The merchant then passes the transaction to the credit card company via a private network. The future vision is that all three parties will receive a receipt for the transaction as the final service product. Anonymous Transactions Anonymous transactions would be ones made without a credit card or personal identification. The web user would make the purchase by using digital cash. The digital cash solution has not yet been fully accepted by the public or adopted by the banking industry.
Smart cards are a form of digital cash.
The web user first buys digital cash and puts it into an electronic wallet. When a purchase is made, the wallet is debited and store is credited. For digital cash transactions to work, both the client and server must have specialized software installed.