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ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

Defining the nature and essence of electronic payment instruments

Vol. 17, Iss. 6, JUNE 2018

PDF  Article PDF Version

Received: 7 March 2018

Received in revised form: 16 April 2018

Accepted: 24 April 2018

Available online: 30 June 2018


JEL Classification: G21, G23

Pages: 1150–1160


Kara-ool A.L. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation


Importance Recent years of Russian economic growth are characterized by vibrant development of electronic payment facilities. Every year, the share of payments effected using electronic payment instruments in the total amount of cashless transactions is increasing steadily. However, the economic nature and essence of this phenomenon is under-explored by the scientific community.
Objectives The study aims to review the existing approaches to defining the electronic means of payment, disclose their economic nature and essence, identify weaknesses and strengths of each selected approach.
Methods I apply methods of analysis of scientific and information base, and a comparative-historical method. Academic papers by domestic and foreign scientists on the theory and practice of non-cash payments serve as methodological and theoretical frameworks for the study.
Results I consider debating points related to the definition of electronic means of payment concept, clarify their functions in the system of non-cash payments, identify the role of electronic payment instruments as a dominant indicator in the positive dynamics of cashless transfers of the population.
Conclusions The results of the analysis may be useful for further research, and for educational processes.

Keywords: electronic payment facilities, payment system, bank card, debit transfer, credit transfer


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