Question

Suggest an economic term for the given statement

System that makes use of currency for facilitating payments-__________________

Plzz give the correct answer

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Answer 1

system that makes use of currency for facilitating payment is called electronic banking

Answer 2

Answer:  

System that makes use of ‘currency for facilitating payments’ is called electronic money or e-commerce payment.

Explanation:

‘Electronic money’ refers to the electronic transfer of money. It is the money which is available in the banking computer system. The value of money has the backing of fiat currency which can be exchanged for cash.  

Transactions through electronic process take place globally and people are able to buy things online and pay for it through electronic money. People store their money in banks which provide the electronic records of the cash.