This project examines the current state of Money and E-Wallets and provides a brief overview of Money and E-Wallets. It also investigates the present advantages of Money and E-Wallets and their applications.
Anything is money, which is adequate primarily as a medium of exchange, and it must also function as a measure of a store of significant value meantime. Anything meant to be used as money does not have to be made of any valuable metal. The primary requirement is to be widely accepted as a medium of exchange by individuals. Cash is a medium of exchange for goods or services within an economy.
Ewallet is a prepaid online account mode that can store money when needed.
Because it is a pre-built location, shoppers can purchase various items, from airline tickets to necessities, without paying a visa fee.
“How to Use EWallet” A digital wallet refers to an electronic device that enables a person to make electronic transactions. Wallet or Digital Wallet can integrate online buying with a PC or smartphone to shop in a store. It can also link the person’s financial credit to the Advanced Wallet. They can also have their driver’s license, social security card, trust card (s), and other identification documents saved on the phone.
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Advantages and Disadvantages of Electronic Banking
Electronic banking has several advantages over traditional banking systems, namely that it is simple and convenient for users. The benefits are (i) Electronic banking is easy for people to open and use. (ii) It’s easy to pay your bills and transfer your money quickly. Because of this, people do not have to stand in long lines and keep their receipts safe as the person can see the transactions at any time. (iii) Electronic banking is available at all times as it is open around the clock. People can access their accounts anywhere, including at night and on holidays.
Security parameters have been built into this system to ensure that credit card numbers are replaced with other numbers known as the first virtual personal identification number. Did not charge a person’s account until obtained email verification from the person who confirmed the purchase.
CyberCash: Cybercash is a payment method that uses encryption technology to transfer credit card information. It uses unique programs called “Cyber Wallet Software Program.” A customer would register for a Cybercash and be assigned a wallet ID and a password for a credit card. The merchant opens an account with the bank that accepts a payment transaction with Cybercash, and the bank approves or rejects a transaction in a merchant’s encryption.
Digi Cash: The Digi Cash system is generally used for micropayments. Digi Cash offers a secure account system to prevent the misuse of confidential customer data when making online payments. This system is no longer used.
Mondex: Mondex initially applied to the offline world and gradually shifted its basis to online transactions. It is an innovative card-based system that applies to card money transfers and invalidates money transfer spoofing requests. This system is similar to the electronic cash system, where funds are stored in
E-Business: Software and Technology Application
In Selected Ethiopian Banks, E-Business: Software and Technology Applications. Problems and Challenges” is a scientific journal published in November 2011 by the International Journal of Computer Science Issues (IJCSI). She was by Vijay, Bhaskar Reddy Muvva, Asefa, Tewdros Sisay.
This magazine’s main focus was on using software in banking, particularly in Ethiopia. Ethiopia is ranked tenth among “Third World Countries in terms of Gross National Income” by (Nations Online Country World Wide) (GNI). In Ethiopia, Cash is still the dominant means of payment, and electronic banking is little known, let alone for banking.” (Vijay and Asefa, 2011) This article analyzes and considers the problems and challenges that Ethiopian banks currently face. The magazine also mentioned the difficulty of adopting such software and technology in their banking industry.
It also presents the current state of the Ethiopian banking systems and compares software technologies, trends, and services offered by different Ethiopian banking systems. In addition, the most widely used application software today is electronic banking and mobile banking services. Finally, the magazine also examines recommendations and solutions for Ethiopia to develop its banking and software industry.
E-Commerce Impact on the Global Economy
Advances in the World Wide Web, computers and mobile wireless communication technologies are changing how business is done. The success stories of Amazon and eBay are some examples. Due to the limited competition, new technologies have created the necessary platform for innovation, growth, shopping convenience, and price advantages.
Industry leaders are developing strategies to leverage new technologies such as the Internet, wireless mobile devices, and social media to conduct business with greater market reach and efficiency to improve market share and profitability.
Electronic commerce is often understood as buying and selling over the Internet. Consumers’ retail purchases from companies like Amazon are instantly considered electronic. Still, e-commerce is much more than electronically-mediated financial transactions between companies and customers. E-commerce should be viewed as all electronically mediated transactions between an organization and any third party it markets.