First, an Internet user opens an account with real money at a netbank
The customer asks the bank to issue a certain amount of digital cash for use on the Internet
The bank issues this digital cash using encryption and deducts the funds from the established account
When an individual uses digital cash, the encrypted data that defines the actual electronic currency is given to the merchant
The merchant in turn sends this data to the bank to confirm it
| Previous slide | Next slide | Back to first slide | View graphic version |