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    Electronic wallets and the ITM

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    1. Explain what electronic wallets are and how they can be useful to consumers. Also, outline reasons why a consumer who owns a credit card would want to use an electronic payment system, such as PayPal, for an Internet transaction.

    2. In the United States, a law called the Internet Tax Moratorium (ITM) has been enacted and renewed several times. The purpose of the ITM is to prevent federal, state, or local governments from enacting any new taxes on Internet business activity. Use your favorite search engine to learn more about the ITM. In 150 to 200 words, critically evaluate the rationale behind the law and take a position on whether the law should be renewed again.

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    Solution Preview

    An electronic wallet is a service provided for online shoppers to keep their information, passwords, credit card numbers all in one central location for access to use online. This sometimes a service or program offered by a company such as Google or Yahoo, though some computers have a wallet in their operating system.
    Electronic wallets can be accessed from personal computers, PDA's and cell phones, in addition to other equipment that can access cyberspace. This being said, there is limited ability to access the information in one from another. The efforts of virtual wallets to improve is moving forward as more people buy, sell, and do business online through bill pay and electronic transfers.

    Pay pal is a service that allows a person to be paid by another person or company online through an electronic process. The Paypal account can then be used to pay others. Paypal has security in place for those who need to access funds or to withdraw or deposit funds into the ...

    Solution Summary

    Discussions on the electronic wallets, the use of Paypal and other services and the Internet Tax Moratorium (ITM) and whether it should be extended.