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Cash Money to E-money

CASH MONEY TO E-MONEY

Electronic money or better known as e-money is the modern form of money in which all monetary transactions are made electronically.

Piles of currency notes are replaced by tiny smart cards, which not only provide us money but provide a lot of services.

Concept of e-money is too young but it’s versatility and reliability has made it big hit.

Computer has revolutionized human life. Use of internet opened new dimensions in computer use. Today it is being used in every field, in every part of world.

E-money ultimately works similar to paper money without the risks and inconvenience, which may occur with cash money.

Unlike cash money, it can pass immediately between the two transactions online parties. Smart cards, credit cards, digi cash all of these makes money transfer in no time.

Use of Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT) in late 1970s, were among the initial attempts to realize the dream of electronic money. Later use of internet gave an unimaginable boost to the use of computer for monetary transactions.

Today, 90% of total monetary transactions in USA are done through computer based payment system .This fact is enough to prove the increasing popularity of e-money over cash money.

Advances in various technological areas have made the widespread use of electronic cash economically viable, spurring interest in e-money. These advances are:

• Reliable and fast transaction with a low cost per transaction;

• Better and user friendly computer technology.

• Better security system to check fraud and ensure privacy.

E-money has many advantages over traditional cash system, which makes it popular.

Some of the benefits of it are as follows.

• Fast transaction.

• No need to carry pile of cash, just have your small chip card.

• Reliable and secure.

• No fear of theft or robbery.

• Round the clock banking facility.

• Better information about your account details.

• More personalized banking services and instruments.

But e-money is not free from loop holes. As all your details are made online, some intruders may get some gaps in security and can give you huge losses.

There are number of issues which are required to be resolved completely before seeing e-money swapping traditional cash system completely.

Most important of these are –

• Issue of data security and threat of fraud.

• Issue of using e-money in all parts of world especially in underdeveloped countries.

• Issue of unifying the mode of transaction as incompatible mode of money transfer may cause problems.

• Issue of cheap e-banking service.

• Privacy of personal information will also be an important issue.

We can not imagine e-money as complete replacement for the cash money without resolving these issues. These are certain issues which need to be resolved to get total acceptance for e-money.

History of payments systems suggests that new payments methods do not completely replace old ones because the old methods may continue to have valuable and unique features.

Lack of a standard e-banking system in various parts of world is also a big hurdle in complete acceptance of e-money.

If you have something to discuss over e-money or want to ask something over it, feel free to contact me.

Seokumar

Write me: seokumar@gmail.com

Site: http://www.paydaysonline.com

About the Author

Author is Master in Computer Applications and is presently working with Efextra eSolutions Pvt. Ltd. in India.
He has written many articles on various sites and enjoys the status of expert writer on many article related sites.
Presently, he is working on content building for various sites being developed in his development company.

what is cubase,reason,flstudio,protools,etc good for?

I have been reading about daws and people are saying that certain software is good for certain music like flstudio is good for hip/hop and reason and cubase are good for electronic.Whats the deal with this.Is this true?I have been thinking about rewiring reason and fl together when I get a better pc or maybe cubase.Also what is better digi audio or midi.I hear that everyone uses midi and it's a doesn't take up alot of room.

Hi,

This question has no real answer, its different strokes for different folks.

All types of music can be made on all the daws mentioned, it just depends what you find easier to use.

FL/Reason are easier to get started with, you can pretty much get making music straight away.

Cubase is a little more time consuming and on a more professional level, same with Logic and Pro Tools.

Try and get demos and test them.

Audio and midi are 2 different things which can be utilised in different ways. Midi is used to trigger midi devices such as midi keyboards but also audio devices such as vst instruments, more often than not u will use to triger your keyboard and vst instruments like snthesizers drum machines etc so u will use both. Midi on its own makes no sound, its just information like on/off signals, automation etc which is used to create a device to make sounds.

i would suggest trying demos then see what fits for you.

hope this helps, check out my site below for more cubase info and tutorials,

Mark

DIGI LAUNCHES CONNECTCORE WI-I.MX51 DIGI JUMPSTART KIT AT EMBEDDED WORLD NUREMBERG
ATTENTION EDITOR, BUSINESS & TECHNOLOGY DESKS

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