What types of non-cash payments are there? Advantages of working with a cashless payment system. Who sets the rules for making such calculations?

In the modern world there are many payments for services and goods. Let's talk about this and figure out what payment systems exist.

Let's define the terminology

So what is a payment system? This is a set of organizational actions, forms, procedures that improve the monetary circulation system. In essence, this is a huge number of contractual relations, rules, methods that enable absolutely all participants to carry out financial transactions and pay each other.

What challenges do payment systems face?

Payment systems perform a number of tasks:

Safety and efficient operation.
Reliability, which guarantees the absence of any disruptions in the operation of payment systems.
Process workflows quickly and cost-effectively.
An honest approach that meets all the necessary criteria.

In general, for any such system the main function is to ensure dynamic economic turnover.

The individual elements of payment systems are very closely related to each other. Their relationship is carried out according to certain rules that are included in state regulations. The work of the Russian payment system is built on legal documents, thanks to which its functioning occurs. They regulate a set of procedures that are necessary for the operation of this structure and the transfer of funds from one counterparty to another.

The procedures of the payment system include forms of non-cash payments, norms of payment documents and all means used for communication (software, Internet, telephone lines, hardware).

Elements of payment systems

Payment systems consist of the following elements:

Organizations carrying out money transfers, repayment of financial obligations.
Monetary instruments and systems that ensure the transfer of funds between counterparties.
Contractual relations regulating the correct and clear procedure for non-cash payments.

All elements are very closely interconnected, their interaction occurs according to certain rules, enshrined in legal documents. Compliance with them is mandatory for absolutely all participants.

Types of payments

According to Article 140 of the Civil Code of Russia, payments within the country are made both in cash and non-cash. We can say that they are all divided into two types. Let's talk about them in more detail.

The cash payment system involves paying for goods and services from hand to hand. In everyday life, each of us faces this.

Payment by bank transfer occurs without the presence of cash; instead, funds are deposited into a current account or electronic wallet.

What are the payment methods in cash?

So, there are several ways to pay with real money. Let's list them:

"Cash" at the box office, through couriers or by transferring funds from the customer to the contractor.
Using self-service terminals Qiwi, Cyberplat, Eleksnet and many others. A person selects the service he needs on the screen and deposits banknotes into the bill acceptor. Almost all services and even loans are paid in such terminals.
In ATMs that have a cash acceptance function. Again, the desired operation is selected, the purpose of the payment is indicated, and the bills are entered.
Payment in banks or at the post office. Most people of retirement age prefer there. To do this, you only need to provide or simply provide the recipient’s details, and also give the money to the cashier.
Another popular payment method in the country is transfers (for example, using the companies “Zolotaya Korona”, “Leader”). To apply for them, you just need to come to the selected branch, provide the recipient’s details and deposit money.

Payment by bank transfer

Non-cash payments can be contact and contactless. Let's look at their features in more detail.

1. Payments using bank cards with a magnetic stripe are the most popular option at present. However, these began to gradually replace more secure cards with a chip. To make a purchase, you just need to insert it into the terminal or swipe it through a reader. Then the person just has to enter his PIN code, and the money will leave his account. That's all, the goods have been paid for.

2. Payment using MasterCard or Visa. This is a very common type of contactless payment for purchases. To pay, you just need to bring your card to the terminal, and the goods will be automatically paid for without specifying a PIN code. Of course, this type of calculation is very convenient. The only drawback is that the payment amount for one purchase cannot be more than a thousand rubles. It turns out that if you want to purchase a product worth, for example, two thousand, then you won’t be able to pay using a contactless method. You will have to insert the card into the terminal and still enter the PIN code. By the way, we note that not all stores have the appropriate devices.

3. There is also the option to pay using your card details. This is also a contactless method. It is most often used to pay for online purchases. How is the transaction carried out? You need to enter the required card details in the fields. This could be, for example, a last name, a security code. After filling out the details, you will still need to confirm the operation itself. After this, the funds will be debited from your account.

4. Payments by electronic money using Internet wallets "Yandex.Money", Kiwi, Webmoney. To pay for purchases and services, you need to open a personal wallet of any payment systems and make a payment or transfer funds using the company details.

