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...

Membership required (FREE)

The rest of this article is freely available to StartRunGrow members.
Not a member? Join Here - Its FREE!






Article Vault

Back to Menu