Electronic Money and Risk Management of Their Functioning

Nowadays, there has been a rapid development of payment systems. Over time, they can displace many of the systems through which information related to payments is transmitted. The potential attractiveness of electronic money for consumers is convenience, while benefits for issuers include the collection of income from fees (if any) and from investments in outstanding balances, and for some issuers - savings due to a reduction in cash processing time. Despite some security risks, there are a number of safeguards that should be able to control these risks. The purpose of the study is to examine the nature of electronic money and manage the risks of their functioning. To achieve the goal, the following tasks were set: to identify the essence of electronic money, to analyze the history of the development of electronic money, to consider the types of electronic money and payment systems, to analyze the dynamics of the volume of electronic money in Russia and abroad, to analyze the regulation of electronic money on world experience and in Russian practice, to consider the risks of the functioning of electronic money, approaches to the growth of the security of electronic payments and to reduce the risks and direction of the development of electronic plans systems. In the course of the work, an empirical analysis of the use of electronic money was conducted, which resulted in the identification of the risks of electronic payment systems, the risks associated with electronic commerce and remote services, and ways to improve the risk management system for the operation of electronic money systems in the Russian Federation.