The digital financial currency used in electronic settlement can
1、 Different definitions:
1. Electronic currency:
refers to the currency paid by electronic means
2. digital currency:
is a virtual currency based on node network and digital encryption algorithm
Electronic currency: Based on computer technology, it can be widely used in the fields of proction, exchange, distribution and consumption. It has many functions such as financial savings, credit and non cash settlement2. Digital currency:
e to some open algorithms, digital currency has no issuers, so no one or institution can control its issuance; Because the number of algorithm solutions is fixed, the total amount of digital currency is fixed, which fundamentally eliminates the possibility of inflation caused by the overuse of virtual currency; Because the transaction process needs the approval of each node in the network, the transaction process of digital currency is safe enough
Third, the same point:the circulation mode of e-money and digital money is two-way circulation
extended data
e-money is the virtualization of the value scale of real money and the function of payment means. It is a kind of money without monetary entity. Electronic currency is an invisible currency based on highly developed electronic technology
the value of e-money is transferred from the consumer to the seller through the sales terminal, and then the seller redeems the money. The e-money held by the merchant is sent to the e-money issuer to redeem the money, or to the bank. The bank debits the corresponding amount on its account, and then the bank settles with the issuer through the clearing institution
electronic money can transfer money value directly among the holders. It does not require the intervention of third parties, such as banks. This is also the essential difference between electronic money and traditional cash card and transfer card. p>
1. Application of different
digital currency: fast, economic and safe payment and settlement; Bill finance and supply chain finance; The real right of collateral is digitalized
e-money: the seller sends the buyer's payment instructions to the seller's acquiring bank through the payment gateway; The acquiring bank obtains the authorization from the issuing bank through the bank card network, and sends the authorization information back to the seller through the payment gateway; After obtaining the authorization, the Seller shall send the buyer the shopping completion information. If payment acquisition and payment authorization cannot be completed at the same time, the seller should send payment acquisition request to the acquiring bank through the payment gateway, and transfer the transaction funds from the buyer to the seller's account. The final inter-bank settlement is completed by the payment system between banks
2. Different characteristics
digital currency is characterized by low transaction cost, fast transaction speed and high anonymity
e-currency is characterized by anonymity, saving transaction cost, saving transmission cost, small holding risk, flexible and convenient payment, anti-counterfeiting and anti repetition, and non traceability
Digital currency can be divided into three categories: completely closed, unrelated to the real economy and only used in specific virtual communities, such as world of warcraft gold; It can be purchased in real currency but not converted back to real currency, and can be used to purchase virtual goods and services, such as Facebook credit; It can exchange and redeem with real currency according to a certain ratio. It can purchase both virtual goods and services and real goods and services, such as bitcoine-money: e-cash based on the Internet environment and keeping the binary data representing the value of money in the hard disk of the computer terminal; An electronic wallet that keeps the value of money in an IC card and can be circulated out of the bank payment system
Digital currency is a general term used to describe all forms of electronic currency, whether it is virtual currency or cryptocurrency. It is a form of data expression of value. Through data transaction, it plays the functions of transaction medium, accounting unit and value storage, but it is not the legal currency of any country or region
the concept of digital currency was first put forward in 1983. They only exist in digital or electronic form. Different from the actual paper money or coins, they are invisible. They can only be owned and used on the Internet through e-wallet or designated network. The advantage of digital currency is that there is no bank, the transaction is instant, and the transaction cost is very low. So: coin, token and virtual currency belong to digital currency
the main characteristics of digital currency
1. In terms of payment and settlement, it does not rely on institutions. It is a publicly accessible digital general ledger maintained by the whole distributed network, which is called "blockchain"
2. In terms of issuance and proction, the essence is to keep accounts on a mutually verified public accounting system. Under a certain algorithm mode, find out a string of random codes that meet the conditions, and then package this string of codes with other transaction information into a block and record them in this account book, so as to obtain a certain amount of digital currency
(3) it has no national boundaries, which makes it flow around the world. Virtual world corresponds to the real world, through the exchange relationship between digital currency and traditional currency, under certain conditions, specific digital currency can buy physical goods, and traditional currency can also buy specific virtual goods In theory, its distributed general ledger system can prevent any participant from forging digital currency and rece transaction risk The lower transaction cost of digital currency will promote banks and other financial institutions to improve service level and rece transaction costs Digital currency and mobile financial business model can promote the development of Inclusive Financee-money: in fact, it is the electronization of legal currency, including our common bank card, online banking, e-cash, etc; There are also third party payments developed in recent years, such as Alipay and WeChat payment. No matter what the form of these electronic money is and through which institutions it circulates, its original source is the legal money issued by the central bank
virtual currency: virtual currency refers to non real currency, and its existence state is intangible. The most important difference between virtual currency and electronic currency in narrow sense is the difference of issuers. Virtual currency is the electronization of illegal currency, and its original issuer is not the central bank. For example, game currency, q-coin, and ticket counting are mainly limited to circulation in a specific virtual environment
digital currency: a digital currency that applies the latest digital network technologies such as blockchain and has the characteristics of Distributed Accounting, unique encryption technology and decentralized settlement. Of course, digital tools with these characteristics must be supported by national credit if they want to become sovereign currency or legal tender
commonly referred to as Q / currency and bitcoin, all belong to virtual currency. Compared with digital currency, the most fundamental difference lies in the difference of issuers. Virtual currency is the electronization of illegal currency. The issuer is not the central bank, and it can only circulate in a specific virtual environment, such as Tencent Q / currency and other game currencies; Digital currency can be used for real goods and services transactions, but only the digital currency issued by the state is legal digital currency, bitcoin is illegal digital currency.
