ELECTRONIC MONEY AND CHIP CARDSIntroductionWhen you enter a store to make a purchase, a monetary transaction takes place between a merchant, the supplier and the consumer, which is you. Typically, you will use cash, check, or credit card. If you're making a purchase for less than five dollars, it doesn't seem reasonable to pay with a credit card or write a check. Electronic money is the solution to this problem, regardless of the size of the transaction. Electronic money is a viable alternative to traditional payment methods. What is electronic money? In the past, people had to go to the bank and wait in line to make a deposit or withdrawal. the money in their accounts. Nowadays, money can be accessed using a computer. The monetary value of your bank balance is available electronically through your bank's computer. The electronic form of money defines what is known as electronic money. This increases your purchasing power because your funds are available to you 24 hours a day, all year round. What is a smart card? how much money your card or account contains. The chip stores this information and updates it with every transaction made with that card. The process to be used involves swiping the card to pay for a purchase and the scanning device deducts the purchase amount from the amount stored on the chip. Some debit cards are implemented in the same way as chip cards.SummaryAn electronic system, a new form of payment that benefits society as a whole through chip cards. This creates less need to have physical cash and retains the capacity and use of the same cards...... middle of paper ...... users could access your health records, your driving records or other information. which would be present on the map. The downside for merchants would be that they would have to invest in a chip card compatible terminal. This would increase employee training costs and most merchants have decided not to move forward with adopting chip card support unless there is demand. There have been many hurdles to overcome with the use of smart cards, such as deposit insurance liability. , accuracy of data, anonymity of transactions, risk of fraud. Java software from software company Sun Microsystems eliminates or reduces many problems encountered in implementing smart cards. Java is now the standard company used because it offers many advantages in terms of security and network awareness. Java has become the largest developer of smart card applications.