Electronic Money

Electronic money (e-money) uses digital data instead of physical cash for payments. It comes in two main forms: IC card-based (using NFC tap-to-pay) and QR/barcode-based (displaying or scanning codes on smartphones).

QR code-based e-money spread rapidly due to minimal setup costs - stores only need a printed QR code, unlike NFC terminals costing hundreds of dollars. Security relies on one-time codes that expire quickly, with actual balance management handled server-side rather than stored in the QR code itself.