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Electronic money. What is it?

Electronic money, which refers to storage and transfer systems of both traditional and private currencies, is becoming increasingly popular.

It circulates in parallel with cash and non-cash money and has the same value as real one. You cannot pay with it for goods at stores today, but it can be used as payment for internet purchases, cinema tickets, or transportation, utility services, and it can be charged as wages for remote work or freelance. Its advantages are: it is divisible and can be combined (change is not needed), it has high portability, low cost of issue and does not lose its qualities over time. But its shortcomings discourage many people to use such money: many countries lack legal regulation or prohibition, special storage tools and there are cash withdrawal and tax collection problems. There is often a high commission for the withdrawal of electronic money, because payment systems want clients to spend it in the network rather than to withdraw it from their accounts.

The turnover of such money is governed by regulations established by state central banks and, in some cases, by non-state payment systems. Electronic money is often confused with non-cash one, but they are two different things: the process of creating and functioning is different. They circulate via electronic wallets, payment cards or devices that work with them (terminals, payment kiosks, ATM) and payment chips.

If you decided to use electronic money, you should understand the main terms. There are two types of such money: smart cards or networks based. Depending on the payment rules, they are separated into anonymous (unidentified transactions) and personalized systems.

Fiat electronic money is denominated in a certain national currency (PayPal, M-Pesa, Visa cash, Globalmoney, Octopus, Mondex) and non-fiat one - in units of value of non-state payment systems (EasyPay, “Yandex. Money”, Qiwi, Okpay). The virtual cryptocurrency includes Bitcoin and Litecoin, although the second one is more complex, as many experts define them as a pseudo monetary virtual currency for a private exchange.

If you use e-money, you need to know Excel well. It can help you manage your finances and perform functions in the areas of economics, management and accounting. Having mastered electronic tables and databases, you will facilitate accounting and reporting. Excel courses in Kiev will give you truly endless possibilities of the well-known programme.

There is no need to attend classes today. Distance learning has a number of advantages: You can learn any time at your convenience, individual learning influences the speed of mastering a material.

With new knowledge, you will be able to use electronic money competently and profitably.


  • March 9, 2017 2:58 PM MSK