3. Recent forms of money

The latest type of Money is plastic money in the form of Credit cards and Debit cards. They aim for cashless transactions.

 

  

E-Money:
Electronic Money is money that exists in banking computer systems and is available for transactions through the electronic system.

  

Online Banking (Net Banking)
Online Banking, also known as internet banking, is an electronic payment system that enables customers of a bank or other financial institutions to conduct a range of financial transactions through a website.

 

E-Banking:
Electronic banking, also known as National Electronic Funds Transfer (NEFT), uses electronic means to transfer funds directly from one account to another rather than by cheque or cash.

Value of Money:

Value of money is meant the purchasing power of money over goods and services in a country.

The Internal value of money refers to the purchasing power of money over domestic goods and services.

 

The External value of money refers to the purchasing power of money over foreign goods and services.