Ecash

1 definition found

From The Free On-line Dictionary of Computing (27 SEP 03) [foldoc]:

  Ecash
       
           A trial form of {electronic funds transfer} over
          the {Internet} (and soon by {electronic mail}).
       
          The ecash software stores digital money, signed by a bank, on


          the user's local computer.  The user can spend the digital
          money at any shop accepting ecash, without the trouble of
          having to open an account there first, or having to transmit
          credit card numbers.  The shop just has to accept the money,
          and deposit it at the bank.  The security is provided by a
          {public-key} {digital signature}.
       
          There process involves the issuing banks who exchange real
          money for ecash, users who have and spend ecash, shops who
          accept ecash payments, and clearing banks who clear payments
          received by shops.
       
          At the moment, all users and shops must have an account at
          {DigiCash}'s own bank, the "First Digital Bank" at
          bank.digicash.com.  They can withdraw money from the bank, and
          convert it to ecash.  Shops can be started by any ecash user.
       
          {Home (http://www.digicash.com/ecash/ecash-home.html)}.
       
          (1995-04-10)