Simplify the following text for a Grade 11 native English-speaking person.
Original: Electronic money ( also known as e-currency , e-money , electronic cash , electronic currency , digital money , digital cash , digital currency , cyber currency ) refers to money or scrip which is only exchanged electronically . Typically , this involves the use of computer networks , the internet and digital stored value systems .
Simplified: Electronic money is a digital equivalent of cash , stored on an electronic device or remotely at a server .