Japanese Firm Announces E-cash Implementation

Multimedia Business Analyst via Individual Inc. : NTT has developed a secure electronic cash system for smart cards and Internet-based transactions, reports Reuter. Using very secure encryption algorithms, the system allows users to transfer cash from their bank accounts to smart cards after verification by the issuing bank. NTT researcher Mikio Suzuki said the Japanese telecom operator plans to begin trials of the system with a number of major city banks in the near future. These are expected to include Fuji Bank and Sakura Bank.