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CyberCash

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CyberCash

In computing, one of several schemes for electronic money that can be used to trade on the Internet. Founded in 1994, CyberCash uses the RSA encryption algorithm to protect customer financial information in transit.

The system stores customers' payment information, such as credit card numbers, in an electronic wallet, software which is downloaded from the company's site on the World Wide Web. When a customer wishes to buy something at a commercial Web site, the site generates a payment request, the customer adds a payment method, and the CyberCash server authenticates the transaction.



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But CyberCash has a distinct advantage over larger companies, he says, in that it caters only to banks and can afford to spend more time servicing individual customer needs.
This is how CyberCash works: When a customer makes an online purchase, a uniquely coded digital message travels to the merchant--in this case; Stewart--who confirms it and forwards it to CyberCash.
3 is the first CyberCash product designed specifically for the Solaris platform.
 
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