engleski

E-payments as a Modern Complement to Traditional Payment Systems – Regulations in the EU

The growth of electronic commerce is dependent upon the emergence of effective electronic payment systems. Electronic commerce is growing at an increasing pace and financial instruments are adapting to the increased volume of spending taking place over the Internet. The increase of e-commerce part in the worlds' exchange demands and the payment system harmonisation to the characteristcs of electronic medium. Payment transactions problems in the frame of electronic commerce were previous underestimated, although this kind of trade is demanding safe and cheap payment systems. Meanwhile, the increase of e-commerce’ s part in the world’ s exchange, caused creation number of schemes for insuring electronic payment mechanism tailored specifically for electronic transactions. Although, electronic payment and its regulation are in using for several years, scientific interest for this system’ peculiarities are more important only last few years. Business transactions on the electronic medium are demanding the payment system which would use the advantages of this medium and it was necessary to adopt appropriate legal regulation. In spite of the fact that electronic transactions have been increased because of these medium advantages, payments were on a classic way which is characteristic for conservative payment forms. Usual bank regulation does not include the electronic money issuing or related operations because simple operation related to the electronic money do not represent taking deposit, lending or financing. Legal regulative for electronic payment instruments is necessary and this regulative will influence on the electronic payment instruments widening in the business practice. Payment instruments are money, as cash, printed money and electronic money and money substitutes checks, bills of exchange and credit cards. The acceptance of EU directive on electronic money and institutions especially will contribute to the harmonized legal system in the member states. In the system of electronic payment instruments it is necessary to stress out the electronic money because of its expected influence on the development of e-commerce in the world.

electronic payment systems; electronic commerce; electronic money; UK; EU

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