5. Payment via mobile phones with NFS technology. To be honest, this contactless method is not yet very popular in Russia. The technology allows you to pay by holding your mobile phone to a special reading machine. To be able to use this service, you need to buy a SIM card that supports NFS technology, and also install another antenna in your phone. After this, payments can be made with one touch by placing the mobile phone on the terminal. The funds will be debited from your smartphone account. And although in the Russian Federation, as already mentioned, the use of such technology is not yet very widespread, at the moment it is still possible to pay using this method in the Moscow metro.

6. using Internet banking. This is also a method of non-cash payment for services and purchases. To use it, you need to go to Internet banking, find the correct category, enter the details and select the account for withdrawal. The operation is confirmed by entering the code.

All over the world, the most popular payment systems are still non-cash transactions. In their favor is not only the convenience and speed of their implementation, but also complete safety at relatively low cost.

Which type of payment is more profitable?

Of course, the electronic payment system is the most beneficial and convenient, no matter how you look at it. It makes it possible to make purchases very quickly and simplifies the entire payment process. Moreover, costs are reduced. Let's give a simple example when buyers and sellers are in different regions. There is no way to do this without using cashless payments. However, despite all the visible benefits, it can only be implemented if one has a certain level of technology, culture, and education. Historically, cash came first. There were no non-cash payments before, and there could not have been. The level of development of society and technology simply did not allow this.

Today, cash payments are typical only for more backward countries. Expert research suggests that in the future, non-cash payment systems will replace cash payments.

Why do we need a payment system?

The need to pay by bank transfer at one time led to the emergence of a system of settlements between banks with each other, since payers and recipients were serviced by different financial organizations. In Russia, the Russian Federation payment system was developed for transfers between banks. Each country organizes its own structures to ensure safe and fast circulation of funds within the state. Together they form international payment systems. Thanks to this, trade relations are possible between different countries, sometimes located on different continents.

Instead of an afterword

Currently, the economy of any country is a huge branched network of relations of a large number of constituent entities. The basis of all relationships, oddly enough, are various calculations and payments, which would be impossible without a clear organization of the payment system.

Cash payments are made by the organization either in cash or in the form of non-cash payments.

Non-cash payments are carried out through non-cash transfers to clients' current, current and foreign currency accounts in banks, a system of correspondent accounts between different banks, clearing offsets of mutual claims through settlement fees, as well as using bills of exchange and checks that replace cash. Non-cash payments are carried out mainly through banking, credit and settlement operations. Their use can significantly reduce the cost of money circulation, reduces the ability to hold cash, and ensures their more reliable safety.

Non-cash payments are carried out for commodity and non-commodity transactions. Commodity transactions include the purchase and sale of raw materials, supplies, etc. They are recorded in accounts 60 – “Settlements with suppliers and contractors”, 62 – “Settlements with buyers and customers”, 45 – “Goods shipped”, etc.

Non-commodity transactions include settlements with municipal institutions, research institutions, educational institutions, etc. They are recorded on account 76 - “Settlements with various debtors and creditors.”

Depending on the location of the supplier and buyer, non-cash payments are divided into non-resident and same-resident (local).

Non-resident refers to settlements between organizations served by bank institutions that are located in different localities, and same-resident refers to settlements between organizations served by one or two bank institutions that are located in the same locality.

The forms of non-cash payments are determined by Article 862 of the Civil Code of the Russian Federation and the Regulations of the Central Bank of the Russian Federation:

1) settlements by payment orders;
2) settlements for collection;
3) calculations according to;
4) payments by checks.

Forms of non-cash payments are chosen by organizations independently and are provided for in agreements concluded by organizations with banks. Within the framework of non-cash payments, payers and recipients of funds (collectors), as well as banks and correspondent banks servicing them, are considered as participants in settlements.

All transactions on bank accounts are carried out only on the basis of payment documents.

A settlement document is an order issued on paper or electronically (E-mail, fax):

The payer – about debiting funds from his account and transfers to the recipient’s account;
- recipient – about debiting funds from the payer’s account and transferring them to the account specified by the recipient.

