Money, money circulation and credit - стр. 25

The fulfilment of such obligation happens in the moment of a cheque money receipt. The rights and obligations of a cheque drawer and bank in regard to a cheque application are based on an agreement about the cheques application between the cheque drawer and bank. The right of a cheque holder appears in the moment of a cheque receipt from a cheque drawer.

A cheque holder receives a right of a cash claim to the bank of a cheque drawer in amount indicated in cheque. The bank of a cheque drawer pays a cheque presented by a cheque holder or reasonably dishonors it in the terms prescribed by the laws and regulations of the National Bank of the Republic of Kazakhstan.

By means of electronic money, i.e. on the basis of paperless carriers in the form of electronic signals a vast majority of interbank transactions is exercised. The advanced technologies transition created the conditions for the paper cheques and cheque books change on the credit cards with the electronic microcircuits. The credit cards are widely used in the sphere of different trades and services.

The study about the electronic money as a type of credit money is necessary to carry over by a separate matter because this theme is quite new and wide thus requires the more detailed consideration.

The banking system computerization in the beginning of 60s of the last century gave an opportunity to begin the usage of plastic cards. Electronic money is the monetary units electronically kept on the facilities (plastic cards) which are at the disposal of owners.

The basic elements of the electronic money system are the automated clearing houses (ACH), the systems of automated cashiers (electronic booking offices and cash machines) and terminals set in the points of purchase. The electronic money emission is carried out by the bank which serves the plastic card owner. In one case the emission is provided by the monetary means which are kept on the owner’s account of the bank and the cost of a commodity immediately debits. And in the other the bank emits electronic money by client’s crediting and allows a plastic card holder to postpone payment of goods and services purchase.

Notwithstanding that plastic cards were widely used in the World beginning from 60s of the XX^>th century in Kazakhstan the market of plastic cards began to develop only in 1993 from the National interbank system of electronic cards foundation with the usage of microprocessing debit and credit cards on the basis of electronic wallets conception.