- Discover essay samples

Electronic money

4.9 of 5.0 (198 reviews)

1103 words

Electronic money Page 1
Electronic money Page 2
Electronic money Page 3
Electronic money Page 4
The above thumbnails are of reduced quality. To view the work in full quality, click download.

Electronic money

Electronic money is quickly becoming mainstream for many households. Electronic money takes several forms. It can range from using a debit card at Dillions to using electronic cash on the Internet. Many people use electronic cash and feel there are relative benefits, there are also people who find disadvantages to using electronic cash. Just like with anything, there are pros and cons to electronic cash



One form of electronic cash is debit cards. Debit cards are plastic cards electronically connected to a checking account. Debit cards can serve as checks and as ATM cards.

When using a debit card as a check, the card is simply given to the clerk and it is then treated as a credit card. Debit cards can only be used at stores which accept credit cards. If there is not enough money in the account the card is linked to, the transaction will not be approved. This provides added security for the merchant over accepting a check. If the consumer chooses to use a debit card they will avoid the hassles of having to provide identification as when issuing a check. Coastal Mart allows customers to pay for their purchase at the pump by using a debit card or credit card. I myself have and regularly use a debit card. I feel Coastal Mart gains customers because of its convenience. I buy gas there and find this method of paying very convenient, especially if I am in a hurry. I also think debit cards are very convenient elsewhere as well as less expensive than writing checks for everything. Generally I only write checks for monthly bills. With the rise in technology I could opt for most of my monthly bills to be paid for through electronic transfer also. I am not sure why I have not chosen to reduce my check writing further, other than I am still a little leery of someone having access to my bank account.

When using the debit card at an ATM machine, money is attainable from a checking or savings account. It is also possible to transfer money between accounts, make payments, and check balances. I personally use the ATM machine more than the actual bank.

I found through reading an article in the magazine Money, that I am not among the minority of using the debit card. It is estimated that people in 22 million households use a debit card regularly. Experts also predict that 40% of households will shop with a debit card by the year 2000. 23% of people today shop with a debit card. I find this to be a very good thing due to the high expense of the check clearing system. Costs will not only decline for individuals, but hopefully for everyone.

It should be noted that although debit cards may be convenient and fast, they are not as safe as credit cards. To illustrate, if a credit card is lost or stolen federal law limits liability to $50 in unauthorized charges. On the other hand, if a debit card is lost or stolen and not reported within two days of discovering it the card holder could be responsible for up to $500. If the cardholder fails to report it within 60 days, they could take the entire loss. I was unaware of these stipulations prior to reading "What to Know Before you Spend Cyberdough". The author, Ellen Stark, advises to guard the debit card as closely as actual cash or checks would be guarded.


Stored value cards are another form of electronic cash. These cards have money in the form of credit stored electronically. Ellen Stark provided information that these cards either use a magnetic strip or a computer chip. My first encounter with such cards was here at WSU. I also found out that these cards are sold by public transit systems in New York City, San Francisco and other cities. The cards are then used by users of the transit system to pay for the fare. On campus the Shocker Card can be used for vending machines, laundry machines, dining services, and copy machines. The Shocker Card is also a debit card, ATM card and calling card. This is made possible by using different magnetic strips for each function.

Stored valued cards can be very beneficial to many people. I do not use my card as a stored value card, but if I lived on campus I am sure that I would. Although such cards may be more convenient than carrying around coin and cash, they are not any more secure than cash. Ellen Stark advises to never forget that stored-value cards are the equivalent of cash and if the card is lost or stolen the issuer is probably not obliged to refund the money.


Digital cash is the newest form of electronic cash. It is designed to allow Internet users to shop on the net without using a credit card. There are many concerns with this new technology. Several companies have developed software systems that allow shopping on the net. They each claim benefits unique to their own systems. I have chosen to discuss CyberCash's service that allows Internet shopping. The Internet has become so much more than a place to go for information. It is now possible to actually shop through your computer. How convenient this, no more long lines and crowds of people. That is a definite plus for me. I had a lot of questions prior to my research, but luckily I found many answers and decided to discuss them in my paper.


CyberCash created the CyberCoin service which allows a consumer to use an existing bank account to transfer money to an electronic wallet. The wallet is a graphical software program installed on a personal computer. The wallet supports multiple credit cards including Visa, MasterCard, American Express and Discover. A log is part of the wallet which records all activities. CyberCash offers their services totally free to consumers.

Obtaining a Wallet is quite simple. Currently a Wallet can be downloaded from the CyberCash web site at I found that consumers will soon be able to download a branded bank Wallet from participating bank and merchant sites, which will make it even more convenient for consumers. Money can be transferred ...

