Definitions for "Electronic money"
Related Terms:
E-cash, Digital cash, Electronic cash, Edc, Digital money, Electronic draft capture, Eft, Etc , Pos terminal, Electronic cash register, Eftpos, Point of sale terminal, Electronic bill presentment and payment, Electronic fund transfer, Bill presentment, Efts, Electronic funds transfer, Electronic purse, Ebt, Automated clearinghouse, Electronic check, Terminal, Electronic banking, Prepaid card, Eca, Epos, Electronic data capture, Interchange , Home banking, Point-of-sale, Automated clearing house, Ebs, Stored-value card, Point of sale, Micropayments, Electronic wallet, Point-of-sale terminal, Ach, Wire transfer, Ecash, Automated teller machine, Refund, Stored value card, In alphabetical order, Cash register, Digital wallet, Cybercash, Chaps, Payment
( e-money) A payment system in which all monetary transactions are handled electronic.
same as digital money.
A monetary system designed to be used over the net or stored on cards. For example: The Royal Bank in Canada calls them MONDEX cards. Not very successful.
Units or tokens of monetary value that take digital form and are transmitted over electronic networks. Digital Value Units are the basic units of denomination of electronic money; they may or may not correspond to units of national currency.
digital available amount of money. It is stored in electronic form on a computer or a microprocessor. Digital available amounts can be purchased and remain on a special storage device.
The term is used loosely to refer to a wide variety of payment mechanisms, based on transfer of value via data networks. E-money products can thus be defined as "stored-value" or "prepaid" products in which a record of the funds or "value" available to a consumer is stored on an electronic device in the consumer's possession. The electronic value is purchased by the consumer (for example, in the way that other prepaid instruments such as travellers' cheques might be purchased) and is reduced whenever the consumer uses the device to make purchases. In contrast to the single-purpose prepaid card schemes (such as those offered by telephone companies), e-money products are intended to be used as a general, multipurpose means of payment. This definition covers both prepaid cards ( see electronic purse) and prepaid software products that use computer networks such as the Internet. E-money also refers to schemes where currency issuer is not a financial institution, supervised by central banks. Both the definition and the regulatory implications of e-money are subject of intensive but so far inconclusive discussions among academics, regulators and financial institutions.
Various providers offer the possibility of actuating payment methods with electronic money instead of paying with credit cards. The advantages of this, as with normal money, are that any denomination can be used and the anonymity of the payee. However, at the same time, extensive security precautions are required, as electronic money is essentially just a file on a computer.
Electronic mathematical representation of money.
Monetary value measured in currency units stored in electronic form on an electronic device in the consumer's possession. This electronic value can be purchased and held on the device until reduced through purchase or transfer.
Electronic money (also known as electronic cash, electronic currency, digital money, digital cash, digital currency or scrip) refers to money 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.