This was referred to as adopting a commodity standard. Cash is almost universally acceptable as a form of payment, regardless of the transaction amount. One of the reasons why cash is so acceptable is that the physical handing over of the cash completes the transaction and there is no risk that the payment will not be honoured at a later stage. There is no authorization required and, consequently, no communications traffic or charges. Many other forms of payment involve a paper trail linking either or both parties with the transaction.
Cash allows transactions to take place anonymously.
In addition to being attractive to criminals, this also has appeal for perfectly honest consumers that are worried about the ability of large organizations to monitor their movements and lifestyle. Goods and services began being traded on the network, without the use of any supporting technology. At the same time, a wide variety of new secure network payment schemes were being developed in universities and research institutes as well as by commercial organizations and the banking sector. Some of these schemes are still at the concept stage while others have already undergone extensive testing in pilot schemes. Electronic Payment Systems .