WO1999034311A1

WO1999034311A1 - Cash card fund transfer method and means

Info

Publication number: WO1999034311A1
Application number: PCT/AU1998/001056
Authority: WO
Inventors: Richard Raymond Allen
Original assignee: Richard Allen & Associates Pty. Ltd.
Priority date: 1997-12-24
Filing date: 1998-12-22
Publication date: 1999-07-08
Also published as: AUPP112597A0; WO1999034311A9

Abstract

Incentives which benefit and encourage the use of digital cash are described in the specification. Those benefits accrue not only to the user but also predetermined retailers which accept digital cash carried by predetermined digital cash device (10). The way in which the digital cash device (10) is arranged ensures that all the participants gain. In one example the purchaser of goods which uses a predetermined digital cash card (10) in a predetermined digital cash exchange terminal (26) is immediately remitted a cash rebate or discount (502). In a further example a digital cash device user can be provided a lump sum of digital cash by chance (lottery component) (506) by arranging for the digital cash exchange terminal to retain a predetermined portion of each funds transfer operation until a predetermined condition exists and then providing to a random digital cash device user a portion of the total funds accumulated. In a further example a predertermined proportion of the funds transferred are retained (508) for use to promote and fund the use of these specific digital cash devices. Such devices can be incorporated into digital cash cards (10) and cellular telephones.

Description

FOR THE PURPOSES OF INFORMATION ONLY

Codes used to identify States party to the PCT on the front pages of pamphlets publishing international applications under the PCT.

AL Albania ES Spain LS Lesotho SI Slovenia

AM Armenia FI Finland LT Lithuania SK Slovakia

AT Austria FR France LU Luxembourg SN Senegal

AU Australia GA Gabon LV Latvia SZ Swaziland

AZ Azerbaijan GB United Kingdom MC Monaco TD Chad

BA Bosnia and Herzegovina GE Georgia MD Republic of Moldova TG Togo

BB Barbados GH Ghana MG Madagascar TJ Tajikistan

BE Belgium GN Guinea MK The former Yugoslav TM Turkmenistan

BF Burkina Faso GR Greece Republic of Macedonia TR Turkey

BG Bulgaria HU Hungary ML Mali TT Trinidad and Tobago

BJ Benin IE Ireland MN Mongolia UA Ukraine

BR Brazil IL Israel MR Mauritania UG Uganda

BY Belarus IS Iceland MW Malawi US United States of America

CA Canada IT Italy MX Mexico z Uzbekistan

CF Central African Republic JP Japan NE Niger VN Viet Nam

CG Congo KE Kenya NL Netherlands YU Yugoslavia

CH Switzerland KG Kyrgyzstan NO Norway ZW Zimbabwe

CI Cόte d'lvoire KP Democratic People's NZ New Zealand

CM Cameroon Republic of Korea PL Poland

CN China KR Republic of Korea PT Portugal

CU Cuba KZ Kazakstan RO Romania cz Czech Republic LC Saint Lucia RU Russian Federation

DE Germany LI Liechtenstein SD Sudan

DK Denmark LK Sri Lanka SE Sweden

EE Estonia LR Liberia SG Singapore CASH CARD FUND TRANSFER METHOD AND MEANS

This invention relates to funds transfer and in particular a method and means for transferring the value of goods and services from a purchaser to a provider in association with an incentive arrangement for the participants in the arrangement.

BACKGROUND

Various forms of funds transfer methods exist.

Most basic is a barter between the parties involving an exchange of items agreed upon by the parties which are of equivalent total value. More sophisticated barter versions exist which allow the exchange of both goods and services using a central register of barter credits and debits. This means of funds (value) transfer requires a central register to control and maintain the accumulation and dissemination of incentives and/ or benefits associated with the barter exchange system. An incentive to use a barter system exists because some people prefer this method to the handling of cash, but in many countries although cash and credit transactions are avoided there still remains a tax liability therefore the benefits are not as attractive in such regimes.

Cash is also a simple method of funds transfer which allows purchasers of goods and services to repay the provider with a token having an equal exchange value. The providers then can in turn reuse the cash to purchase other goods and services that they might require. This type of system only requires a stable and agreed upon monetary value system, typically run by governments and does not require a central register to track the transfers other than some transfers of particular interest to monetary and legal authorities.

