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Abstract:
Today we still do not have a widely available digital cash system for the masses. This is not because there are no inventions in this area or the money community is out of ideas on how to construct such a system. It is mainly because there are conflicts of interests between banks, government and community. In this paper we first present a short history of money and look at these conflicts. Then we focus on the so-called success-factors, which are essential for a highly accepted e-Payment system. Based on these success-factors, we will present a new system called FairCASH. By adopting our FairCASH system, users will be able to make payments of any value, including micro payments. FairCASH is a multi-purpose, multi-currency, pre-paid inter-operable scheme for domestic usage and cross border payments. It features non-account-related completely anonymous payment transactions by encrypting the transferred e-Tokens. There is no need of registration for users of the FairCASH e-Money system. It is suitable for person-to-person, chip-to-chip or P2P money transfers. It is independent of the communication platform or the digital transmission standard. Highlights are the inherent zero transaction costs for B2C, B2B and C2C operations. Last but not least, we would like to point out that the system posses the multi-hopping capability allowing e-Token circulation that is very advantages for users of such system. |
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Keywords:
Digital cash, e-Money, m-Money, Open-Loop, Multi-Hop, e-Cash, CASTOR, P2P, Pre-Paid, Micro-Payment, G2G, G2B, G2C, B2C, B2B, C2C, m-Commerce, m-Payment, m-Banking, e-Government. |
