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E-Cash

E-cash is the same thing as digital money. It is different than an electronic payment because the e-cash is kept in a digital wallet and controlled by the user.

Definition. E-Cash is a computer Generated Internet based system which allows funds to be transferred and items to be purchased by credit card, check or by money order, providing secure on-line transaction processing.

While may different companies are rushing to offer digital money product, currently e-cash is cash is represented by two models. One is the on-line form of e-cash (introduced by DigiCash) which allows for the completion of all types of internet transactions. The other form is off-line essentially a digitally encoded card that could be used for many of the same transactions as cash.

E-cash truly globalize the economy, since the user can download money into his cyber-Waller in any currency desired. A merchant can accept any currency and convert it to local currency when the cybercast is uploaded to the bank account.

To the extent a user wants E-cash off-line all that is necessary is smart card technology. The money is loaded into the smartcard, and special electronic wallets have been used successful in other countries for such transactions as phone calls for a number of years. The money could also be removed from a smartcard and returned to a bank account. Visa is developing a related product, the stored value card. This card comes in a variety of denominations, but functions more like a debit card than E-cash.

In essence, E-cash combines the benefits of other transaction mediums. Thus, it is similar to debit/credit cards, but E-cash allows individuals to conduct transactions with each other. It is similar to personal checks, but it is feasible for very small transactions. While it appears superior to other forms, E-cash will not completely replace paper currency. Use of E-cash will require special hardware, and while most people will have access, not all will. However, E-cash presents special challenges for the existing “middlemen” of the current paper currency society. More and more, banks and other financial intermediaries will serve simply as storehouses for money, lenders, and processing verifying electronic transactions. Personal interaction with a teller, or even visits to a bank ATM will become obsolete. All one will have to do is turn on his computer.

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