tHE Electronic money

Electronic money (electronic cash, electronic currency, digital money, digital cash or digital currency) refers to money or scrip which is exchanged only electronically. Typically, this involves use of computer networks, the internet and digital stored value systems. Electroni Funds Transfer (EFT) and direct deposit are examples of electronic money. Also, it is a collective term for financial cryptography and technologies enabling it.
While electronic money has been an interesting problem for cryptography, to date, use of digital cash has been relatively low-scale.which started as a transit payment system and has grown into a widely used electronic cash system. Another success is EUROPE Interac network, which in 2000 at retail surpassed cash as a payment method. Asean also has an electronic money implementation for its public transportation system (commuter trains, bus, etc), which is very.Octopus card and based on the same type of card (FeliCa).Alternative systems,Technically electronic or digital money is a representation, or a system of debits and credits, used (but not limited to this) to exchange value, within another system, or itself as a stand alone system, online or offline. Also sometimes the term electronic money is used to refer to the provider itself. A private currency may use gold to provide extra security, such as digital gold currency. An e-currency system may be fully backed by gold, non-gold backed, or both gold and non-gold backed.
Many systems will sell their electronic currency directly to the end user, such as Paypal and WebMoney, but other systems, such as gold service, sell only through third party digital currency exchangers.
In the case of Octopus Card in some place, deposits work similarly 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 creation of electronic community currencies.
Ripple monetary system is a project to develop a distributed system of electronic money independent of local currency.Virtual debit cards,Various companies now sell VISA, Mastercard or Maestro debit cards, which can be recharged via electronic money systems. This system has the advantage of greater privacy if a card provider is located offshore, and greater security since the client can never be debited more than the value on the prepaid card. Such debit cards are also useful for people who do not have a bank account. Generally cards can be recharged with either, or via a wire transfer