Cyber Cash

CYBER CASH

Cyber cash has been described as Federal Express of Internet payment business, since it offers safe, efficient and inexpensive delivery of payments across Internet. Cyber cash makes available the software and services needed to exchange payments securely across the Internet with its Secure Internet Payment Service. Using a procedure that incorporates encryption and digital signatures, cyber cash gives consumers a “digital wallet”, and merchants a conduit to Internet payment processing through their own banks. Customers are able to authorize payments out of their digital wallets. The payments are signed and encrypted, then sent through the merchant bank to cyber cash, which in turn passes the transaction to the merchant’s bank for processing. The digital wallet initially supported only credit cards, but now supports digital cash transfers for small dollar amounts for products and services that are too expensive to justify using a credit card.