With technology advancing as every day goes by, there is no telling where the economy will be in the near future. With all these forms of technology available and in development stages, it is hard to see the outcome of the future and the effect it will have on the way business is conducted. Technology has come to play such a significant role in accounting and business that, in many ways, it now seems part of the professional landscape. What will become of the business is done and the form of currency we use to conduct it. Will cash be around forever, or will other forms of money eventually replace it? This is a question that has been puzzling analysts for years. The results are unpredictable; however, many analysts feel that in the near future, means of making payments will be permanently altered by e-money, therefore, completely replacing all currency in the United States. The other analysts feel that e-money is just another financial innovation in a payments system th!
             at is constantly evolving but will come to an end. As historians say, by studying the past, you may be able to predict the future. In the 1960's, credit cards became available as an alternative means of payment. In the 1970's and 80's the deregulation of financial institutions created 'NOW' accounts and the money market funds. Now in the 1990's and the presence of the millennium, it is time for another system to take part. E-money is the next innovation in the evolution of the payment system (Abbot).
             E- money can be compared to a credit card with slight variations. It has a computer chip embedded in a card or the hard drive of a personal computer with balances stored on them adjusting with either debits or credits. E-money comes in different forms but there are two basic forms of electronic money in which can be used as a means of payment. Electronic money can be in the form of a stored value card or computer based sys...