E-Commerce

What ‘Electronic Currency’ exactly is?
Electronic currency (also known as e-money, electronic cash, electronic currency, digital money, digital cash or digital currency) refers to money or scrip which is exchanged only electronically. Typically, this involves use of computer networks, the internet and digital stored value systems. Electronic Funds Transfer (EFT) and direct deposit are examples of electronic money. Also, it is a collective term for financial cryptography and technologies enabling it.

Why ‘Electronic currency’?
Most money in today’s world is electronic, and tangible cash is becoming less frequent. With the introduction of internet / online banking, debit cards, online bill payments and internet business, paper money is becoming a thing of the past.

Banks now offer many services whereby a customer can transfer funds, purchase stocks, and offer a variety of other services without having to handle physical cash or checks. Customers do not have to wait in lines; this provides a lower-hassle environment. That is, through e-banking we make our payments for the electricity bill, water bill etc.

Debit cards and online bill payments allow immediate transfer of funds from an individual's personal account to a business's account without any actual paper transfer of money. This offers a great convenience to many people and businesses alike.

Besides, electronic cards, smart cards, and digital stored value system is also widely used today. One of the most successful examples is Octopus, from Hong Kong. It debuted since 1997 and instantly became widely use in the public. It’s extremely convenient, from all transportation to shopping, restaurant, super market or even the public phone booth it can be used. For more of its usage and purposes, you may visit at http://www.hong-kong-travel.org/Octopus.asp .


E-currency has become more popular today due to its convenience and variety of usage. We need to bring less cash with us nowadays because these cards (credit card, smart card, etc) have brought us the convenience we sought for. Soon electronic currency will be widely used all over the world.