
D. Kochergin (kda2001@gmail.com),
Saint-Petersburg State University, 62, Chaikovskogo Str., Saint-Petersburg, 191123, Russian Federation
Abstract. The article analyses development and current status of e-money payments systems in the main Asian financial centers: Japan, Singapore and Hong Kong. Firstly, the classification of electronic money systems is given, according to which IC chip-based systems of e-money prevail in all economies under consideration. A significant role in the development of e-money payments is played by the companies of public transportation and retail trading enterprises. Secondly, extent of development of electronic money in Asian financial centers is defined. The analysis of development of electronic payment systems in the Asian financial centers allowed to draw the following conclusions: 1) annual value and volume of e-money transactions per inhabitant is the highest in Hong Kong; 2) Singapore takes the first position in the world by the number of e-money instruments per inhabitant. Also, it has the world’s highest share of electronic money in the total amount of non-cash payments; 3) Japan shows the highest total number of e-money instruments and the highest volume of annual transactions with the use of electronic money. The main reasons of wide use of electronic money in the financial centers of Asia are: 1) speed and convenience of payments of e-money; 2) possibility of universal use of electronic money. Thirdly, the author points at the main features of regulation of electronic money in Japan, Singapore and Hong Kong. In all economies under review it is carried out on the basis of a specialized piece of legislation. The most liberal model of regulation of e-money is seen in Singapore. Hong Kong has the most conservative legislation as a part of general policy of the national monetary and credit authorities on regulation of payment systems.
Keywords: electronic money, stored value, instruments, multi-purpose stored value, classification, IC chipbased systems, server-based systems, regulation
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