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IntroductionFiled Under: General

It has been several years since the words “digital cash,” “e-money,” “e-cash,” and other related terms were introduced to the modern lexicon. Needless to say, the progress made in communication and information technology has been very rapid, and the area of digital cash is no exception. The volume of such transactions is rising, yet there has been little analysis of this revolution in payment, particularly in academic fields. Investigating the influence and problems of this trend is an inevitable and important task, not only from a practical standpoint but from a theoretical one as well.

Although e-commerce has been growing rapidly and attracting much attention, digital cash has not been a focus of such attention. Digital cash has some problems associated with it that need to be solved before its use can continue to grow, and the rate of growth is slowing at present. We can say that digital cash is not used in practice. The logic behind replacing cash, checks and magnetic credit cards with digital cash is bound to prevail in the end but there are many barriers that need to be overcome.

In the past, I have classified digital cash into an electronic wallet type and an online type.1 I then proposed that material cost reduction and service price cutting2 were the resultant factors of the demand for electronic wallet transactions and the means by which digital cash could spread, the technology of IC card reformation could develop, and price cutting on the supply side could occur. The popularization of the personal computer and the Internet has also prevailed, as well as the stabilization in demand of Internet-based commercial dealings as a key factor of development for online transactions on the demand
side. General price decline for media equipment, typically computers, has been ongoing as well, helping to promote the online-type transaction at the supply side.

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