Electronic Cash and Smart Cards

Many Asian countries have undergone reforms due to the Asian financial crisis. The emergence of modern payment services has brought the rapid development of information and communication technology. This has increased the number of payment services and various payment methods in Malaysia. In 2004, the government began participating in electronic payment programs by accepting bank cards as a way of payment, but this ATM card created by members of the European Parliament replaced national magnetic strip ATM cards.

It is important to distinguish between digital cash and so-called electronic money. As you know today, electronic money is not across the border. Some smart card systems like Mondex are seen as a form of digital cash. However, some smart card systems require special equipment, which reduces the global impact. There are many people worried about the security of the digital cache. If these concerns outweigh the benefits, digital cash will not spread. In addition, there are many regulations in the real world that protect consumers and provide economic stability. These laws may hinder the spread of digital cash. Despite these potential difficulties, I must still consider at least one situation where digital cash will become popular in the Internet.

Multinational companies are an important function of digital cash. If digital cash is influenced by the border, it is considered an effective payment system such as credit card or electronic remittance. There is no serious economic impact. Credit cards and electronic remittances increased the efficiency of financial transactions, changed the rate of currency distribution, and increased the multiplier. However, credit cards and electronic remittances did not cause serious problems with digital cash. Respecting the borders and complying with the central bank's digital cash, there is no financial adverse effect.

Credit cards are an important aspect of sustainable economic growth as well as individuals and companies. Cash works best in face-to-face transactions, and it takes time to cash checks. However, credit cards and electronic payment make it easy to operate in the global market. This convenience will promote long distance trading and increase domestic gross output and consumption. Both can create employment. Credit cards play an important role in increasing consumer and production cycles, providing safe payment methods to merchants and providing consumers with ways to fill wage disparities in emergency situations.