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Electronic money (also known as digital money, electronic currency, digital currency or internet money) refers to money which is only exchanged electronically. Typically, this involves the use of computer networks, the internet and digital stored value systems. Electronic Funds Transfer (EFT) and direct deposit are examples of electronic money. It is also a collective term for financial cryptography and technologies enabling it. While electronic money has been an interesting problem for cryptography (see, for example, David Chaum's work), the use of digital cash to date has been relatively low-scale. 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. Another success is the Canadian Interac network, which, as of the year 2000, surpassed cash as a payment method at retail in Canada. [1] Singapore has a very successful electronic money implementation for its public bus transportation system, which is very similar to Hong Kong's Octopus card. The electronic money, known as EZLink by most Singaporeans, is a card with the size of an ordinary credit card. The card has a smart chip plus wireless communication module. The passengers just need to tap the EZLink when they board the bus and tap the card again when they alight from the bus. The bus fare system will automatically deduct calculated bus fare from the EZLink value. Recently, McDonalds is setting up EZLink payment infrastructure at their fast food branches all over Singapore island. It is believed that EZLink will gain more acceptance as the convenient electronic money solution in Singapore in the near future.
Alternative systemsTechnically electronic or digital money is a representation or system of debits and credits used, but not limited to exchange value within another system or as a stand alone system itself, online or offline. Electronic money, is sometimes also used to refer to the provider itself. A private currency may use gold to provide extra security, such as digital gold currency. An electronic currency can be a fully backed by gold, like e-gold, or non-gold backed, like eeeCurrency and Liberty Reserve. Many systems will sell their electronic currency direct to the end user, such as Paypal or e-Bullion, but other systems, such as e-gold, sell only through third party digital gold currency exchangers, like OmniPay or IceGold who service orders manually, or automated websites. In the case of Octopus Card in Hong Kong, deposits work similar to banks. After Octopus Card Limited receives money for deposit from users, the money is deposited into banks, which is similar to debit-card issuing banks redepositing money at central banks. Some community currencies, like some LETS systems, work with electronic transactions. Cyclos Software allows the creation of electronic community currencies. Ripple monetary system is a project to develop a distributed system of electronic money independent of the currency. Virtual debit cardsSome companies now propose Virtual debit cards, which are prepaid and sometimes rechargeable VISA or Mastercard cards which the client can use like any other VISA or Mastercard in online merchant sites. This system has the advantage of being anonymous and more secure as the client can never be debited more than value of his prepaid card, this can also be useful for people living in countries which do not authorize international money transfer. The card can be recharged with systems like e-Bullion, e-Gold or money transfer from another bank account. AdvantagesMost money in today’s world is electronic, and tangible cash is beginning to become less and 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, contribute to their retirement plans, (such as the Canadian RRSP) and offer a variety of other services without having to handle the physical cash or cheques. Customers do not have to wait in lines, and this provides a lower hassle environment. Debit cards and online bill payments allow for the immediate transfer of funds from an individual's personal account to a businesses account, without any actual paper transfer of money. This offers a great convenience to many people and businesses alike. DisadvantagesAlthough there are many benefits to digital cash, there are also many significant disadvantages. These include fraud, failure of technology, possible tracking of individuals and the loss of human interaction. Fraud over digital cash has been a pressing issue in recent years. Hacking into bank accounts and the illegal retrieval of banking records has led to a widespread invasion of privacy, and has promoted identity theft. There is also a pressing issue in regards to the technology involved in digital cash. Power failures, loss of records, and undependable software often cause a major setback in promoting the technology. Privacy questions have also been raised, there is a fear that the use of debit cards and the like will lead to the creation of a global tracking system by the banking industry. Some people are working on anonymous ecash to try to address this issue. Future evolutionThe main focus of digital cash is being able to use it through a wider range of hardware, such as secured credit cards, linked bank accounts that would be generally used over an internet-means of exchange to a secure micropayment system such as in large corporations (PayPal). Future evolvements of networking in terms using digital cash, a company named DigiCash is on the focus of creating an e-cash system that would allow an e-cash issuer to purchase electronic coins at some value. When they are purchased they are bought under one’s name and stored on their computer or under their online identity. When spending this cash, since it is linked to the e-cash company, it secures anything that is purchased in terms that it goes through the issuer at all times, therefore only the company knows your information, and will properly direct purchases to your location. Theoretical developments in the area of decentralised money are underway that may rival traditional, centralised, money. Systems of accounting such as Altruistic Economics are emerging that are entirely electronic, and can be more efficient and more realistic because they do not assume a zero-sum transaction model. See also
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