e-money
- how to read
- How to read in Japanese: e-money
- synonyms
- antonym
E-money is electronic money that can be used to make payments using a special electronic money card or mobile wallet instead of cash or credit card payments.
In order to use the e-money, you need to charge money to your e-money account. Most of them charge any amount of money in advance or auto-charge at the time of payment, but there are also some types that charge the required amount from a credit card after payment is made. The former is called prepaid type or auto-charge, and the latter is called post-pay type.
E-money can be broadly classified into two types: transportation and commercial, but numerous more types of e-money are in widespread use. Transportation e-money can be used not only for paying train and bus fares, but also for shopping at affiliated stores and vending machines.
Electronic money offers many advantages. First, it eliminates the need to carry change. Unlike paying with cash, there is no need to carry more change.
Secondly, the fact that payment can be completed more quickly than with cash or credit cards is also preferred by today’s busy people. This is because they do not have to count the money or sign for credit card payment; they simply hold the card over a dedicated terminal and the payment is completed promptly.
Another advantage of prepaid e-money is that it is easier to use than credit cards for small payments. On the other hand, for those who tend to overspend when using a credit card, prepaid e-money has the advantage that it can be charged up to the budgeted amount to prevent overspending.
By the way, dedicated cards and mobile wallet are the most common tools used for e-money payments, but other types are beginning to spread as lifestyles change. Examples include smartphone applications, smartwatches, and wristwatch bands.