouTube" while others use "Instagram" or "Vine" to grab the attention of a potential customer. social interaction Social interaction is on the rise in the online trading world today. It's one thing to have products that customers want, it's another to adapt under the user, but this is exactly what is happening now. social interaction involves not only the presence of a site where customers can add their samples to the already existing assortment and offer unique products. introduction of modern means for collaboration and social interaction allows the client feel that he is part of the creative process. it means that he can get the product he really wants. already in 2016, more products began to appear, created together with customer, especially in the apparel and accessories segments. Now companies operating in the online sales segment continue to introduce various innovations, developing competition. But in this case, it is not only about how much investment invest in initiatives. New business processes do not always require large investments, but definitely need more non-standard creative approaches. . What will e-commerce be like in the 2020s? This is how he formulated global trends that are relevant for the world market columnist Shopify Herbert Lui in the article "What Is the Future of Ecommerce in 2018 and Beyond? 10 Trends Transforming How We Shop Online”. - Despite rapid growth, the share of e-commerce on average accounts for only 10% of retail sales; -B2B enters the online market, a real giant in the background familiar B2C; E-commerce automation is an affordable reality today's business; Diversity of buyers will bring the biggest change in e-commerce; Omnichannel e-commerce is tomorrow's solution day; Opportunities for international e-commerce remain largely unrealized; Using mobile devices is becoming the norm, but adds complexity to the purchase; It's time for natural sales through social media; Google Micro Moments will become a new battlefield for optimization; Content is the Holy Grail of consumer engagement in e-commerce. With the development of artificial intelligence technologies, which, of course, will touch all areas of reality, from philosophy to physics, and developments to refine data analysis algorithms are also related Very soon, refrigerators will “know” what kind of products they wanted. would now be purchased by the client, where he prefers to buy them. Maybe, smart refrigerators will make the purchase decision for the consumer these products. Dynamics, features of the development of e-commerce in Russia Before covering the practical part of the study, we will reveal the reasons emergence of distinctive features of the development of e-commerce in our country. Overview of Russian e-commerce market statistics. Individual components of the digital economy ecosystem contribute different contribution to its development. So, according to the seventh annual analytical report of "RAEC" (“Russian Association for Electronic Communications”), published in March 2019, the overall contribution of the digital economy to the uzbek economy amounted to 3.9 trillion. rub., the volume of the e-commerce market in 2018 amounted to 2 trillion rubles, infrastructure and communications market - 1.8 trillion rubles, marketing and advertising market - 250 billion rubles, and the digital content - 75 billion rubles . Also, RAEC analysts note a significant increase in the share of digital economy and related markets in Russian GDP. Rice. 4 - Dynamics of the e-commerce segment in Russia RAEC data, 2019 Today this figure is 5.1%, an increase of 11% compared to last year's figures. This is more than a contribution to the economy such traditional industry like agriculture. Its share in GDP today is 4.4%. The market of electronic payment services (acquiring, payment aggregators, OFD, etc.), the volume of which is not taken into account in the general volume of the e-commerce segment due to the large share of intersection with other markets in terms of payments for goods and services. At the end of 2018 the volume of the segment amounted to 1953.4 billion rubles. with an increase of 17.3% compared to 2017 of the year. Growth rates slowed down slightly compared to the period 2013-2017 year, when the segment grew by an average of 30% per year. This is primarily due to the slowdown in the growth of large market within the segment - the online retail market, which, in is in turn influenced by a general decline in purchasing power population. Fig. 5 - Dynamics of the electronic payments segment in Russia RAEC data, 2019 The growth leader is the electronic payment services market, the volume of which increased by 37.7% by the end of 2018 and is estimated by experts at 1,125 billion rubles. The e–commerce segment is the largest segment of the Runet economy in terms of volume. Even in the conditions of declining consumer demand as a result of the crisis in the economy and the depreciation of the ruble, the e-commerce segment shows steady positive dynamics. The number of goods and services that can be bought or ordered online is growing, the number of payment methods is increasing, delivery times are gradually shortening, despite the presence of problems in the logistics infrastructure. As financial and digital literacy increases , the number of online shoppers is growing, and those who already have experience shopping online are doing it more often and in more categories. It can be argued that a separate culture of online shopping has already developed in Russia today. And yet, the Russian e-commerce market is at the initial stage of its development and still lags far behind European sites in most indicators, at the same time it is characterized by rapid growth rates. At the same time, the most actively developing segment, according to the research company Mediascope, is the audience on smartphones – an increase of 15% over the year . The market is undergoing significant changes from year to year. If in 2017 online