From Chief Editor of TJ

It is interesting to notice that reading news resources about virtual economy every day we meet with description of newer and newer payment systems. At first journalists reported fresh payment systems enthusiastically and gave them their blessing to further development. But if after e-gold appearance in 1996 we can observe birth of one-two payment systems annually now such amount of newly born payment systems may be noticed each day-week. It is strange but owners of newly brought to light payment systems forget about law of competition and demand and continue to bake their firstlings as hot pies. Though it becomes very complicated to sell these pies because nearby beginners there are giant-bakeries where quality of services is better and which have more confidence. And what shall we do: to refuse from the business and to sit on our hands? – ask payment systems’ founders. We will try to find an answer to this question discussing nature of payment systems themselves and example of such bank industry development.

If initially there was no possibility in the net to pay for goods and services with money equivalents then after first three-five giants’ appearance the market glutted. The next evolution step became appearance of the payment systems directed on target niches such as HYIP-s or game field. Their operating principles differed a little from the universal payment systems. The difference was that the various payment systems worked through the various banks and the more possibility payment system possessed for working with “dirty” money supply the more this system served non-transparent segments of Internet business. But this market sector became saturated as well. Now there are several hundreds e-payment systems all over the world and most of them possess very small audience. And where we can move further?

To answer this question let’s try to think about what services are provided by payment systems today. In practice 99,9% of all gamers have limited themselves with possibilities of money input to the account with several means, transactions inside of the system and finally withdraw of funds. This is all! It looks as from the time of Duglas Jackson having thought e-Gold nothing has been changed. So for example at comparing of e-gold and RBK-money, we can find differences only in the means of money input to the account. It looks like evolution reached a deadlock. One more reason hindering payment systems development is understated liquidity of any payment system at its start. If you issue your e-currency then accept in advance with the fact that you have already lost 10% with respect to other e-money. A way out of this situation may be probably only one – mergers and take-overs.

Payment systems’ market should reach its maximum i.e. the level at which amount of payment systems will be too big and their owners will be assigned a role of loser already at the start. It will be the moment at which market consolidation begins. Large players will realize that any small payment system is client’s base first of all. And small payment systems in their turn will begin to realize that the best and the only alternative to the minimal profits may be sales themselves to the industry’s giants. Most probably that on the certain stage of payment systems’ mergers and take-overs it will become a profitable business and then the whole period of virtual economy will come when tens of small payment systems begin to go away under larger payment systems’ wings and it allows enriching to someone who at the present moment hardly lives from hand to mouth trying to promote his brainchild to the market. Simply speaking there is an opinion that both large systems’ owners and small systems’ founders come off a winner in any case.

Independently of when the market repartition will be we may expect one more, qualitative new branch of payment systems’ development. Glancing back to the bank sphere we can notice that several hundred years ago banks rendered narrow range of services to the clients. But when bank services’ demand began to grow dramatically and above all supply increased even faster then the moment of truth came when banks realized that if they did not begin to offer specialized services for various users’ segments they might stay outboard of financial business. It was the beginning of birth for thousands types of credit programs, business rates, different factorings, forfeitings and various variants of clients’ service. May be such scenario is in store for payment systems.

Possibly they understand it but due to unwillingness to increase expenses on new financial products’ advertisement they do not tend to start highly tailored programs. But you can say exactly that someone who will begin to promote special rates for various kinds of business and people will be in the saddle in fine. Think over that for example any AlertPay introduce special rate for adult-business where project owners will be given some special accounts in which for instance funds withdraw from “partner programs” will be simplified. This in turn will stimulate partner programs’ business that in total lead to adult-business growth and bring long-expected turnover growth to the payment system.

Availability of various rate kinds both for business and for people will allow people orienting easily in payment systems’ world. Because I think you agree that today when you see a new payment system the first question you want to ask is what the use of applying it as its functions are the same like the ones which are fulfilled by the existing systems. When e-financial institutions begin to fight not only for clients but for target niches of clients such questions will not arise any more. People will be able to go, for example, to Z-payment and select rate’s type there suitable to their business type.

Those for whom such perspective seems very far have to be astonished as by this time payment systems begin to proceed along the above specified path. The important step has been made in due time by WebMoney with opening of credit line for its clients. It is evident that the program has no phenomenal success but it still continues developing. As soon as shopping in the net becomes daily routine and webmoney input and withdraw will cost about 1% then credit services’ demand will dramatically increase as it has increased on consumer credits in shopping centers. So it is important only to wait a little!

One more successful example how future perspective turns into a reality by now is business program of Perfect Money payment system called as PM for Business. This is a bright instance that payment systems begin to realize step-by-step the fact which banks knew a lot of time ago – give your client what he wants and not something that the rest ones can do. Perfect Money offered a whole range of possibilities for business using which internet-businessmen may get additional money bonuses from the turnover on their accounts. Also they provide possibility to get money for Perfect Money logotype placement, participation in the special referral program and so on. The system provides 7 programs in total. Someone who has an account and use Perfect Money has already appraised amenities of payment systems’ targeting thought long time ago.

Let’s hope that following WebMoney and Perfect Money the other payment systems will enter the market with unique programs for various internet-business types and it will make virtual economy’s future more colored and successful than today’s present.

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