An incentive to deal in cash is provided by its convenience and the ability to provide a cash discount at the time of sale to the purchaser. However, if such a 2 system is to work efficiently all purchasers must have with them the relevant amount of cash at the appropriate time.

The concept of credit is an extension of the concept of cash where the purchaser can acquire goods and services without having the relevant amount of cash in their possession at that time. Credit is provided on the premise that the purchaser will repay the cash value of the goods and services at some future time. If the provider provides the credit they carry the risk of not being paid in the future. There are simple as well as involved means of implementing credit facilities, the most common at this time is the credit provided by an intermediary such as a bank or financial institution which extends credit to the purchaser who thereby carries the risk of not being paid but also ensures that the seller is provided the funds of the sale at the time reconciliation of the funds transferred is conducted which is typically on a daily but sometimes a monthly basis. The seller is constrained by the system provided by the credit provider.

In such an arrangement the provider agrees to forego a portion of the funds transferred to them in return for the ability to have those funds transferred to them as well as avoiding the credit risks associated with provision of credit to multiple customers. The credit provider charges at a rate typically proportional to the amount of credit required and the volume of credit transactions handled by the seller. This arrangement however requires that the intermediary (typically the credit provider) maintain a central register in which limits to credit, totals of amount owing and funds transferred can be maintained.

The incentive to purchasers to use a credit fund transfer methodology is the convenience of being able to purchase goods and services when they are required and in some methodologies further incentives are provided (typically points are accumulated) for each unit of credit funds used by the purchaser and which are paid in full within a predetermined period. Points once accumulated can then be exchanged for one or more pre-specified goods or services. A further central register 3 is linked to the funds central register so as to maintain a tally of legitimate points accumulated and disposed of by the purchaser.

A further method of funds transfer is the service provided by a bank or financial institution to allow a purchaser to directly transfer funds from the purchaser's savings account to the seller. To allow a purchaser to use this facility the purchaser is provided a device (for example a magnetic stripe card which uniquely identifies the institution and relevant purchaser's savings account) and when the purchaser further provides an authorisation identifier (a personal identification number (PIN)) funds are permitted to be transferred from the purchaser's savings account to the seller's account. Additional security arrangements and devices can be used if required. However, it should be noted that the actual transfer is a paper transfer only until the institution reconciles all the relevant transactions a process which typically occurs overnight. Therefore, although the purchaser believes the transaction is instantaneous, the seller does not obtain the benefit until reconciliation occurs.

Again this arrangement requires a central register and the only incentive for a purchaser to use the method is the convenience it provides and the inconvenience it avoids, such as not needing to separately withdraw cash from their savings account. This convenience however is typically paid for by the purchaser who is required to pay fees to maintain such a facility and the provider who pays for each communication with the central register as well as the equipment to facilitate these types of transfers.

A disadvantage associated with all the abovementioned arrangements is the use of a central register, which adds to the cost of set up; the ongoing cost of communications between the location of the provider and the central register (sometimes separated by great distances); the need to ensure that the support systems such as the central register processing and telecommunications systems can handle peak access needs; the need for a majority of purchasers and providers to 4 adopt one or more of the funds transfer arrangements so as to ensure the viability of those systems; and the willingness of all the participants to accept the inherent security faults of those systems. Some of these faults include fraud by purchasers, fraud by providers and unauthorised dealings with sensitive information.

It is further recognised that a disadvantage of cash is that since it is so readily negotiable there is always a risk that it will be stolen (typically under threat of physical harm) thereby creating a strong disincentive to have too much cash on hand. It is also possible for cash to be physically lost and once exchanged in a transaction is not always readily returned in circumstances where the transaction is a dishonest one.

