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E-money

(1) One of several terms used to describe digital money. Digital money - Electronic money used on the Internet. In order to turn the Internet into a giant cybermall (online shopping center), companies have developed software that provides complete and secure order fulfillment over the Internet. These software packages support a variety of payment schemes, which mostly fall into two categories. The first category is the traditional credit card. Most Web browsers and Internet Service Providers (ISPs) support one of the major security protocols such as Secure Socket Layer (SSL). For example, on Netscape's browser, if the transmission between browser and server is secure, the key icon at the lower left side of the screen is connected. Otherwise, it is split in half to signal an unsecure transmission. More elaborate methods, such as CyberCash's credit card system, prevent the merchant from seeing the credit card number. The second type of digital money is like travelers checks. This digital money is either downloaded as „digital coins“ from a participating bank into the user's computer, or a digital money account is set up within the bank. Either the digital coins or the transactions that debit the account are transmitted to the merchant for payment. All transactions are encrypted for security. Many believe that if the cost for processing digital money can be kept down, it will fuel an entirely new online information industry that allows customers to pay for exactly what they use. For example, 5 cents for each information lookup or 10 cents for each applet download, perhaps even a fraction of a cent for certain transactions. Time will tell if the economics allow for this scenario. In the meantime, although trillions of dollars are routinely transferred around the world via the private banking network, money traversing the public Internet would seem like easy pickings for the dishonest hacker. As with any new system, time, along with a few panics, will bring about the confidence necessary for everyday use. Thus far, traditional credit card transactions are winning out as users become more comfortable buying on the Internet. The forecast for digital coin usage is expected to be considerably less than initially thought. Other terms for digital money are „e-money,“ „e-cash“ and „digital coins.“ (2) (E-Money) An earlier Web payment processing service from E-Money, Inc., Washington, DC that allowed merchants to process credit cards and initiate direct transfers from customer checking accounts. It was the first to provide direct access to the Automated Clearing House (ACH).
Source: საქარველოს საინფორმაციო და საკომუნიკაციო ტექნოლოგიების განვითარების ჩარჩო პროგრამა. /დოკუმენტი მოამზადა და გამოსცა გაეროს განვითარების პროგრამის პროქტმა UNDP/GEO/00031399 - "საქართველოში საინფორმაციო და საკომუნიკაციო ტექნოლოგიების განვითარების ჩარჩო-პროგრამის შემუშავება"/-/კ. დემეტრაშვილი[და სხვა],–თბ.,2004
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