Electronic Cash Report - Advantages and Disadvantages of ECash

Running header: electronic cash report
Electronic cash report
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Running header: electronic cash report
Electronic cash is simply known as ECash is a digital money product that provides a way
to pay for products and services without using physical currency, i.e., coin or paper money. It is
money in soft form and can be fed into credit cards, and smartcards hence reduce the risk of
carrying cash in physical form. Ecash can be used to carry out any transaction anywhere in the
world (Nakamoto, 2017).
The use of electronic cash in the current world.
Electronic cash has been globally accepted and is the most common way to carry out
transactions. This is because it has reduced the bulk of going to the bank and other financial
institutions to access banking services such as making payments, withdrawals, deposits etc. as
one can perform these operations at the comfort of his or her house. This has led to banks and
financial institutions incorporating the electronic cash method where they store your money your
account by using the computers (Perrier, Yu and Anderson 2016). You can access your money at
any needed time as you only need a phone or a computer to access the funds and these accounts
are updated each time one carries out a transaction.
Electronic cash method can be used both online and offline. In online cases, you will
need the internet, personal computer and has to be connected across a network. This equipment
provides aid in which you can carry out online trading activities at any place or location in the
world. The internet offers a connection where online traders can link with their customers in
various places in the world. It also regulates the flow of digital money to ensure all the complete
phases of any transaction are met which are the purchase of product or service, payment and
delivery of product or service (Aigbe and Akpojaro, 2014).
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