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Related to Electronic cash: Electronic Cash Register


(1) See digital coins.

(2) (eCash) An earlier Web payment service developed in the 1990s by Amsterdam-based DigiCash, Inc. It used a blind signature encryption method and required an active account from an eCash member bank. Digital coins were stored in the eCash Purse digital wallet on the customer's computer, and coins were deducted from the wallet when a purchase was made at eCash-compliant sites. The system was regulated by adding a serial number to each coin. When the merchant received the coins, they were sent to the customer's bank for verification. If a coin matched the serial number of a coin that had already been spent, fraudulent activity was detected.

Despite this innovative system, not enough banks participated for its success, and in 1999, eCash Technologies, Inc. acquired DigiCash. In turn, eCash was bought in 2002 by InfoSpace, Inc., Bellevue, WA and absorbed into its payment solutions unit. See Web payment service.
References in periodicals archive ?
In parallel, the Philippines was the main destination of electronic cash transfers from Lebanon with $37.
Further, electronic cash transfer institutions accounted for $353.
PayPal, on the other hand, is an electronic holding account for electronic cash transactions.
A major problem with any form of electronic cash is that of double spending.
Therefore this electronic cash product is strongly anonymous unless all parties to the transaction collude to figure out the identity of the payer.
DigiCash also offers eCash software to meet the needs of Internet retailers as well as software to set up banks for managing accounts and authenticating electronic cash.

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