{"id":7596,"date":"2020-12-16T10:40:42","date_gmt":"2020-12-16T10:40:42","guid":{"rendered":"https:\/\/bitsacard.com\/blog\/?p=7596"},"modified":"2021-01-28T11:47:10","modified_gmt":"2021-01-28T11:47:10","slug":"five-benefits-of-using-electronic-money","status":"publish","type":"post","link":"https:\/\/bitsacard.com\/blog\/en\/five-benefits-of-using-electronic-money","title":{"rendered":"Five benefits of using electronic money"},"content":{"rendered":"

As we announced, <\/span>Italy promotes the use of card payments<\/span><\/a> as a measure to reduce tax evasion in the country. However, this is only one of the five benefits of using electronic money. Cash, although still leading, is gradually losing ground as a preferred payment system for users.<\/span><\/span><\/p>\n

What is electronic money?<\/h2>\n

According to the European Central Bank,<\/span> electronic money is a monetary value that is used for Internet transactions<\/b>. It is an electronic substitute for coins we know. In addition, this type of money is characterized by being stored in electronic media.<\/span><\/span> There are some entities authorized to issue electronic money, called Electronic Money Institution (EMI)<\/strong><\/span>, which have an obligation to issue it at face value and this must be accepted as a means of payment by companies other than the issuer.<\/span><\/span> Leaving aside the debate about whether cryptocurrencies such as <\/span>bitcoin<\/span><\/a> (decentralized virtual currencies) are considered electronic money or not, it should be noted that <\/span>it is a very broad concept<\/b> that encompasses <\/span>any payment system that involves an electronic medium<\/b>.<\/span><\/span> Thus, depending on the support used, one can distinguish between the <\/span>money attached to the card<\/b> and the <\/span>software money<\/b>.<\/span><\/span> The first is related to payment methods based on a card that generally tends to be a <\/span>rechargeable prepaid card<\/b>. Example: <\/span>Bitsa Card<\/span><\/a>, where the money is deposited in one of the authorized EMIs in Spain and other European countries. Discover the <\/span>advantages of a prepaid card without a bank account<\/span><\/a>. The second type, electronic money stored under a software format allows transactions to be carried out without requiring additional software or hardware. Ex: <\/span>wallets<\/b>.<\/span><\/span><\/p>\n

Benefits of using electronic money<\/h2>\n

The<\/span> five benefits of using electronic money<\/b> in your day-to-day life are briefly summarized below.<\/span><\/span><\/p>\n

    \n
  1. Security <\/b>Top-ups or deposits made by the user are guaranteed because electronic money is backed by a trust: The companies responsible for managing electronic money are subject to the control and supervision of the relevant institutions.<\/span> In addition to this, electronic money is safer because it is not possible to lose it, receive counterfeit money or erroneous amounts, as is the case with cash.<\/span><\/li>\n
  2. Without banks in between <\/b>Users maintain the privacy of their data (balances or movements they make). The movements are in the private network of VISA and Mastercard.<\/span><\/li>\n
  3. Speed <\/b>Exchanging electronic money is a simple and instant process. You save time and gain security.<\/span><\/li>\n
  4. Less costs <\/b>As it is not associated with traditional banking institutions, there are no operating expenses, nor maintenance costs for having your money in good standing.<\/span><\/li>\n
  5. Traceability <\/b>Especially important in the business field since electronic money facilitates compliance with the requirements of corporate transparency for possible audits.<\/span><\/li>\n<\/ol>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    As we announced, Italy promotes the use of card payments as a measure to reduce tax evasion in the country. However, this is only one of the five benefits of using electronic money. Cash, although still leading, is gradually losing ground as a preferred payment system for users. What is…<\/p>\n","protected":false},"author":22,"featured_media":5651,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[237],"tags":[],"class_list":["post-7596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintechproduct-2"],"_links":{"self":[{"href":"https:\/\/bitsacard.com\/blog\/en\/wp-json\/wp\/v2\/posts\/7596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitsacard.com\/blog\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitsacard.com\/blog\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitsacard.com\/blog\/en\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/bitsacard.com\/blog\/en\/wp-json\/wp\/v2\/comments?post=7596"}],"version-history":[{"count":0,"href":"https:\/\/bitsacard.com\/blog\/en\/wp-json\/wp\/v2\/posts\/7596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitsacard.com\/blog\/en\/wp-json\/wp\/v2\/media\/5651"}],"wp:attachment":[{"href":"https:\/\/bitsacard.com\/blog\/en\/wp-json\/wp\/v2\/media?parent=7596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitsacard.com\/blog\/en\/wp-json\/wp\/v2\/categories?post=7596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitsacard.com\/blog\/en\/wp-json\/wp\/v2\/tags?post=7596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}