Electronic Money

GCIT 1015 Group Project

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Electronic Money by Mind Map: Electronic Money

1. Usage

1.1. Cheque

1.2. Credit card

1.3. paypal

1.4. Octopus Card

1.5. E-banking

2. Introduction

2.1. Definition

2.1.1. Non-physical money that only exists in the banking system

2.2. Background/History

2.3. Invention

3. Characterlistic

3.1. Advantage

3.1.1. Convinience Easier to handle the currency problem

3.1.2. General Public No need to carry cash/coins

3.1.3. Government Easier to collect tax ( the history of transactions are recorded

3.1.4. Firm/Merchant Decrease operating costs

3.1.5. Environmentalist Save paper, more environmentally friendly

3.2. Disadvantage

3.2.1. Privacy problems The electronic money company handles the information about their users which might be dangerous for protecting personal information

3.2.2. small shops have not enough equipment to support Shops need to be ready to handle with both electronic money and cash

3.2.3. Crime problems No proper security regulations set on

3.2.4. Technological failure

3.2.5. Heavy reliance on server to maintain the function of transactions, technological failure could delay the process and cause social problems,

4. Development

4.1. Future

4.1.1. ???

4.2. Now

4.2.1. Promotion

4.2.2. Education

4.3. Past

4.3.1. technology improvement