Money sent over networks, usually the Internet, in the form of data is considered to be electronic money. It offers the ease and convenience of being able to be sent by a home computer or a mobile device such as a smart phone or tablet.
The transfer of money over the Internet actually takes place between the accounts held at the bank or credit authority of the sender and the receiver, with a financial intermediary. A user enters the amount to be sent and authorizes the payment which is usually instantaneous but may take some time due to a bank or credit authority's clearing process, the term given to the activities that precede the settlement of the payment.
E-Money can also be in the form of digital currencies such as Bitcoin, which is kept and transferred in a decentralized method.