One way in which the disincentives associated with cash can be reduced is the use of suitable electronic circuitry configured in conveniently small enclosures suitable for carrying in a purse or wallet within which data representative of a particular fund or cash value can be securely maintained and released under certain conditions. One form of those enclosures are now more commonly referred to as SMART CARDS or CASH CARDS and are quickly being accepted as providing an alternative to the use of cash. The suitable electronic circuitry can also be in the form of a SIMM (Single In-line Memory Module) a circuit board to which is mounted a number of memory chips. In mobile telephone devices such as cellular telephones, a phone's identity and other features are programmed into a SIM card (Subscriber Identity Module) but there will be the ability to programme such a card to act not unlike or even the same as a cash card. SIM cards are also sometimes referred to as "smart cards" because they are reprogrammable and contain random access memory within which can be stored various information at various levels of security. Thus the concept of having an electronic purse within a cellular telephone is a reality and a convenient means for carrying cash. The cellular telephone is also a convenient device for use by the telephone user for communicating digital data representative of a transaction involving digital cash exchange. For example, integral communications software and transmission/ reception (transceiver) equipment which uses the radio 5 frequency devices of the cellular telephone or separate radio frequency, infrared or other wireless mechanisms can be used to communicate the digital data to a compatible transceiver which forms part of or is an accessory device to a digital cash exchange terminal. As more sellers acquire the equipment to allow funds transfers from these cash cards to their own account it will become more convenient for purchasers to carry cash cards rather than cash or at least cash cards having larger values and minimising the amount of actual cash carried by a purchaser.

The incentive for a purchaser to have and use a cash card containing a cash value is the convenience and the increased security of the cash value contained within that card. As a form of security, some cards can only be debited if the purchaser associates a PIN with the debit transaction.

The concept of electronic data representative of cash can also be extended to environments such as the Internet where the cash card equivalent known as DIGITAL CASH or E-CASH is becoming available. This digital representation of cash in a secure manner allows transactions to be conducted in a purely digital environment but which allow for the relevant transfers of funds between purchasers and sellers without the need to physically exchange those funds in cash or credit.

There are a variety of means and software arrangements which provide this functionality some of which are arranged to directly draw from the purchaser's savings funds and deposit in purchaser's accounts and others provide for the debiting of funds contained on the hard disk of the personal computer of the purchaser.

Purchaser anonymity and the absence of funds transfer transaction audit trails are seen by some as an incentive to the use of CASH CARD and DIGITAL CASH funds transfer methodologies. However these incentives are seen as potential problems for law and tax enforcement authorities. However, cash card and digital cash transactions currently provide no further incentives for purchasers and sellers and in some instances the apparent incentives are outweighed by the fears of some purchasers and sellers related to the authenticity and reliability issues of digital cash transaction methods.

In this specification digital cash will be used to refer to the generic function of funds transfers using digital/ electronic software or hardware means. A digital cash device such as a cash card is one example of those means.

It is an object of this invention to provide a safe, secure and reliable method and means of providing tangible benefits to the users of digital cash.

BRIEF DESCRIPTION OF THE FIGURES

Fig. 1 depicts a typical cash card,

Fig. 2 depicts a cash issue authority and card issue means,

Fig. 3 depicts a card reader,

Fig. 4 depicts a digital cash exchange terminal at the location of a seller, and

Fig. 5 depicts a flow diagram of the functions involved in an example funds transfer method using a cash card and a digital cash exchange terminal of the invention.

DESCRIPTION OF EMBODIMENTS OF THE INVENTION

A digital cash device such as a cash card 10 as depicted in Fig. 1 (the term cash card is used in this specification to denote the generic class of enclosures which are adapted to convey and issue digital cash) comprises a computer device 12, a data input port 14, a data output port 16 (these ports may be one and the same), a data storage device 18 which may be incorporated in the computer device 12 or may be a separate item, a unique identifying data string 19, and various data communication paths, devices and ports. 7

The technology that exists to produce cards of the generic type described above is well known and is generally referred to as "SMART CARD" technology as discussed previously. The process of ascribing a monetary value to the card requires a card issue or validation device 20 which is shown pictorially in Fig. 2. Card issue device 20 is arranged to write data into the card 10 which is a representation of a monetary value. This value is only written into the card once the corresponding monetary amount plus fee is paid by the purchaser to the card issue authority. Card issue authorities are likely to include banks and other financial institutions.

Of course payment for the digital cash card could be made in many forms, for example cash, cheque, credit or bank transfer.

At this time the purchaser may arrange for the cash card not to function or have limited functions unless a PIN known only to the purchaser is used at the time the card is debited.

Clearly, there will exist a high level of security and control of the operation of the card issue device 20 and there may be a variety of encryption and validation steps in place during the data transfer between the issue device 20 and the cash card 10 to ensure that the proper and correct monetary value is transferred onto the card and that the card issue authority can properly audit the procedure and thus maintain a check of its liability in cash card credits.