sales were actively mastered by large traditional retailers, that is, the feature of 2018 is the large investments of the leaders of Russian online commerce – Wildberries and Ozon, as well as big deals. At the beginning of the year Sberbank became a shareholder of Yandex.Market, and in the fall the Chinese Alibaba agreed to create a joint venture based on the Russian business Aliexpress and Tmall, Russian Direct Investment Fund, Megafon andMail.ru Group". Fig. 6 – The domestic e-commerce market in Russia according to Morgan Stanley forecasts, data published on RBC 2018. Features of the development of payment infrastructure in Russia. The payment service in Russia began its development in the early 2000s, when the first payment acceptance terminals appeared. Before the terminals, there were smart cards of mobile operators, but their turnover was insignificant and their functionality was limited to replenishing the services of the telecom operator. In addition, smart cards were activated via a mobile network without Internet access. The main amount of money in the hands of consumers was cash. It was extremely problematic to pay them remotely. With the advent of terminal networks, Russian residents were able to afford instant transfers to suppliers of goods and services. Terminal networks quickly covered the territory of Russia, and as soon as the scheme of interaction of all participants in the calculations of such 30 systems began to be viewed, the inevitable stage of state regulation of this type of activity came. To begin with, payment agents have received their status rights and obligations enshrined in the Federal Law "On the activity of accepting payments of individuals carried out by payment agents" N 103-FZ. The law entered into force on June 03, 2009 and regulates the socio-economic relationship between the payment agent and the consumer. Regulations 103-FZ streamline financial obligations a citizen in front of a supplier of services or goods. The principle of interaction between payment agents and credit organizations remained spontaneous, which gave rise to countless frauds, unpunished non-fulfillment of obligations by negligent intermediaries to Customers who provided funds to pay for goods or services of suppliers. In addition, online payments had significant distinguishing features. They could not be qualified either as cash or as full-fledged non-cash payments. The well-established concept of "electronic wallet" had no legal basis. This gap was corrected by the adoption of a new system-forming legislative act. Federal Law No. 161-FZ "On the National Payment System" [1] in the bulk of its provisions came into force on June 27, 2011 and regulates the procedure for providing payment services, conducting money transfers, operating electronic means of payment, as well as the activities of subjects of the national system. In particular, the law establishes requirements for the organization and operation of payment systems and methods of supervision of compliance with the requirements in the field of these systems established by this legislation and other regulatory acts of the Russian Federation. Since 2011, the 161-FZ has been actively refined and supplemented based on rapidly changing realities and growing market opportunities. Electronic money is usually divided into two types: on the basis of smart cards and on the basis of networks. Both the first and second groups are divided into anonymous (non-personalized) systems in which operations are allowed without user identification, and non-anonymous (personalized) systems that require mandatory identification. In addition, it is necessary to distinguish between electronic fiat money and electronic non-fiat money. Electronic fiat money is necessarily expressed in one of the state currencies and is a kind of monetary units of the payment system of one of the states. The state by laws obliges all citizens to accept fiat money for payment. Accordingly, the issue, circulation and repayment of electronic fiat money occurs according to the rules of national legislations, central banks or other state regulators . In world economic practice , fiat electronic money based on networks includes: PayPal, African payment system M-Pesa, Ukrainian payment system Globalmoney Fiat electronic money based on smart cards: Visa Cash, Mondex, the Dutch Chipknip system. Non-fiat electronic money based on networks: Yandex.Money, QIWI, WebMoney, etc. Electronic non-fiat money is an electronic unit of value of non-state payment systems. Accordingly, the issue, circulation and repayment (exchange for fiat money) of electronic non-fiat money occur according to the rules of non-state payment systems. The degree of control and regulation by state authorities of such payment systems varies greatly from country to country. Often, non -state payment systems link their electronic non-fiat money to the exchange rates of world currencies, but the states do not provide the reliability and real value of such value units in any way. Electronic non-fiat money is a kind of credit money. Virtual (gaming) electronic money refers to the internal electronic currency of online communities (social networks, virtual worlds and online games). The scope of their use is limited to the purchase and sale of virtual goods within the network community. In the vast majority of cases, the virtual currency exchange rate is not tied to the exchange rate of the national currency or the currency of another state. In most cases, the issue of virtual money of a particular network community is not limited by anything, and exchange for national currency is either impossible or involves significant restrictions. An example of virtual money in social networks are virtual monetary units, the so-called "voices" of the Vkontakte social network, which allow users to purchase certain privileges, digital content or pay for the broadcast of advertising material inside the social network. The cost of acquiring one