What is Electronic Money?
Electronic Money Write for Us – Electronic money or (e-money) is electronic cash form. The financial value is stored electronically & linked to a national currency. Electronic banking systems help transactions with electronic money & allow easy, constant access to money.
Definition and Examples of Electronic Money
However, at its core, electronic money is simply the electronic alternative to cash. So, it is the monetary value of currency stored electronically & backed by fiat money. It’s accepts as payment by parties extra than the issuer.
Alternate names: E-money
You receive funds via an EFT when you get pay via direct deposit. Electronic money was transfer to the merchant’s account if you pay for your morning coffee with a debit card. If you pay with a credit card, funds were transfer from the credit issuer to the merchant.
How Does Electronic Money Work?
So, electronic money is held on cards, devices, or a server. It is widely use in developed economies and is increasingly being adopt in developing economies. E-money is not a distinct currency and is overseen by the same central specialist in charge of fiat currency.
However, an excellent way to understand how e-money works are to put it in an electronic funds transfer (EFT) context. An EFT is a broad term for a payment process electronically where e-money is digitally transfer from one account to another. The electronic funds transferred are back by money in your account. You can make an EFT between two banks via an automated clearing house (ACH) network.
EFTs are a critical part of everyday banking and the vehicle through which administration programs such as Social Security, Supplemental Security Income, and the Department of Veterans Affairs disburse money to individuals.
Therefore, in the broader sense, electronic money can empower citizens who do not have access to safe, secure, and affordable financial services. One way to do this is to pair e-money with mobile devices. The Groupe Speciale Mobile Association (GSMA) Mobile Money Program aims to accelerate the mobile e-money ecosystem to underserved populations—particularly the 2 billion unbanked people across the globe. In the program, mobile money users don’t need a bank account and can use peer-to-peer transactions as a substitute for cash.
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