What's electronic cash (E-cash)?
E-cash is a payment system, based on smart card technology, which offers an alternative to
paying cash for goods and services.
How does E-cash work?
E-cash storable smart cards can store and dispense cash electronically, making bills and
coins lesser necessary.It transfers funds over phone lines, making it easier to reload
your smart cards.You can use this system wherever you see the outlets accepting e-cash.
This is basically an electronic wallet that allows person-to-person payments.The
telephone or Internet link lets you make this person-to-person payment anywhere in the
world.The card can store around five separate currencies at the same time.
possible for keeping tabs of my expenditure made through the card?
Yes.E-cash compatible ATMs, telephones, and electronic wallets include a statement
key that lets you check the last ten transactions on your card.You'll get an instant
electronic statement showing how much you have spent and where and when you spent it.
is an electronic wallet?
An electronic wallet is a pocket-sized device with one or two card readers and its
own electronic purse, a keyboard, and a screen.Wallets can transfer value to and from
electronic cash storable smart cards, allowing you to make person-to-person payments
without handling cash.
E-cash make physical cash redundant?
E-cash is an alternative to physical cash, not a replacement.Many of transactions are
still made in cash and it's unlikely that the scene will change that drastically.However,
there will certainly be many places where consumers as well as retailers will prefer
e-cash to physical cash.
will E-cash affect my other payment cards?
E-cash storable smart cards is an alternative to cash transactions because of its benefits
for consumers and retailers.It is faster than handling conventional currency, and in many
cases safer and less expensive.Credit and debit cards offer a different set of benefits
than electronic cash smart cards, such as revolving credit and interest-free periods.
These different types of payment cards will be able to co-exist easily.
I spend too much with the E-cash smart card?
With this card, you can only spend the value you have loaded, and no more.The chip keeps
a record of your transactions, which you can see at any time by using the statement key on
an electronic wallet, telephone, or ATM.
happens if I lose my electronic cash smart card?
Because electronic cash is like physical cash, if you lose your smart card, you'll lose
the balance of electronic cash held on that card.It would be the same as losing bills or
coins.The difference is that your Smart Card is useless without your code to unlock it,
so nobody will be interested in stealing it.
need to enter a PIN at the cash register to complete my transaction?
No.Your PIN is only required for access to your bank account using debit. You will not
need it for individual sales transactions.
do I know where I can use E-cash smart card?
Just look for the logo in the storefront window of companies that issue such cards.Any
retailer who accepts electronic cash smart cards wants to be sure that one knows about it.