Electronic money means money that is stored electronically in electronic and digital information, unlike physical paper and cash, and is used to make it easier for users to use electronically. The value of electronic money is backed by fiat money.

Two Types of Electronic Money.

Soft Electronic money.

Soft electronic money is where the e-money is used for refunds or transactions. There is an additional level of flexibility offered, and users are allowed to manage the transaction even if the payment has been processed such as a cancellation of the transaction or a change in the payment price.Changes may be made after the transaction at a specified time. They can include transactions transmitted via payment methods such as PayTM PayPal Interac credit cards and etc.

Hard Electronic money

Hard money is e-money is used for inconsistent, highly secured and identical processes in nature. the Electronic money have bank based transactions.

Advantages and disadvantages of electronic money.

Advantages.

1. Increased flexibility and ease of use.
   The use of electronic money brings more flexibility and ease of use to the table. Transactions can be entered from anywhere in the world, at any time, with a single click of a button. It removes the complexity and complexity involved in the delivery of physical payments.

2. History
   The use of electronic money is increasing because it keeps a record of the digital history of each transaction. It makes tracking payments easier and helps to create detailed reports on spending, budgeting, and so on.

3. instantaneous
   Electricity spending also brings unprecedented momentum to the economy. Transactions can be completed in seconds by clicking a button from almost anywhere in the world. It removes the problems of physical delivery of payments, including long queues, waiting times, etc.

4. Increased security
   The use of e-money also brings more security. To prevent the loss of personal information while using the Internet, advanced security measures are used such as authentication and token processing. Strict enforcement measures are also used to ensure the authenticity of the transaction.

Disadvantages

1. Certain infrastructure.
   The importance of a particular infrastructure
   To use electronic money, access to specific infrastructure is required. It includes a computer or laptop, or smartphone, as well as a stable internet connection.

2. Possible violations / hacks
   The Internet is always coming and going. Hacking can leak sensitive information and can lead to fraud and money laundering.

3. Online scams
   Online fraud is also possible. All it takes for a fraudster to pretend to be from an organization or bank, and consumers easily believe that they have provided their bank card details. Apart from increased security and the existence of measures to ensure the fight against online scams, it is still something to be considered.

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