The regulations of the Central Bank of the Russian Federation set out the requirements for the execution of settlement documents on paper (settlement documents, except checks) must be filled out only on a typewriter or computer in black font; checks are filled out using a pen with paste, black or blue ink, or on a typewriter in black font; Corrections, erasures, blots, and the use of correction fluids are not allowed; settlement documents must contain the mandatory details established by the Regulations, etc.

Payment documents must be submitted to the bank within 10 calendar days, not counting the day the payment document is issued. The bank is provided with as many copies of settlement documents as necessary for all participants in the settlements. Copies of settlement documents can be made using carbon paper, copying equipment or a computer.

The first copy of the payment document (except for a check) is signed by two authorized persons (or by one person if the organization does not have a person with the right of a second signature). In addition, a seal imprint is placed on the document.

The procedure for registration, acceptance, processing of electronic payment documents and making settlements using them is regulated not by the Regulations, but by other regulations of the Central Bank of the Russian Federation, as well as agreements between banks and clients.

Settlements by payment orders

A payment order is an order from the account owner (payer) to the bank servicing him to transfer a certain amount of money to the recipient's account opened in this or another bank.

Payment orders are the most common form of payment.

Payment orders can be used to transfer funds:

For goods supplied, work performed, services rendered;
- to budgets of all levels and to extra-budgetary funds;
- for the purpose of returning / placing loans and borrowings, deposits and paying interest on them;
- by order of individuals or for the benefit of individuals;
- for other purposes provided for by law or agreement.

In accordance with the terms of the main agreement, payment orders can be used for advance payment of goods, work, services or for making periodic payments. Payment orders are accepted by the bank regardless of the availability of funds in the payer's account. If there is no or insufficient amount of funds in the payer’s account, payment orders are paid as funds are received in the order established by law.

The Regulations establish a new form of payment order form.

Payments for collection

Collection settlements are a banking operation through which the bank, on behalf and at the expense of the client on the basis of settlement documents, carries out actions to receive payment from the payer.

Collection payments are made on the basis of payment requests and collection orders.

Payment requirements are applied when making payments for goods (work, services), as well as in other cases provided for in the agreement between the payer and his counterparty.

A payment request is a settlement document containing the demands of the creditor (recipient of funds) under the main agreement to the debtor (payer) for the payment of a certain amount of money through the bank.

Settlements through payment requests can be carried out with prior acceptance and without the payer’s acceptance. The period for accepting payment requests is determined by the parties under the main agreement (but not less than 5 working days). If there is no such period in the contract, the period for acceptance is considered to be 5 working days. The payer has the right to refuse, in whole or in part, to accept the payment request on the grounds provided for in the agreement.

The payer has the right to refuse to accept the invoice for the full amount if the supplier ships products that were not ordered, of poor quality, non-standard, incomplete, early delivery of goods or early provision of services, the supplier presents a non-commodity demand, there are no prices for goods and services approved or agreed upon in accordance with the established procedure, and etc. Partial refusal of acceptance may occur if the supplier violates prices, discounts, makes arithmetic errors in the request or shipping document, receives part of illegal, substandard, non-standard products, etc.

The payer's refusal to pay the payment request is formalized by a statement of refusal to accept the established form, which is drawn up in triplicate. The first and second copies of the application are drawn up with the signatures of the relevant officials and the payer's seal.

If acceptance is completely refused, the payment request is returned to the issuing bank on the same day along with a second copy of the statement of refusal to accept for return to the recipient of the funds.

The first copy of the application, together with a copy of the payment request, remains in the payer's bank, and the third copy of the application is returned to the payer.

In case of partial refusal of acceptance, the payment request is paid in the amount accepted by the payer. The first copy of the application for refusal to accept, together with the first copy of the payment request, remains in the payer's bank, the second copy of the application is sent to the issuing bank, and the third copy is returned to the payer.

The payer is responsible for unjustified refusal to pay payment requests.

If a refusal to accept payment requests is not received within the established period, they are considered accepted and are paid from the payer’s accounts on the next business day after the expiration of the payment period, and if there are insufficient or unavailable funds, in the order established by law.

