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Europe vs USA On Getting Used To E-Payments

Posted by igamingbuzz on May 19th, 2020

Electronic money is a relatively new payment tool that has quickly gained popularity. Thanks to the development of innovative technologies, virtual money has become a convenient and reliable way to conduct financial transactions. Every day, more and more banks and other organizations accept them as a means of payment.

Electronic money and their perspective in the future

Electronic money is actively used for settlements by both individuals and legal entities. Many experts predict that in the near future the electronic currency will supplant all other forms of money, will occupy a large part in the calculations, and there are a number of objective reasons for this:

  • Electronic money does not need to be exchanged.
  • It can be stored in different currencies.
  • Transfers, payments, and conversion are carried out instantly.
  • They cannot be faked.
  • A high degree of security due to multi-stage authorization and cryptographic coding.

U.S. Payment Preferences

In the U.S., shoppers mostly use credit cards, although e-wallets are also quite popular. Among users of virtual wallets, 79% prefer PayPal, and 40% prefer Google Wallet. Americans use e-payment even when they play in online iGaming sites and make a deposit.

Europe Payment Preferences

In Europe, the payment instrument market is more diverse and everyone can find something for themselves. In addition to e-wallets and credit cards that are used for all kinds of spendings like deposits in online iGaming sites like this one, Europeans often use online banking to make payments. Most payment methods in the region are pan-European, but there are payment options specific to each country.

Electronic money in the EU

The current European Union legislation governing the receipt of a license for electronic money has its own characteristics. Some countries offer favorable conditions for doing business (preferential taxation, additional benefits for financial transactions, etc.). This is an additional incentive to obtain a permit.

If the company meets the requirements of the current legislation, it is necessary to prepare a package of documents and submit it together with the application to the supervisory authority of the jurisdiction for consideration. The procedure itself lasts from a month to a year, it all depends on how competently the application was submitted, and how complete the package of documents was provided.

Electronic money in the USA

The US authorities will oblige electronic money operators to disclose data on large transactions and report on the exchange of virtual currency for cash. Officials explain the tightening of regulation by combating the financing of drug trafficking and the laundering of illegal proceeds.

US authorities intend to extend the practice of regulating traditional payment systems to "electronic wallets", in particular, to introduce them under the law on combating money laundering. FinCEN, the United States Department of the Treasury’s financial crime unit, has announced the initiative of The Wall Street Journal. This means that the work of companies that issue and carry out the conversion of virtual currency will be governed by the standards in accordance with which traditional money transfer operators, such as Western Union, operate.

Officials explain the decision by stopping the use of electronic money to finance illegal activities. Questions from the department, in particular, are caused by the scheme of the Bitcoin service. The platform was launched in 2009 and uses the same payment units. Bitcoin involves the anonymous possession and transfer of funds from one virtual wallet to another. The service is popular, it is used by Internet companies.

Also See: Electronic Money, Virtual Currency, Us Authorities, Payment Preferences, Payment, Money, Electronic

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