As stated by the Director of national payment system Department, Central Bank Alla Bakina, the Central Bank together with the companies belonging to the Association «FINTECH» intends to create a platform of instant payments (p2p). How to write «Vedomosti» with reference to the statement of the representative of the regulator, and private sources, the platform is designed to make possible the transfer of funds between the parties to bypass the traditional intermediary schemes with payment systems.
Payment amounts should not exceed 100 thousand rubles. payments will be via mobile app or Internet service that will be integrated with the platform and, accordingly, with the payment system of the Central Bank (now accessible only by banks). To make the payment to will not only with Bank cards: also discussed is the Bank account number, cell number, QR code, e-mail etc.
Who will own the platform, not yet resolved, said the Executive Director of «Finance», the Chairman of the Board of Directors Qiwi Boris Kim. Perhaps the two companies will be created: one will be the operator of the technical infrastructure and the other payment who will own them is an open question. Answering the question about the timing of the establishment of the platform, he said that it is a complex infrastructure project and its implementation will take more than one month. One way or another, but the concept of the system approve Supervisory Board of the Association in June.
In fact, the Bank did not invent, the market p2p transfers has existed since time immemorial, it is equally well mastered as money transfer systems without opening a Bank account (e.g. a gold Crown), banks (alpha Bank, the savings Bank), payment systems (Visa and Mastercard), says General Director of IFC «Mani Fanny» Alexander Shustov. Your system p2p transfers are even social networks and instant messengers (e.g., Facebook) and trading platforms (Alipay and PayPal), Apple and Google are also actively developing mobile payment systems for its iOS and Android platforms, if you add them Yandex.Money, Quivi and other systems that offer instant money transfers, in General we can say that the market has already formed, it lives and breathes, and, of course, not only in Russia.
According to forecasts, only to 2018, the volume of mobile money transfers in the world will grow to 520 billion dollars, with over 45% of transfers will have on p2p. Considering the rapid development of e-commerce, primarily online trading for 5-6 years, at least in the major cities of Russia, more than 75% of all money transactions will be made by Bank transfer. For the Central Bank is both good and bad news, said Alexander Shustov. It is good because you will be able to minimize the amount of cash ruble liquidity in circulation, bad because the market for mobile remittances, in particular p2p, drops out from under the watchful control of the regulator because of its unsystematic character. All of the above directions of p2p transfers is developing independently, compete and not give the regulator any opportunity for driving a hard accounting of committed transactions. Apparently, this is the problem of the Central Bank and plans to resolve through the creation of a unified system that will streamline the development of the market.
Citizens, Alexander Shustov, in fact, the initiative will do nothing. The tightening of control over p2p transfers by the Central Bank, and hence the state will increase transparency. in fact, the information about all committed by the population of the transaction will be immediately available, the Central Bank, thus, the Executive authorities, such as the IRS and police officers will have fewer barriers to obtaining such information. The state can use the new Institute to fight with gray salaries and informal employment.
It should be understood, says, in turn, Egor Krivosheya, the specialist research activities of the Department «Finance, payments and e-Commerce» Moscow school of management SKOLKOVO, the P2P technology will be one of the key elements of the new economy because it offers a new quality of services demanded by the client. But this will only happen when creating universal platform that allows customers to pay there and then, where required, which in turn is possible when a certain level of development of basic infrastructure payments and the legislative framework. In order for such a platform has earned successful on a large scale for the mass market, you will need a single marketplace, a platform for trade in goods and services, where people will be able to buy or order anything he wants. Then the client will get to choose another option to pay: the choice is not card or cash, and more extensive, it will be added to instant interbank transfer.
The role of the regulator in creating such a platform traditionally is to provide a framework and policy for direct market participants, the expert continues. The platform is designed to make possible the transfer of funds between its members for anything, having only the ID and the account with funds (eg. in the Bank), that is, to bypass the traditional methods with the use of payment systems.
But there is another problem. In countries where there is a similar platform the regulator is actively developing the infrastructure of non-cash payments at the national level. So, the ECB has created a legislative framework for such transfers, and built a system of instant interbank transfers, improved regulation, added rules to latest technology, and most importantly left the market for commercial participants, such as banks or FINTECH. Through open API and simplified licensing, they are now almost equal.
In Sweden, for example, this development led to the emergence of platforms Swish that allows you to transfer money between Bank accounts by phone number. It’s referenced in many countries, discussing such projects, and Russia is no exception. In Russia, however, the regulation remains responsive, so instead proactively change the laws and regulations of the Central Bank first initiate the actual development of the platform.
However, having led the development of this platform, the Bank not only loses the role of arbitrator, but also undermines the development of another initiative — the payment system WORLD, taking her along with international payment systems accounts. In addition, such a system is contrary to the announced 2 years ago promising payment system of the Central Bank. In my opinion, before the active development of alternative projects, it is important to come to the final stage of the development of previous initiatives and to ensure a qualitative shift in the acceptance infrastructure.
The appearance of such platforms we have anticipated in the scenarios of non-cash economy in Russia – 2030, says Egor Krivosheya. One of the effects of this development — the destruction of commercial capacity payments that leads to stagnation of the market and lower quality services for customers. If the platform will control the Central Bank, the payment will be another services. If the Central Bank will give management and the creation of the platform for commercial players or one of the commercial player, it may be an alternative scenario that would lead to the creation of kommerzialisierung a single payment platform.
But the role of the Central Bank there is limited legislative and regulatory function, if you know Egor Krivosheya. In the third scenario, if market participants agree to a common vision of the platform and, more importantly, the market will not produce a single version of the development of the cashless economy, the Central Bank does not align all initiatives in the market of cashless payments in a single strategy may fail. In this situation, the payments will stop working in the form which we know them. In the discussion of such initiatives is imperative to understand all of the future alternatives to the projects were for the benefit of society, not harm.