Pay business bills, expenses, and invoices from vendors and freelancers with electronic cash.
Send and Receive eCash Payments
Anyone can send or receive eCash. With just a mobile phone and a digital wallet, you’ll have all you need to move funds from one person to another. Use eCash to pay the rent, to buy a coffee, even to accept payment at a garage sale. The ease of eCash means that you won’t to pay large credit card fees or handle paper and coins. With eCash, there’s never a need for change!
Digital Money Is Here to Stay
Digital money now takes multiple forms. From simple transfers of fiat currency to stablecoins and the creation of new tokens that can rise and fall dramatically with the market, digital money has multiple variations. Play it safe by transferring a national currency from one digital wallet to another, or use a special, digital coin with its own rate of volatility and stability.
However you prefer to use eCash, digital money is the new way of making and completing transactions—and it’s here to stay.
Get Started Accepting eCash Today
Due allows you to accept eCash for your business.
We work with innovative digital payment companies from all over the world.
We’re here to help companies just like yours transition into the digital economy. New technology has introduced new payment methods such as ecash, cryptocash, and ACH transactions. Moving payments online, including invoicing, can save time and money while enhancing your cash flow.
State of the E-cash Industry
- Purchase Transactions in 2014 vs. 2024 are generated by general purpose payment cards are projected to reach $515.42 billion by 2024.
- Global mobile payment volume in 2012 was $163.1 billion and is expected to grow to $721.4 billion U.S. in 2017.
- 80% of U.S. consumers surveyed use debit cards for everyday purchases over cash while 100% of those surveyed that were ages 18-24 used debit cards for everyday purchases.
- On a 2013 Federal Government survey that found the number of cash transactions was high for low-dollar amount transactions while higher dollar purchases were dominated by electronic payments and checks.
- As of January 2015, there are over 500 different types of cryptocurrencies – or altcoins – for trade in online markets.
- Only 10 cryptocurrencies have market capitalizations over $10 million.
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THE ULTIMATE GUIDE TO THE
The transfer of money certainly has come a long way over the centuries. We originally relied on a barter system where we exchanged some type of goods that we had personally produced-for goods which someone else produced-that we wanted or needed. For example, a farmer could trade some of his crop of rice to obtain a type of livestock-like a cow. The problem with this system was determining how much rice would be the fair amount in exchange a cow. That’s one of the reasons why we turned to the use of paper and coins as a currency. Unlike a crop or animal, paper and coin currency had a definite value attached to it that simplified the process of paying for goods and services.
Since then, the transfer of money has continued to evolve from gold and silver, to paper and coins to checks (also paper) to credit cards, and now forward to digital currency that is becoming more common in the 21st Century.
According to the Federal Reserve, it’s “estimated number of non-cash payments, excluding wire transfers, was 122.8 billion in 2012, with a value of $79.0 trillion.” But, why have people so quickly embraced the idea of using electronic cash?
For starters, electronic payments are actually much cheaper and more accurate than checks. Based on the 2015 Payments Cost Benchmarking Survey, “the estimated median cost of a check transaction is $3.00, compared with a range of between $0.26 and $0.50 per automatic clearing house (ACH) credit transaction and $1.50 for a purchasing card transaction.” Because of this significant price difference, two out of three finance professionals have stated that they will replace checks with electronic payments.
More importantly, as noted by Nina Gass, “Electronic cash was one of the first solutions to show consumers and businesses that it was safe, private, and very convenient to do transactions over the Internet.”
As technology has continued to evolve, electronic payments are seemingly becoming a way of the future that most of us use daily every time we use services like Due, PayPal, Square, or Apple Pay. In other words, eCash isn’t going to be going away any time soon. eCash will become more mainstream as more and more people get online, have access to mobile devices, and as the updated versions display continuous improvements to this electronic payment process.
Here is an informative guide to eCash. In this guide you will learn exactly what eCash is, it’s history, the components that make this system work, the great advantages, disadvantages, and current global regulations. This guide will conclude with what we can expect the future to hold for a Cash app.
Chapters - eCash
Using eCash is safe, secure, and private. All personal and financial data is encrypted to provide full protection from hackers and digital thieves. No one can access your account details, your eCash funds, or see your transactions. While every transaction you make with a credit card company is logged and identified, eCash payments can be entirely confidential, safe, and anonymous.
Pay with a Swipe or a Scan
Paying with eCash is simple and convenient. Scan a QR code to receive the recipient’s payment details then simply enter the amount and confirm the transaction. Or swipe your phone over a digital cash point. Or simply select a name from your contact list and send your funds exactly where you want them to go.
With eCash, paying—and being paid—has never been so easy!
eCash is digital money. Instead of handing over notes and coins or looking for change, a transaction with digital money is entirely cashless. The funds move from one digital wallet to another. The transaction is almost instantaneous.
eCash can take a number of different forms. The most common uses regular, fiat currency stored in a digital wallet. Users select a recipient and an amount, and authorize their transaction. It’s a system used across Africa and China that makes transactions and transfers simple and inexpensive.
eCash, though, can also consist of cryptocurrencies such as Bitcoin or Ethereum. These coins can act as regular currencies but they bring the added benefits of anonymity and decentralization. They do, however, tend to be more volatile than fiat currencies.
There are two main ways to buy eCash, depending on the kind of currency you want to buy. If you want to use a fiat currency digitally, you should find an option in your digital wallet to add funds to your account. You might need to pay by credit card or make a transfer from your bank account.
In effect, you’re conducting a bank transfer, moving money from one account to another so that you can use it digitally.
In some parts of the world, you might need to visit a kiosk and make a cash payment. The owner of the kiosk will then send an SMS which includes a link that tops up the amount of eCash in your account.
If you’re using cryptocurrency, you’ll need to buy the currency at an exchange. You’ll then be able to move those funds to your digital wallet.
eCash has multiple uses. In China, for example, retail stores, coffee shops, taxis, restaurants and almost every other business will expect payment in eCash. To buy a cup of coffee or pay in a mall, you’ll need to pull out your phone. You can expect everyone to accept eCash.
Digital money is also becoming increasingly common in other parts of the world, including in the US and in Europe. Look for signs that show you can pay with a digital wallet.
But eCash isn’t only for making transactions. You can also send eCash to friends and family. Use it to split bills, return loans, or give gifts.
eCash is convenient and safe. You don’t have to drag cash with you that can be lost or stolen. You never have to worry about having enough money with you to buy what you need. You can make purchases online or in person and transfer funds from one person to another.
And it’s all entirely secure. While stolen cash is almost impossible to recover, digital wallets are extremely difficult to hack. All transactions are encrypted, ensuring complete security.
With eCash, you’ll always be able to pay and you’ll always be able to receive funds—and you’ll be able to do it all without opening a purse or operating a physical cash desk.
There are multiple ways to use eCash. Some business offer a QR code that contains all of their payment details. Scan the code, enter the amount, and authorization the transaction to make your payment.
Other businesses let you place your phone on or near the cash point to make your payment. And some might require you to enter their contact details. However you do it, it’s always fast and easy.