There must also be confidence amongst the users (purchasers and sellers) that the issuer 22 will accept and pay, when due, the digital cash at some future time, so that when the monetary value and the cash card is to be redeemed the purchaser or seller will receive value in return. For example, a purchaser who pays for goods with a cash card transfers the value of those goods to the seller, the seller must then have the confidence that they will be able to redeem from the user the transferred value 8 from the issuer when they require it. Alternatively they will need to know that they can use the digital cash to purchase goods or services themselves.

It is also possible to incorporate into the card a credit facility which could comprise a digital signature or identity mechanism which uniquely identifies the user and the credit authority. The provisions of a credit function allows the purchaser to use either digital cash or credit for a transaction or even top up the cash card from the credit card however unwise that may seem.

At any stage after the cash card has been received by the purchaser it is reasonable that the card owner (purchaser) will want to check the value of its contents. This may be done by using a cash card having its own read-out facility however this would add additional expense to the card and it will be advantageous to provide separate cash card readers 24. Although for those cards incorporated into a cellular telephone which already has a display the value of the card can always be determined.

Cash card readers may be available for the convenience of purchasers at various sellers or may in one example be stand alone and portable so that purchasers may determine the cash value of their cards at any time. Such card readers may also be incorporated into a digital cash exchange terminal referred to in this embodiment as a card debit means 26 (Fig. 4) which are located in the premises of each participating seller of goods and services.

The card debit means 26 located at the seller's location is capable of receiving a purchaser's cash card 10 and upon the seller, and at the option of the purchaser entering their relevant PIN code, a data transfer between the debit means 26 and the card 10 occurs resulting in the agreed funds being transferred from the cash card to the seller's debit means. Only the exact amount of funds are transferred thus obviating the issue of change and the handling of cash notes and coins. The seller should also have a means of transferring funds accumulated in the card debit means to their benefit and this may be, in one embodiment, achieved by allowing the card debit means to transfer data representative of the accumulated funds to a owners removable seller's cash card which can then be used by the seller for their own purchases or which can be redeemed in any acceptable form by the card issuer.

The card debit means 26 can advantageously be adapted to work with the seller's cash register or point-of-sale terminals which in turn may be linked to order and stock reporting and management systems used by retailers as well as audit systems for use by auditors and government authorities such as tax and consumer protection authorities.

A combination of elements such as a card issue means 20, card reader 24, card debit means 26 and cash card 10 are the basis for providing a funds transfer system that does not require on-line communications with a central register. The central register typically being associated with and likely owned by the card issuer or a third party authority such as a government or semi-government agency.

The absence of on-line communications (whether real time, intermittent or periodic) greatly reduces overhead costs such as the cost for providing a central register, communications devices to send and receive data and the on-cost typically borne by the users (the purchasers in particular) of maintaining the system.

However, the only incentive of such an arrangement to purchasers is one of convenience and safety. The cash-like quality of a cash card is the same as having cash in hand but advantageously at the option of the purchaser is protected from unauthorised use by requiring a PIN to be used for each debit from the card. 10 It is an object of this invention, to provide a self sustaining funds transfer system which in one embodiment, does not require communications between disparate locations of the card reader, card debit means and central register. It is a further object of the invention to provide an incentive to the participants in such a scheme in a way which is likely to be more acceptable to the participant but which seamlessly uses the method and means of this invention.

Additional incentives to purchasers and sellers will encourage this system's use and therefore enhance the viability of such a system.

In one embodiment, as shown pictorially in Fig. 5, an additional incentive component with such an arrangement is a means contained within the card debit means to rebate/ discount to the purchaser a predetermined percentage of funds value (cash) immediate upon the sale and funds transfer transaction.

Thus, a potential purchaser has a cash card with a value of $1000.00 (500) and although a seller's price may be marked at $100.00 (501), for example, a predetermined rebate of say 5% equivalent to $5.00 is made to the purchaser's funds value in their cash card 10 making the actual purchase cost to the purchaser $95.00, leaving $905 of value (502) in the cash card.

This embodiment of the incentive component of the invention requires that sellers agree to a predetermined rebate/ discount, however, if only a predetermined selection of sellers say 30% of all sellers in a market sector are able to offer this rebate when dealing with a particular cash card used by purchasers, sellers will use that as a further means of distinguishing themselves from other sellers. Cash cards used in this type of arrangement will be identifiable to the debit card means of those predetermined selected sellers even though other sellers may have similar debit card means. Such an arrangement is necessary so as to not exclude the use of such a card by the purchaser with their seller of choice who is not one of the predetermined selections. 11

Thus an incentive for purchasers exists in the form of a cash rebate if they purchase using their cash card from a predetermined seller. There also exists an incentive for sellers in that a form of exclusivity in the ability to offer this rebate is provided.

