The Bankwatch

Tracking the consumer evolution of financial services

Payments, Russia and Europe | Digital Money Forum

Diverse presentations in the first part of todays session at DigitalMoneyForum. The first two were on the unified payment initiative in Europe, SEPA. It is a complex initiative, that is designed to standardise three payments at first:

  • credit transfer (bank to bank deposits – doesn’t exist in North America)
  • direct debit
  • card payments

Lots of rules and regulations, but the message is that such standardisation cannot occur without regulation, but that it also requires co-operation and engagement of users (Banks) in order to make it happen practically.

It does seem quite bogged down, and I am still not clear when it will happen by, but one target which resonated is to achieve a maximum of 24 hours for any funds transfer within the eurozone.

The final presentation was something of a breath of fresh air, from WebMoney transfer from Russia.

WebMoney – On-line Payment Solution

Welcome to WebMoney Transfer — smart solution for internet payments.

First of while Russian based they have international customers.

  • 5.2m users
  • 6,257 cities
  • 57 countries

in Russia, Banks are not trusted and the rules and laws are always changing. So WebMoney Transfer has apparently achieved a level of trust, because they set their own rules, and no deviation is permitted.

It does appear the bulk of activity is in Russia and Ukraine. Transactions are immediate and non-repudiatable. They have a passport scheme for customer identification, although not sure how that works. Within Russia and Ukraine, they merchants and kiosks sell vouchers on the street, which isthe predominant method of funds transfer into the system, although I think it can be done online too.

The message is that there are online payments schemes that reflect their loal environments, and there are dramatic differences between, three zones of Russia, Europe, and North America.

Update:  Here is Aneace with more on the SEPA bits.

Written by Colin Henderson

April 24, 2008 at 05:11

6 Responses

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  1. Webmoney is excellent, especially now that they have the Gold WMG purse backed by bullion. In April we did an entire issue devoted to Webmoney at our online magazine.

    Thanks for your update, Colin.

    Mark Herpel

    April 24, 2008 at 08:10

  2. Thanks for stopping by Mark.


    April 24, 2008 at 08:23

  3. Hello web money transfer is a good idea,because it provides online payements for the people .it is very usefull to people you take the surity from the people .
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