Question

Summerise the impact electronic money and technology developments on banking

Answer 1

Gone are the days when people carried paper currency and or coin currency. In recent years evolvement of plastic cards along with the electronic transfer of money has been an ideal scenario for consumers. There are extremely positive feedbacks with the usage of electronic money and technology the world has seen. Transferring of funds more banks to the other in a nanosecond can be done with the help of the electronic money. Electronic money broadly defined as (e-money) is extremely useful as it bearer instrument in transferring the funds without involving the bank accounts. Carrying hard cash was always a risky matter for consumers but with the rise of technology and electronic money the risk has been negated. Consumers just need to have an internet connection to meet the requisites at any given point in time.