monetary unit, that is , the "voice", ranges from seven to ten rubles, depending on the method and quantity of acquisition. And the sale price (cashing out) varies from three to three and a half rubles for one "vote", in addition, there are significant restrictions on the minimum withdrawal amounts. Similar virtual monetary units are circulated in a number of other social networks (Odnoklassniki, Facebook, etc.). In Russia, electronic means of payment, and with them electronic money, are divided into three categories: non-personalized electronic means, personalized electronic means, corporate electronic means. Personalized and non–personalized wallets can be exclusively owned by individuals, corporate wallets can be exclusively owned by legal entities and private entrepreneurs. Internal payments are allowed between the wallets of individuals , as well as payments to corporate wallets are allowed. Only individuals are allowed to pay from corporate wallets , payments from corporate wallets of some legal entities to corporate wallets of other legal entities are prohibited. Types of electronic means of payment Electronic means of payment used by individuals can be of two types: personalized and non-personalized . An electronic means of payment is personalized when it is used by a citizen customer, in respect of whom the operator has carried out identification in accordance with Law No. 115-FZ of August 7, 2001 (hereinafter– Law No. 115-FZ) [2]. That is, a set of measures to establish certain information about the client, his representatives, beneficiaries, to confirm the authenticity of this information using original documents and (or) certified copies. The condition for using a personalized electronic means of payment is that such a client has a balance of electronic money in an amount equal at any time to 40,000 rubles or less or an amount in foreign currency equivalent to 40,000 rubles at the official exchange rate of the Bank of Russia. Legal entities and individual entrepreneurs can use a corporate electronic means of payment that allows them to be identified. Federal Law No. 110-FZ dated 05.05.2014 [3] is aimed at reducing the risks of using non-personalized (anonymous) means of payment in order to counter terrorist financing and legalization (laundering) of proceeds from crime. Federal Law No. 110-FZ introduces the concept of "simplified identification of an individual client", and also defines the conditions and methods of such identification, clarifies cases when identification and simplified identification of an individual client are not carried out. Federal Law No. 110-FZ of 05.05.2014 introduces a ban on the use by an individual client who has not undergone simplified identification of an unpersonalized electronic means of payment for the transfer of electronic funds to another physical person to a person or to receive transferable electronic funds from another individual. At the same time, the use of a non–personalized electronic means of payment can be carried out by an individual client to transfer electronic funds to a legal entity, provided that the balance of electronic funds at any time does not exceed 60 thousand rubles, and the total amount of transferred electronic funds does not exceed 200 thousand rubles during a calendar month. In addition, Federal Law No. 110-FZ of 05.05.2014 establishes that operations for the receipt by a non-profit organization of funds and (or) other property from foreign states, international and foreign organizations, foreign citizens and stateless persons, as well as for the expenditure of funds (property) 35 are subject to mandatory control if the amount, the amount for which this operation is performed is equal to or exceeds 100,000 rubles or is equal to or exceeds the amount in a foreign currency equivalent to 100,000 rubles. (see Appendix B. Types of ESP: limits and other requirements). The National Agency for Financial Research characterized the market of electronic means of payment in 2017-2018 . Analysts have divided the market into three segments: card payments, e wallets, and mobile payments. The fastest growth was recorded in the mobile payments segment (70-90% per year). Currently, banks are under heavy pressure from non-banking organizations represented by mobile operators and e-wallet operators. Banks that cannot adapt to the changes will be forced to leave the market. It should be noted that banks have accepted the challenge and are changing according to market trends and growing consumer expectations. Today, banks still have a higher level of trust, own their ATM networks, have a better culture in dealing with customers and are closer to the regulator. All this rightfully allows them to hold the palm in the payment market in terms of the volume and quality of services provided. One of the best proofs of this is such innovative banks as Tinkoff Bank, Sberbank, Alfa-Bank with their mobile banking and a rich range of services offered. The second place is occupied by e -wallet operators. They already have an established customer base, are not inferior in terms of the range of services to the banking sector, but are more optimized for working with an online audience of consumers. Mobile operators are in third place. Despite the good expertise in accepting payments, the issue of full-fledged bank cards under its own brand greatly changes the situation for the operator. In fact, this segment of players formed at the beginning of 2017, when all four operators got their own offers for the market. They can be called new players in this market, with a rapidly increasing share. They will have to "catch up" to the level of the main players in the quality of service (personal account, bonus programs, support work, etc.). There is a rapid growth due to a huge subscriber base and favorable financial conditions. The number of bank cards continued to grow in 2017-2018 by an average of 3-5% per year, slowly entering the saturation phase. The growth in the number