Digital cash is an alternative payment system customized for the Internet. It represents monetary value using special tokens that may or may not be unique to each individual site or payment system.
Facebook credits would be one prime example of digital cash. In this scheme, customers would use various methods to purchase virtual tokens using physical cash that they can spend at the various websites. The merchants would then receive the money upfront and be obligated to honor the virtual tokens.
Digital cash is also used in various stored-value cards system around the world. An example would be the Octopus Card system in Hong Kong. The residents of Hong Kong use the Octopus Card system for various purposes, from transportation to payments at food joints, supermarkets and even vending machines. A more familiar example in the context of Singapore would be the Ez-link card.
Fun Facts#5 Digital cash is also known as e-currency, e-money, electronic cash, electronic currency, digital currency and cyber currency
|
Contact UsFor any queries please email us at:
[email protected] Done By: Gobardja Ian U098473L Kua Li En A0070291M Nicholas Chen A0072340U Justin Tan A0072547B |