Japanese Firm Announces E-cash Implementation

[Andrew Barrett/CheckFree Corporation]

  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.