Abstract:
An electronic currency system having Currency Issuing Authorities that are coupled to a money generator device for generating and issuing to subscribing customers electronic currency backed by correspondent Currency Issuing Authorities and participating Financial Institutions that accept and distribute the electronic money; a plurality of devices that are used by subscribers for storing electronic money and for performing money transactions with other participants and participating Currency Issuing Authorities and Authorized Financial Institutions, for exchanging electronic money with other like transactions; and verification arrangement for maintaining the integrity of the system, and for detecting counterfeiting and tampering within the system. The electronic currency consists of data in a form suitable to be stored in a participant&#39;s data storage medium, comprising information on the currency value, authentication values, certificate chain, and identification of the participants&#39; devices.

Description:
FIELD OF THE INVENTION 
       [0001]    The invention relates to electronic currency. More particularly, the invention relates to electronic cash money, to electronic wallets carrying such cash money, and to electronic payment systems employing them. 
       BACKGROUND OF THE INVENTION 
       [0002]    Electronic payment transactions have become increasingly important, and tremendous efforts are constantly placed into the development of suitable systems for carrying out such transactions. One such system is the so-called “electronic wallet” or “electronic purse”, which holds sums of money withdrawn from a bank, which can be used to pay for goods and services. The electronic wallet presents several problems which, so far, have limited its use. It further presents a disadvantage that renders it unattractive for many persons, namely, it causes a loss of feeling of control over the money it contains and require an online connection and a central server for verification and authentication. Since all procedures are automated, encrypted and electronic, with only minimal intervention of the owner, many owners feel that they have no real control over the movement of their money. 
         [0003]    Estimated global demand for electronic money continues to increase and is expected to exceed several billion dollars within the next few decades. Here, electronic money or e-money refers to digital currency and electronic payments that exist only in an electronic state. 
         [0004]    Electronic cash has many applications, ranging from the use of electronic wallets carried on the owner, in lieu of credit cards, in daily transactions and including payments for goods and services purchased over the Internet. The problem of payments over the Internet is well known, and many solutions to it have been suggested. The problem is a complicated one, because the use of credit cards over the Internet is unsafe, and because in many transactions the buyer does not wish to provide details of himself, or of his bank account. 
         [0005]    Among the systems suggested to overcome this problem, there can be mentioned a few. For instance, a concept called “First Virtual” first asks a potential customer to fill out an application form providing standard personal information. First Virtual would then send a personal identification number (PIN) with an 800 number over the Internet to the customer&#39;s email. Then the customer is supposed to use the 800 number to give the customer&#39;s credit card information over the phone to First Virtual to establish or open no more than just an electronic charge account. 
         [0006]    Another concept called “Cybercash” requires customers or buyers on the Internet to first open a special Cybercash bafflc account that contains money designated for spending on the Internet. A consumer issues instructions to purchase goods or services on the Internet and money for these items are transferred from the consumer&#39;s Cybercash bank account to that of the merchant&#39;s. Transactions are anonymous unless the seller specifically asks for the identity of the buyer. 
         [0007]    Yet another concept called the “Netbill” requires a buyer on the Internet to first put money in a Netbill account and subsequent transactions made by the buyer are to be drawn off from the account sum or balance. Accounts of both buyers and sellers are maintained on a Netbill server, to keep transactions off the Internet and to maintain lower transaction costs. After a purchase is made, the transfer of funds will automatically take place at the server. Digital goods, e.g. programs, documents etc. are transferred to the buyer in encrypted form. When the Netbill account has cleared the transaction, a receipt containing the key to the encrypted goods is sent to the merchant, then forwarded to the consumer. 
         [0008]    A two-step process called “Millicent” had also been introduced, using fake money. A merchant creates its own electronic currency, or “scrip”, that is sold to brokers. Brokers then sell the scrip to buyers. Sellers deal with just a handful of accounts, spreading transaction costs over a large volume of purchases. Millicent customers need to buy currency from only a few trusted brokers. 
