advantages and disadvantages of electronic cash

advantages and disadvantages of electronic cash

Advantages and Disadvantages - Electronic Cash

http://bigcashmaker.blogspot.com/2009/05/advantages-and-disadvantages-of.html >view

Electronic Cash (E-Cash) or electronic money are playing more significant role in our daily life due to the rise of internet usage. Most of the money form today is in electronic. However with new invention of tool doesn’t mean that it will bring all positive results as nothing is perfect in this world.

Pros
We can transfer funds, purchase stocks, and offer a variety of other services without having to handle physical cash or checks as long as bank is providing such services online. The significant effect is we do not have to queue in lines, thus saving our time.

Debit cards and online bill payments allow immediate transfer of funds from an individual's personal account to a business's account regardless the designated place (around the globe) by few clicks without any actual paper transfer of money. This bring convenience individual like us and businessmen.

Consumers will have greater privacy when shopping on the Internet using electronic money instead of ordinary credit cards.

Cons
E-cash and E-Cash transaction security are the major concern. Frauds on E-Cash are on the catch recent years. Hackers with good skill able to hack into bank accounts and illegally retrieve of banking records has led to a widespread invasion of privacy and has promoted identity theft. There are many other tricks including through phishing website of certain banks and emails.

Money flow and criminal/terrorist activities are harder to be traced by government. With the continued growth of E-Cash, money flow in and out of countries at immediate speed without being traced will weaken the government's ability to monitor and income in tax. Money laundering and tax evasion could be uncontrollable in e-cash systems as criminals use untraceable internet transaction to hide assets offshore.

E-Cash is not for everyone. Low income groups without computer and internet access are unable to enjoy the usage of E-Cash. This issue shall be resolved so that E-Cash could be implemented widely.

There is also a pressing issue regarding the technology involved in electronic cash such power failures, internet connection failure, loss of records and undependable software. These often cause a major setback in promoting the technology.
...

How to Explore the Advantages and Disadvantages of Electronic Cash

http://www.ehow.com/how_4893470_advantages-disadvantages-of-electronic-cash.html >view

Step 1

Think about the advantages and disadvantages of electronic cash when it comes to the time aspect. Although it doesn't take a ton of time to write a check or pay with money and wait for change, it does take longer than a simple debit or credit card transaction. If you hate waiting in lines at the grocery store, this might help things along.

Step 2

Consider the safety of your finances. In general, the advantages and disadvantages of electronic cash lean in the direction of safe when it comes to E-money. There is less chance of someone stealing your wallet and using your money because cash is unmarked. Credit and debit cards, on the other hand have names and PIN codes. Of course, if someone actually does hack your account, however, a lot more money is at stake.

Step 3

Turn your mind towards the amount of money it would take to provide everyone with the equipment necessary for an entirely E-money system. Every single individual would have to have access to this equipment, or they would be broke. Something like this is so overwhelming to think about, it belongs in the advantages and disadvantages of electronic cash category.

Step 4

Consider how people get into financial troubles by overspending with their credit card. There is something much easier about swiping a card rather than giving someone physical money. Advantages and disadvantages of electronic cash also deal with the aspect that perhaps it would be too easy for people to spend. If we think there are financial problems now, think about an all E-money world.
...

electronic cash : advantages and disadvantages



strategie-pico marketing_pico commercial-pico communication_pico rh-pico droite-pico economie-pico finance-pico production-pico informatique-pico

* Strategy
* Marketing
* Advertising
* Trade
* Human Ress.
* Law & Rights
* Economics
* Finance
* Production
* Technologies

menu-partenaire vitrine-pico Professional Network
Electronic money : advantages and disadvantages

Advantages

Most money in todayĆ¢€™s world is electronic, and tangible cash is becoming less frequent. With the introduction of internet / online banking, debit cards, online bill payments and internet business, paper money is becoming a thing of the past.

Banks now offer many services whereby a customer can transfer funds, purchase stocks, contribute to their retirement plans (such as Canadian RRSP) and offer a variety of other services without having to handle physical cash or checks. Customers do not have to wait in lines; this provides a lower-hassle environment.

Debit cards and online bill payments allow immediate transfer of funds from an individual's personal account to a business's account without any actual paper transfer of money. This offers a great convenience to many people and businesses alike.

Disadvantages

Although there are many benefits to digital cash, there are also many significant disadvantages. These include fraud, failure of technology, possible tracking of individuals and loss of human interaction.

Fraud over digital cash has been a pressing issue in recent years. Hacking into bank accounts and illegal retrieval of banking records has led to a widespread invasion of privacy and has promoted identity theft.

There is also a pressing issue regarding the technology involved in digital cash. Power failures, loss of records and undependable software often cause a major setback in promoting the technology.

Privacy questions have also been raised; there is a fear that the use of debit cards and the like will lead to the creation by the banking industry of a global tracking system. Some people are working on anonymous ecash to try to address this issue.
...

Pros and Cons of E-Cash

http://www.iit.edu/~peacjen/cs485/ecash2.htm >view

Benefits of e-Cash

The advantages of E-cash for the customer is convenience because customers do not have to bring the change with them E-cash is either in an E-Cash account waiting to be drawn upon, or is conveniently loaded onto a credit card size " smart " card. Consumers shopping on the Internet will find some forms of electronic money which sports greater privacy than using ordinary credit cards.

