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 submit in Las Vegas (Nevada) in January this year, saidSoftware is providing power, but software has got to provide simplicity. And thats why our investment levels are going up in the toughest problems Security, privacy, speech recognition, video recording recognition - and all of those things we will fold into this platform.11. Today we are in an IT era and wish to live in a Digital life-style. organism 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 performance the full potential of Digital age.Well, having said about the attitude, it certainly needs to be pointed out that the youth of the day is not as carefree as is being branded, at times, by the elders. The fact is, the technologies like Electronic Money Transf er or Electronic Funds Transfer have proved their value beyond doubt and we believe in this capability because we understand the intricacies of this technology.Electronic Funds Transfer (EFT) provides for electronic payments and collections. It is a system of transferring money from one intrust account directly to another without any paper money changing hands e.g.Theres will be more transpa... Electronic Funds Transfer (EFT) provides for electronic payments and collections. It is a system of transferring money from one bank account directly to another without any paper money changing hands e.g. Using net income or bank transfers.Using ATM/Debit/Credit Cards etcPayments thorough telephone (using voice synthesizers)In fact the Radio Frequency IDs (RFID) proficiency 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 used by retaile rs,Intelligent luggage labels used in some airports etc supervise 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 less number of manual transactions.Money can be transferred in lesser time, usually the aforementioned(prenominal) day.It increases the efficiency, safety/ 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 bring down 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 wallet, Credit cards etc. in our pocket, Soon enough we may work out 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