Electronic money

Essay by EssaySwap ContributorUniversity, Master's February 2008

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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 .

DEBIT AND ATM CARDS 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...