Electronic Payment Systems In Belarus

Electronic Payment Systems In Belarus

What is the first thing that comes to mind when we hear the word “online store“? Most likely, most of us think of a list of products with prices.

With the development of Internet technologies, electronic payments have become very important. Therefore, for the full operation of your site, you need to add the ability to pay with electronic money.

The ability to choose a payment method will cause the customer to trust and have interest in your store.

Payment systems can be divided into several main groups:

• cash-based systems
• money transfers
• cashless systems
• bank cards
• electronic (online) payment systems

Separately, it should be noted that money transfers can be both international (most) and national (with restrictions on the region of operation). If we talk about the payment systems of the Republic of Belarus, the whole range of payment instruments and solutions is represented in their country.

The most common way to pay for the goods is to pay the money personally to the courier, after they deliver the goods to your home. But now there is another equally popular method-payment by bank cards. Today, almost everyone already has them. In almost all organizations, the salary is credited to the card, and in educational institutions, a scholarship is credited to the card. It’s fast and convenient. Therefore, it will be profitable to implement this payment method on your site. You will only need a few manipulations: enter the necessary data specified on the card, and click “Pay”. That’s it, the payment will be made.

There is another way. This is a payment using electronic money. This option is provided by the payment systems “EasyPay” or “WebMoney“. But this method takes more time and effort. Before you start using these systems, a person must first create their own electronic wallet. And to fully use the wallet and improve its status, you also need to confirm your data by going to the bank with your passport.

Before we introduce you to the main payment systems used by the residents of Belarus, we will find out their main advantages.

Advantages of electronic payment systems in Belarus

* Practicality. Some people are fundamentally looking for an online store that has the ability to accept payment systems. For such a person, the cost of the product will no longer play a big role.

* Trust. People like it when the store has a convenient and decent service. Thus, there is a sense of concern for customers and interest in their availability.

* Prudence. This is convenient not only for customers, but also for employees of the online store. For example, to a courier. It ensures the safety and security of money without carrying it with you.

Electronic payment systems are still less popular than bank cards. However, their development has a very significant potential. When making payments on the Internet, shopping through websites, and private transfers, payment systems that are not linked to banks are no less convenient, and often more flexible and profitable, than bank cards.

The most popular electronic payment systems in Belarus are:

* WebMoney (WEBMONEY).

The system is of Russian origin, which has electronic analogues of the Russian and Belarusian rubles, Ukrainian hryvnia, Kazastan tenge, US dollar, euro, gold, bitcoin and litecoin.

* Yandex.Money.

One of the Yandex services. The system is based on the Russian ruble, but it is possible to exchange currency.

* PayPal (PayPal).

PayPal (PayPal) – one of the most popular electronic payment systems in the world was created in 1998 in the United States. The service is designed to pay for goods, bills and services, send money transfers in 24 national currencies. Currently, the number of users exceeds 188 million. The debit payment system works with 25 currencies in 202 countries of the world, including Belarus.

In 2014 PayPal officially came to Belarus. Until that time, Belarusians faced certain difficulties making purchases on Internet trading platforms. Now, for registration, there is no need to link a bank card through other countries.

*Apple Pay is a convenient, secure, and confidential way to pay for purchases in stores, apps, and online. Your card data is securely protected, as it is not stored on the device and is not transferred anywhere during payment. Apple Pay is accepted for payment wherever you can make a purchase using a payment card with contactless payment technology.

The service is available for holders of Mastercard, Visa, Maestro cards and Maestro co-branded cards of Belarusbank. The main reasons of Apple Pay being popular in Belarus:

SIMPLICITY

You can make calculations using an iPhone with Face ID or Touch ID, Apple Watch, iPad, or MacBook Pro.

SAFETY

The Apple Pay service is based on security and privacy. When you add a payment card to Apple Pay, the card number itself is not stored on the device or on the Apple Pay servers. To ensure security, the device account is assigned a unique number, which is encrypted and securely stored in the “Secure Element” chip of your device.

ACCESSIBLE

Apple Pay is accepted for payment wherever you can pay with a Mastercard or Visa card of Belarusbank using contactless technology. You can also pay online on the websites of online stores with the option to pay via Apple Pay.

An international multi-currency payment system operating in more than 200 countries around the world. In Belarus and some other countries, PayPal is more convenient for payments, but not for cash withdrawals.

Belarusian payment systems also operate:

* WebPay – a transfer service between MasterCard and VISA bank cards. Together with Priorbank, WebPay created and maintains the e Pay service

* I Pay (iPay) is another domestic service integrated with the above-mentioned payment systems, as well as with ERIP and mobile operators A1(formerly VELCOM), LIFE, and MTS. Among other things, it allows you to transfer money from mobile phone accounts.

Another payment service, the name of which is constantly “on the ear” – ePayments (Epayments). This is not a separate system, but a combination of different payment systems, including those listed above, into one service.