Electronic cash is the debit card system of the German Central Credit Committee, the association which represents the top German financial interest groups. Usually paired with a checking account, cards with an Electronic Cash logo are only handed out by proper credit institutions. An electronic card payment is generally made by the card owner entering their PIN (Personal Identification Number) at a so-called EFT-POS-terminal (Electronic-Funds-Transfer-Terminal). The name “EC” originally comes from the unified European checking system Eurocheque. Comparable debit card systems are Maestro and Visa Electron. Banks and credit institutions who issue these cards often pair EC debit cards with Maestro functionality. These combined cards, recognizable by an additional Maestro logo, are referred to as “EC/Maestro cards”.
Read more about Electronic Cash: Providers, Acceptance Marks, Hardware and Software, Chip Card Vs Magnetic Stripe Card, Modes of Payment With Electronic Cash Debit Cards
Famous quotes containing the words electronic and/or cash:
“The new electronic interdependence recreates the world in the image of a global village.”
—Marshall McLuhan (1911–1980)
“It seems I impregnated Marge
So I do rather feel, by and large,
Some cash should be tendered
For services rendered,
But I can’t quite decide what to charge.”
—Anonymous.