         [0009]    Another system is the so-called “Digicash” or “ecash”. In theory this system turns a user&#39;s or buyer&#39;s hard drive on a PC into a purse. To use this system, one first establishes an account with a bank. To obtain digicash or ecash, the user creates a series of numbers that will represent a mixture of coins or money bills in various denominations according to the user&#39;s own wishes. This request for digicash is then sent to the bank, which deducts the total amount requested from the user&#39;s existing valid account. The bank then sends the user an equivalent amount of ecash as an encrypted email message containing a series of numbers. Each number corresponds to a specified amount of money. Before the user can actually use these encrypted series of numbers from the bank to purchase goods or services on the Net, the user must first obtain a user name and a password from Digicash. Then the user has to download Digicash&#39;s ecash software to the user&#39;s PC. The final step is to create the user&#39;s own encryption key (in essence another password) and together with the user&#39;s password obtained earlier from Digicash, the user can then spend ecash on the Net. 
         [0010]    Another system that has been suggested is the PayMe system (Michael Peirce and Donal O&#39;Mahony, “Scaleable, Secure Cash Payment for WWW Resources with the PayMe Protocol Set”, presented at the Fourth International World Wide Web Conference, Dec. 11-14, 1995, Boston, Mass., USA—http://www.w3.org/Conferences/WWW4/Papers/228/). PayMe is an online electronic cash system. The entities involved are banks and users. Users can be either buyers or merchants but each has the same functionality. They can make payments, accept payments, or deal with the bank. Each bank mints its own identified electronic cash with serial numbers. Double spending of coins is prevented by the bank maintaining a database of coins in circulation. Any user in the PayMe system can accept payments and make payments. Merchants can receive payments for selling Web goods but they can also make payments to the buyers. This can be used for making refunds or in pay-out services. 
         [0011]    Coins are the pieces of data that represent monetary value within the system. The coins are digitally signed by the bank using public key cryptography to make them valid currency. Each coin has a serial number which is entered into the bank&#39;s database when the coin is minted. Coins have fields for the coin value, serial number, bank id, bank host name and port number, and expiry date. When these five fields are put together and signed with the bank&#39;s private key, a valid coin is created. 
         [0012]    PayMe can be used with any Web client or server. To purchase an item a user starts up both their PayMe Wallet and any Web client. They browse the Web until they find a merchant shop, which will be presented by a HTML document. 
         [0013]    Mobile device penetration is one reason for this increased electronic money demand. In the underdeveloped world, for example, a majority of the population can access mobile handsets. In fact, such mobile communication devices bridge the financial divide for the so called “unbanked population” without checking accounts by allowing them to use mobile devices to execute monetary transactions. For example, a mobile phone subscriber can prepay for services by depositing cash with an MNO (Mobile Network Operator); and use such credit for payment of purchased goods or services. 
         [0014]    Mobile money does constitute pseudo currency that is a substitute for money. For example, a mobile subscriber can use top-up minutes or transfer top-up minutes to another mobile subscriber in exchange for goods and services purchased by the first mobile subscriber. 
         [0015]    Such mobile money is, however, proliferating without involvement of central banks Among other functions, central banks typically issue currency and implement monetary policies as well. Since pseudo currencies are issued by private nonfinancial entities, such pseudo-currencies only work within “closed systems” such as within a mobile network operating system and are not available for use outside of the closed system. Thus, unlike cash issued by the central bank, interoperability is difficult and valuation of such pseudo currencies remains questionable. 
         [0016]    Central banks are concerned about consumer protection and are also wary about issuance of electronic money by non-financial institutions due to inadequate capitalization by such institutions, loss of consumer deposits, potential for destabilizing the money supply balance and lack of transparency of electronic payment transactions both for domestic and international cross-border electronic transactions. 
         [0017]    All the aforementioned systems require a direct interaction between the seller and the buyer during the transfer of the payment and require a central server for authentication of the electronic cash. 
         [0018]    Another severe drawback of certain systems is that it does not allow transfer from one mobile device to another mobile without the involvement of the intemet and another central server. 
         [0019]    Another severe drawback of certain systems is that they require that the cash dispenser be involved in the transaction, to identify the users (either the buyer, the seller, or both), rendering the transaction cumbersome, and detracting from its privacy. 
         [0020]    Another severe drawback of certain systems is that they require that authentication server will be always present and that transactions always needed to be conducted online. 
         [0021]    Another severe drawback of certain systems is that they do not allow the transfer of electronic cash between participants and always require a third party server to manage the transactions. 
         [0022]    Another severe drawback of certain systems is that they do not allow the user to view his electronic cash graphically as cash notes with authentication info on the notes. 
