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Non Cash Payment System Bachelor’S Degree Work Bankovní institut vysoká škola Praha Non Cash Payment System Bachelor’s degree work Denis Shaykhutdinov květen 2017 Bankovní institut vysoká škola Praha Finance and economics Non Cash Payment System Bachelor’s degree work Author: Denis Shaykhutdinov Banking Management Supervisor: Ing.Marcela Soldánová Prague May, 2017 Bankovní institut vysoká škola Praha Financí a economie Bezhotovostní platební styk Bakalářská práce Autor: Denis Shaykhutdinov Bankovní Management Vedoucí práce: Ing.Marcela Soldánová Praha Květen 2017 Declaration: I declare that I elaborated my bachelor´s degree work independently and I stated all the literature used. I attest by my signature that the submitted electronic version of the work is identical with its printed version, and I am aware of the fact that the work will be archived in the library of the BIVŠ, and further, made accessible to third persons through the internal database of electronic university works. In Prague, May, 2017 Shaykhutdinov Denis Acknowledgement Therefore I would like to thank my supervisor Ing.Marcela Soldánová for her time, instructions and advice that were very helpful and essential during writing of this thesis. Annotation The thesis investigates the operation of non-cash payment systems. The author outlines the key benefits of non-cash payments, and illustrates why they prevail over cash payments in the modern economy. The key focus of the analytical part of the thesis is put on the investigation and comparison of non-cash payment systems in the Russian Federation and the Czech Republic. It is revealed that the use of non-cash payments is at a considerably higher level in the Czech Republic, but it is also illustrated that positive tendencies have been observed lately in the Russian Federation. The advantages and disadvantages of the two states’ non-cash payment systems are analyzed in detail, and recommendations are provided to both for improving the quality of non-cash payments in them. Key words: Bank transfer, Czech Republic, electronic payments, mobile payments, non-cash payments, payment cards, Russian Federation. Anotace Práce zkoumá provoz bezhotovostních platebních systémů. Autor uvádí hlavní výhody bezhotovostních plateb a ukazuje, proč převažují nad hotovostními platbami v moderní ekonomice. Klíčová část analytické části práce je věnována vyšetřování a porovnání bezhotovostních platebních systémů v Ruské federaci a České republice. Ukázalo se, že použití bezhotovostních plateb je v České republice výrazně vyšší, ale je také patrné, že v Ruské federaci byly v poslední době pozorovány pozitivní tendence. V práci jsou podrobně analyzovány výhody a nevýhody bezhotovostních platebních systémů v obou státech a vytvořené doporučení pro zlepšení kvality bezhotovostních plateb. Klíčová slova: Bankovní převod, Česká republika, elektronické platby, mobilní platby, bezhotovostní platby, platební karty, Ruská federace. Content INTRODUCTION ............................................................................................ 7 METHODOLOGY ............................................................................................... 9 1 CHARACTERISTICS OF NON-CASH PAYMENT SYSTEM ........... 10 2 EMERGENCE OF NON-CASH PAYMENT SYSTEM ....................... 18 3 NON-CASH PAYMENT SYSTEM IN PRACTICE ............................. 20 3.1 LEGISLATION GOVERNING THE OPERATION OF NON-CASH PAYMENT SYSTEMS IN RUSSIA AND THE CZECH REPUBLIC .............................................. 20 3.2 CURRENT DEVELOPMENT OF NON-CASH PAYMENT SYSTEMS IN RUSSIA AND THE CZECH REPUBLIC ............................................................................. 21 4 DIFFERENCES BETWEEN RUSSIAN AND THE CZECH REPUBLIC (NON-CASH SYSTEM) ............................................................ 38 CONCLUSION ............................................................................................... 43 LIST OF LITERATURE ............................................................................... 46 LIST OF GRAPHS......................................................................................... 