electronic cash

information science

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Last updated

July 20, 2026

Quick Summary

Electronic cash, more accurately termed electronic money or electronic funds transfer (EFT), refers to the use of technology to conduct financial transactions instead of using physical cash. This encompasses a wide range of methods, including automatic teller machines (ATMs), mobile payments, and online banking. These systems allow for the transfer of funds between accounts, purchases, and bill payments without the need for physical currency. The concept has evolved significantly since early forms like telegraphic money transfers in the 1870s, leading to today's digital wallets and cryptocurrencies. A "cashless" society relies heavily on these electronic means.123

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information system
Securing information
For example, a payment in electronic cash is a type of message, with encryption used to ensure the purchaser’s anonymity, that acts like physical cash.
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For example, a payment in electronic cash is a type of message, with encryption used to ensure the purchaser’s anonymity, that acts like physical cash.
Read More