It is expected that the electronic money will be a major payment method in the forthcoming electronic finacial system. However, in order for the electronic money to have a widespread use among general public in their dialy life there are many properties that should be satisfied beforehand. In this study, we first analyze the characteristics of the existing electronic money systems, compare various proposals on the electronic money system so far, and then suggest a desirable model of developing an electronic money system for Korean financial institutions. It has been found that the model we propose satisfies the general requirements of the electronic money system. The results of this study will aid in various activities of technology development and standardization. Furthermore, this study will support the initiative effort of Korea in developing inter-country electronic money system.