In recent years, electronic money has spread rapidly and become indispensable in our daily lives and business situations. Contactless payments using smartphones and tablets have become commonplace, eliminating the hassle of making cash payments and recording purchase histories, allowing for more convenient and quicker transactions and easier management of money. This convenience is a major benefit, especially for busy business people and households who want to easily manage their expenses.
What is electronic money?
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Electronic money is a payment method that allows transactions to be conducted in a digital format instead of cash, making it possible to make payments online or in stores without carrying physical cash.
Electronic money is typically stored in dedicated electronic wallets or apps, and users use it to purchase goods and services.
Like credit cards and debit cards, electronic money is often linked to bank accounts and credit cards, making it possible to check balances in real time and manage transaction history.
The basic mechanism is that a user first purchases electronic money, which is then charged to their account in digital form, and then when they purchase goods or services, they use the charged amount to pay, and the account balance is reduced when the transaction is completed.
This process is very quick and typically takes just a few seconds.
Classification of electronic money
Electronic money can be broadly divided into four types:
1. Transport-related electronic money
It is electronic money issued by transportation companies and can be used not only on public transportation but also at convenience stores and restaurants. The most common ones are as follows:
Suica (JR East Japan)
PASMO (private railways and buses in the Tokyo metropolitan area)
ICOCA (JR West Japan)
PiTaPa (Kansai private railways and subways)
2. Distribution-based electronic money
They are mainly issued by distributors such as supermarkets and convenience stores, and offer benefits such as points that can be accumulated when making purchases at specific stores. The most common ones are as follows:
WAON (AEON Retail Co., Ltd.)
nanaco (Seven Card Service Co., Ltd.)
Rakuten Edy (Rakuten Edy, Inc.)
Ponta (Loyalty Marketing Co., Ltd.)
3. Credit card-based electronic money
It is used in conjunction with credit cards and debit cards, and allows smooth payment without PIN numbers. The most common ones are as follows:
iD
QUICPay
Visa Touch Payment
Mastercard Contactless
4. QR Code-based Electronic Money
This is a method of payment that allows you to read a QR code using your smartphone. It can be used at many stores and is especially popular among young people. The most common types are as follows:
PayPay
au Pay
dPayment
Rakuten Pay
Each of these electronic money systems has different features and convenience, so you can choose one that suits your needs. When choosing, it's a good idea to consider the stores where you can use it, the special offers, and how to charge it.