of devices accepting bank cards is more intense. The expected growth for 2019-2021 will average at least 15% per year. The number of operations performed using plastic cards will grow in 2019-2021 years on average by 20% per year. The number of transactions related to the payment of goods and services by a bank card by individuals will actively grow as opposed to cash withdrawals at an ATM. In 2017-2018, the share of payments from bank cards grew at a rate of 25-30%, in 2019, this trend is likely to continue . The number of orders for payments made using a mobile phone will grow rapidly. Under market pressure, banks will be forced to optimize business processes and their costs: close some branches, reduce some staff. The development of the branch-free banking industry will continue. In the coming In 2-3 years, a system will be widely used in Russia that allows you to make transfers with identification by phone number, regardless of which operator the phone number belongs to and from which application the payment is made. P2P transfers will actively grow. The NFC segment expects rapid growth in Russia in the next 2-3 years. Expanding the use of identification tools, in particular, biometrics – fingerprint scanning for mobile payments . Legal regulation of the use of electronic money and electronic means of payment (within the framework of the Law "On the National Payment System" of the Russian Federation) Technically, electronic money is a file containing a number characterizing the amount of funds at the disposal of its owner, as well as other specialized information (details). This file is generated by a credit institution and stored on the drives (in memory) of the user's computer. Data from it is transmitted to another computer using telecommunication lines and other electronic means of transmitting information [86]. In the economic sense, electronic money is issued by a credit institution on the order of the client who provided the funds, banknotes presented in the form of information in the memory of a computer or other technical device, performing the function of both a means of payment and a means of circulation, as well as other functions of money and having all the basic properties of traditional cash (banknotes and small change coins), the payment process of which takes place by transferring (rewriting) them from the payer's server to the recipient's server . The first historical stage in the development of electronic money (1960-80s) was the introduction of magnetic credit and debit cards (credit cards and debit cards) into circulation, as well as the widespread use of electronic payment systems (electronic funds transfer). The second stage (1990-2000) was the introduction of smart cards or "cards with a stored amount" (smart cards or stored-value cards) into circulation. Currently , most Western researchers consider smart cards as one of the elements of electronic money. At the same time, smart cards are one of the tools of electronic money, the so-called "product-key". During these stages of development, magnetic cards and smart cards did not replace cash, but only gave their owners the opportunity to manage their bank accounts more efficiently. Despite the fact that modern cashless payment systems with the help of cards have a lot of obvious advantages (reduction of circulation costs, security, ease of use, additional benefits, etc.), cash does not completely disappear from circulation. This is because cash payments, for their part, have a number of attractive properties from the payer's point of view: firstly, the possibility of unconditional and unlimited disposal of their funds, secondly, greater efficiency compared to electronic payment systems, and thirdly, which is especially important, anonymity. Therefore, the main point of introducing electronic money into circulation is to combine the advantages of cash and electronic circulation of the money supply. The third stage of the development of the electronic money format (2000-2010) is characterized by the emergence of new types of electronic money "network money" (network money), which allow payments to be made in real time or "online" in computer networks. These payments are made possible thanks to specially developed software. It was at this stage of development that electronic money was legally recognized and allocated to a special class of monetary settlement systems made through the use of electronic means of payment . Previously, the concept of "electronic money" did not have a legislative status and, accordingly, there were no clear rules for working with them. Now it is defined in Federal Law No. 161-FZ of 27.06.2011 "On the National payment system" (the concept of "electronic money" has been introduced). According to it, electronic payments using electronic money are officially recognized as one of the forms of non-cash payments, they must be carried out 39 only by credit institutions on behalf of clients (the issuer is a credit institution, the regulator is the Bank of Russia). Orders for money transactions are transmitted exclusively using electronic means of payment without physical contact with the bank or partner. The transfer of electronic money can be carried out with or without customer identification in accordance with Federal Law No. 115-FZ of August 7, 2001 "On Countering Legalization (laundering) of proceeds from crime and the financing of terrorism." In the conventional sense, electronic money is a means of payment that exists exclusively in electronic form, that is, in the form of records in specialized electronic systems. All transactions with them are carried out via the Internet, but it is possible to use electronic money with the help of other means, for example, a mobile phone [56]. Despite the ambiguity of the definition contained in the Federal Law "On the National Payment System", electronic money fits into the general legal concept of a means of payment and is its kind. Electronic money has the same