Need of a payment system which enables the electronic transactions is growing at the same time that the use of Internet is growing in our daily life. Present day electronic payment systems have a major problem they cannot handle the security.
People like to use paper cash because it is easy to carry around, they can make a payment with the received cash and they don’t need to ask a third party like a bank to perform their payments. Paper cash can, however, be stolen or lost and no one compensates for the lost or stolen money.
Credit cards reduces risk of lost cash for people, but by using electronic money people are in the risk of losing their privacy. In light of the explosive increase of electronic services such as Internet, the need for more efficient electronic payments has become an essential fact.
An anonymous token-based electronic payment system is referred to as digital cash (also known as electronic cash, e-cash, D-cash). Digital cash offers a solution to the problems of paper cash and today’s credit cards; it is secure and protects people’s privacy.
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