Inafi L.A.

CASH MONEY TO E-MONEY Electronic money or better known as e-money is the modern form of money in which all monetary transactions are made electronically. Piles of currency notes are replaced by tiny smart cards, which not only provide us money but provide a lot of services. Concept of e-money is too young but it?s versatility and reliability has made it big hit. Computer has revolutionized human life. Use of internet opened new dimensions in computer use. Today it is being used in every field, in every part of world. E-money ultimately works similar to paper money without the risks and inconvenience, which may occur with cash money. Unlike cash money, it can pass immediately between the two transactions online parties. Smart cards, credit cards, digi cash all of these makes money transfer in no time. Use of Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT) in late 1970s, were among the initial attempts to realize the dream of electronic money. La loan amortization calculator ter use of internet gave an unimaginable boost to the use of computer for monetary transactions. Today, 90% of total monetary transactions in USA are done through computer based payment system .This fact is enough to prove the increasing popularity of e-money over cash money. Advances in various technological areas have made the widespread use of electronic cash economically viable, spurring interest in e-money. These advances are: ? Reliable and fast transaction with a low cost per transaction; ? Better and user friendly computer technology. ? Better security system to check fraud and ensure privacy. E-money has many advantages over traditional cash system, which makes it popular. Some of the benefits of it are as follows. ? Fast transaction. ? No need to carry pile of cash, just have your small chip card. ? Reliable and secure. ? No fear of theft or robbery. ? Round the clock banking facility. ? Better information about your account details.