Mondex developed and tested this model with different banks, but the company has now transitioned into the development and management of smart cards which are also used for financial transactions.
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Transactions can be made over the internet, email, or personal computer to another workstation-securely and anonymously. This guide will conclude with what we can expect the future to hold for a Cash app.Ī simple definition of eCash, also known as electronic cash, cybercash, digicash, and e-money, is a digital money product that provides a way to pay for products and services without resorting to the use of paper or coin currency. In this guide you will learn exactly what eCash is, it’s history, the components that make this system work, the great advantages, disadvantages, and current global regulations. eCash will become more mainstream as more and more people get online, have access to mobile devices, and as the updated versions display continuous improvements to this electronic payment process. In other words, eCash isn’t going to be going away any time soon.
More importantly, as noted by Nina Gass, “Electronic cash was one of the first solutions to show consumers and businesses that it was safe, private, and very convenient to do transactions over the Internet.”Īs technology has continued to evolve, electronic payments are seemingly becoming a way of the future that most of us use daily every time we use services like Due, PayPal, Square, or Apple Pay. Based on the 2015 Payments Cost Benchmarking Survey, “the estimated median cost of a check transaction is $3.00, compared with a range of between $0.26 and $0.50 per automatic clearing house (ACH) credit transaction and $1.50 for a purchasing card transaction.” Because of this significant price difference, two out of three finance professionals have stated that they will replace checks with electronic payments. Since then, the transfer of money has continued to evolve from gold and silver, to paper and coins to checks (also paper) to credit cards, and now forward to digital currency that is becoming more common in the 21st Century.Īccording to the Federal Reserve, it’s “estimated number of non-cash payments, excluding wire transfers, was 122.8 billion in 2012, with a value of $79.0 trillion.” But, why have people so quickly embraced the idea of using electronic cash?įor starters, electronic payments are actually much cheaper and more accurate than checks. Unlike a crop or animal, paper and coin currency had a definite value attached to it that simplified the process of paying for goods and services. That’s one of the reasons why we turned to the use of paper and coins as a currency. The problem with this system was determining how much rice would be the fair amount in exchange a cow. For example, a farmer could trade some of his crop of rice to obtain a type of livestock-like a cow. We originally relied on a barter system where we exchanged some type of goods that we had personally produced-for goods which someone else produced-that we wanted or needed. The transfer of money certainly has come a long way over the centuries.
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