DIGITAL CASH

Money that can be exchanged, transferred or traded only on an electronic basis is called as Digital Cash. It is also called as electronic cash, e-money, digital money, etc. It involves using the internet, different computer networks, as well as digital value systems that have stored data. Examples of such digital cash are EFT or electronic fund transfer, and DD or direct deposit.

Digital Cash is simply a serial number that is encrypted in codes representing electronic money, which can be transferred from one account to another, and used for online transactions. The customer can use this just like he would use normal money, using it to make purchases with merchants who offer them the facility of paying with digital cash. The merchant gives such customers special accounts with which they have freedom of conducting only money actions. The customer also has the ability of adding on to their digital cash amounts by pulling in cash from their credit cards and their checking accounts.

Using digital cash provides customers with the relief and a feeling of security that they are not using their credit cards or their own real money to perform transactions. Hence they would not have the fear of getting caught in fraudulent claims or scams. The only problem that they may have to face when using digital cash would be if merchants do not accept such payments. Not all merchants have facility to pay using digital cash, since it not as popular as using credit cards or checks. But at the rate that technology is expanding nowadays, it won’t be long before most merchants start to take in digital cash, as it would save them the trouble of getting receipts, handling credit cards and checks etc.

However, most of the customers who actually use the digital cash system are ones who are reluctant to give out their personal card details online, and those who do not have credit cards or debit cards. There are various resources that offer customers the digital cash service, some of which are given below –

• eCharge – it gives you eCharge net accounts and phone accounts too.
• RocketCash – this is one of the most famous digital cash providers
• Cash Cards Intl – this service gives you the freedom of buying and selling products all across the world without having to worry about getting chargeback’s. You can also collect, deposit or transfer your e-cash using this service.
• Pocket Pass – these acts like a prepaid telephone card, letting you have online purchases at their special merchant websites.
• E-Gold – this is digital money, which is backed up with 100% gold.
• InternetDollar – e-currency that you can use to conduct online purchases.

Another form of digital cash is the Offline electronic money. In this case, the merchant is not required to have interaction with banks to accept money from the customer. In place of that the merchant just needs to collect the spent money by the user, and at a later time place them as deposits into his bank account. This is termed as offline for the basic fact that the merchant does not have to get onto his computer system. He can simply walk into the bank, and walk out with exchanged cash for the e-cash.

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