Electronic money Guide, Meaning , Facts, Information and Description
Electronic money (or digital money) refers to cash and transactions using electronic means, encompassing the use of computer networks (such as the Internet) and digital stored value systems. Electronic Funds Transfer (EFT) is an example of electronic money. It is also a collective term for financial cryptography technologies enabling it.While this has been an interesting problem for cryptography (see, for example, David Chaum's work), the use of digital cash so far has been relatively low. One rare success has been Hong Kong's Octopus card system, which started as a transit payment system and has grown into a widely used electronic cash system.
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Uses
Electronic money can be used to make a new currency. This has never happened at any time. More commonly the electronic money is used as a physical form of the national coin. By using national coin, vendors do not need to posses any gold reserves.
Most of the time, some bank holds the money and the intrest along with fees make up the vendor's income.
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