The advantage of the acceptance form of settlements with payment requests is that it allows the payer to control the supplier’s compliance with the conditions stipulated by the contracts. Its disadvantage is the relatively slow receipt of funds to the supplier's account (5 days for acceptance and double postage).

Settlement of payment requests, paid without acceptance, are made, as a rule, on the basis of relevant laws. In this case, the recipient must indicate in the payment request the number, date of adoption and name of the relevant law. As a rule, claims for gas, water, electricity and heat, sewerage, telephone use, postal and telegraph and some other services are paid from the payer’s accounts without acceptance.

Settlements by collection orders

A collection order is a settlement document on the basis of which funds are written off from the payer’s accounts in an indisputable manner.

Collection orders are applied:

1) if an indisputable collection procedure is established by the relevant laws;
2) for collection under enforcement documents;
3) in cases provided for by the parties to the main agreement.

The collection order is drawn up in the form prescribed by Regulation (8). The instruction must make reference to the relevant law, executive document or its duplicate.

In the absence or insufficiency of funds in the payer’s account, the collection order is executed as funds are received in the order established by law.

Banks suspend the write-off of funds indisputably in the following cases:

1) by decision of the body exercising control functions in accordance with the law, to suspend collection;
2) in the presence of a judicial act on the suspension of collection;
3) on other grounds provided by law.

When making payments by payment orders and settlements for collection, settlements with suppliers are reflected as sales of products, i.e. using accounts 45 – “Goods shipped”, 90 – “Sales”, 62 – “Settlements with buyers and customers”, etc. The buyer uses accounts 60 and 51, respectively, “Settlements with suppliers and contractors” and “Settlement accounts”, etc.

Letter of credit payment form

The letter of credit form of payment is used in two cases: when it is established by the contract and when the supplier transfers the buyer to this form of payment in accordance with the provisions on suppliers of industrial and technical products and consumer goods.

A letter of credit is a conditional monetary obligation accepted by the issuing bank on behalf of the payer to make payments in favor of the recipient of funds upon presentation of documents that comply with the terms of the letter of credit, or to authorize another bank to make such payments.

Banks can open the following types of letters of credit:

Covered (escrowed) and uncovered (guaranteed);
Revocable and irrevocable (can be confirmed).

When opening a covered letter of credit, the issuing bank transfers, at the expense of the payer's funds or the loan provided to him, the amount of the letter of credit at the disposal of the executing bank for the entire period of validity of the letter of credit.

When opening an uncovered letter of credit, the issuing bank grants the executing bank the right to write off funds from the correspondent account maintained by it within the amount of the letter of credit in the manner determined by the agreement between the banks. A revocable letter of credit is one that can be changed or canceled by the issuing bank on the basis of a written order from the payer without prior agreement with the recipient of the funds. An irrevocable letter of credit can only be canceled with the consent of the recipient of the funds.

The procedure for settlements under a letter of credit is established basically by an agreement that reflects the main conditions (name of banks, recipient of funds, amount of the letter of credit, its type, validity period, method of notifying the recipient of funds about the opening of a letter of credit, a complete list and exact characteristics of documents submitted by the recipient of funds, etc. .).

A letter of credit is intended for settlements with one recipient of funds. The terms of the letter of credit may provide for acceptance by a person authorized by the payer. The form of the letter of credit is established by the Regulations.

Payments under the letter of credit are made during its validity period at the supplier's bank in the full amount of the letter of credit or in parts against the registers of accounts and transport or acceptance documents submitted by the supplier certifying the shipment of the goods. Registers of accounts must be submitted by the supplier to the bank institution servicing him, as a rule, the next day after shipment (release) of the goods. The letter of credit is accounted for on account 55 – “Special accounts in banks”, subaccount 1 “Letters of credit”.

A letter of credit can be issued at the expense of one’s own funds and at the expense of a bank loan.

In the first case, the issuance of a letter of credit is documented using the following accounting entry:

Account credit 52 – “Current accounts”

When a letter of credit is issued against a bank loan, the following entry is made:

Debit of account 55 – “Special accounts in banks”, subaccount 1 “Letters of credit”;
Credit account 66 “Settlements for short-term loans and borrowings.”

