What is electronic money?
Ernst & Young defined electronic money as a set of protocols and digital signatures that allow an e-mail to effectively replace traditional currency exchange. In other words, electronic or digital money is the electronic equivalent of the traditional money we used to trade. Electronic money is in many forms, including but not limited to: They are prepaid cards where the money is stored. These cards can be used to pay online and other networks, and can be used to pay at the Point of Sale (POS). The mechanism of plastic cards is summarized as follows: Very important note: This mechanism does not apply to credit cards, because the credit card user pays money to the bank after the purchases and not before. The user will prepay the amount of money that is represented in digital format on the smart card. When a user makes a purchase - whether online or in a traditional store - the value of the purchases is deducted. There are many electronic money products that can be recharged with money by depositing cash in the bank or by any other appropriate financial movement. There are software systems that offer an electronic equivalent that does not require a plastic card. They are fully based on software designed to pay money online. To be effective and successful, the electronic cash system must be three-party: the customer, the customer, the seller, and the online-bank. In addition, each of these parties must have the same e-cash program and an Internet outlet. Both the store and the customer must have a bank account with the online bank. Indeed, through the use of certain software, the most famous of which is eChash, it is possible to use e-money to make purchases and pay online, and this software allows e-money to be sent as an attachment in an e-mail message
Electronic Money An e-wallet may be a smart card that can be installed on the PC or a floppy disk that can be inserted into the floppy disk slot of the PC to transfer its financial value (or to it) over the Internet. The smart card is a plastic card with a computer chip and is capable of storing data that is 500 times as much as what can be stored in magnetic cards. Unlike electronic money, which relies solely on software, smart cards can be used to pay online and in traditional markets
Electronic wallet The electronic check is the electronic equivalent of the traditional paper checks we used to deal with. E-check is an email documented and insured sends the check source to the recipient of the check (holder) for adoption and submit it to the bank that works online, the bank first convert the value of financial check to the account of the check holder, and then the cancellation of the check and return it electronically to the recipient of the check (bearer) to be Proof that the check has already been disbursed. The check recipient can verify electronically that the amount has already been transferred to his / her account. Advantages of electronic money The cost of trading is low: electronic money transfer (online) or other networks is much cheaper than using traditional banking systems. Not subject to limits: electronic money can be transferred from anywhere to anywhere in the world, at any time, for adoption on the Internet or on networks that do not recognize geographical boundaries, and does not recognize borders Alssayash.bsath and easy to use: facilitate electronic money banking transactions to a large extent, it is a substitute for filling the forms and conduct banking queries via Alhatv.chdja secure payment operations: use banks that deal Banak Electronic devices d maid supports secure financial movements Protocol (Secure Electronic Transactions- SET), used as a network Web browsers to support the security protocol layers (Secure Socket Layers- SSL), which makes electronic Dfalncod operations more secure