How bank cards affect the economy and why the cue ball does not soar
At Habré there is a modest user TC40 , writing about the realities of acquiring in Russia and silent about the fact that he has published a book on electronic payments, which I saw in the book and read it with some interest. As I understand it, this is the first textbook in Russia on electronic payments. To save you time, I will take out the main thing that I understood from the book. Maybe the author will tighten in the comments.
Of most interest are the first openly published internal rules of the Visa and Mastercard payment systems. Despite the fact that formally the rules in all countries are the same, in reality they differ in the west and in Russia in small but fundamental details.
A bit of theory. In economics, there is an exchange equation — an equation describing the relationship of money supply, velocity of money, price level, and volume of production.
M * V = P * Q
where: M is the money supply; V is the velocity of circulation of money; P - price level; Q - the volume of production of goods and services.
Everything is logical here, the sooner an entrepreneur gets his money - the faster he invests it in further production, it means either the price level or production grows. With the normal development of the economy, of course, production grows.
How do cards affect the velocity of money? It's very simple - the more non-cash payments, the higher the speed of circulation of money. Of course, this is not the only criterion affecting economic growth, but nevertheless, the higher the percentage of non-cash payments, the better.
In our legislation, 161 FZ "On the national payment system," there is a serious problem - namely, just one day to challenge the fraudulent payment. I did not have time, I was in another country - your problems .
Interestingly, in the original US Fair Credit Billing ActThe cardholder, already adopted in 1974, is given 60 days to challenge the “error in payment statement”, while the very concept of “error” is much broader. This is not only a fraudulent payment, it is also an undelivered goods, goods of inadequate quality, services not rendered, etc.
Of course, American legislation was laid down in the rules of American payment systems Visa, MasterCard. The same Visa in the USA openly declares zero responsibility of the cardholder. Did you know that if a service of inadequate quality was rendered to you or you did not receive the goods, the store refuses to return - you go to your bank and ask for a refund. That is why in American TV shows, if someone doesn’t like the delivered goods, they simply return it to the courier and do not call the store, but the bank — then they call one of the 10 official reasons for refusal and automatically cancel the payment. If you tried to return something in Russia, then appreciate the difference.
- Charges not actually made by the consumer
- Charges in the wrong amount.
- Charges for goods or services not received by the consumer
- Charges for goods not delivered as agreed
- Charges for goods that were damaged on delivery
- Failures to properly reflect payments or credits to an account
- Calculation errors
- Charges that the consumer wants clarified or requests proof of
- Statements mailed to the wrong address
- Significantly not as described product/goods
If for the undelivered product in most cases it is not difficult to cancel the transfer, then to return the money due to the “service not provided” our banks simply do not know how to do. And here is the dilemma - there is nowhere to complain, because you are not a member of the payment system. And the lawmaker has forgotten about you at all. Although, the faster you return your money - the faster you buy the product in another store. It also affects the speed of circulation of money.
That is why the same bitcoin will not “fly up” and it will never become a world reserve currency like a dollar. Of course, this will not happen to the Fed. But there is another more serious problem - this is the laid down limb of Bitcoin emissions.
From the same equation of the money supply (and from ordinary logic) it follows that the economy must grow along with the money supply. Banks give out loans for which a new business is being created or an old one is growing. Cryptocurrencies in the form in which they are now will not be a complete means of payment. This is just a product of HYIP.
That is why there are no cryptocurrencies in the book, although I, in the dark, considered them to be a full-fledged electronic payment system. It is interesting to see the world through the eyes of credit giants.
Upd ePub
book can be downloaded for free on the website of the author.