Transfers from card to card: for older people it’s hard to imagine anything better. QR codes are more fashionable - but they're for boys

Nowadays you can pay for your purchase in a variety of ways, and the most fashionable is to scan a QR code with your smartphone. But many small businesses still rely on card-to-card transfers - although banks do not encourage this. So what are the pros, cons and pitfalls of such translations?

What is p2p

In communities of financiers, as, for example, in communities of computer geniuses, a kind of mysterious behavior is accepted. A sort of division into those “who understand” and the rest – the clientele.

Try, when communicating with a representative of this fauna for the first time, to speak in ordinary human language - even better, ask a question in such a language. Half an hour of vague half-phrases and a hundred or two smart-sounding terms are provided to you. And only after having had fun, the financier or computer scientist, recognizing your complete “dumminess,” will condescend to answer your question in a language you understand.

However, this is also the case in the community of car mechanics.

Here is one of these terms - p2p.

p2p, card2card, c2c – these are transfers from card to card

, a method of transferring money online between individuals using bank card details.

You can transfer money from card to card in almost any online banking (they also recently came up with “banking”. A regular service, from the list of services provided by a bank via the Internet, just sounds shorter). It happens that your bank does not have such a list, which means that you can use p2p transfer through the mediation of another bank or financial institution. True, you will have to pay a commission.

Everyone who uses bank cards for mutual settlements with business partners, with long-distance employees, or simply with relatives knows about the pros and cons of the p2p system.

AdvantagesFlaws
  • The recipient does not need to carry money in the amount provided for in your agreement with the bank in a suitcase. It saves time and is safer
  • The transfer can be made at any time of the day or night - services are available 24/7
  • The transfer is credited in two to three minutes. This almost always happens, but there is a low probability of delay for one reason or another - the law allows such a transfer to be carried out within five days
  • The commission is on average one and a half percent of the transfer amount, with a minimum of 50 rubles. However, when transferring between your cards or when transferring from someone else’s bank card to your own, there may be no commission
  • Transparency of your financial transactions: the fiscal service or bailiffs, for example, will track the transfer if desired
  • You can transfer not any amount, but a limited amount - this is stipulated in the agreement with the bank that issued your card. Typically, the maximum amount of a one-time transfer is up to 150,000 rubles, per day up to 300,000 rubles, per month up to one and a half million
  • Finally, there are technical glitches or your mistake when entering the recipient’s details - you will have to fool with both the bank and the “wrong” recipient.

Types of p2p and how it works

Transfers from card to card are of two types:

Domestic

– transfers from a bank card issued by a Russian bank to a bank card issued by a Russian bank

Cross-border

– transfers from a bank card issued by a Russian bank to a bank card issued by a foreign bank. Few banks provide such a service, the commission for such a transfer is usually higher (on average 2 percent + 150 RUB + currency conversion), and the limits on transfers are lower.

For cross-border

In transfers, money is debited from your card in rubles and converted at the rate of the international payment system VISA\Mastercard into the currency of the payment system. Afterwards, another conversion takes place into local currency at the rate of the bank that issued the recipient’s card.

You cannot make a transfer on Russian services using the sender’s card issued abroad. Also, you cannot make a transfer from a Russian card to cards of local payment systems, such as the Belarusian Belkart or the Chinese UnionPay, i.e. The recipient's card must be either VISA or Mastercard. But that's it for now.

The procedure for transferring your money via the p2p system involves:

Issuing bank

sender's and recipient's cards, the bank that issued the card.

Acquiring bank

– a bank that accepts bank card details and carries out the transfer process – interaction with payment systems, checking for fraud, etc. The issuing bank and acquiring bank are usually the same bank.

Payment System (PS

).
When entering the card details of the sender and recipient, the acquiring bank
turns to the payment system for additional information, because the payment system has a legal relationship with all member banks of the PS and all the information about which bank issued the cards involved in the transfer process. This is necessary to get rid of errors during translation and to calculate the commission.

The PS also guarantees that the money will definitely arrive at the bank - this is called clearing. In fact, they will arrive at the bank no earlier than the next day, and to the recipient within a matter of minutes.