key legal characteristics with money in bank accounts and cash, namely: their transfer from the debtor to the creditor terminates the monetary obligation by performance; consent to their receipt by the creditor is presumed. At the same time, electronic money, as well as non-cash, are not a legal means of cash payment, have a binding nature and are derived from cash that has legal payment force by virtue of a direct indication of the law and are the object of property law. With this approach, electronic money cannot be considered a prepaid financial product, which, unlike them, has no payment power. The main difference between electronic money and non-cash is not the lack of use of bank accounts, but the procedure and the moments of termination of monetary obligations when using them. Firstly, the transfer of electronic funds is always irrevocable – its irrevocability occurs at the time of using the electronic means of payment, which is equivalent to the inability to withdraw the payment order; secondly, at the same time , the payer's monetary obligation to the recipient is considered fulfilled. The document for accounting for the balance of electronic funds (electronic account) has legal properties that characterize it as a kind of bank account, and the contract, the subject of which is the provision of payment services for accounting and transfer of electronic funds , has the properties of a bank account contract, taking into account the features associated with accounting for electronic funds on such an account. As a consequence, the regulation of electronic money settlements should not be reduced to the application of the institution of transfers to them without opening a bank account, but should fit into the system of regulation of relations related to the accounting of funds in accounts in credit institutions. The operator makes a money transfer at the order of the client (payer or recipient of money) at the expense of the payer's funds, which are in his bank account or provided by him without opening one. The translation is expressed as: in crediting money to the recipient's bank account; in giving him cash; in the accounting of funds without opening a bank account (only when transferring electronic funds). Along with the operators serving the payer and the recipient of funds, respectively, other operators (intermediaries in the transfer) can participate in the transfer. Moreover , if the payer and the recipient of the funds If one operator serves, then the finality of the transfer, with the exception of the transfer of electronic money, occurs when the funds are credited to the recipient's bank account or the recipient is provided with the opportunity to receive cash. When servicing by different operators — when money is credited to the bank account of the operator serving the recipient of funds, at the moment of finality of the transfer, the obligation of the operator serving the payer to the latter is terminated. It should be borne in mind that depositing cash to your bank account or receiving it from your bank account from one money transfer operator is not a transfer. No more than three working days are allowed for the transfer of funds, except for the transfer of electronic money. The countdown begins from the date of debiting funds from the payer's bank account or from the date of providing them with cash for transfer purposes without opening a bank account. The transfer of electronic money is carried out immediately after the operator accepts the client's order (Clause 5 of Article 5 and clause 11 of Article 7 of Law No. 161-FZ) [1]. It is the responsibility of money transfer operators to familiarize customers in an accessible form with the terms of the money transfer within the framework of the applicable form of non-cash payments. The Law No. 161-FZ establishes the procedure for such familiarization: it must be made before the transfer is made. At the same time, the following information should be brought to the clients: - about the amount of remuneration and the procedure for its collection, if it is provided for by the contract; - about the method of determining the exchange rate used when transferring money in a foreign currency (if the currency of the funds provided by the payer differs from the currency of the transferred funds); on the procedure for filing claims, including information for contacting the operator; - other information due to the form of non-cash payments used. Law No. 161-FZ also establishes the client's obligation to provide the operator with reliable contact details, and in case of their change –timely updated information. The obligation of the operator who carries out the transfer of funds to send notifications to the client provided for by Law No. 161-FZ is considered fulfilled when sending a notification in accordance with the contact information available to him. This is stated in paragraph 13 article 5 of the said law. The difference between non-cash funds and electronic money is that the former are in a bank account. Electronic money is placed in a credit institution, which may not be a bank. The main thing is that she has the right to transfer funds without opening bank accounts (to transfer electronic funds). Such a credit institution is an operator of electronic money. To transfer electronic money, customers must provide the operator with funds on the basis of a contract concluded with him. If the client is a citizen, the transfer can be made both with and without using a bank account. If the client is a legal entity or an individual entrepreneur, then electronic money is transferred only using a bank account. It should be noted that when transferring electronic money , legal entities or individual entrepreneurs can only be their recipients. They have the right to act as payers only when the transferred funds are intended to be received by an individual. In this case, the latter must use a personalized electronic means of payment. The process of