Electronic Cash (E-Cash) Payment Method

(4) Electronic Cash (E-Cash):

Electronic cash are same as physical cash.

The user put e-cash in digitally signed file on the medium of floppy / cd / pen drive / flash drive.

A user can get the e-cash by paying through credit card or ATM.

The trader who accepts the e-cash open his account with the bank who issue e-cash to the customer. The customer who shops from such online trader’s website, transfers the e-cash into the traders special account.

The e-cash providing by Digicash (www.digicash.com) is an example of electronic cash.

In e-cash there is no personal identification, so security is the major question of e-cash. However for high security the bank who provides the electronic cash issue the notes and coins with digitally signature.

The e-cash is stored as token in the file which includes total amount, serial numbers and digital signature. The e-cash is used only once by matching the digital signature.

Also nowadays the credit card and other payment facility are very famous and easy, so electronic cash is reducing slowly.