The Implications of Electronics Money on the Digital Payment Method

Abstract

Nowadays, as a result of globalization’s impact and the fast growth of technology, it is unquestionably beneficial to our everyday activities. Developed technology enables a plethora of new conveniences not before available. Because increasingly advanced technology encourages individuals to conduct all transactions digitally and is simple to use, payment systems based on electronic money have emerged and are often utilized for daily transactions. These technical advancements also have an effect on the community’s lifestyle and payment systems, since they enable the replacement of cash payments with more efficient and convenient electronic payment systems based on electronic money (e-money). The purpose of this research is to ascertain the consequences of utilizing electronic money as a contemporary payment mechanism that is often utilized by individuals for purchasing and selling activities. Electronic money is similar to currency in that it may be carried and stored anywhere. The usage of simple to use electronic money is anticipated to improve consumers’ transactional convenience and may continue to be the community’s preferred payment transaction instrument in the digital era.