Payment of supplier invoices from a letter of credit account is recorded using the following entry:

Debit of account 60 “Settlements with suppliers and contractors”;
Credit to account 55 “Special accounts in banks”, subaccount 1 “Letters of credit”.

The balance of the unused letter of credit is returned to the purchasing organization and credited to the current account if the letter of credit is issued at the expense of one’s own funds, or transferred to repay the loan debt if the letter of credit is issued at the expense of a bank loan.

The disadvantages of the letter of credit form of payment include the freezing of buyer funds for the period of validity of the letter of credit until its actual use, as well as the possibility of delaying the shipment of products by the supplier until the receipt of the letter of credit. At the same time, it guarantees immediate payment of supplier invoices and promotes compliance with settlement and payment discipline.

Payments by checks

A settlement check contains a written order from the account owner (check drawer) to the bank servicing him to transfer the amount of money indicated in the check from his account to the account of the recipient of the funds (check holder). In recent years, this form of payment has been increasingly used in single-city settlements (especially for settlements with transport organizations).

The procedure and conditions for the use of checks in payment transactions are regulated by the Civil Code of the Russian Federation, and in the part not regulated by it, by other laws and banking rules established in accordance with them.

Check forms are strict reporting forms. Their storage is carried out in the manner established by regulations of the Bank of Russia.

In accordance with the Regulations, checks issued by credit institutions can be used for non-cash payments. These checks can be used by clients of this credit institution, as well as in interbank settlements in the presence of correspondent relations. However, they cannot be used for settlements through divisions of the Bank of Russia settlement network.

Upon receipt of goods (provision of services), the payer writes out a check from the book and passes it to the representative of the supplier or contractor, who becomes the check holder. The check holder presents the written check to his bank office, usually the next day from the date of issue, for the money to be credited to his current account.

The deposit of funds when issuing check books from the payer is accounted for in account 55 “Special accounts in banks”, sub-account 2 “Check books”, from the credit of accounts 51 “Current accounts”, 66 “Settlements for short-term loans and borrowings” and other similar accounts. As debts are paid by checks, they are written off from the credit of account 55 to the debit of account 76 “Settlements with various debtors and creditors” and other similar accounts.

Accounting for transfers in transit

Some organizations cannot deposit cash during business hours with their bank. In this case, organizations, in accordance with concluded agreements, deposit prepared cash into the cash desks of credit institutions, savings banks or post office cash desks, as a rule, through bank collectors and post offices.

During the period from the moment of transfer of funds to collectors or directly to credit institutions, savings banks or post offices, the deposited funds are recorded in the active synthetic account 57 “transfers in transit”. The basis for accepting funds for accounting under account 57 are receipts from a credit institution, savings bank or post office, copies of accompanying statements for the delivery of proceeds to collectors or other similar documents.

The movement of funds (transfers in foreign currency) is recorded separately in account 57.

Amounts of cash deposited with credit institutions, savings banks or post offices are written off to the debit of account 57 from the credit of account 50 “cash”.

From the credit of account 57, funds are written off to the debit of account 51 “current accounts” (according to the bank statement) or other accounts depending on their use (50,52,62,73).

Cash flow statement

Organizations prepare a cash flow statement (form No. 4 of the annual report). The report consists of four sections.

I. Cash balance at the beginning of the year.
II. Cash received - total and including by type of income (revenue from the sale of goods, products, works, services, from the sale of fixed assets and other property, advances received from customers, budgetary allocations and other targeted financing received free of charge, loans and loans, dividends and interest on financial investments, other income).
III. Directed funds - in total and including by areas of expenses (for payment for purchased goods, works, services, for wages, deductions for social needs, issuance of accountable amounts, issuance of advances, payment for business participation in construction, payment for machinery, equipment and transport funds, financial investments, payment of dividends and interest, settlements with the budget, payment of interest on loans received and other payments and transfers).
IV. Cash balance at the end of the reporting period.