Main advantages of use

Using the p2p service is gaining popularity due to the following advantages:

  • 24/7 access, which allows you to send money at any time and without delays.
  • Attractively low transfer fees (even some banks charge more).
  • Availability of an adapted mobile version.
  • Can be used not only on a desktop PC or laptop, but also on gadgets (smartphone or tablet). The main thing is uninterrupted access to the Internet.
  • Extensive coverage area. The platform even works abroad, so a Russian citizen can receive a transfer from almost any country.
  • High level of security. To protect funds from fraudsters, only modern and innovative data encryption technologies are used.
  • Availability of 3D-Secure. To confirm the transfer, a one-time password is generated.
  • Unlike mobile banking apps and online banking, you can use any bank card.

There are many more users of this service, since there is no need to use expensive international transfer systems or present passports. If the required amount of money is provided in the account, it is enough to spend a minute of time, and the funds will be with the recipient. Technical support is also available 24 hours a day, promptly answering all necessary questions.

Have at least plastic on your hands

A short survey of plastic card owners who a priori use the p2p scheme showed that these are citizens mainly over 40 years of age. This is how they speak about the conveniences and disadvantages of the card payment scheme adopted in Russia.

Nina Efremova, social worker, 48 years old:

– I am constantly afraid of losing my card. I have several of them, and a whole bunch of discount and service cards for stores and salons - sometimes it takes half an hour to sort through them until you find the one you need. But now, it seems, you can pay up to a thousand without a PIN code - so I’m nervous. Of course, a message will come and the card can be blocked and then reissued - but I’m still constantly afraid that they will use it if I lose it.

Anton Mosin, 53 years old, auto repair shop owner:

I’ve been using a card for several years now (I have a VISA) - it’s faster, easier and safer. Nowadays, many customers pay using a QR code - well, using their phone. Of course, I had to study this system and install everything necessary for it, so as not to lose clientele. But it’s mostly young people who pay this way; they need a better phone for this, and a desire to show off. And most of my clients - well, those in Ladas and Daewoos - pay by card either through a terminal in my service, or directly to my card.

Vladimir Beskintsev, 32 years old, district administration employee:

– I use the card less and less – I use the QR code more often. However, there are still enough places where you can only pay by card or by transfer to the recipient’s account from the same card via telephone. By the way, in the capitals, cards are also used less and less - everyone has everything on their phones. I think this practice will also soon come to the provinces, completely replacing plastic.

Alena Semeiko, entrepreneur, 49 years old:

– I switched to using a card without much desire, I respect cash more. Well, it’s nice when your wallet is tightly stuffed, to say the least. Now, however, this is both dangerous and inconvenient: the amounts are sometimes large, until you do the math. That's why I use the card. And I’m not going to give up using it: let there be at least something tangible on my hands, plastic, and not a stupid drawing on the phone screen. Neither mind nor heart...

Potential Risk Assessment

It happens that the offer seems too implausibly tempting, perhaps there is something really wrong with it. Unscrupulous sellers often try to lure inexperienced traders by publishing offers of cryptocurrencies at absurdly low prices. Before making a transaction, always check the merchant's reviews, as well as the number of completed transactions.

New traders should read up on peer-to-peer trading before buying and selling cryptocurrency. Check out our guides on buying and selling cryptocurrency through Binance P2P and learn how to spot complex scams. Knowledge is the best defense against scammers. Remember: patience is golden .

E-commerce

The yurlitsa portal describes the rapidly developing sphere of earnings and mutual settlements using the p2p scheme in recent years, calling it “Electronic commerce”:

“Since the electronic transfer of money by cards is part of human activity in a huge system of the economic sphere - e-commerce, then first it is worth considering the concept of that very e-commerce

, in the vastness of which the population of the country can share their banking finances electronically. Nowadays, e-commerce is occupying an increasingly larger market share. And every year it increases in volume and productivity. Since this type of commerce is a full-fledged component of the economy in our country, it is also necessarily controlled by law.

When using the phrase “electronic commerce”, it is difficult for most to understand what it represents, since the term is ambiguous and can evoke completely different associations. In fact, it's simple. We encounter it every day, often without even noticing it. For example, when shopping and viewing products on internet browsing, we are dealing with e-commerce. E-commerce is convenient, profitable, and saves time.

When purchasing online, most stores offer us to pay by credit card

, that is, the payment will be made immediately upon ordering, and the financial transaction will go through the same network. When faced with transferring money using bank cards, we often see the inscription “P2P”. This abbreviation indicates that a bank transfer is carried out from user to user. The user of the bank card, it turns out, is the subject of e-commerce.”

