New Challenges for Payments and their Regulators

Victor Dostov,

President of the Russian Electronic Market Association

Blurring Lines between ‘money’ and ‘payment’

Where does the line between PayPal (or WebMoney), bonus card, Premium SMS or transport card lie?

Alarming Signs

Waivers included in the EU E-Money Directive 2009/110 are practical.

But they are also an alarming sign.

Hybridization

Choosing the payment options: either e-money

or bank card

Differentiation

Interfaces

Funding Options

Products are getting more complex

Debit Card

Associated with the pre-paid mobile

account

Associated with QIWI Wallet

Issuing QIWI Visa Card

Associating with Yandex.Money

Wallet

Death of Brands

Cryptocurrencies: Evolution of Payments

Centralized nature Traceability

Bank account

DigiCash PayCash

Bitcoin

Bitcoin

Money or Payment Instrument?

Just an opinion

Main Issues of Regulation Approaches

Prevalence of Descriptive approach over Analytic

Waiver Approach

Defensive Over-regulation

Incomprehensible Things are Dropping out of Regulation

Heightened concern by, actually, small things

New Challenges for Payments and their Regulators

Dr Victor Dostov

President of the Russian Electronic Money Association

+7 921 963-85-15

greygato@gmail.com