Importance Against the background of the advanced development of applied techniques and mechanisms of payment and settlement relations, there exists a particular interest in the theory of money and its implication, which modify with the evolution of economic relations in the society, including the development of local payment systems and formation of the national payment system. Objectives The aim of the study is to investigate the specifics features of the transformation of the nature of money under conditions of payment systems' development. Methods I performed a functional analysis of the nature of money by creating a matrix of transformations of the functions of money depending on payment systems' maturity. Results The matrix representation of the functions of money in payment systems allows proving the functional hierarchy and dependence of the velocity of money at the stages of the money - commodity - money formula on the level of payment systems' maturity. The study reveals the qualitative and quantitative expansion of payment systems contributes to slower growth in the money supply in the economy; hence, it may act as one of the leverages of the monetary policy. Conclusions and Relevance I justified the essential convergence of the functions of money as a medium of exchange and payment by minimizing and unification of the quantitative indicator of time during which the money is in the payment system. I proved it based on the time-phased matrix of monetary movement and change in money functions.
Baidukova N.V. Platezhnye sistemy: metodologiya i organizatsiya [Payment systems: methodology and organization]. St. Petersburg, Saint Petersburg State University of Economics and Finance Publ., 2006, 246 p.
Govtvan' O.Dzh. Metodologiya i opyt prognozirovaniya rossiiskoi denezhno-bankovskoi sistemy [Methodology and forecasting experience of the Russian monetary and banking system]. Moscow, MAKS Press Publ., 2009, 214 p.
Den'gi. Kredit. Banki [Money. Credit. Banks]. Moscow, Vysshee obrazovanie Publ., 2009, 392 p.
Den'gi, kredit, banki [Money, credit, banks]. Moscow, Finansy i statistika Publ., 2010, 458 p.
Dolan E.G., Lindsey D. Makroekonomika [Basic Macroeconomics]. St. Petersburg, Litera plyus Publ., 1994, 668 p.
Kozenko Yu.A. Virtual'noe zoloto kak innovatsionnyi instrument antikrizisnogo finansirovaniya [Virtual gold as an innovative instrument of anti-recessionary financing]. Biznes. Obrazovanie. Pravo = Business. Education. Law, 2012, no. 4, pp. 190–195.
Koptyubenko D.B. Elektronnye den'gi kak forma chastnoi emissii [Electronic money as a form of a private issue]. EKO = ECO, 2006, no. 5, p. 46.
Korobeinikova O.M. Transformatsiya lokal'nykh platezhnykh instrumentov dlya ispol'zovaniya v natsional'noi platezhnoi sisteme [Transformation of local payment tools for use in the national payment system]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2013, no. 2, pp. 58–64.
Korobeinikova O.M. Sposoby i metody minimizatsii riskov v lokal'nykh platezhnykh sistemakh [Ways and methods of risk mitigation in local payment systems]. Finansy i kredit = Finance and Credit, 2012, no. 17, pp. 66–74.
Krasavina L.N. Problemy deneg v ekonomicheskoi nauke [Problems of money in the economic science]. Den'gi i kredit = Money and Credit, 2001, no. 10, pp. 3–6.
Marx K., Engels F. Sochineniya. T. 23 [Collection works. Vol. 23]. Moscow, Gospolitizdat Publ., 1960, 907 p.
Marx K., Engels F. Sochineniya.T. 46 [Collection works. Vol. 46]. Moscow, Gospolitizdat Publ., 1968, 559 p.
Moiseev S.R. Denezhno-kreditnaya politika: teoriya i praktika [Monetary policy: theory and practice]. Moscow, Ekonomist" Publ., 2009, 652 p.
Obaeva A.S. Natsional'naya platezhnaya sistema: infrastruktura, innovatsii, perspektivy razvitiya [The national payment system: infrastructure, innovation, development prospects]. Den'gi i kredit = Money and Credit, 2010, no. 5, pp. 34–41.
Okuneva L.P. Den'gi, denezhnoe obrashchenie, denezhnaya sistema [Money, monetary circulation, monetary system]. Moscow, YUNITI-DANA Publ., 2008, 528 p.
Perekrestova L.V., Korobeinikova O.M., Korobeinikov D.A. Evolyutsiya platezhnykh instrumentov v mirovoi ekonomike [Evolution of payment instruments in the world economy]. Ekonomika i predprinimatel'stvo = Economy and Entrepreneurship, 2013, no. 11, pp. 126–129.
Pechnikova A.V. Sushchnost', funktsii i vidy deneg [Essence, functions and types of money]. Moscow, YUNITI-DANA Publ., 2009, 783 p.
Sokolov B.I. Sushchnost' i funktsii deneg [Essence and functions of money]. Moscow, Prospekt Publ., 2003, 624 p.
Chelnokov V.A. Den'gi. Kredit. Banki [Money. Credit. Banks]. Moscow, YUNITI-DANA Publ., 2007, 448 p.
Yurov A.V. Nalichnoe denezhnoe obrashchenie v Rossii: na puti sovershenstvovaniya i razvitiya [Cash circulation in Russia: on the path of improvement and development]. Den'gi i kredit = Money and Credit, 2009, no. 12, pp. 7–13.
