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Monday, February 16, 2009 4:56 PM
Electronic currency

Electronic currency or better known as e-money, e-cash, digital money, digital cash or digital currency. There are plenty of terms for it, but it only has one function, it enables the storage or exchange of money or scrip electronically.

Electronic currency is widely use in these two products, the card-based products and software based products. Card-cased products are like multi-purpose prepaid card or “electronic purse” which was defined as a plastic card which contains real purchasing power, for which the customer has paid in advance.

(Examples are Touch & Go ,FYI Touch & Go can now use to purchase fast food!!!, our Identification cards which can be double up as a debit card and use Touch and Go service, the famous octopus card used in Hong Kong that can be use to pay for virtually ANYTHING, and of course debit cards)

A second form of electronic currency products uses specialised software on a personal computer, typically allowing the electronic value to be transferred via telecommunications networks, such as the internet.

(Paypal, E-gold, mol, web money are some of more famous online money transfer agent. Credit cards now also can be use to transfer money through the net as well as online banking services and many more)

Carrying cash around is troublesome especially when you have a lot of coins and a whole stack of cash. It adds in more weight plus you will feel insecure carrying large amount of money and eventually your emotion (nervous, anxious, etc) gives off signals that put you as a thieve's favourate list of target. Put aside cash and turn into these card-based products which give us more flexibility, more purchasing power, more security, saves time and the convinience of not carrying cash. Let illustrate this with an example.

You are carrying a debit card enables the direct transfer of e-money from our bank account to pay for something you purchase. Imagine how simple it is to just swipe and card and go while some other people who still spend time looking through their wallet digging out cash especially a large amount which put themselve at risk of having their money stolen. For cash, once you lost it, its gone FOREVER. If its a debit card, you'll just have to cancel it and your cash will remains the same in your bank account.

E-currency had revolutionize the business world as payment can be made throughout the world with the help of computers and internet. It made globalization possible, bringing economic benefits around the world as companies can deliver wider diverse range of services and product with great convinient and speed. Payment through e-currency is at an instant which overcome the limitation of physical cash of slow transaction speed.

Thanks to e-currency we are able to buy products from every corner of the world with ease, and my favorite, to actually trade e-currency through FOREX. It brings a lot of benefits to us, however some issues need to be overcome till we can truely, fully replace cash for e-cash.

Ps... To those who trade forex, please drop be my mentor! : )

Some interesting links : 1)http://www.murdoch.edu.au/elaw/issues/v6n3/ishman63.html