Paper and Coin currency Vs Electronic Money Transfer Systems Essay

Paper and Coin currency Vs Electronic money Transfer Systems - Essay ExampleBill Gates, while delivering his lecture at International Consumer Electronics Show in Las Vegas (Nevada) in January this year, saidSoftware is providing power, entirely software has got to provide simplicity. And thats why our investment levels are dismission up in the toughest problems Security, privacy, speech recognition, video recognition - and all of those things we will fold into this platform.11. immediately we are in an IT era and wish to live in a Digital life-style. Being digital has become sort of a fashion statement. The older generation expresses its reservation regarding security issues etc. but the Gen-X is fully geared up to exploit the full potential of Digital age.Well, having said about the attitude, it for certain needs to be pointed out that the youth of the day is not as carefree as is universe branded, at times, by the elders. The fact is, the technologies interchangeable Electro nic silver Transfer or Electronic property Transfer have proved their utility beyond doubt and we believe in this capability because we encounter the intricacies of this technology.Electronic Funds Transfer (EFT) provides for electronic payments and collections. It is a system of transferring money from one bank peak directly to another without any paper money changing hands e.g.Theres will be much transpa... Electronic Funds Transfer (EFT) provides for electronic payments and collections. It is a system of transferring money from one bank reckon directly to another without any paper money changing hands e.g. Using Internet or bank transfers.Using ATM/Debit/Credit Cards etcPayments thorough telephone (using voice synthesizers)In fact the Radio Frequency IDs (RFID) technique is also utilize in Electronic Transfer. RFID tags are used in a wide range of contexts likeElectronic payment cards used in many countries to pay road tolls, bus and metro fares,Electronic security tags u sed by retailers,Intelligent baggage labels used in some airports etcMonitoring the workers within the factory/ company builiding.Advantages of Using Electronic Money Transfer Salary of an employee can be directly deposited in his/ her bank account.Theres will be more transparency in money transfers. For example transfer of huge sums of money to illegal operations like financing the terrorist organizations can now be easily traced, as there will be little number of manual transactions.Money can be transferred in lesser time, usually the same day.It increases the efficiency, prophylactic/ security standards of the bank.Such transfers are less expansive for the bank.Customer is free from the stress of carrying bundles of notes in a bag/ packets etc. hence reducing the threat of robbery.The threat of a Returned Check is gone as well.It results in less paper work meaning less cutting of trees i.e. an environment friendly technique.The day is not far when we do not need to carry any wal let, Credit cards etc. in our pocket, Soon enough we may see the times when well have all our banking records, personal details, identification tags etc in a smart chip embedded in the ring of our middle