Technological advancement has introduced an electronic method for the payment for goods and services. With these advancements and the growth of the internet, the market-place of the world has become one universe without borders. This paper examines the various methods of electronic payment for goods and services and the domestic and international laws that govern their operations. The paper explores concerns about money laundering, counterfeiting, internet security, cyber scams in electronic cash as well as proffered security solutions to these problems. The paper concludes with the proposition that electronic cash in the form of cards (ATM) are more accessible to the masses as compared to electronic cash based on PCs and the Internet.