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Electronic money (also known as electronic cash, electronic currency, digital currency, digital money or digital cash) refers to money which is exchanged only electronically. Typically, this involves use of computer networks, the internet and digital stored value systems. Electronic Funds Transfer (EFT) and direct deposit are examples of electronic money. Also, it is a collective term for financial cryptography and technologies enabling it.

While electronic money has been an interesting problem for cryptography (see for example David Chaum's work), to-date use of digital cash has been relatively low-scale. Barclaycard Business - Home. One rare success has been Hong Kong's Octopus card system, which started as a transit payment system and has grown into a widely used electronic cash system. Another success is Canada's Interac network, which in 2000 at retail (in Canada) surpassed cash [1] as a payment method.

Singapore has a very successful electronic money implementation for its public bus transportation system, which is very similar to Hong Kong's Octopus card. The electronic money, known as EZLink by most Singaporeans, is a card the size of an ordinary credit card; it has a smart chip plus a wireless communication module. Passengers just need to tap the EZLink when they board the bus and tap the card again when they alight; the bus fare system automatically deducts the calculated bus fare from the EZLink value. Merchant Services: we can solve all your merchant account needs today.

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