You are currently seeing 50% of this paper.

You're seeing 1103 words of 2206.

Keywords: electronic money institution, electronic money directive, electronic money transfer levy, electronic money transfer, electronic money box, electronic money order, electronic money bank, electronic money regulations

Similar essays

Business and communications

Business and Communications When someone mentions the word communication, one's thoughts turn to a newspaper, the radio, television, or another more common means of mass-type communication. One does not usually make the connection between communication and other institutions such as business. Good business, however, goes hand in hand with goo...

153 reviews

: Writing can be a difficult task for some people. For those people, before they start writing, the first thing they do is probably idea gathering, maybe looking for relate article on newspaper or magazine, look up some definition in the dictionary, check the World Wide Web, or even take a trip to the library. Often, they found what they...

34 reviews
The american dream 3

The forefathers of our great nation established America with the idea that its citizens would be guaranteed life, liberty, and the pursuit of happiness. Well, today we have liberty and are free to pursue happiness. However, what about the quality of our lives? Are we striving for greater material wealth and ignoring moral and social responsi...

141 reviews
Disscusion on time

I think that the idea of 'time' is very interesting. The understanding of the idea of time can be very influential in the way future generations will live. An interesting effect about time and gravity is that it can be dilated. Albert Einstein talked about the effect of motion and time in his theory of relativity. Einstein theorized as a...

33 reviews
Life in a reinassiance city

Life in A Renaissance City ??the most varied forms of human development are found united in the history of Florence, which in this sense deserves the name of the first modern State in the world, ? (Burckhardt) Florence was the birthplace of the renaissance and the perfect example of a renaissance city. The city was founded during the...

179 reviews
Freuds framework of dreams

Freud's Framework of Dreams The purpose of dreams is to sleep. Dreams also represent wish fulfillment. A dream is the result of a mediation or compromise between these two opposing forces. Freud defines the manifest content of dreams as that which an individual is dreaming in a particular dream, its primarily apparent subject matter. In co...

111 reviews
Website review

After visiting and examining the PBS Web site, I was able to conclude that it is an extremely successful entertainment and educational site. The Web site has won many substantial awards, including the prestigious "Webbie Award" in 1998 and 1999. According to a recent survey, fifty-six percent of users at the PBS Web site are male and sixty pe...

190 reviews

Choosing what's best for you and your child Having a young child is a miracle to any parent, but they can also be very stressful. Parents are constantly worried about taking the right decisions that will benefit their child. That is why choosing an daycare for their child is a difficult choose that will or will not affect their child i...

126 reviews
Of Castles and Kings (chess)

Of Castles and Kings Chess, which is believed to have originated in India, has come a long way since it's earliest record and perhaps violent history. Since it's origin, chess has undergone a few changes. One of the biggest changes in chess is the switch from classical openings to a new style referred to as hypermodern openings. Before...

187 reviews
Being A Radio DJ

Imagine a career that music fanatics everywhere would love to have. Imagine sitting in a sound room all day, talking calls from listeners and playing the music of one's choice. Imagine interviewing your favorite musicians, and afterwards attending their concerts, including a tour backstage. The job being described is the one of a radio disc jockey....

66 reviews
What to do with alcholic paren

What to do With Alcoholic Parents! Many kids feel that they can't do anything when a parent is an alcoholic. In fact, almost every kid who has a parent who is an alcoholic feels that there is nothing they can do. You are wrong. There are many things that you can do if you just think about the situation. If your father/mother is abusing...

92 reviews

Why did he do it? One of the biggest questions asked in this country today. What was going through his mind? Sometimes a person does not even think about what they are doing before they do it, and a crime is committed. But what about the other people that do think about it? Do they sit around and seriously think about what they are doing? Wha...

8 reviews
Sir Rich Arkwright

was born on December 23, 1732 at Preston in the county of Lancaster. His first profession was a barber in Bolron-le-moors in 1760. Soon afterward he traveled throught the country buying human hair. At that time he had a valuable chemical secret for dying the hair to make wigs out of. Arkwright's hair was commented to be the finest hair in the...

162 reviews
Marijuana 2

Marijuana is a drug that comes from the plant cannabis. When marijuana is in the smoking form it usually looks like small bits of plants and flowers that has been crushed. When it is in the smokeable form it is usually put into a pipe then smoked or rolled up in paper then smoked. When made in a form of a cigarette it can be called a joint or a...

103 reviews
Atsisiųsti šį darbą