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Why is there no one single payment system?

2016-06-11 00:00:00

The older generation is witnessing the birth of the worldwide Internet. People born in the fifties of the last century studied a subject called AIS (automatic information systems) in humanitarian universities. Then they predicted the emergence of a unified information system, but few believed in it. And in spite of everything, she appeared. I wonder what will be the fate of the idea of creating a unified payment system.

After all, the modern technological base is several orders of magnitude higher than the one preceding the appearance of the Internet. And the variety of a huge variety of electronic services is beyond reasonable limits. Whether it is necessary or not, whether a unified electronic payment system will be created at all, is still being discussed, argued, and predicted. As long as the scale keeps a straight line, it means that the arguments "for" and "against" are equal.

 

How realistic is the idea of a unified system of electronic currencies

Before understanding how likely it is to create a unified electronic money system, an analysis of the entire financial system, including traditional types, is needed. After all, electronic money does not exist as a separate category, it is tied to various national currencies, representing its virtual equivalent.

At the moment, it is very difficult to imagine with such a variety of all kinds of banking, credit institutions, state and industry banks, and a multitude of virtual financial services that a single system of electronic currencies would suddenly appear.

In theory, or rather presumably, one can draw a rough model of such a system. But practically, with the ordinary mind of a non-professional, this can hardly be realized.

 

Does everyone need a single electronic payment system

Not all financiers are sure that this is possible at all. And there are those who are categorically against it. This suggests that it is simply not beneficial for them, but by no means that it is impossible.

The banking sector is especially not interested in such systems. After all, for them a bank is a business, a source of income. Who knows, maybe a single payment system will call into question the existence of banks. What will bankers and financiers do then?

We can consider the option of the emergence of a universal payment system only for electronic currency, while the traditional financial system will remain, and will exist in parallel. This is the most likely assumption. After all, the advent of online newspapers and magazines did not supplant printed periodicals. Although, I must say, they undermined the ground under them in terms of the outflow of subscribers. And the cost of print media has increased significantly.

 

A variety of currencies and a single payment system

A single electronic payment system must have a world currency, which will be the unifying factor that allows it to function. Today we have a very large number of national currencies and no less types of electronic money. To bring everything that exists in line and on this basis to create a unified system of electronic money, super-innovative technologies will be required. We need a whole revolution in the financial world. In fact, now, indeed, there is a certain agony, in which banks and payment systems are growing like mushrooms. Hundreds of new types of cryptocurrency are emerging.

 

Moving from quantity to new quality: a unified payment system

There is a philosophical pattern in which, with the accumulation of a large number of new features, a transition to a new quality occurs. Those who are familiar with the basics of philosophy understand the quality of speech. This means the creation of a new form, a new concept, a new image. If we start from this theory, then all the prerequisites for the emergence of a unified system of electronic currencies, which will become this new image, are. Philosophy is far from cryptography, but it is the science of the relationship between the individual and society. You can transfer a sample of such a relationship and try it on in the financial sphere. Very much events are developing in such a way that, willy-nilly, you will draw an analogy.

 

Is there a need for consensus to create a unified payment system

Many independent electronic payment services have appeared on the digital currency market. Each of them develops according to its own project. Creates its own registration system, chooses at its discretion the principles of work to attract users. And no one thinks about any single payment system, because they are not profitable. The only option that could be attractive for individual electronic payment services, if a single electronic payment system was formed on their basis.

Such, for example, the well-known WebMoney system, does not follow the lead of those who want freedom of action and wants to remain an unknown contributor. The policy of this network is directed towards enhancing security. Having made a bet on this, the developers of the system were right. Webmoney not only did not lose their customers, but earned the trust of hundreds of millions who became their users. As it turned out, people preferred to give up identification in favor of a reliable security system.

The Yandex.Money payment service is also in the forefront of popularity. It has its own principles, its own set of services provided to clients, its own terms of registration. Its work is streamlined and has its own mechanisms and tools for the implementation of functions.

There are many systems included in the list of popular among users:

  • RBK Money .
  • PayPal .
  • One Wallet.
  • Mobile wallet.

This is not the entire list, there are many more. All of them have a right to exist, because the main indicator is a sufficient number of customers. And if there is a demand, then they will satisfy it. There is a struggle between each of the systems for users, which is the driving force for their development. In this competition, some gain recognition. Others step aside, sometimes stop their activities. Whether this is the threshold of the formation of a unified electronic money system or not, time will tell. But the very fact that they started talking about her suggests that this thought may materialize in the near future.

 

Electronic currency on the way to creating a unified system

Electronic currency, the possibilities of which are enormous in comparison with ordinary money, is a unique invention. Judging by its features, it will be able to play the main role of the future single system of electronic currencies:

  • High-speed transaction system.
  • Instant processing of information about currency movements.
  • Low commission rates.

Perhaps, to create a single payment network, more advanced types of digital money will be needed, then the issue of its creation will be finally resolved.

 

Alternative monetary system. Her role in creating a unified payment network

Along with electronic payments, a new formation of alternative money has appeared on the financial arena - the Bitcoin cryptocurrency. And shes not alone. After her, they began to create its analogues, using the technologies by which Bitcoin was developed.

When you delve into the depth of this new phenomenon, the potential inherent in it is striking. After all, they are not only capable of performing all the functions of ordinary money, but also many new ones.

Cryptocurrency Bitcoin can be considered a real breakthrough on the path to creating a world currency. Is it possible that at least one separately taken national currency can compare with Bitcoin in value (as of 05/20/2016 - 1 Bitcoin is equal to 459 US dollars). Any currency can be falsified, and cryptocurrency cannot. Ordinary paper money can wear out and become unusable, and Bitcoin is not threatened either. And there are also several properties that prove its uniqueness - it is not subject to inflation and is not controlled by any state or commercial center. It exists along the path specified by the computer program.

If the scientific and practical research of brilliant programmers and cryptographers has reached such a level, it means that a person is capable of everything that may seem impossible. Or almost everything. But the group of the possible may well include the creation of a unified world monetary system. The world currency could be Bitcoin or something even more advanced. After such scientific advances as cryptocurrency, one can believe in what seems to be fiction so far.