What are the functions of money and the advantages of electronic banking?

3.1 Two functions/roles of money are:

• A medium of exchange (used to buy goods and services).
• A store of value (can be saved and used later). Alternatively:
• A unit of account (provides a common measure of value).
• A standard of deferred payment (allows for future payments).

3.2 One advantage of electronic banking is convenience, as it allows transactions to be performed 24/7 from any location with internet access.
Alternatively:

• Speed, as transactions are often processed instantly.
• Security, as it reduces the need to carry physical cash.
• Accessibility, as banking services can be accessed remotely.