Electronic money come into our lives at a rapid steps in the second half of 2019, the volume of financial transactions using electronic money in Ukraine amounted to almost UAH 5 billion, and increased by 60% compared to the first half of 2018. According to the NBU, the number of e-wallets in the country reached 68 million. How to use e-money, which system to prefer, what features of payments by electronic money?
1 How to work electronic money
2 Advantages and disadvantages of electronic money
3 Electronic payment systems — what is an electronic wallet to choose
4 How to cash out or withdraw to a Bank card electronic money
How to work electronic money
Electronic money is a virtual currency, they are created for the same as real money, but have their own characteristics.
The use of electronic money seems to non-cash payments – with their help, you can perform financial transactions with counterparties, as well as to transfer funds between your accounts.
Between the real and the virtual money there is exchange difference, as between different currencies. Enrolling for digital money, we convert them into e-money at vnutriserdecna rate specific payment system. Performed the required operation, the electronic money credited to the account of the counterparty, after which payment system buys them from him, instead of giving real currency. Work electronic money.
Payment system and there is income from Commission. Each payment system is their own. Also the payment system can issue your credit cards, set their terminals to carry out the certification users. It is also a source of their income.
The advantages and disadvantages of electronic money
The main benefit of the use of electronic money is that they are not taxed. The Commission for the use of payment systems is much lower than the taxation of transactions with real money.
Operations with electronic money are quite simple, their implementation does not need to visit the Bank, all transactions can be held online via the Internet.
E-wallets well-known payment systems are reliable, they guarantee privacy and the safety of money with proper operation of the service.
Electronic money is perpetual, the timing of their actions is not limited.
Maintenance of e-wallets not be charged.
Transactions through e-wallets are practical instantly, if not involved in the mediation schema.
All financial transactions are recorded, you can view transaction history for any period of time.
At the same time, electronic money, are not without drawbacks:
A significant drawback of electronic money is their limited use, not all goods and services can be paid with electronic money.
For some operations charged a large Commission.
When you use payment systems it is impossible to maintain confidentiality in most cases. Although there are payment systems that do not require identification.
If you lose the password of the service is difficult to restore access to the payment system. Today when using the phones for a two-stage identification is necessary to constantly keep the same phone number.
In Ukraine the number of payment systems is limited, especially a world famous system of conducting international transactions in our country are not working, and common in Ukraine, have wide fame abroad.
Electronic payment systems — what is an electronic wallet to choose
The Ukrainian market of payment systems can be called developing, it is now more or less stable, the work 10 payment systems. Turnover of electronic money in the country is regulated by the Law “On payment systems and funds transfer in Ukraine” and NBU document from 2010 “Regulation on electronic money in Ukraine”. Not all systems allowed in our country.
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One of the most well-known payment systems – WebMoney Transfer 2018 locked for a period of 3 years, as a service owned by the Russian company.
The same goes for Yandex. Money. But blocking these systems in Ukraine wishing to successfully bypass it, but the withdrawal of money from WebMoney and Yandex-Money is now associated with high costs.
Also in Ukraine is not fully working one of the most famous in the world of payment systems PayPal, but in this case Pay Pal doesn’t want to come to Ukraine in oleriina format. Stating in 2006 on the inclusion of Ukraine in its coverage area, the company next moved. Today, this payment system works in Ukraine in Send mode only, and involves only sending money from the country. The company does not consider our country as a promising work in it. But to fill the purse of this system to withdraw money using Bank services, or other payment systems. There are various ways to circumvent the blocking systems, which are prohibited in Ukraine, but for safety and economy it is better to open e-wallets legal services.
The program Privat24 is the most popular and widespread payment system in Ukraine operating in the country since 2001. But to use it you need to be a client of PrivatBank. Using this system it is possible through the exchange of electronic money to translate them into hryvnia currency from any other payment system. You can also register a virtual dollar card and get the money via Swift.
LiqPay is a payment system specially designed for financial transactions abroad, to buy goods in other countries. She also ranks among the most popular payment systems in Ukraine.
Qiwi (Kiwi) wallet is a simple payment system tied to the phone number or e-mail to create an e-wallet it is enough to specify the phone number. Also issued Bank card QIWI Visa Plastic, which can be displayed electronic money and cash out them.
Payeer (Peer) is a convenient and fairly common all over the world payment system, which is available in Ukraine. You can get a plastic card and withdraw her money with this system.
Also there are other payment systems, the list of Ukrainian Epps also joined Vodafone, Pursethat you can use to recharge phones, pay utility bills, payment of goods in online stores.
You must choose payment system, and that’s not just in Ukraine, it is not always sufficient information and experience of others in using a particular system. However, when choosing an electronic payment system should focus on the following characteristics:
Period of activity – it is an eloquent indicator of the popularity and quality of the system.
Reliability. Check security system and find out whether there were precedents of breaking of purses, stealing money of users.
The fee for operations. Even a difference of half a percent in fees can translate into large costs when transferring large amounts.
The quality of support service. How often there are failures in the system, what is the speed of processing transactions, how easy to use electronic wallet.
All this you can learn from customer feedback, although you need to be critical and the positive reviews, and negative, the motives of those and others you can be unknown.
How to cash out or withdraw to a Bank card electronic money
Step-by-step instructions for withdrawing funds to e-wallet:
Need to attach a Bank card to the purse.
Need to be identified using scans or photos of your passport and identification. Identification of need many of the services it is at the stage of withdrawal, although you can register a virtual wallet without documents.
You must confirm the withdrawal, using the code that sends the system.
For cashing you can also use your plastic card system. Withdrawal pay Commission, which have different services depends on the method of withdrawal.