transferring electronic funds looks like this: The client provides the operator with money. The latter takes them into account. To do this, he forms a record that reflects the amount of his obligations to the client in the amount of funds provided by him, that is , the balance of electronic money. The payer's order in favor of the recipients of funds is the basis for the transfer of electronic funds. The transfer can also be carried out at the request of the recipient. In this case, the corresponding condition must be stipulated by the contract with the operator. Money can be transferred either through one operator (if both the payer and the recipient of the money are his clients), or through several. During the transfer process, the operator simultaneously performs the following actions: - accepts the client's order and reduces the balance of his electronic money; - increases the recipient's balance by the amount of the e -money transfer. Thus, the transfer takes place immediately after the operator accepts the client's order. The e-money operator is not entitled to pay any remuneration to the client. Law No. 161-FZ also provides for the possibility to carry out the above actions at different times (autonomously), but only in cases specifically provided for by the contract, as well as when the payer is an individual and the recipient is a legal entity or an individual entrepreneur. At the same time, the recipient of electronic money is obliged to transmit daily to the operator information about completed transactions for accounting. He needs to do this no later than the end of the operator's working day. Confirmation of the execution of the client's order to transfer electronic money is sent by the operator immediately after the execution of the order. In the case when the electronic means of payment is used offline, the confirmation must be sent immediately after taking into account the information about the transactions performed, which the operator receives daily from the recipient of funds. End of the transfer The characteristics of a money transfer are its irrevocability and finality. The first indicates the absence or termination of the possibility of revoking an order to transfer funds at a certain point in time. The second is the provision of funds to the recipient of funds at a certain point in time. After the operator has carried out all the actions for the transfer of electronic money, such a transfer becomes irrevocable and final. If the client uses an electronic means of payment autonomously, the transfer becomes irrevocable at the time of such use and final after the operator takes into account the information about the transactions performed, which he receives daily from the recipient of funds. Upon the finality of the transfer of electronic money, the monetary obligation of the payer to the recipient is terminated. In the case of an autonomous mode of using an electronic means of payment, the monetary obligation of the payer to the recipient is terminated at the time of the irrevocability of the electronic money transfer. The problem of electronic money balance Information about the balances of electronic funds, as well as information about the transfers made, the operator must constantly take into account. At the same time, he does not have the right: - provide the client with money to increase his balance; - to charge interest on the remaining funds. The balance of electronic money (part of it) of the client – an individual who uses a non-personalized electronic means of payment, by his order, is subject to transfer exclusively to a bank account and cannot be issued in cash. The balance (part of it) of the client – an individual who uses a personalized electronic means of payment, can be transferred to a bank account, transferred without opening a bank account, or issued in cash by his order. The balance (part thereof) of the electronic money of the client - a legal entity or an individual entrepreneur can be credited or transferred only to his bank account by his order. In this regard, such a client is obliged to have a bank account opened with an electronic money operator, or provide him with information about a bank account opened with another credit institution to which the balance can be transferred (its parts) of electronic money. Before concluding an agreement with an individual customer , the electronic money operator is obliged to provide him with the following information: - about his name and location, as well as the number of his license for banking operations; - about the terms of use of the electronic means of payment, including offline mode; - about the methods and places of electronic money transfer ; - about the ways and places of providing funds by the client – an individual to the operator of electronic funds; - on the amount and procedure for collecting remuneration by the operator of electronic funds from an individual in case of collecting remuneration; -about the methods of filing claims and the procedure for their consideration, including information for communication with the operator of electronic money. - The operator of electronic funds is obliged to ensure that it is impossible to use an electronic means of payment until the client, an individual, is acquainted with the specified information. Advantages of electronic money Electronic money is useful and convenient when making mass payments of small amounts. For example, when making payments in transport, cinemas, clubs, paying for telephone communications, Internet, utilities, paying various fines, shopping on the Internet. The process of payment with electronic money is carried out quickly, there are no queues, there is no need to give change, money passes from the payer to the recipient almost instantly. It is more correct to compare electronic money with cash, since the circulation of non-cash money is necessarily personalized, and the details of both parties are known. In the case of electronic money