e-Money is here

E-Money, or electronic money is a medium of exchange that will be used more often as use of the internet spreads.

E-money is a payment or transfer of funds that is initiated and processed electronically.

Electronic transactions has been around for a long time – banking systems have used it for years (telegraphic transfers etc) but as electronic commerce and internet usage increases there is a need for a digital representation of money for online transactions.

Currently there are three ways that you can pay for purchases. Cash, credit card or by cheque. Most internet websites will offer customers a number of ways to pay for their purchases – credit card, money order, bank cheque or direct deposit. There are not many that accept e-money yet as there are no standards providers of e-money.

Electronic money is the digital representation of currency. Even though the terms money and currency are used interchangeably they do mean different things. Money is a medium of exchange – or a way of representing value whereas currency is the physical manifestation of money.

Electronic money needs to have tw