         [0023]    Because, of these facts, there is currently no electronic “currency” that can be used in a simple manner by the general public as well as by Internet surfers, just as one uses bills, coins or checks. For this reason, e-commerce is still relatively limited both in physical transactions, such as in shops and in service-providing establishments, and over the Internet. It is therefore clear that there is a great need for an electronic currency that overcomes the disadvantages of the prior art. The prior art does not take into account that most transactions made over the Internet or other LANs or WANs involve small sums. While it is important to ascertain that theft of such sums is made difficult, just as one keeps his pocket money, the danger of theft does not justify the complexity of the systems devised by the prior art, nor they justify or constant authentication means by central authentication server that keeps tracks of issued, spent and authenticate notes. 
         [0024]    Additionally, and largely because of said misconception, most of the prior art systems require the user to open an account with either a bank, or a pseudo-bank, or with a supplier, and either to provide prepaid funds to these accounts, from which it possible to draw, or to perform relatively complicated operations when the user wishes to spend, withdraw or generate funds. 
         [0025]    Because, of these facts, there is currently no electronic “currency” that can be used in a simple manner by the general public in physical transactions or when surfing the Internet, just as one uses bills, coins or checks. For this reason, e-commerce is still relatively limited in physical shops and over the Internet. 
         [0026]    It is therefore clear that it would be highly desirable to provide an electronic currency system which is free from all the aforementioned drawbacks, and which permits commerce and e-commerce to proceed freely, in a manner as similar as possible to live commerce. 
         [0027]    It is therefore an object of this invention to provide electronic currency and a system for its implementation, that overcome all the aforementioned drawbacks of the prior art. 
         [0028]    It is another purpose of this invention to provide electronic currency that can be converted to and from regular currency, and which can be transferred in real time from one Internet user to another. 
         [0029]    It is a further purpose of the invention to provide an electronic currency and system which are user-independent, and which do not require a user key or user identification, such currency being essentially “to the bearer”. 
         [0030]    It is yet another object of the invention to provide electronic currency in electronic form that can be lawfully copied onto magnetic, optical or other media, so as to ensure against loss or crashes of the media where the currency is saved. 
         [0031]    It is a further object of the invention to provide electronic money and systems employing it, which can be used for carrying out transactions over the Internet. 
         [0032]    It is a further object of the invention to provide a method and currency which can be used for the simultaneous service receipt/payment, and which can further be used for payments which are linked to the quantity of goods or services electronically furnished. 
         [0033]    The system of the invention will be referred to herein as “The System”, for the sake of brevity. It resembles in many features the monetary system of a country, in which there is a currency 
         [0034]    Other purposes and advantages of this invention will appear as the description proceeds. 
       SUMMARY OF THE INVENTION 
       [0035]    To achieve the foregoing, and other objects, the method and system of the present invention employ a preferred embodiment in the form of an electronic-monetary system having (1) Currency Issuing Authority coupled to a electronic money generator servers for generating and issuing to participants electronic money including electronic currency backed by deposits and credits kept in correspondent banks that accept and distribute the electronic money; (2) a plurality of transaction devices that are used by participants for storing electronic money, for performing money transactions with the on-line systems of the participating banks or for exchanging electronic money with other like transaction devices in off-line transactions; (3) a data communications means for providing communications services to all components of the system; and (4) a security arrangement and verification means for maintaining the integrity of the system, and for detecting counterfeiting and tampering within the system. The Issuing authority (CIA) issues currency (bills, coins or money orders) to individuals. The CIA is based on distributed servers where issued currency tokens can be exchanged for a funding transaction from a participating bank. 
         [0036]    The CIA is not involved in the transactions carried out with the currency it issued, but is responsible for the value of the currency and for its maintenance. The CIA continuously examines the currency circulating on the market, replaces Payment Tokens, issues new currency Tokens as needed, and refuses to honor counterfeit currency. 
         [0037]    According to The System, a CIA also exists, which functions in a similar manner, but with many improvements and with the differences that will be explained in detail below. The CIA may be a country or an organization within it, or a financial or other organization. As with the treasury of a country, the basic condition for a currency to be of value is the solvency of the CIA or of the organization it represents. There is no limitation on the number of CIAs that may issue electronic currency, and just as with countries, exchange rates can be established between different currencies issued by different CIAs. A CIA may be electronically connected with multiple of financial organizations (banks) where issuance of electronic currency could be delivered to be distributed to the participants of the system via the financial organizations. 
