• Electronic money can be kept in a variety of locations. The majority of people and businesses keep their money in banks that keep computerised records of their deposits. Prepaid cards and digital wallets such as PayPal and Square, on the other hand, enable users to exchange fiat currency for electronic money. These businesses will earn by charging a portion of any money removed from accounts or converted from electronic money to fiat currency.
• Electronic money is utilised for international transactions. Electronic money is most typically used through computer banking systems and regulated by electronic processing. It can be traded for fiat cash (which, incidentally, separates it from cryptocurrencies). Because only a small portion of the cash is used physically, the majority of it is kept in bank vaults and backed by central banks.

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