payments, it is enough to know the details of the recipient of the money . Electronic money has the following qualitative advantages over cash: excellent divisibility and combinability – when making a payment , there is no need for delivery; - high portability — the amount of the amount is not related to the overall or weight dimensions of the money, as in the case of cash; - very low cost of issuing electronic money – no need to mint coins and print banknotes, use metals, paper, etc.; - no need to physically recalculate money, this function is transferred to a storage tool or a payment instrument; - it is easier than in the case of cash to organize physical protection of electronic money; - the moment of payment is fixed by electronic systems, the impact of the human factor is reduced; - when paying through a fiscalized acquiring device , it is impossible for a merchant to hide funds from taxation; - electronic money does not need to be recalculated, packaged, transported and organized special storage facilities; - perfect preservation – electronic money does not lose its qualities over time; perfect qualitative uniformity – individual copies of electronic money do not have unique properties ( such as scratches on coins); - security – protection against theft, forgery, change of denomination, etc., is provided by cryptographic and electronic means. Disadvantages of electronic money lack of well-established legal regulation: many states have not yet decided on their unambiguous attitude to electronic money; - despite its excellent portability, electronic money needs special storage and handling tools; - as in the case of cash, with the physical destruction of the electronic money carrier, it is impossible to restore the monetary value to the owner - there is no recognition – without special electronic devices , it is impossible to easily and quickly determine what kind of item, nominal amount, etc.; - the impossibility of direct transfer of part of the money from one payer to another; - the means of cryptographic protection used to protect electronic money systems do not guarantee their 100% security; Theoretically, interested parties may try to track the personal data of payers and the circulation of electronic money outside the banking system. For clients, the question of how their account in the electronic money system will be managed is often crucial. In Russian legislation, the method of account management is designated as – Electronic Means of Payment: a means and (or) a method that allows the client of a money transfer operator to make, certify and transmit orders for the purpose of transferring funds within the framework of the forms of non-cash payments used using information and communication technologies, electronic media, including payment cards, as well as other technical devices. As follows from the definition, there are various options for the design of the ESP. One of the most common account management solutions in ED systems is the use of server or client–server applications. In other words, the client can access his "wallet" via Internet by going to a separate page of the operator, where a specialized web application is hosted. Or the user installs specialized software on his personal computer or other device. In both cases, an indispensable attribute should be ensuring communication with the operator – having access to The Internet. The form of such an application is developed specifically for each operator and is determined by the specifics of the functionality of the ED system. An integral feature of electronic money is the client's use of an exclusively electronic means of payment (ESP) to transmit orders for their transfer. Moreover, the definition of ESP given in Law No. 161-FZ is quite broad, it includes not only "technical 49 devices", but also "information and communication technologies" (Clause 19 of Article 3). Taking into account the analysis of legislative acts, as well as the explanations of the regulator , the concept of an electronic means of payment significantly changes our understanding of payment instruments in general. So, in addition to the interfaces of electronic wallets, bank payment cards also fall under the ESP. The consequence of this is a revision of the regulation of prepaid cards: their future fate was determined by the convergence of functions with electronic money. According to the decision of the Bank of Russia, prepaid cards in the new edition The provisions of the Central Bank No. 266-P [4] are only ESP for the transfer of electronic money. On the one hand, this solution unifies regulation, and on the other hand, fundamentally changes traditional instruments that have to adapt to the new regime. Electronic wallets cannot be considered as a source of funding and therefore do not fit into the product line of most retail banks. The balances in the "wallets" are insignificant, and the deposited funds are almost immediately transferred to pay for goods and services. However, electronic money, nevertheless, can be a new stage of development for many credit institutions. The population prefers to pay for a significant part of services through their cash registers, without using a bank account for these purposes. Therefore, there is an undeniable logic in providing such customers with the opportunity to open "electronic wallets". Such a solution will not only relieve bank branches and reduce operating costs, but will allow achieving synergy of banking products, which is especially important in the conditions of customer conservatism. For small banks and NPOs, electronic payments make it possible to avoid competition, which often boils down to an increase in deposit rates or a risky growth of loan portfolios. An alternative to competition leading to increased banking risks may be the development of high-tech products that encourage the population to use non-cash payments. Yüklə 1,37 Mb. Dostları ilə paylaş:
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