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09/11/2010 / craigmartinallen

Electronic money

Electronic money (also known as e-currency, e-money, electronic cash, electronic currency, digital money, digital cash or digital currency) refers to money or scrip which is only exchanged electronically. Typically, this involves the use of computer networks, the internet and digital stored value systems. Electronic Funds Transfer (EFT) and direct deposit are all examples of electronic money.

eMoney News

E-money payments growing in popularity in Japan
12 Oct 2010

The prevalence of electronic money transactions in Japan grew by 54 per cent during 2009, to account for more than 1.25 trillion yen (£9.57 billion).
According to the Nikkei Weekly, this is the first time that e money payments have accounted for more than one trillion yen since the surveys began in 2007.
Statistics released by the Bank of Japan (BoJ) indicated that e-money transactions accounted for 0.5 per cent of the 283 trillion yen spent in the private-sector, indicating that the technology still has a lot of room for growth.

Beyond the Bank: The Rise of Mobile Money in Ghana

Written by Kwami Ahiabenu II 25 October 2010

The majority of Ghanaians lack any formal bank account. Kwami Ahiabenu II reports on how mobile money could change the shape of financial transactions in the country.
An estimated 80 percent of Ghanaians are “unbanked” – meaning they conduct their transactions outside the banking sector with no access to financial services. Products like “mobile money,” that enable safe and secure money transfers without the use of a bank account, could have a major impact on this unserved segment of the population. Mobile money gives anyone with a mobile phone the ability to transfer money, make cash payments and conduct other financial transactions over the phone.
Mobile money is a relatively new phenomenon in Ghana. It was first introduced by the telecom company MTN a year ago. MTN Mobile Money operates in partnership with nine banks. Currently, more than 2 million Ghanaians are registered as active users.


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