[11857] in Commercialization & Privatization of the Internet
Digital cash
daemon@ATHENA.MIT.EDU (Kauto Huopio)
Fri Apr 22 05:03:18 1994
Date: Fri, 22 Apr 1994 10:01:33 +0300
From: Kauto Huopio <Kauto.Huopio@lut.fi>
To: com-priv@psi.com
I have received numerous requests for information concerning the
digital cash we have in Finland. Well, our banking system is very
highly computerized. We abandoned checks about ten years ago. Now
nearly everyone has his/her bank's direct debit card. It can be used
everywhere, from taxis to pizza takeaways. All places that accept
"bank cards" as we call them, accept every bank's cards. All ATM:s are
cross-connected to every bank, so I don't have to hunt my own bank's
ATM. We have even automatic bill-paying machines, and these are
increasingly popular and naturally cross-connected. Paying a bill via
ABM (?) is free or nearly free (20-25c). Because the different bank
groups use uniform account numbering, it is very easy to transfer
funds.
But what I really meant with electronic cash, was that we really have
_electronic_ cash. Cash on a chipcard I mean. It is a normal
creditcard -sized card that has a CPU and some memory embedded into.
One can load the card with money at some kiosks and banks. The card
can then be used at parking lots, public phones etc. The maximum
amount that can be loaded is 500 FIM, that is around $100.
If I have understood the system correctly, the funds transfer from/to
card is encrypted, and the cards are not in any kind of a tracking
system.
--Kauto
(sorry for my poor grammar :) )
*********************** Kauto Huopio (Kauto.Huopio@lut.fi) ******************
*Mail: Kauto Huopio, Laserkatu 3 CD 363, FIN-53850 Lappeenranta, Finland *
*Tel : +358-53-4126573 (I am NOT at home very often..) *
*****************************************************************************
