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Digital wallet
Chapter · October 2018
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Paul Neumann
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2. Chapter 21
Digital wallet
P
ractically any businessman uses banking services. In our times it means working with
Internet banking, electronic money, and electronic payment systems, and buying on-line
(that is mostly in the Internet in one or another way) goods and services. Most recently
there were invented so-called cryptocurrencies – an entirely electronic cash. And since we are
talking about money, the question of safety and security poses a particularly acute electronic
concern. As far as my experience is concerned, it seems that most of the Big Bosses are confused
about these issues. Some of them don’t do electronic payments because they are afraid to be
robbed, and others enthusiastically brace for electronic payments for everything and everywhere,
and then wonder why were they robbed.
So, let’s sort it out.
There are three basic kinds of electronic payments:
1. Digital banking.
You open a regular account in a bank that offers on-line services, and enables operations
via the Internet: automated payments, manual payments, money transfers, statements, etc.
2. Credit or debit card payments in the Internet.
Many goods and services can be purchased on-line – it’s enough to enter your card number
and expiration date. On one hand, it’s very common, on the other hand, many people are
afraid to do it for a reason.
3. On-line payment services.
A variety of on-line banking, in which you don’t use a regular banking account or plastic
card, but electronic payment systems, which have advanced security as compared with
traditional on-line payments.
I deliberately skip the cryptocurrencies here, as they are a relatively new phenomenon, and
as of yet lack uniform regulations. Let’s discuss the other ones.
Digital banking
As a minimum, modern banks offer the possibility to obtain on-line statements. In this case
security is not so acute, because if an intruder somehow gets the unauthorized access, all he will
be able to do is to see your transactions, but won’t be able to steal money. However, most of the
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banks nowadays provide full on-line services, that is you have the ability to do any operations
with your account via the Internet. And here the problem of security arises to the full extent,
because if a villain gets the access to the account, he will just steal the money, and it’ll be difficult,
if not impossible, to get it back.
Full text.
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