Such an arrangement may preferably be implemented by incorporating into the purchaser's cash card a unique data identifier 19 of Fig. 1, which is integrated into that card by the card issue authority's card issue means 20 and identifiable by the card debit means 26. Once identified as a card to which the rebate applies the card debit means 26 operates in a predetermined manner to ensure that the cash rebate is provided to the purchaser along with the funds transfer transaction (503, 504, 505). The digital cash exchange function of the card debit means of this embodiment is primarily one of debiting the cash card but as explained it also credits the cash card with cash and thus a true exchange of digital cash occurs.

At the sellers location the card debit means 26 (Fig. 4) has the purchaser's cash card 10 placed into it and using a key pad attached to the card debit means 26 the costs of the item eg amount to be transferred ($100.00) is entered and displayed. The purchaser checks the amount and authorises its transfer by actuating an acceptance key after entering a PIN (503) Fig. 5. The display may also indicate the rebate amount that will be directly debited back to the purchaser. In this example, the purchaser will obtain a 5% rebate of $5.00 (505) Fig. 5.

Once the transaction is complete the card debit means will display the amount of value remaining on the card thus assuring the purchaser that the rebate was actually applied.

The seller is credited as shown in this example 90% ($90.00) of the $100.00 cost. 12 It will be noted in this example that the 5% of the purchase amount not yet accounted for is destined for a preferable additional incentive component. The value contained and accumulated with in the card debit means may at the convenience of the seller be transferred to a cash card for their own use. The cash card to which the accumulated value or a portion thereof to which the value is transferring can be taken to a financial institution where the amount on the card or even a proportion thereof can be transferred to that financial institution into an account.

It may also be possible for the seller to electronically transfer accumulated value to their financial institution of choice but clearly this would require a communication link (wire or wireless) and adequate security and surety of transfer to ensure a valid transaction was conducted.

In a further embodiment, an additional incentive component to such an arrangement is a means contained within a card debit means to provide the purchaser an opportunity to receive a randomly allocated reward for using their card with one of the predetermined selection of sellers. In one example, the card debit means apportions an agreed percentage of each transaction in the following manner, say 94.5% of the agreed price is provided to the seller; 5% of the agreed price is rebated to the purchaser and say 0.5% (506) Fig. 5 is apportioned to the reward total accumulator within the card debit means 26.

When the cash value of the reward total accumulator has exceeded a predetermined but randomly generated amount, (likely to be bounded say between $5.00 and $100.00), that amount or proportion of it is available for rewarding a randomly generated purchaser (say the tenth purchaser since the last reward was issued but which may also be a number of purchasers within a predetermined range).

Sellers would also willingly forego the, say 0.5%, discount if it is known that it will encourage increased purchaser interest and custom. Such an arrangement could 13 be varied by using a larger or smaller cash rebate percentage, using a larger or smaller range of randomly generated amounts and using a larger or smaller range of purchasers between rewards to trigger the refund rewards funds transfers mechanism.

Of course the random component within the card debit means needs to be random to ensure fairness and to avoid predictability which could lead to purchaser and seller fraud or manipulation. A reward if applicable is debited to the card (507) as depicted in Fig. 5, before the card is removed and the new value of the card is displayed to the purchaser so that they are aware of their current holdings in the card and of their good fortune if a reward has been provided.

In this regard it may be useful to incorporate additional rewards funds transfer constraints, such as nullifying the provision of funds for a cash card transaction which is proceeded by one or possibly more immediately preceding cash card transactions with the same cash card.

A further constraint may be that rewards are proportional (within a range) to the value of the funds transferred in the transaction, so that for example, a $1.00 transaction can only be rewarded to a maximum of 500% of the value of that transaction, that is $5.00. Whereas, a $100.00 transaction may be rewarded up to 300%, that is a $300.00 reward.

In a further embodiment, an additional incentive component of such an arrangement is a means contained within the card debit means to rebate the purchase price a predetermined percentage of sale value to a cash card promotion fund accumulator within the card debit means (508) Fig. 5.