Information on cash flows is presented in the currency of the Russian Federation - rubles - according to accounts 50 “cash office”, 51 “current accounts”, 52 “currency accounts”, 55 “special bank accounts”. Cash flow is shown by type of activity - current, investment, financial.

Current activities mean the activities of the organization in production, trade, catering, etc. Investment activities are associated with capital investments and long-term financial investments, and financial activities are associated with short-term financial investments. The cash flow statement is important for monitoring the financial performance of an organization. Reference information from the cash payment report, including using the cash register (Cash Register), allows you to control the cash flow.

Non-cash payments began to be used to speed up the turnover of funds and reduce the cash supply.

Their history began in 1775 in Great Britain with the introduction of bills and checks into circulation. Subsequently, each country developed its own characteristics and procedures, and developed certain types of non-cash payments based on the economic situation.

The Civil Code of the Russian Federation (as amended on July 26, 2017) defines non-cash payments as payments made by banks (credit institutions) through the transfer of funds either with the opening of bank accounts or without opening them. Physically, the procedure looks like an entry on an account.

Non-cash payments throughout the world are regulated by law, banking rules and agreements. They have been developed because they have advantages from the point of view of each participant in economic processes:

the state can control money circulation;
the banking system is expanding credit opportunities;
business entities accelerate the turnover of funds and material resources.

Forms of non-cash payments

Credit institutions conduct transactions on customer accounts on the basis of settlement documents, which in essence are:

order of the payer (bank client) to write off funds from his account and transfer them to the recipient’s account;
order of the recipient (collector) to write off funds from the account of the payer (bank client) and transfer them to the account indicated by the collector.

Currently, settlement documents are provided either on paper or electronically.

For each type of non-cash payments, certain payment documents are used. In other words, each form has its own document.

The following types of non-cash payments are used in Russia:

payment orders,
payment requirements,
checks,
bills,
letters of credit,
collection orders (collection),
plastic cards,
electronic money.

The form of non-cash payment is always chosen by the bank client.

Legal regulation of non-cash payments

The rules for conducting non-cash payments are established by the Central Bank of the Russian Federation. Particular attention in regulation is paid to settlements between legal entities.

To make a non-cash payment, a legal entity is required to open a bank account. There is no such requirement for individuals. They can make payments without opening accounts, which is not very convenient for constant transfers.

In order for a bank to be able to transfer funds on behalf of or at the request of a client, it must open a correspondent account in its division or in another bank. In addition, each bank opens a correspondent account with the Central Bank for interbank settlements.

Bank clients open for their needs:

current accounts (commercial enterprises);
current accounts (budgetary enterprises).

For legal entities that are systematic debtors (tax evaders, etc.), banks open special accounts for non-payers. In such cases, the main accounts are blocked and funds are credited to these additional accounts of defaulters, from which debts are repaid.

Principles of non-cash payments

Legality. All non-cash payments are carried out only according to the schemes specified in the laws.
Adequacy of funds. There must be sufficient funds in the payer's account to make the payment.
Acceptance. Funds are debited from the account either with the consent or with prior notification of the account holder.
Agreement. The relationship between the bank and the owner of funds is prescribed in advance in the cooperation agreement.
Urgency of payment. Payment is made within the agreed period.
Freedom of choice. The settlement participant selects the type and form of payment.

Despite the global trend of a sharp increase in the number of non-cash payments, people are still wary of them. And there are good reasons for such an attitude. Cashless payments, you won’t limit us!

Irrational connection

Some technologically developed countries already record up to 97% of transactions using non-cash payments. But in general, the world is in no hurry to abandon banknotes and coins.

Thus, according to the BBC, from 2007 to 2012, cash turnover in the United States increased by almost one and a half times; in G7 countries such as Canada, France, Germany and the USA in 2012, from half to 80% of transactions were carried out with bills and coins. In Britain in 2015-2016, cash and non-cash payments were distributed approximately equally.

By the way, although artificially limiting cash payments seems to be a convenient tool for controlling taxpayers, not all governments agree to use this method. The USA, Britain, and Germany do not impose any restrictions on cash payments for their citizens (of course, they have a number of other methods of financial control).

