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Advantages and disadvantages of international payment systems

Advantages and disadvantages of international payment systems

2018-07-17
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Electronic currencies made it possible to make payments with a bank card and internet connection. Previously, transactions were carried out exclusively when paying in cash or by check as proof of transfer to a bank. In addition to the advantages, such a method of making payments also has disadvantages, in detail about the pros and cons of online transfers.

Advantages of payment systems

The advantages of using virtual currencies include:

• Availability. Make an exchange or make a sale can any user of the Internet. To do this, you need a network connection and details to log in to your personal account. It is enough to have a connection to an electronic wallet or a bank card of the international payment system visa or for conducting cash transactions and a mastercard.

• Efficiency. The transaction takes place within seconds. This allows you to significantly save time that could be spent in banking institutions or post offices of the Russian Post for the transfer.

• Safety. Electronic signs are stored in encrypted form in the databases of international payment systems. When access is restricted, it is almost impossible to steal them. Installs the latest SSL security. When making payments through a reliable system, savings are guaranteed. Carriage, currency account not required. Over time, the money does not lose its value, depends on their assessment of the real equivalent.

• Savings. Transfers by Russian Post and banks are subject to a commission of 1%. When exchanging electronic banknotes, the percentage will be minimal. Tax payments are not charged to the currency stored in the accounts.

• Control. Information on the completed transactions is stored on servers in databases. If it is necessary to obtain information, it is possible to obtain it at any time.
• Variety. Users have no link to making payments through a certain system.

They can choose any system and perform operations at any time, no control in this regard has been established.

Cons of payment systems

The disadvantages of using payment systems include:

• The Internet. To make transactions with electronic currencies without connecting to the world wide web is impossible. The use of payment systems is not possible in remote areas where interruptions in communication are noted. Difficulties may arise with a long page load due to a slow connection, payment is likely in this situation will not work.

• Deanization. To use personal wallets online, you will need to provide the data of the person who owns the electronic money or bank card. In this regard, information becomes available to supervisory authorities, the tax service, etc. Confidentiality is not respected. However, security for the purpose of non-proliferation of information to an unlimited number of persons is observed, the data are closed. Thus, the anonymity of information is not absolute when using this type of payment.

• Limits. Operations are possible within the limits set. For each payment system and user status, they are set different, it is necessary to clarify the limits of the security service.

The international market of payment systems is growing every year and is complemented by new members. The popularity of electronic currencies is increasing every year, which necessitates the creation of new systems.

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