Electronic money

Electronic money is known by many names. They are also known by many names such as electronic cash, electronic currency, digital currency, digital money, scrip, digital cash etc It refers to money that can be exchanged only electronically. This is made possible by the use of computer networks, internet, digital stored value systems etc Electronic fund transfer and direct deposit are the best examples of electronic money . It is also a collective name for financial cryptography and other technologies enabling it. Since electronic money transfer has got various problems, it is not very popular. The use of digital cash is not very rampant and has been relatively low-scale. But Hong Kong's Octopus card system which started as transit payment system is reckoned as a successful system. It has now become a widely used electronic cash system. Similarly Canada's Interac network is also considered as a successful method. In 2000, at retail in Canada, it outshined cash payment method.

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