Electronic Money
Implementation of e-Money in Business Transactions
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Electronic money is a new innovative payment system that uses a mobile device and technological products to carry out the different transactions offered by the system. It was implemented by the Central Bank of Ecuador in 2014 through the creation of the Organic Monetary Code. Its implementation seeks to include people who do not have a bank account, to streamline commercial transactions, and to become a means of storing virtual money and making cash payments.
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