A predetermined percentage of the sale price could be, say 4%, which may be in one embodiment recoverable from the card debit means in the form of funds transfer from the card debit means via funds transfer to a special cash card used only 14 to collect and effectively transfer such funds to a promotions service company. Again sellers would also willingly forego the additional, say 4%, of the transaction to be part of this arrangement.

Funds accumulated to the promotions accumulator could be used to promote the use of the card amongst purchasers, encourage the entry of the predetermined selected 30% of sellers in each market sector; provide for the costs of card debit means at a subsidised cost to the sellers; provision of subsidised card readers; and subsidise the provision of card issue means and associated funds transfer costs by the card issue authority.

In a yet further embodiment, an additional incentive component to such an arrangement is a means contained with a card debit means to provide sellers, who sponsor or sign up a new purchaser, a portion of each sale, say 0.5% (509) Fig. 5. To facilitate such an arrangement, the cash card has details of the sponsor or seller of the card to the purchaser embedded in the unique data identifier 19 which enables a card sponsor accumulator to allocate that 0.5% of the sale to the relevant sponsor or seller.

The amounts accumulated in such an accumulator can be collected and collated in much the same manner as those amounts collected in the promotion funds accumulator.

Thus in total, in this embodiment, the seller has foregone 10% of their sale price and retained 90% in digital cash. The 10% is apportioned as follows; 5% digital cash rebate to the purchaser; 4% to the promotions fund which supports the arrangement and provides infrastructure; 0.5% to the sponsor of the purchaser's cash card; and 0.5% to a rewards fund accumulator to potentially reward random purchasers.

In a yet further embodiment, the card debit means has a communications means which is adapted to communicate selected data to, and receive data from, 15 either the card issue authority or an authorised funds transfer intermediary such as for example the promoter of the cash card arrangement, and/ or the seller's own savings account.

This means of funds transfer has a further incentive component for sellers because funds transferred in the manner provided negate the seller having to count and deliver large amounts of cash to their savings institution.

For example, funds in the cash card promotions accumulator can be debited and transferred, in a secure fashion, to the credit of a predetermined account in a financial institution such as for example a bank. In this embodiment the credit to the seller's account is immediate and does not require any form of reconciliation and the benefits are immediate to the seller.

In a further example, funds in the various cash card accumulators could be transferred to a digital cash card exchange terminal located at respective third party premises for crediting those terminals which in turn may credit cash cards or be transferred in anyway the third party determines.

A communications means may be operated on an as needs basis, periodically or permanently. The communications protocols and transport mediums that can be used are many and varied and could differ from seller to seller in accordance with their desire to minimise costs or use available communications facilities.

For example, large volume sellers may wish to ensure that fund transfers are immediate, hence this would require an immediate communication of details to the appropriate funds transfer authorities. Whereas a smaller volume seller may only require a communications facility to operate once each day.

Claims

16 Examples of suitable communications mediums include the public switch network (PSTN), the Internet (assuming suitable validity and security protocols are used), direct wireless communications including cellular telephony, etc.

Variance of the embodiments described also include using a different percentage discount for different types of market sectors. For example, a seller in a market typically having very slim margins may only be able to support, say a 2%, discount which could for example be apportioned as a 1 % direct rebate for the customer, 0.5% rebate to the accumulating promotions fund and a 0.5% rebate to the cash card promotions accumulator.

The use of a particular percentage to define the proportion of funds transferred or used in one or more of the incentive and promotional accumulators is but one convenient way to define the amounts involved. Clearly, some traders/ sellers will not be able to sustain such large discounts or percentages of incentive and promotional support, so it will be possible to predetermine other schemes.

It will be appreciated by those skilled in the art, that the invention is not restricted in its use to the particular application described and neither is the present invention restricted in its preferred embodiments with regards to the particular element or features described herein. It should be appreciated that various modifications can be made without departing from the principle of the invention, therefore, the invention should be understood to include all such modifications within its scope.

5. A digital cash device and a digital cash exchange terminal arrangement according to claim 1 wherein said digital cash device comprises a unique data string which can be read by said digital cash exchange terminal and if it is a predetermined one which signifies the existence of an access key said digital cash exchange terminal will require the entry of a related data string by said user of said digital cash device to verify the authority of the user to use the digital cash device.

6. A digital cash device and a digital cash exchange terminal arrangement according to claim 1 wherein said digital cash exchange terminal comprises communications means which if authorised by said the provider of said goods or services transmits accumulated monetary value to a third party.