         [0038]    The Payment Tokens (electronic money) exchanged by the different participants of the System may be an electronic representation of currency or credit. An important aspect of the Payment Tokens is that it is the equivalent of bank notes and is interchangeable with conventional paper money through claims on deposits in a participating bank, but can be withdrawn or deposited both at an issuing CIA and at a participating bank. 
         [0039]    The electronic money representations are fungible, universally accepted, and undeniably redeemable from the issuing banks, i.e., they have the characteristics of money transactions. To preserve the integrity of the electronic monetary system, each exchange of electronic money includes, along with other information, data identifying the monetary unit of the credit or currency, (i.e., dollars, yen, etc.) the amount by unit of credit or currency, and several digital signatures. 
         [0040]    The electronic money exchanged by these devices of the different participants of the System may be an electronic representation of currency or credit. An important aspect of the electronic currency is that it is the equivalent of bank notes and is interchangeable with conventional paper money through claims on deposits in an issuing bank. 
         [0041]    In the main embodiment of the present invention, the system includes a Currency Issuing Authority coupled to a money generator device for generating and issuing to subscribing participants electronic money (Payment Tokens) backed by deposits or credits in the respective accounts held in correspondent banks that accept and distribute the electronic money. The system include a plurality of devices that are used by participants for storing electronic money and for performing money transactions with on-line systems of the participating banks or for exchanging electronic-money with other like transaction devices in off-line transactions. The electronic currency is issued and signed by the Currency Issuing Authority and distributed by the participating banks Each payment exchange of the electronic currency note adds additional digital signature on the electronic currency note. The system includes data communications means for providing communications services to all components of the system; and security arrangement and verification means for maintaining the integrity of the system, and for detecting counterfeiting and tampering within the system. 
         [0042]    As said, the electronic currency of the invention can be used in any way, for electronic commerce, whether by means of an electronic wallet or purse carried by the owner, or in remote e-commerce carried out over communication lines, such as cellular telephone systems or any other line of communication over which e-commerce can be effected, the most important example of which is the Internet e-commerce. 
         [0043]    Throughout this specification, when reference is made to the Internet as the e-commerce system, it is meant to indicate any other communication method or system over which e-commerce can be effected, and the description to follow applies mutatis mutandis to any such communication method and system. The Internet is used here for the sake of illustration, it being understood that the invention is not limited to it, or to any other particular system. Furthermore, when reference is made to a network, it may also refer to mixed networks, e.g., where two different networks cooperate in the communication system, such as may be a cooperation of the Internet with a cellular phone system, via an appropriate interface that will be easily appreciated by the skilled person. 
         [0044]    All the above and other characteristics and advantages of the invention will be better understood through the following illustrative and non-limitative description of preferred embodiments thereof. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0045]      FIG. 1  is a schematic representation of electronic cash issuance transaction involving electronic currency, according to a preferred embodiment of the invention; 
           [0046]      FIG. 2  schematically illustrates a pay process, according to a preferred embodiment, by which a payer pays a payee using the issued electronic currency; 
           [0047]      FIG. 3  schematically illustrates a continued payment process using the same issued electronic currency, according to a preferred embodiment of the invention, by which a next payer pays the next payee using the electronic currency; 
           [0048]      FIG. 4  schematically illustrates a payment verification process using the issued electronic currency, according to a preferred embodiment of the invention; 
           [0049]      FIG. 5  schematically illustrates a payment fraud process and ways fraud is eliminated, according to the process of the invention; 
           [0050]      FIG. 6  illustrates a graphic representation of an Issuance/Payment Token as displayed on the Payee and Payer devices and the payment process, according to a preferred embodiment of the invention. 
           [0051]      FIG. 7  illustrates a graphic representation of an Issuance/Payment Token as displayed on the Payee and Payer devices, according to a preferred embodiment of the invention. 
           [0052]      FIG. 8  schematically illustrates a payment process using the same Issuance Tokens  3 , according to an alternative embodiment of the invention, by which a Payer  1  pays the Payee  8  using the Issuance Token  3  sent through an EFT Network. A Payer  1  interacts with a Payee  8 , via the Internet or other wireless or wired communication methods. 
           [0053]      FIG. 9  diagrammatically illustrates a payment process using the issued Cash Tokens and the payment devices  2 , according to preferred and alternative embodiments of the invention. 