Video on the topic:

Who to trust if not yourself

Cash combines ease of use and storage, and also provides anonymity or confidentiality of payments. In addition, they themselves are free. Not a single electronic currency, and certainly not a single banking instrument, has such properties.

The first noticeable disadvantage of non-cash payment is the associated payments. An entry in the electronic register costs literally pennies. But this entry must be made by the employee who needs to pay the salary; the data server must be serviced by a specialist; and the entire structure, be it a bank or an issuer of electronic currencies, expects to earn profit for its owners. Because of this, in a world that has not completely switched to cashless payments, any purchase not for cash can cost 3-5% more. ThatYes, when buying an apartment for $20 thousand, you can lose up to $1 thousand on various conversions and commissions.

Neither banks nor financial startups still have, at least in our country, a sufficient level of trust. Savings stored “under the pillow” and in foreign currency are objectively subject to only one risk: being physically stolen or destroyed (in a fire, for example). Money from a bank account can also be stolen, but besides this, the bank can fall into liquidation or go bankrupt at any time, the regulator can suddenly introduce new rules, when transferring money can go “in the wrong place” or “freeze” for several days... And if A person is responsible for the bills “under the pillow” himself, but in other cases he trusts his well-being to third parties, who are not always reliable and stable.

Cashless payment: Fast, profitable, convenient

The widespread use of cashless banking requires a developed and constantly functioning infrastructure: ATMs, terminals, mobile networks, even simply the Internet. And in addition - increasing computer literacy of people of all ages, strata and places of residence. Meanwhile, even the legal requirement that has existed for several years in our country to provide all retail outlets with card payment terminals has not been implemented everywhere, even in large cities. According to the Interbank Association of Payment System Members, in the fall of 2016, 80% of business entities did not accept non-cash payments! For comparison: in Denmark, the government is discussing whether to give some entrepreneurs the right not to accept cash - only cards. And here, 10 km from the city, you often can’t buy a glass of water with a bank card. And in the center of a metropolis, if there is a failure in the network of a bank, mobile operator, or even the power grid, the person with the card has nothing to do.

Finally, for many it is simply much more convenient to pay in cash than to use bank transfer! According to recent surveys and studies, about 30% of our compatriots believe that paying cash is faster, and for 25% it is the best way to control their expenses. In some areas, for example, in cafes and bars, cash payments have almost become part of the tradition.

Cash ritual

Successful crowdfunding projects prove that fellow citizens are ready to donate to charity, social and cultural projects using bank cards and wire transfers. However, a large segment of donations exists only thanks to cash: charity concerts, fundraising in public places, fundraising at meetings of public and religious organizations. Naturally, there is also a lot of room for fraud in this. But it is also obvious that such tools are in demand and are not rejected by a large part of society.

The centuries-old connection of a person with banknotes and coins is already irrational: physical possession of money, transferring it from hand to hand are peculiar rituals. The practical advantages of cash, together with the irrational attitude towards it, serve as a guarantee that the amount of “cash” can be a value tending to zero, but not reaching this zero. At least for the foreseeable future. ⓂⒷ

In everyday life, do you more often pay with cash or do you prefer non-cash payments?

Recipient company. Non-cash payments are considered more preferable than cash payments, as they help speed up financial turnover and minimize distribution costs. The spread of the non-cash payment system is facilitated by the development of banking networks and the state’s interest in such transactions.

Cashless payments: basic principles

The following principles for implementing non-cash payments are considered fundamental:

1. All organizations must keep a certain amount of money in bank accounts in order to be able to make a non-cash payment at any time.

2. Payments are made by order of the account owners and within the limit established by the credit institution.

3. The payer has the right to independently choose the form of non-cash payment; the bank plays the role of an arbitrator.

4. Payment is made in accordance with the terms determined by law and the agreement between the bank and the client. The principle of urgency is of key importance: knowing how long it will take to receive funds via bank transfer, the company can organize effective foreign exchange turnover and competently manage debt.

5. must be maintained at such a level that uninterrupted payments are possible.

What forms can non-cash payments take?

- Full-format payments include all details of the payment document.

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