Why is there no single payment system

Perhaps, in the future, a unified payment system will be created, but the time has not yet come. Judging by the pace of development of modern technologies, in particular, computer technologies, one can assume the likelihood of its appearance. And most likely, it will be a unified electronic payment system.

At the moment, the number of payment systems is impressive. On the one hand, a wide choice implies the ability to choose a more acceptable one for yourself. On the other hand, it would be convenient if there was a universal unified electronic money system.
 

Why there is no single payment system: reasons

    A large number of banking institutions of various departments, both state, industry and private, Internet banks, electronic payment systems. Each of them aims to attract as much money as possible in order to have a sufficient safety stock, create a good customer base, and make a profit from the turnover of funds. In short, this is a business that anyone can do with the start-up capital and appropriate training.
    The presence of many national currencies, as well as alternative digital currency units. So far, no system has been created that would be able to handle all existing currencies. If it is ever created, it will be based on a unique innovative technology capable of managing the world flow of money of all kinds.
    Each separately taken system develops according to its own plan and pursues goals that may differ from the goals of other projects.
    The dispute between payment systems, which of them is better, does not lead to consensus. Therefore, a unified system of electronic currencies has not yet been created. Each of the existing systems develops a range of services that could attract customers, create exclusive conditions for them, and a convenient interface. In a highly competitive environment, each financial system is in a state of searching for newer and bolder solutions aimed at the quality of its functions. For many of them, in the long term, it is seen that a single payment system can become a reality. After all, logically, it is possible that the current payment systems will rise to such a high level, beyond which there is simply nowhere to develop. And then something like a merger can happen, and this will become the basis for the formation of a single electronic payment system. But this is still only an assumption of analysts.
 

Electronic currency is the future

Analyzing the activities of the most famous electronic payment systems:

    Yandex money.
    Webmoney.
    RBK Money.
    PayPal.
    One Wallet.
    MoneyMail.
    Mobile wallet.
    EasyPay, etc.,

you can understand that each of them has its own advantages, otherwise they could not exist and, moreover, develop, if they did not have their clients. Now it is difficult to say how close or even real the idea of creating a unified electronic money system is. But it is worth noting that each of the presented ones is a certain model or prototype of the future global universal system. After all, many of them work with a huge number of national and digital currencies. The user can freely convert one currency into another in accordance with the equivalent and carry out transactions, as well as withdraw the currency that suits him. 

Electronic money is the main component of the payment system of the future

Several years ago, no one heard or knew about electronic money, because they simply did not exist. Before their appearance, they also argued, debated, made assumptions, guesses, and experimented. People endowed with talent and high professionalism in the field of programming were able to create this unique product. Something similar is happening now, when there is so much talk about a single system of electronic currencies.

Since it is electronic money that has become the subject that prompted the creation of electronic payment systems, it is worth dwelling on this phenomenon in more detail. After all, it is the digital currency that, for sure, will become the main capital and instrument for making transactions in the future within a single payment system.

Characteristic features of e-currency:

    High speed of money transfers.
    Instant processing of bank documents.
    Low commission percentage.

What is virtual money and its possibilities:

    The sums of money that are on the accounts of the computer memory of the payment system, thanks to a special electronic mechanism.
    Electronic storage of the value of money is provided by a technical device.
    Making transactions without mandatory access to deposits.
    An indefinite monetary obligation, confirmed by an electronic signature, which can be redeemed with paper money on demand.

This is a set of subsystems of cash and non-cash money or a settlement system using computer technology. Payment can be made without the participation of the bank, that is, from the payer immediately to the recipient. Judging by the capabilities, advantages and characteristics of digital currency, a single electronic payment system may well seem a feasible idea and clearly has a right to exist.
 

Largest electronic systems

Webmoney Transfer appeared at the end of 1998; anyone who knows how to use a computer can become its user. This system has a huge scale, in its arsenal there are electronic equivalents of almost all or almost all national currencies. The range of services for its users is very wide, we can say that all existing transactions with electronic currency are subject to it.

Using this system as an example, one can imagine a unified electronic money system, although, of course, it is not such.

PayCash was also created in Russia in 1998 and is also a large universal payment system. It is distinguished by its uniqueness in the field of modern online financial resources.

Yandex.Money is another popular system among millions of users, the main focus of which is servicing individuals. This system is not intended for commercial purposes.
 

Alternative electronic payment system Bitcoin

Its popularity is rapidly gaining momentum. Its main advantage, which all other systems lack, is decentralization. It is not subject to the influence of political or social upheavals taking place in a particular state. It is beyond the control of any central authority. Any inhabitant of the planet can use it. Transaction fees are low or nonexistent.

This digital currency cannot be falsified, since its circulation is carried out using a separate single server. All monetary transactions in the network form a continuous chain of blocks that stores the entire history of transactions.

The number of issued bitcoins is known at any time, as is the known limit, which by about 2140 will be brought to 21 million.

The emergence of the Bitcoin currency predicts the creation of a unified system of electronic currencies. This is possible thanks to the unique blockchain technology on the basis of which it was created.

Speaking about the popularity of this system, I mean its availability in terms of the fact that you can become a user easily and easily by installing a client application on your computer. It contains detailed instructions for each subsequent step.

An attractive point for potential users is complete confidentiality. No personal identification data is required from the person.

Many people complain about high volatility, passing it off as a disadvantage. In fact, Bitcoin has already experienced sharp jumps in the rate, but it has remained at a fairly high level and today is more than $ 400 per Bitcoin. Experts expect the rate to rise several times in the near future.

There are legends about this currency, it never ceases to be in the arena of forums, discussions and disputes. But the fact that it is the currency of tomorrow is almost beyond doubt.

As for the creation of a single electronic payment network, this system has a lot of chances in this direction. Cryptocurrency and payment system Bitcoin may well become a universal means of financial mutual settlements on a global scale.