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Electronic Money (E-Money)
Electronic money (e-money) is a digital representation of currency stored electronically on devices like computers, smartphones, or prepaid cards. It is used to make electronic payments and transfers, providing an alternative to physical cash.
E-money simplifies transactions in e-commerce, mobile payments, and digital wallets. It enables quick and secure financial exchanges without physical currency. It is governed by regulatory frameworks to ensure security and compliance, requiring robust security measures to prevent fraud.
As e-money usage increases, businesses must continually improve their security systems to protect against fraudulent activities and maintain customer trust in digital financial services.
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