Russia's transition to the national payment system

The national payment system is one of the key mechanisms for implementing monetary policy in the Russian Federation, ensuring its dominant role in economics.

Russia has started to create a modern payment system with a large gap from other developed countries. This allowed us to use the most advanced technological and organizational solutions.

To create an electronic payment system, it was necessary to build a developed communication system covering all branches of the Bank of Russia settlement network. It was necessary to create appropriate application software packages, develop a methodology and regulatory documentation. Most of these tasks were successfully solved: software and hardware complexes and telecommunication systems were created, which enabled almost everywhere in the Russian Federation to introduce electronic payment technologies.

Soon, there was a final approval of the payment system of the Bank of Russia as the core of the national payment system, which determine the standards for payments within the country and the role of the rest of its participants. The Bank of Russia consolidated its positions as a body coordinating, regulating and licensing the activities of settlement, including clearing, systems in the Russian Federation.

The payment system of the Bank of Russia operates on the basis of the Civil Code of the Russian Federation and federal laws of the Russian Federation, the main of which are the Laws "On the Central Bank of the Russian Federation (Bank of Russia)" and "On Banks and Banking". It should be noted that these legislative acts do not establish rules for the operation of payment systems and the liability of their participants. The rules for conducting transactions in various payment systems are determined by regulatory acts of the Bank of Russia, the responsibility of the participants in settlements is regulated by agreements between participants and operators of payment systems.

The newest trends in the development of payment services dictate the need for a flexible mechanism for their regulation that provides the conditions for the widespread introduction of electronic technologies, modern payment instruments, reliable interbank settlements. At the same time, the main strategic goal of this mechanism should be to guarantee the rights of consumers of payment services.

At present, electronic means of payment are actively developing and being introduced in Russia, however, we noticeably lag behind foreign countries in terms of using non-cash payment in the retail sector. First of all, such a situation arose due to the later introduction of electronic means of payment than in other countries, and also due to some advantages of cash in comparison with their electronic counterparts.

At present, Russia is experiencing rather high rates of growth in the number of payment cards and the volume of transactions performed with their use on the territory of the Russian Federation.

The Bank of Russia constantly works to develop non-cash retail payments and limit cash turnover.

More recently, the Internet has served only as a means of quickly obtaining information and sending messages. But over time, its capabilities have become more diverse. Financial functions are actively spreading. Modern Internet is a good environment for online stores and online payments.

Of course, banks also turned their attention to the online sphere of the economy. Most of them have already developed and launched Internet banking systems as an additional service, which makes it possible to make the bulk of banking transactions through the World Wide Web.

The problem of queues, it has always been a "headache" for Sberbank, it is natural that it was one of the first to create a fully functional Internet bank, which was called "Sberbank Online", and now the Bank is trying to give it as many transactions as possible.

You can identify several key points in favor of creating a payment system within the country. The basis of the national wealth of any country is the domestic market. Russia's economic growth so far is ensured by high prices for oil, gas, metals or fertilizers. However, one can not help noticing the slow expansion of global foreign companies that provide the consumer with the most needed, in this case financial, services. On the one hand, it is good that Russia is integrated into the world economy. But on the other hand, it is a regular multi-billion loss of budget revenues and a loss of economic and political security [1].

Own payment system is more secure, in addition, its income will remain in Russia.

The development of its own payment system will require a lot of effort and cost, but in the end it is precisely this path that pushes us with the situation with Visa and MasterCard. The project is clearly promising, and its payback does not cause doubts. Currently, almost 95% of cards issued in Russia are processed abroad. This means that information on all payments, purchases and recalculations goes abroad. In addition, the commission, which is charged in the amount of 1.5-2% for the provision of services, does not come to our economy, but foreign. The national payment system will provide not only more attractive tariffs, but also security and independence in relation to any sanctions from other states.

The transition to a new system, of course, will take a certain time. Now everyone is accustomed to using a fairly wide range of different cards, but the effect is expected to be significant: the money will be used inside the country, threats from political opponents will not have much significance.

Thus, the launch of a national payment system can significantly improve the financial state of the Russian economy and make it less dependent on external factors (economic crises, aggravation of the international situation, blocking plastic cards issued by Russian banks, imposing economic sanctions and even war). So this innovation is the imperative of the times.