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Cyber-Cash | Send-To | Print | More
[syn: Cybercash]
Category: Computer & Internet | 1362 views
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This information has been compiled by: informationsphere.com/community
On the Internet, customers often purchase products or services by giving their credit card information to a supplier, who then submits a debit to the customer's account with a credit card agency. Cyber-cash provides a new alternative, for which no one standard approach is dominant. In one configuration, a customer makes purchases recorded by a financial institution, which are then periodically aggregated for lump-sum billing to a credit card account.
In another configuration, a customer pays into an account set up by a company, which could be a traditional financial institution, or some alternative entity, and then makes purchases for which that special account is automatically debited. Some observers believe that cyber-cash will become an important source of competition with traditional financial institutions and will raise new policy challenges for governments.
Source: United States Information Agency
Additional notice by the Author: This information has been created by people who believes in the freedom of information and want to share their knowledge with others. You are free to copy, distribute, and display the work created under the following conditions: ATTRIBUTON (you must give the community credit), NONCOMMERCIAL (you may not use this work for commercial purposes), NO DERIVATIVE WORKS (you may not alter, transform, or build upon this work). Any of these conditions can be waived if you get permission from informationsphere.com.
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