Shvandar K.V.Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation shvandarkris@nifi.ru
Importance The launch of the national payment system in Russia raised an issue of encouraging non-cash payments in the economy. This process is hindered by a number of matters, which were mostly solved in foreign countries. The article reviews actual aspects the countries came across when stimulating wire transfers, and describes effective solutions to these aspects. Objectives The research studies and evaluates the foreign expertise and solutions that inhibit the development of cashless payments. It also analyzes what opportunities Russia has in order to reduce a percentage of cash payments. Methods I analyzed and summarized global expertise in tackling barriers that impeded the expansion of non-cash payments, including regulations on some issues. Results In many countries, governments are actively involved into promoting non-cash payments at the legislative level, using incentives and restrictions. I demonstrate the following advantages that support the governmental initiative: transparency of transactions, efficiency and security. Conclusions and Relevance I note the similar nature of issues the countries face when approaching to the State levers to expand and promote non-cash payments. I also illustrate the existing solutions. This expertise will be valuable for Russia to encourage non-cash payments.
Keywords: national payment system, non-cash payment, shadow economy, legal regulation
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