| CASH MONEY TO E-MONEY | | | | system, which makes it popular. |
| Electronic money or better known as e-money is the | | | | Some of the benefits of it are as follows. |
| modern form of money in which all monetary | | | | - Fast transaction. |
| transactions are made electronically. | | | | - No need to carry pile of cash, just have your small |
| Piles of currency notes are replaced by tiny smart | | | | chip card. |
| cards, which not only provide us money but provide a | | | | - Reliable and secure. |
| lot of services. | | | | - No fear of theft or robbery. |
| Concept of e-money is too young but it's versatility | | | | - Round the clock banking facility. |
| and reliability has made it big hit. | | | | - Better information about your account details. |
| Computer has revolutionized human life. Use of internet | | | | - More personalized banking services and instruments. |
| opened new dimensions in computer use. Today it is | | | | But e-money is not free from loop holes. As all your |
| being used in every field, in every part of world. | | | | details are made online, some intruders may get some |
| E-money ultimately works similar to paper money | | | | gaps in security and can give you huge losses. |
| without the risks and inconvenience, which may occur | | | | There are number of issues which are required to be |
| with cash money. | | | | resolved completely before seeing e-money swapping |
| Unlike cash money, it can pass immediately between | | | | traditional cash system completely. |
| the two transactions online parties. Smart cards, credit | | | | Most important of these are - |
| cards, digi cash all of these makes money transfer in | | | | - Issue of data security and threat of fraud. |
| no time. | | | | - Issue of using e-money in all parts of world especially |
| Use of Electronic Data Interchange (EDI) and Electronic | | | | in underdeveloped countries. |
| Funds Transfer (EFT) in late 1970s, were among the | | | | - Issue of unifying the mode of transaction as |
| initial attempts to realize the dream of electronic | | | | incompatible mode of money transfer may cause |
| money. Later use of internet gave an unimaginable | | | | problems. |
| boost to the use of computer for monetary | | | | - Issue of cheap e-banking service. |
| transactions. | | | | - Privacy of personal information will also be an |
| Today, 90% of total monetary transactions in USA are | | | | important issue. |
| done through computer based payment system .This | | | | We can not imagine e-money as complete |
| fact is enough to prove the increasing popularity of | | | | replacement for the cash money without resolving |
| e-money over cash money. | | | | these issues. These are certain issues which need to |
| Advances in various technological areas have made | | | | be resolved to get total acceptance for e-money. |
| the widespread use of electronic cash economically | | | | History of payments systems suggests that new |
| viable, spurring interest in e-money. These advances | | | | payments methods do not completely replace old |
| are: | | | | ones because the old methods may continue to have |
| - Reliable and fast transaction with a low cost per | | | | valuable and unique features. |
| transaction; | | | | Lack of a standard e-banking system in various parts |
| - Better and user friendly computer technology. | | | | of world is also a big hurdle in complete acceptance of |
| - Better security system to check fraud and ensure | | | | e-money. |
| privacy. | | | | If you have something to discuss over e-money or |
| E-money has many advantages over traditional cash | | | | want to ask something over it, feel free to contact me. |