Paper and Coin currency Vs Electronic Money Transfer Systems Essay

Paper and Coin currency Vs Electronic Money Transfer Systems - Essay Example Bill Gates, while delivering his lecture at International Consumer Electronics Show in Las Vegas (Nevada) in January this year, said "Software is providing power, but software has got to provide simplicity. And that's why our investment levels are going up in the toughest problems: Security, privacy, speech recognition, video recognition - and all of those things we will fold into this platform."1 1. Today 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 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 Transfer or Electronic Funds Transfer have proved their utility 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 bank account directly to another without any paper money changing hands e.g. There's 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 Internet or bank transfers. Using ATM/Debit/Credit Cards etc Payments thorough telephone (using voice synthesizers) In fact the Radio Frequency IDs (RFID) technique is also used in Electronic Transfer. RFID tags are used in a wide range of contexts like; Electronic payment cards used in many countries to pay road tolls, bus and metro fares, Electronic security tags used by retailers, 'Intelligent' luggage labels used in some airports etc Monitoring 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. There's 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 same 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 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 wallet, Credit cards etc. in our pocket, Soon enough we may see the times when we'll have all our banking records, personal details, identification tags etc in a smart chip embedded in the ring of our middle