√ Definition of E-Money, Benefits, Types, Criteria, Advantages & Disadvantages
Definition of E-Money, Benefits, Types, Criteria, Advantages & Disadvantages – In this discussion, we will explain about E-Money. Which includes the meaning of e-money, the benefits of e-money, types of e-money, e-money criteria, advantages and disadvantages of e-money with complete and easy-to-understand discussion. For more details, please see the review below carefully.
Definition of E-Money, Benefits, Types, Criteria, Advantages & Disadvantages
Let's discuss the meaning of E-Money first carefully.
Definition of E-Money
According to Wikipedia E-money/electronic money (digital money) is money that is used in internet transactions by electronic means. Often these transactions use the internet network and a digital price storage system.
Another definition of E-money is a payment tool that uses electronic media, namely computer networks and the internet. The value of money from customers is stored in certain electronic media. E-Money is also often referred to as Electronic Cash, Digital Money, Digital Cash, Electronic Currency and Digital Currency.
E-money can be used safely, even the science of cryptography says that electronic money is very difficult to hijack or hack. So there is no cause for concern when using this money.
Benefits of E-Money
Using E-Money can make various transactions more easily and practically. The following are some of the benefits of using E-Money, namely:
- Providing convenience, speed and practicality in carrying out payment transactions. Making it easy for us to prepare cash to pay
- No need for change in the form of goods such as using candy, because with E-Money the merchant only needs to clear directly with the computer network.
- It is easy to apply because it can be used for a variety of high-frequency, small-value mass transactions, such as: paying tolls, paying for transportation tickets, parking, fast food and others.
Types of E-Money
E-Money is divided into two, namely by type:
-
Prepaid Software
Prepaid Software, commonly referred to as digital cash, is E-Money whose value is stored on a hard disk on a PC. To transfer funds requires an internet connection. -
Prepaid Cards
Prepaid cards, commonly referred to as electronic purchases, are E-Money whose value is stored on a chip implanted in a card. Examples of prepaid cards are FlAZZ BCA, Mandiri E-Money, Brizzi and BNI Prepaid
FLAZZ BCA is an example of the first prepaid card that uses the E-Money system. Bank BCA is the first bank to take advantage of the sophistication of E-Money technology by issuing high-tech prepaid cards.
You can use this card for several merchants who have collaborated with Bank BCA. While Mandiri E-Money is a prepaid card issued by Bank Mandiri, Brizzi is issued by Bank BRI and BNI Prepaid is issued by Bank BNI. Apart from some of the above banks, there are also non-banking institutions that issue prepaid cards, such as Telkomsel.
Using E-Money does not require an authorization process such as using a PIN or signature, because E-Money is not directly related to the customer's account at the Bank. The use of E-Money does not charge payment to a bank account, such as a credit card or debit card. As with other prepaid cards, you can also top up your card.
E-Money criteria
E-Money which is a means of payment, then this electronic money has the following criteria
- Issued on the basis of the value of money deposited by the holder in advance to the issuer.
- The value of money stored in E-Money is electronically in a medium such as a server or chip
- Used as a means of payment to merchants who are not an issuer of the electronic money
- The value of e-money deposited by the holder and managed by the issuer is not a deposit as referred to in the laws governing banking.
E-Money Benefits
The advantages of using e-money include:
- We don't have to carry cash when shopping or to pay for parking, and we can use it in a place that has provided a special tool for E-Money.
- Transactions become very accurate because they are processed by computers and machines
- You don't have to wait for the money to be returned because the nominal amount will be reduced by the amount issued
- Having a database that can record all transactions made means you don't have to remember what your money was used for
- Transactions are faster
Disadvantages of E-Money
The disadvantages of E-Money or electronic money are:
- It is risky to be hijacked or hacked because it uses electronic systems and the internet
- There is a risk of data loss due to software errors
- Not all places have the tools used to use digital money and not all places enforce e-money at their merchants
- Money that has been stored in e-money will be lost if you remove the card or device used to store the money.
Thus has been explained about Definition of E-Money, Benefits, Types, Criteria, Advantages & Disadvantages, hopefully can add to your insight and knowledge. Thank you for visiting and don't forget to read other articles.
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