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08/11/2010 / craigmartinallen

Electronic money

Electronic banking, Use of computers and telecommunications to enable banking transactions to be done by telephone or computer rather than through human interaction. Its features include electronic funds transfer for retail purchases, automatic teller machines (ATMs), and automatic payroll deposits and bill payments. Some banks offer home banking, whereby a person with apersonal computer can make transactions, either via a direct connection or by accessing a Web site. Electronic banking has vastly reduced the physical transfer of paper money and coinage from one place to another or even from one person to another.

(Text from:“electronic banking.” Encyclopædia Britannica. 2010. Encyclopædia Britannica Online. 07 Nov. 2010 <http://www.britannica.com/EBchecked/topic/183742/electronic-banking&gt;.)

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