Electronic money (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.
Technically electronic or digital money is a
representation, or a system of debits and credits, used to exchange value,
within another system, or itself as a stand alone system, online or offline.
Also sometimes the term electronic money is used to refer to the provider
itself. A private currency may use gold to provide extra security, such as
digital gold currency.
Many systems will sell their electronic
currency directly to the end user, such as Paypal, Alertpay, Moneybookers,
WebMoney and Wirex, but other systems, such as Liberty Reserve, sell only
through third party digital currency exchangers.
Some of the Systems are:
1. Paypal
2. Alertpay
3. Moneybookers
4. Liberty Pay
The financial institutions of the world
recognize the transaction of money through online payments and all the
securities to an online payment are available. The phenomenon has given rise to
the online shopping, where the customer need not to commute to the shopping
places. The goods purchased are delivered at the given address of the buyers,
while the payments are made online through credit cards. On the internet, one
can find numerous shopping places on the websites. All these websites accept
credit cards by the customers.
At the outset of online shopping, there were
some security problems regarding safe transaction. There were chances of
mishandling the credit cards of the customers. But the online stores have now
credit card processing systems. To give the customers maximum security on their
payments, the third party security checks were also introduced. These checks
have made online payments far more secured. Now, it is customary to offer and
accept credit card for an online shopping.
On numerous websites, you can find the facility
of merchant accounts, where shopping is accomplished on permanent basis. The
regular customers are given special discounts and other privileges. Payment to
a merchant account is made also through credit card.
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