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Electronic currency is also called e-money, which is one of several terms used to describe digital money. It is also known as electric cash, digital money, digital cash and digital currency, which is essentially a payment or transfer of funds that is initiated and processed electronically within current offline bank payment systems.

Nowadays, multiplication of computers, modems and modern telecommunication links, the market for electronic money products has grown voluminously. Electronic money is the digital representation of money, or more accurately, the digital representation of currency which is exchanged only electronically.

It must be noted that the words money and currency, although it is used interchangeably and often synonymously. Does the fact mean different things? Money is simply a means of communicating value, while currency is the physical manifestation of money, currency gives money visible form. Although the term electronic currency is usually used in expressing the movement of currency through computer internet network, digital currency is the more precise term, differential it from analog electronic currency, which is theoretically possible to create. Using electronic when referring to currency's historic development up to the present, whereas digital will refer to currency in the future.

Electronic Funds Transfer (also known as EFT) and direct deposit are examples of electronic money, which is a system for transferring money from one bank to another without using paper money. Its use has become widespread with the arrival of personal computers, cheap networks, improved cryptography and the Internet.
Since it is affected by financial fraud, the Electronic Funds Transfer (EFT) Act was implemented. This federal law protects the consumer in case a problem arises at the moment of the transaction.

Related link:
1) http://theauctioneer.wordpress.com/2008/07/30/e-money-defined/

2) http://en.wikipedia.org/wiki/Digital_cash

3) http://www.selfseo.com/story-6264.php

4) http://www.transactmoney.com/transaction-articles/electronic-funds-transfer.htm

5) http://work-at-home-scam-review.com/Understanding_the_E-gold_scams.html