Ignore any offers of correspondence or payment/settlement on third-party platforms

Very often, scammers try to negotiate further away from your P2P platform. They may argue that it is more convenient to correspond by email, SMS, in third-party applications, or even offer a discount for payment outside the platform you use for communication.

It's important to record your messages so that platforms like Binance P2P can intervene if you have problems with your transaction. Your transaction will not be protected if you choose to send or receive payment through a third party. Always transfer money and crypto assets directly to your chosen P2P platform.

Some scammers may also try to pay you through a third-party account. If the payment information from the counterparty does not match the name or information provided on Binance, you must immediately file an appeal and return the money to the same account.

Where would we be without scammers?

Yes, someone will mutter: “We live in Russia, there are thieves and scammers all around!” And let him grumble. Frauds with plastic – and, in fact, using p2p – are widespread all over the world, and Russia, by the way, looks very good compared to others.

For example, the website Travel.ru quotes the words of Vladimir Khalin

, Head of the plastic cards department of RosEvroBank:

“Card theft and fraud are not that uncommon in both Europe and Asia. You should be especially vigilant or limit the use of your card in a number of countries with high rates of fraudulent transactions: Indonesia, Malaysia, Thailand, Hungary, Bulgaria, Romania, Turkey, Poland, Brazil, Argentina, the Baltic countries and Ukraine. While in these countries, it is better to use the card only in stores and hotels of well-known international chains.”

Mikhail Afanasyev

, head of the plastic cards department at Menatep-SPb Bank, advises to beware of scammers in Spain:

“Based on the practice of our bank, we can say that there are repeated cases of card theft in Spain.”

But let's return to our homeland. For several years now, law enforcement agencies, respectable Internet resources, and the media have been tracking and describing ways to steal your money from your card. And new methods are appearing - scammers are also developing...

It's quite difficult to hack a bank's security system.

, therefore, criminals try by any means to lure information about the card from the holder himself. For this, all available resources are used - telephone, websites, online banking, mobile banking and other channels.

Telephone

This type of fraud is united by the fact that the card owner is called from an unfamiliar number and, under any pretext, is asked to provide his details. In most cases, attackers use the following schemes:

Winning the lottery

. The criminal introduces himself as a manager of a well-known company and reports that the client has become the winner of the drawing. To receive a reward, you must urgently send your bank card details.

Call from bank security service

. The fake “employee” notifies the client that they tried to hack his card and asks for clarification of the data to correct the situation.

Via SMS

. This scheme has much in common with the previous method. The difference is that the false information comes in the text of the SMS message. The mailing is carried out from an unfamiliar number, but the scammers subscribe to a well-known company.

Via mobile banking

. allows you to perform transactions using SMS commands. To transfer funds to another client, just send a message to the bank’s short number from the phone number linked to the card. Fraudsters use this option if the owner loses the phone, or if the client refuses to refuse the services of a specific mobile operator, unless he has turned off the mobile bank.

With money transferred to the card

Criminals do not always strive to find out card details. The easiest way is to convince the client that he must transfer the money himself. They offer to purchase goods at a favorable price and require an advance payment or the entire amount. Some scammers act as fictitious companies that offer remote work on the Internet with good earnings. The applicant only needs to confirm the seriousness of his intentions and transfer a certain amount to the employer’s account or card.

Another common scheme is “helping relatives.”

Fraudsters pose as law enforcement officers or medical professionals. They urgently demand to transfer money, threatening irreversible consequences for the life and health of loved ones.

Fraud with bank cards via the Internet

This type of fraud is called phishing. Scammers create a fake website of a popular online store or online bank that looks similar to the original, but its URL differs from the real one by one character

. To pay for a purchase or log in, the user enters confidential data on a fictitious page, which falls into the hands of attackers. Fraudsters send links to a phishing site to clients via email, online messengers or social networks under the guise of promotions and special offers.

More and more people are stealing money from cards using virus software.

. The malware, disguised as a useful application, is installed on the client’s computer, tablet or smartphone. Its main purpose is to steal card data or redirect the user to a phishing site.

And yet, plastic is still a fairly safe and convenient way to store money, and the p2p scheme is the most convenient and fastest way of both mutual settlements and payment for goods or services. While people there will buy fancy iPhones...

Images and quotes used are in the public domain

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