How e-money is a saving grace

How e-money and e-transactions are a saving grace for business and customers alike

E-money refers to the digital currency that exists in the banking system. It can be used for e-transactions and is backed by a fiat currency therefore making it possible for it to be exchanged for a physical or tangible form of money. Primarily, e-money is used for e-transactions which makes online shopping much easier and convenient. Consumers can easily use their e-money for most products and services available online. In fact, it is increasingly being used even in physical locations such as stores.

Benefits of e-transactions through e-money for business and consumers:

• Convenience- Transactions can be done anytime and anywhere around the globe thus removing the hassle of currency exchange.
• Speed- Transactions are executed in real-time, making the whole process more efficient.
• Security- The risk of losing cash is eliminated.
• History- Unlike cash payments, digital transactions are recorded and can be checked anytime making it easier to track one’s expenditure and sales precisely.
• 100% contactless as there is no physical exchange of currency.

With these advantages, e-money is taking over the traditional way of transacting. Given the current circumstances, e-money transactions are proving to the best way of sending and receiving money. E-money is surely the way forward for money transactions in the future!