           [0054]      FIG. 10  diagrammatically illustrates issuance of device certificate and cash tokens processes and a payment process using the issued Cash Tokens using the payment devices, according to preferred and alternative embodiments of the invention. 
           [0055]      FIG. 11  schematically illustrates issuance of device certificate, cash tokens, the processes of payments, and the participants of The System. The processes of payments and cash issuance is as described in  FIG. 10   
       
    
    
     DETAILED DESCRIPTION OF PREFERRED EMBODIMENTS 
       [0056]    In the context of the present invention, the terms “Issuance Token” and “Payment Token” and “electronic cash” and “electronic currency”, as well as “Internet money” and “Internet currency”, are used interchangeably. 
         [0057]    In the context of the present invention, the terms “Payer” and “Participant”, are used interchangeably to designate a participant/payer that pays with Payment Token. 
         [0058]    In the context of the present invention, the terms “Payee” and “Participant Payee”, are used interchangeably to designate a participant payee that get paid with Payment Token. 
         [0059]    In the context of the present invention, the terms “Cash Issuance Tokens” and “Cash Payment Token” are used interchangeably. However, Payment tokens include also signed data of the assignee/payee. 
         [0060]    The system of the invention will now be described in detail, and will be referred to herein as “The System”, for the sake of brevity. It resembles in many features the monetary system of a country, in which there is a currency issuing authority (CIA) that issues currency (bills, coins, cash tokens, payment coupons or money orders) to individuals. The CIA is based on distributed servers where issued currency tokens can be exchanged for a funding transaction from a participating bank. 
         [0061]    The CIA is not involved in the transactions carried out with the currency it issued, but is responsible for the value of the currency and for its maintenance. The CIA continuously examines the currency circulating on the market, replaces Payment Tokens, issues new currency Tokens as needed, and refuses to honor counterfeit currency. 
         [0062]    According to The System, a CIA also exists, which functions in a similar manner, but with many improvements and with the differences that will be explained in detail below. The CIA may be a country or an organization within it, a credit card company, a ticketing company, a financial organization or other organization which uses payment systems. As with the treasury of a country, the basic condition for a currency to be of value is the solvency of the CIA or of the organization it represents. There is no limitation on the number of CIAs that may issue electronic currency, and just as with countries, exchange rates can be established between different currencies issued by different CIAs. A CIA may be electronically connected with multiple of financial organizations where issuance of electronic currency could be delivered to be distributed to the participants of the system via the financial organizations. 
         [0063]    The Payment Tokens (electronic money) exchanged by the different participants of the System may be an electronic representation of currency or credit. An important aspect of the Payment Tokens is that it is the equivalent of bank notes and is interchangeable with conventional paper money through claims on deposits in an issuing bank, but can be withdrawn or deposited both at an issuing CIA and at a correspondent bank. However, only the issuing CIA through its affiliated banks can generate the Payment Tokens, and will be liable for its redemption. 
         [0064]    The issuing banks later utilize inter-bank clearing and settling processes to maintain the monetary balance in the banking system, as is currently practiced by today&#39;s banking industry. 
         [0065]    The electronic money representations are fungible, universally accepted, and undeniably redeemable from the issuing banks, i.e., they have the characteristics of money transactions. To preserve the integrity of the electronic monetary system, each exchange of electronic money includes, along with other information, data identifying the monetary unit of the credit or currency, (i.e., dollars, yen, etc.) the amount by unit of credit or currency, and several digital signatures. 
         [0066]      FIG. 1  shows an exemplary description of preferred embodiment for electronic currency issuance of The System. According to the preferred embodiment of The System a Payer-participant  1  requests Issuance Token  3  from the CIA  6  directly or through a Financial Organization/Bank  66 . The Payer  1  submits a request using one of the following requesting payer devices  2 :
   1. PDA   2. Laptop   3. Computer or LAN computer   4. Portable Device   5. Portable Phone   6. Printed Form   7. Internet application   
 
         [0074]    The request  5  is submitted directly to the CIA  6  or through the Bank  66  includes the following data items:
   1. When a valid certificate does not exist in the device a Certificate request known in the field as CSR will be included in the request  5 , based on a specific private key of the user and/or the device.   2. The device ID.   3. Account Number.   4. Amount of issuance.   5. Other optional data including user ID, bank ID, Account and routing bank funding information and other data fields used to fund the issuance payment token.   
