E-Cash , Electronic Cheques

Write notes on following
i) E-Cash         ii) Electronic Cheques.

i) E-Cash:

E-cash is cash represented by two models. One is the on-line form of e-cash (introduced by DigiCash) which allows for the completion of all types of internet transactions. The other form is off-line; essentially a digitially encoded card that could be used for many of the same transactions as cash.

The primary function of e-cash is to facilitate transactions on the Internet. Many of these transactions may be small in size and would not be cost efficient through other payment mediums such as credit cards

These types of payments, turning the Internet into a transaction oriented forum, require mediums that are easy, cheap (from a merchants perspective), private (see Privacy), and secure (see Security). Electronic Cash is the natural solution, and the companies that are pioneering these services claim that the products will meet the stated criteria.

ii) Electronic Cheques

Another mechanism for Internet payment is electronic cheques. With electronic cheques, the payer (either an individual consumer or a business) instructs his financial institution to pay a specific amount to another part, the payee.

A cheque in the electronic form means a cheque which contains the exact mirror image of a paper cheque, and is generated, written and signed by a secure system ensuring the minimum safety standards with the use of digital signature (with or without biometrics signature) and asymmetric crypto system