Electronic Money

Introduction
Today, all we hear about is the use of electronic money. Because commerce has changed dramatically over the last twenty or thirty years with electronic technology influencing every part of our business and private lives, electronic money is coming out on its own.

The terms we are now familiar with include; online banking, smart cards, internet transactions, digital cash, etc. Technology has brought to us a new method of payment and it appears electronic money and its technological development will be the way things are done from here on.

What is Electronic Money?
Electronic money refers to the process enabling the payment or transfer of funds electronically within the banking system. For example, the electronic system credits the account of the person receiving the money and debits the account of the person paying the money.

Because of technology, the electronic process of payment transactions has not only grown immensely, but is poised to take over most payment and receipt of value involving money.

Electronic...