Importance The significance of payment systems necessitates the study of theoretical and practical aspects of their evolution since the period of transformation of the payment system of the USSR to the current period of accelerated innovation improvement of the financial mechanism of the national payment system. Objectives The study aims to review the evolution of payment systems and their relationship with the practice of building the national payment system in Russia. Methods The paper draws on formal logic and systems approach. Results We distinguish four phases of the national payment system development. Within each phase, we identify regularities supporting the prognostic aspects of the evolutionary process. The study shows that the existing level of technical and technological support to currency circulation at different phases influenced the theoretical understanding of issues related to institutional formation of payment systems. Conclusions and Relevance The paper presents our own approach, which consists of highlighting the qualitative properties of payment systems that are manifested in enhancement of economic and social efficiency of entities, in optimization of cash turnover of the participants through cost saving and increased cash turnover within payment systems.
Keywords: money, monetary circulation, payment system, bank, banking system
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