According our study, one rare success has been Hong Kong's Octopus card system, which started as a transit payment system and has grown into a widely used electronic cash system.
Singapore also has an electronic money implementation for its public transportation system (commuter trains, bus, etc)-FeliCa.
The first attempt of e-currency implementation in Malaysia was in 1999 with the introduction of MEPS cash in Klang Valley. The facilities to reload the cards with cash was limited, the outlets where MEPS cash was accepted was also few in numbers.Another implementing e-currency in Malaysia came in the form of the Touch ‘n Go cards offered by Rangkaian Segar for toll payments and other services.
Advantage :
It’s adequately protecting the privacy rights of the customer. The existing electronic currency systems have different effects on privacy and confidentiality which vary from total anonymity to audited systems in which almost every aspect of each transaction is collected.
Disadvantages:
One of the disadvantage of electronic currency is fraud. If private key is misplaced by the consumer and used by a perpetrator to withdraw funds, the bank wouldn’t even know and the consumer would be considered liable.Secondly is the double spending of digital coins, but this is no more a potential drawback and can occur only if the consumer chooses a peer-to-peer transaction. In other sort of transactions in this system bank can check the serial number of every coin in transaction against the database of spent coins. The transaction can be denied if the coins have been spent.
As conclusion, electronic currency has a great opportunity to transform today’s economic world and provides higher security and privacy than the present traditional forms of payment.
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3 comments:
Good job on a overall of Electronic Currency.
I like using Octopus in Hong Kong. I have been traveling there few times and still I have the greatest impression towards their Octopus card. I can use it to ride on any public transport, even to make purchase in most restaurants! Awesome HK!
Clear information in e-currency
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