For the merchants, E-Cash allows access to a global market not restricted and controlled by local currencies. The integration of ordering and payment collection systems also offers enormous operational efficiency. E-cash can also be programmed to restrict or limit the types of purchases made, unlike paper money. Special option could be programmed in the electronic version of petty cash that would limit purchases on only specific products or services such as supplies at an Office Deport, but not a beer at the nearby pub. Parents could wire to a college student E-cash that is designated for tuition and rental. Another advantage for the merchants is market swings could be magnified if consumers and businesses could send their money around the globe with the touch of a button on a PC.

Limitations of e-Cash

One of the major concerns for the issuers is that counterfeiters could create their own personal mints of E-cash that would be indistinguishable from real money. The disadvantage of instituting the E-cash is that only consumers with PCs would have ready access to use it, while those without, many of low-income consumers would not. E-cash may be less secure than bank money, given that money stored on an electronic wallet could be lost forever should the card is damaged.

More importantly is the governments need to monitor money flow and trace criminal activities. These problems need to be addressed and resolved in order to gain consumers and government "trust." With the traditional system of money exchange, the US Federal Reserve monitors, stimulates and tightens the flow of money in order to maintain a stable economy. Governments and central banks control of the money flow has already been loosened, but with the continued growth of E-cash, money flow in and out of countries at lightening speed without being traced, will weaken the government's ability to monitor and tax. Uncontrolled growth of E-cash systems could undermine bank and government controlled money systems, giving rise to a confusing and inefficient competing systems. Money laundering and tax evasion could proliferate in stateless E-cash systems as criminals use untraceable cyberdollar to hide assets offshore. If computer hackers or other criminals were to break into E-cash systems, they could instantaneously filch the electronic wealth of others. In summary, we present the advantages and disadvantages for the current E-Cash offerings in the following table:
...

19 comments:

Unknown said...

Most of the money form today is in electronic. However with new invention of tool doesn’t mean that it will bring all positive results as nothing is perfect in this world. e-money

Unknown said...

Electronic money will not work. A system that uses only 1's and 0's on a computer screen can easily be manipulated. If someone with power to control the system wants, they can fill or drain theirs, or someone else's bank account with the press of a button. Electronic money is intangible, meaning it can be created or destroyed out of thin air. It's completely meaningless and immensely dangerous for society.

Unknown said...

Electronic money will not work. A system that uses only 1's and 0's on a computer screen can easily be manipulated. If someone with power to control the system wants, they can fill or drain theirs, or someone else's bank account with the press of a button. Electronic money is intangible, meaning it can be created or destroyed out of thin air. It's completely meaningless and immensely dangerous for society.

Unknown said...

It is a stunning post.your blog is giving very useful knowledge for all. Exceptionally valuable to me. I preferred it. And i'm sharing your information to all friends.For more details about me,log on to
Cash Against Credit Card Chennai

Unknown said...

I have seen that other people have given their opinion about advantages and disadvantages of electronic cash but our agency has provided the Credit card payment service to the people through online. It is secure, safe and easy for using without any problem.



Credit card payment processing

Dr.A.Jagadeesh said...

Excellent. After Demonetisation of Rs 500 and Rs 1000 Bank Notes,India is looking for cashless Economy. These guidelines will be helpful in the policy formulation.
Dr.A.Jagadeesh Nellore(AP)

Unknown said...

pros and cons of e- cash system.


join us on www.bigitjobs.in

neowebwallet said...

E-Wallet allows you to store multiple credit card and bank account numbers in a secure environment, and eliminate the need to enter in account information when making your payment. Once you have registered and created E-Wallet profiles, you can make payments neowebwalletfaster and with less typing

neowebwallet said...

Electronic cash was until 2007 the debit card system of the German Banking Industry Committee, the association which represents the top German financial interest groups. Usually paired with a Transaction account or Current Account, cards with an Electronic Cash logo were only handed out by proper credit institutions.neowebwallet

Unknown said...


Heyy, Awesome Post .. Keep It Up!

Want to invest in Crypto Currency, Invest in STECH coin Now, one of the best cryptocurrency to invest. Our reliable and robust social network allows the seamless transfer of cryptocoins within no time! Easy to use, purchase and trade. Grow your investment upto 200%. To check click or visit: https://www.stechcoin.com/

Stech coin contact | Cryptocurrency Exchange | Stech coin Distribution | Digital Cash Cryptocurrency

Jayden Rich said...

I’m so glad u posted that! I was going to say something along those lines.

Money Exchange San Francisco

Arslan Saleem said...

Thanks for sharing the helpful information. Good writing. disadvantages of having a credit card - Apply online bank alfalah credit cards

minitab18crack said...

thanks for sharing the helpful information about advantage and disadvantage of credit card . i am so glad of you

Usman Khan said...

thankx admin your information is very helpfulhttps://marketbusinesstech.com/what-are-the-advantages-and-disadvantages-of-using-credit-cards/

James said...

Nice article. Thanks for sharing this informative article. Bankin is a advance digital payment app. Read more about bankin app at Online Money Transfer
www.bankin.app/blog/how-to-transfer-money-between-bank-accounts/
www.bankin.app/blog/zelle-vs-venmo/

Entony said...

If you are interested you can find a guide about a similar topic here.

Unknown said...

This content is simply exciting and creative. I have been deciding on a institutional move and this has helped me with one aspect. cambio cupo en dolares

Anonymous said...

Today, we've got a bundle of options to make online payments while purchasing anything or ordering food. Here are the top most popular payment methods that everyone should know while developing any eCommerce product.

toto bito said...

Credit cards are really becoming popular these days. More and more people are getting access to credit cards Credit Card Processing ISO

Post a Comment