 
         [0080]    When the CIA gets a confirmation from the participants&#39; banks  66  for the funding of the request, the CIA issues Cash Issuance Tokens  3  consisting of electronic information, which, according to a preferred embodiment of the invention consists of the following:
   1. CIA Server Name: Identifies a Cash Issuance server or root bank (e.g. federal reserve)   2. Issuance Date: Cash Issuance Token  3  date of issuance.   3. Expiry Date: Limits the time period of the validity Cash Issuance Tokens  3 .   4. Serial Number: Uniquely identifies the Cash Issuance Token.   5. Cash Issuance Value: Amount of face value.   6. Device ID: The Payer  1  device ID to which the Cash Issuance token was issued to.   7. Cert/key#: The Root Authorization Certificate number used to sign the Cash Issuance Token  3 .   
 
         [0088]    In addition to the Cash Issuance Tokens the CIA issues a device/user Certificate when the device does not have such a certificate. The certificate is issued to the Payer and the device ID which is used to store the Cash Issuance Tokens  3 . 
         [0089]    The Cash Issuance Token  3  is signed with one of the CIA private keys which specific serial number is a data element of the electronic information of the Cash Issuance Token. The corresponding CIA public keys are published as CIA certificates distributed to all participants of the system and are available to any participant. The CIA publishes all the certificates used for Cash Issuance and any new root certificates it generates it distributes to the participants. 
         [0090]    The CIA server keeps track of the serial numbers of all outstanding the Cash Issuance Tokens within the system. The Cash Issuance Tokens are digitally signed by the bank using a specific Root Authorization Certificate number. Each Cash Issuance Token has a serial number which is entered into the CIA database when the Cash Issuance Token is generated. When a Payer  1  receives the Cash Issuance Tokens into one of his devices  2 , the software in his device can optionally encrypt the Cash Issuance Tokens. 
         [0091]    It should be noted that the system participants consists of payers-buyers, payees-merchants, Banks or Credit Card Companies and CIA servers. The CIA servers are used only at the time of issuance and for purpose of verification of authenticity and validity of circulating Cash Issuance Tokens. 
         [0092]    The Cash Issuance Tokens  3  can be transmitted, received and stored in the payers&#39; devices  2  as one data unit. This data unit, can be provided in any suitable form, e.g., in magnetic form, such as on a diskette, or in optical form, e.g., on a CD-ROM, or can be transferred to the user via electronic mail or other communication method. Thus, there is no limitation whatsoever to the channel through which the electronic currency can be provided. 
         [0093]    According to a preferred embodiment of The System, the payers&#39; devices  2  will be installed with software, which will be termed hereinafter “Software”, the purpose of which will become apparent from the description to follow. Alternatively, the Software can be provided to the Payer  1  from any other source, such as by downloading it from the Internet. The Software provided to the payer&#39;s devices  2 , is used according to a preferred embodiment of The System, to allow access to a remote CIA server and to gain access to storage area of the payers&#39; devices  2 . The Software not only assists the process in facilitating the access of the CIA server by executing appropriate communication protocols, but may also be provided with security means that prevent fraudulent activities. The Software can further function as the program that actually cooperates in the transfer of the Cash Issuance Tokens from the payer to the payee, the provider of services or goods. The software can also display on the participants&#39; devices the Payment Tokens and some of its data elements in a graphical representation as depicted in  FIG. 7 . 
         [0094]      FIG. 2  schematically illustrates a payment process, according to a preferred embodiment of the, by which a Payer  1  pays a Payee  8  using the issued Cash Issuance Token. A Payer  1  interacts with a Payee  8 , using one of the Payer Devices  2 , via the Internet or other wireless or wired communication methods as blue tooth, texting or any wireless method. When a transaction has been decided upon, and the time comes to effect actual payment, the Payee  8  “effects payment”, by sending a Payment Request  14 . Payments Request  14  includes the Payee&#39;s device ID and/or the Payee&#39;s ID, the payment amount and optionally the payee&#39;s certificate for further identification. Upon receipt of the payment Request  14  of Payee  8  to pay a given sum to the Payee, the Payer Devices  2  sends to the Payee  8  the Payment Token  3  with the Payee&#39;s device Id and other payee&#39;s information signed into the Payment token  3 . 
