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E-cash and virtual currency as alternative payment methods

Author

Listed:
  • Greene, Claire

    (Payments Risk Expert, Federal Reserve Bank of Atlanta, USA)

  • Shy, Oz

Abstract

This paper describes e-cash and virtual currencies and analyses their differences as alternative means of payment. E-cash, the digital equivalent of government-issued physical notes and coins, is stored on a chip carried by consumers and merchants. Virtual currencies are not backed by sovereign governments and are mostly used online. E-cash is fully exchangeable to government-backed currency at a one-to-one ratio; virtual currency may not be. For both, the lack of broad acceptance for payment currently limits their use. To succeed, digital currencies need to achieve a critical mass of consumers and merchants willing to use them.

Suggested Citation

  • Greene, Claire & Shy, Oz, 2014. "E-cash and virtual currency as alternative payment methods," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 8(3), pages 274-288, September.
    • Handle: RePEc:aza:jpss00:y:2014:v:8:i:3:p:274-288
    as

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    More about this item

    Keywords

    digital currency; virtual currency; e-cash; alternative payment methods;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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