51 6 Introduction The current technological and economic progress in the world develops at a very rapid pace. This promotes more intensive cooperation between different states in economic and political terms. Such cooperation involves not only the direct contracts or mutual programs between governments, but also cross-border cooperation between businesses and individuals within their private economic activities. Economic relations on the international level provide companies and their respective countries of residence with significant benefits and opportunities of commercial growth. Therefore, the steadily growing participation of businesses in interstate cooperation is inherent of the global economy. Obviously, while people use cash in their everyday payments for buying products or household items, in the case of companies, operating large amounts of cash payments becomes ineffective in terms of financial management. Moreover, most often, entities have a developed system of ties with suppliers which may be located at a considerable distance. In such cases, the use of cash payments becomes ineffective and unjustified: transferring cash would require significant time expenditures, great risks incurred in the course of transportation, significant additional financial costs, and so on. Given the level of technological development and the intensity of economic competition, this would in the long run be simply impossible to operate like this. Therefore, non-cash payments play an utterly important role as of today, as they constitute the backbone of international settlements. This explains the importance of the chosen topic, and emphasizes the need to investigate non-cash payments more in detail within the course of this research. The main aim of the thesis is to investigate the specificities of non-cash payments and to compare the operation of non-cash payment systems in the Russian Federation and the Czech Republic. The research question to be answered based on the findings of the analysis is the following: What are the main differences in the operation of non-cash payment systems in the Russian Federation and the Czech Republic? 7 The findings of this thesis should allow answering the abovementioned question, and should allow understanding what implications the existing advantages and disadvantages in the operation of non-cash payment systems in the Russian Federation and the Czech Republic have for the overall economic development of the two countries. The main practical value of the thesis will be the explanation of the differences in the operation of non-cash payments system in the Russian Federation and the Czech Republic, and the provision of recommendations for improving the current situation. 8 Methodology The main methods used for writing the thesis will include secondary analysis and comparative analysis. Secondary analysis will be used with the aim of investigating theoretical data related to non-cash payment systems and those particular data which are available in secondary sources on the differences in the operation of non-cash payments in the Russian Federation and in the Czech Republic. Comparative analysis will be used with the aim of investigating the data obtained and for comparing the actual benefits and disadvantages in the operation of non-cash payment systems in the Russian Federation and the Czech Republic. Also, deductive thinking will be used in order to provide the thesis author's own vision of the researched topic based on the findings revealed throughout writing the thesis. Secondary sources used for writing the thesis will include print bibliographic sources and web-based sources in free access. Among bibliographic sources, the following will be used: Summers, B. (1994). The Payment System: Design, Management, and Supervision; Haan, J., Oosterloo, S. and Schoenmaker, D. (2015). Financial markets and institutions; Morgan, K., Brebbia, C. and Spector, J. (2006). The Internet society II; Prins, C. (2002). Trust in electronic commerce; etc. Such sources will allow gathering the theoretical information on non-cash payment systems required for writing this thesis. At the same time, web-based sources will be used primarily for collecting practical information on the operation of non- cash payment systems in the Russian Federation and the Czech Republic. 9 1 Characteristics of non-cash payment system In order to understand the specificities of non-cash payment systems and their operation, it is first worth investigating the definitions of cash and non-cash payments, and the essence of these economic phenomena. When defining cash, Bridgeland and Zahavi (2009, p. 157) state that the definition given by the American Heritage Dictionary of the English Language: "money in the form of bills and coins; currency." Based on this definition, the authors develop their own definition of cash payments: a cash payment is a "payment that employs cash." Therefore, based on this definition, it can be stated that cash payments are payments made by individuals or companies using bills and coins, i.e. physically tangible money equivalents. In this context, Hancock (1998, p. 1575) emphasizes that cash assets are created by the government, and depend upon the government’s policies, while non-cash payments are generated within the banking system itself, and thus are more flexible. Haan et al. (2015, p. 217) point out that the main specificity of cash payments is the fact that they do not require
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