E-cash, like paper money, has no value in itself. It only depends on the credit of the issuer to reflect its value. It is a kind of digital information composed of 0 and 1 signed by the bank through electronic means, so it is also called digital currency. It is different from the credit card used now, because the credit card itself is not money, it is just a means of transfer, and e-cash itself is a kind of money, it can be directly used to buy goods. Although it is the same as gold coin and paper money, it does not need physical entity like them. Instead, it can make electronic payment only through data exchange to realize the function of cash. E-cash has the following characteristics:
one is the rapidity of mobile. It can send cash to distant places instantaneously through the network, so it has extremely fast mobility. Because it is a kind of digital information, like the usual data, it can be put in the computer and transmitted by the network. Moreover, it can be sent directly to the store terminal by the consumer terminal, so there is no need to pay the service charge to the intermediate settlement institution. However, because it can transfer large amounts of money to distant places instantaneously, it also increases the monitoring difficulty of financial management institutions, and also causes tax, legal, exchange rate instability and other problems
The other is the anonymity of payment (i.e. it is impossible to know who originally owned the money). Using cash can also achieve anonymity, but it is difficult to achieve it when using electronic settlement services (such as credit card). With the electronization of various social systems, there is a tendency to automatically collect personal secret information. Payment behavior is often the source of all kinds of personal secret information. Therefore, the use of e-cash will be an effective means of self-defense in the future computer society. However, the anonymity of e-cash will also provide the convenience of money laundering for money of unknown origin, so we should try to prevent it The third is to improve the safety. Because the security measures it adopts are far more perfect than the current credit card, much safer than checking accounts and savings accounts, and will not be stolen or robbed like banknotes and coins Fourthly, it can save cost. Banknotes need to be printed, transported, preserved, counted, anti-counterfeited and secured, which requires a lot of expenses. It is reported that the annual cost of transporting tangible currency in the United States is as high as US $6 billion, and that in the United Kingdom is as high as 200 million pounds. The cost of money settlement and transportation between the world bank system accounts for 5% of its total management fee. All these expenses can be saved when using e-cashcredit card settlement; Electronic cash settlement; Electronic check settlement; Electronic wallet settlement; Debit card settlement; Electronic token settlement. The service provided by Cybercash is electronic cash settlement
History
in the early 1980s, the mail order instry in foreign countries has achieved great development. Between 1980 and 1985, mail order sales in the United States increased by 43%, while total retail sales increased by 37%. With the development of technology, the time of mailing is shortened, 800 telephone brings more convenience, and consumers are more satisfied with the mail order
in the 1990s, the mail order instry was deeply affected by the economic recession. The consequent sharp rise in paper and mail prices has made the mail order instry even worse. The emergence of network makes mail order instry see new hope, because it has more advantages and potential than mail order
with the popularity of Internet, electronic settlement has attracted wide attention. Checkfree is the largest electronic settlement company in the United States. The Internet electronic settlement system developed by the company is easy to use and low cost. Consumers don't need to register their name and credit card number in the store in advance. They can allocate money from their bank account directly by using computers and communication lines, and there is no handling charge. The company's founder and CEO (top executive) talked about the development prospects of electronic settlement. At present, the amount of electronic settlement by Internet is insignificant. But once people are used to electronic settlement, its market is extremely broad. In the summer of 1995, checkfree and at & T began to jointly provide electronic settlement service, named & quot; AT&T-Checkfree Service" Through this kind of service, the microcomputer in the family can remit money and check the balance just like the automatic teller machine (ATM) in the bank. In the future, electronic settlement will be as popular as telephone. In the popularization of electronic settlement, ensuring security is the most important issue. In the electronic settlement system of checkfree company, the connection with users is open, while the settlement with banks uses dedicated lines. In order to increase users, it is necessary to develop an open system which is convenient to use, but it is different from the open network< In the spring of 1995, checkfree began to provide Internet based electronic settlement service (checkfree wallet). In order to ensure the security of the system, its development work is carried out jointly with Cybercash, an encryption technology company. Credit cards and cheques are suitable for large amount settlement, but in terms of cost, they are not suitable for small transactions such as 15 cents and 25 cents. And & quot; E-wallet & quot; It can adapt to small settlement, so it can open up a much broader new market than in the past< However, checkfree believes that Cybercash's encryption technology will become the instry standard. To be exact, these two companies are striving to make this technology the instry standard. The U.S. government is also vigorously studying encryption technology and trying to control it. But Internet companies are reluctant to accept government guidance. Checkfree believes that Cybercash's open technology ideas are easily accepted by the instry. Some people say that with the popularity of electronic settlement, banks are no longer needed. In fact, it is impossible because the functions of settlement and deposit are different. Depositors want to keep their money nearby and safely. At present, only banks can undertake this task. However, the current problem is how to use the deposit safely. At present, major banks in the United States are actively preparing to carry out electronic settlement business. Once the action is slow, customers will inevitably be taken away by other financial institutions. In this sense, in the future, banks may take electronic settlement as the axis to accelerate the process of merger. In the United States, the notice of payment and the actual payment of public utilities are handled through the postal department. With the popularization of electronic settlement, the revenue of postal department will decrease. Although collecting public utility fees is a huge source of income for the postal department, it is also a big burden for users. If we can handle the above-mentioned payment proceres of public utilities through electronic settlement, then people will quickly turn to electronic settlement. It's the same with normal email, because email prices will drop rapidly< In 1995, checkfree began to collect fees from enterprises and send payment notices online. Checkfree is planning to expand its business overseas because electronic settlement doesn't make much sense if it's not international. At present, the company is negotiating with many overseas partners.
credit card settlement; Electronic cash settlement; Electronic check settlement; Electronic wallet settlement; Debit card settlement; Electronic token settlement. The service provided by Cybercash is electronic cash settlement.