There are numerous names used to describe electronic currency such as e-money, electronic cash, digital money, digital cash or digital currency. It’s an electronic worldwide currency. This online payment system provides a safe, easy and inexpensive way for everyone to transact business 24/7. Currently, e-cash represented by two models which is on-line and off-line version. On-line form of e-cash allows for the completion of all internet transactions. While the off-line form is a digitally encoded card that could be used for many of the same transactions as cash.
Here are some successful examples of using electronic currency. One of it is Hong Kong’s Octopus card system. This card can transfer the electronic payments in online as well as in offline system. Octopus card was the first card system implement in the world. Nowadays, this card system used widely for all public transport payments in Hong Kong. It also can use for payment at supermarkets, parking meters and so on.
Besides that, FeliCa (Felicity Card) is an electronic card system by Sony. This card system was first utilized in the Octopus card system in Hong Kong, followed by other countries such as Japan and Singapore.
Other than that, Chipknip was introduced in 1996 in Netherlands. This Chipknip can use for payments in public transport, car parking and shops. But this system is suitable for small retail transactions due to the maximum value of the transactions are limited.
In future, this electronic currency will be use widely throughout the world. This is because this system will bring lots of advantages to everyone over the world. Examples are convenience and privacy, increased the efficiency of transactions expand the economic activities on Internet.
References:
1. Octopus card, 1 July 2009, from http://en.wikipedia.org/wiki/Octopus_card#Types_of_cards
2.What is E-Cash?, 1 July 2009, from http://www.anderson.ucla.edu/faculty/jason.frand/teacher/technologies/goshtigian/define.htm
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