New digital payment facilities: An analysis of institutional and legal regulation

Abstract

A few years ago, we couldn't even imagine that we would carry out payments for goods (works, services) with e-money. Today, this type of payment creates no problems for the most of population. The article analyzes the meaning of e-money and the method of transfer hereof, as well as change in the institutional framework of transactions in the financial sector of the economy due to the digital social transformation. The purpose of the study is to explore digital payment facilities as a new object of civil rights. Conclusions. In terms of IT development electronic transactions, payment systems, and payment instrument become a fact of life both of specialized institutions and citizens who use e-money in making personal payments and cooperating, including provision of loans. E-money as a new object of civil is currently has a limited circulability that is complicated by current legal gaps revealed in particular in this article. The lack of flexible law-making in e-commerce leads to the emergence of gaps in the area that may become one of the most forward-looking and high-demand from a financial point of view. The research methodology is based on a system-structural approach using the methods of analysis and synthesis, generalization, comparison, and analogy.