- A method used to transfer funds over the Internet as payment for goods and services. Also commonly referred to as e-cash.
cyber money, e-cash, virtual currency
Related Terms and Acronyms
- E-cheque — Definition,
- An electronic version of a paper cheque. The account holder writes an e-cheque using a computer or other type of electronic device and transmits the e-cheque to the payee electronically. Like paper cheques, e-cheques are signed by the payer and endorsed by the payee. Rather than handwritten or machine-stamped signatures, however, e-cheques are affixed with digital signatures, using a combination of smart cards and digital certificates. The payee deposits the e-cheque, receives credit, and the payee's bank clears the e-cheque to the paying bank. The paying bank validates the e-cheque and then charges the cheque writer's account.
- Electronic Commerce — Definition,
- The purchase or sale of products and services through an electronic system such as the Internet.
- Electronic Funds Transfer (EFT) — Acronym, Important,
➥ Also known as e-Transfer.
- The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.
- Online Banking (OLB) — Acronym, Important,
- Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution's web site on the Internet. Also known as Internet banking.
- Online Bill Payment — Definition,
- A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write cheques and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
- Online Debit Card — Definition,
- A method of payment in the form of a card that immediately deducts funds from a person's bank account when used. The card may have a VISA or MasterCard logo on it, or just the name of the bank that issued the card, similar to an ATM card.
- Point of Sale (POS) — Acronym,
- A location where a sales transaction takes place.
- An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer's chequing account. Also known as POS.