The bill of Electronic Financial Transaction Law was submitted to parliament with the object of providing the electronic financial transaction with legal stabilization, which has become increasingly popular in financial circle. It includes rules of electronic fund transfer, electronic cash and pre-paid electronic payment tools etc. The bill is significant in such respects as the dividing electronic financial service provider and electronic financial service assistant, the differentiating the electronic cash form pre-paid electronic payment tools etc. But the bill has problems in some respects. First, the scope of the law is too wide because it includes the electronic insurance transaction and the electronic securities transactions but it doesn`t have special rules respecting such special transactions. Second, it doesn`t categorize logically the electronic payment system, which is developing with a great velocity, therefore it should be amended frequently after legislation. The category of with-value type, payment-order type, negotiable-instrument type in electronic payment is recommended. Third, it is focussing on the consumer based transaction and some general rules about that but such a characteristic is not the only one of electronic financial transaction. Therefore the general rules relating the consumer based transaction should be moved to specific part of the consumer protecting rules of the law. Probably Electronic Financial Transaction Law is the first legislation in the world to provide general rules to electronic financial transactions. Therefore we should not hesitate to legislate the new law and should have more time to research legal environment and problems of electronic payment system including electronic promissory note which was promulgated two months ago.