Digitalization of Payment Markets: Legal Regulation, Identification and Leveling of Risks

Purpose of the study. The article discusses the processes of digitalization of payment markets that require legal support. The prerequisites, current state and development trends of the legal regulation of digital technologies in the payment markets are analyzed. The purpose of the study is to identify the shortcomings and risks of legal regulation of digital technologies in payment markets. This is necessary to determine the criteria for the risks of digitalization of payment services, ways to predict, identify and level them. Conclusions. Based on the results of the study, the author concludes that there is no definition of the payment market at the legislative level, the greatest problems of introducing digital technologies in payment services are created by the lack of systematic legal regulation of this segment of the financial market. According to the author, the legal regulation of the process of digitalization of the payment market should be based on the gap-free and non-conflict interaction of legislative acts, corresponding to such fundamental economic and legal principles of digitalization of monetary relations as instantaneous access to the payment system, security and continuity of money transfer, making payments in real time . The study substantiates the conclusion that virtual products in the payment market are subject to a number of serious risks that must be taken into account both in the development and formalization of digital technologies, and in their application. The author identifies the following risks: model, technical, reputational, professional, cyber risks, risks of the quality of information received, unfair activities, the emergence of "gray zones", segmentation of legal regulation. The study found that the safest and most reliable way to develop new RegTech and SupTech solutions is to develop them within regulatory sandboxes, which are a special experimental legal regime. The author's proposals on the need to develop a state policy for the prevention, identification and leveling of threats to settlement relations are argued; on the creation of a single regulatory legal act or a system of homogeneous acts that fix the definitions of regulatory and supervisory technologies, principles, areas and the procedure for their functioning. It is important to include in these acts the risk criteria for the use of digital technologies, the methodology for checking information models, which includes areas of the greatest risk of failures, the frequency of regular and extraordinary checks.

payment services, digitalization, financial market, payment market, digitalization risks, cyber risk, regulatory sandbox