Electronic money transfers are not only used in connection with foreign currency exchange payments, but in a host of other payments especially when larger amounts are involved such as property, cars, boats, in fact anything.
Electronic money is a recent invention which means that currency with real value can be exchanged for traditional cash; it is instead entirely virtual or digital. It is a new invention in the history of money and commerce. Electronic money only exists in digital format and is primarily based on the internet or smart cards that have a record of their stored value. The transactions which are electronically done are known as electronic money. Similar names for electronic money are electronic cash, e-money, digital money, digital currency or digital cash.