         [0095]    The communication between the payee and the payers&#39; devices is done using the incorporated Software. According to a preferred embodiment of The System, the payers&#39; devices  2  will be installed with software, which will be termed hereinafter “Software”. The Software provided to the payer&#39;s devices  2 , is used according to a preferred embodiment of The System, to allow access to a remote CIA server and to gain access to storage area of the payers&#39; devices  2 . The Software not only assists the process in facilitating the access of the CIA server by executing appropriate communication protocols, but may also be provided with security means that prevent fraudulent activities. The Software can further function as the program that actually cooperates in the transfer of the Cash Issuance Tokens (Payment Tokens) from the Payer to the Payee, the provider of services or goods. The Software facilitates the communication between the Payer and the Payee&#39;s devices and manages the transmission of the Payment Token and the certificates exchanges. Furthermore, the software signs into the Payment Token the Payee&#39;s device ID and other Payee&#39;s information, and marks the Cash Issuance Token as used and optionally deletes the Cash Issuance Token from the data storage of the payer&#39;s device. 
         [0096]    The Software installed in the Payee&#39;s devices receives the data packets sent by the Payer and examines the data packets which together provide the payment, and then verifies their authenticity. The software uses the CIA published certificate and the Payer&#39;s Certificate  4  to verify the authenticity and validity of the data of Payment Token  3 . The Payee optionally can further verify the Payment Token through the CIA using communication means via the Internet as depicted in  7 . The CIA can provide authenticity information to the payer based on the serial number and the payer&#39;s device ID of stored as data elements in the Payment Token. However, the published CIA root certificates  19  and the Payer&#39;s Cert  4  are sufficient to validate the payment. When a Payee deposits the Payment Token into his bank account or directly to the CIA the issued Payment Token is removed from circulation and any further deposits of the same Payment Token will indicate a fraud. 
         [0097]    Alternatively, of course, the Software transfers the Payment Tokens when the Payee chooses to, to the CIA or to the Payee&#39;s bank account and deals with the steps of marking the Payment Tokens as submitted for deposit. On the other hand, the Payer at anytime can exchange any Payments Tokens for bills or other currency at the Bank of another Payee/merchant. Any other alternative procedure is possible, and many alternative procedures for such Payment Tokens transfers and exchanges can be devised by a skilled person. 
         [0098]    Alternatively, the Software can transfer the Payment Tokens when the Payer chooses to, to the CIA or to the Payee&#39;s bank account and deals with the steps of marking the Payment Tokens as submitted for deposit directly to the Payee&#39;s account. Any other alternative procedure is possible, and many alternative procedures for such Payment Tokens transfers and exchanges can be devised by a skilled person. 
         [0099]    According to a preferred embodiment of The System, in order to facilitate record keeping, the Payee&#39;s and the Payer&#39;s Software writes and stores suitable information on the transactions in a protected data area of the Payers&#39; and Payees&#39; devices  2 . 
         [0100]    During an issuance of Payment Token or any transaction between the Payer and the Payee, a commission for the service could be charged. Of course, the imposition of a commission will be regulated by predetermined rules between the CIA, the participating Banks and its participants. 
         [0101]    As explained above, with each payment transaction the Payee&#39;s device Software sends a Payee Confirmation  10  to the Payer. The Payee Confirmation  10  consists of the following data elements:
   1. Payment Amount.   2. Payment Date.   3. Payee Device ID.   4. Payee&#39;s Cert/key#: Optional Payee&#39;s Certificate used for Payment Confirmation.   
 
         [0106]    When the Payee&#39;s confirmation  10  is received by the Payer&#39;s Device  2  the Software on the device removes the Payment Token from its storage area and marks it as used. The Software then can record additional information concerning the transaction, the identity and Device ID of the Payee to which the Payment Token has been transferred, the date and time of the transaction, etc., as already explained above. This may be convenient for the purpose of record keeping. 
         [0107]      FIG. 3  schematically illustrates a continued payment process using the same issued electronic currency, according to a preferred embodiment of the invention, by which any next Payer  1  pays the next Payee  8  using the Payment Tokens  3 . A next Payer  1  interacts with a Next Payee  8 , using one of the Payer&#39;s Devices  2 , via the Internet or other wireless or wired communication methods as blue tooth, texting or any wireless method. When a transaction has been decided upon and the time comes to effect actual payment, the Payee  8  “effects payment”, by sending a Payment Request  14 . Payments Request  14  include the Next Payee&#39;s device ID and/or the Next Payee&#39;s ID, and the payment amount. Upon receipt of the Payment Request  14  of Next Payer  1  to pay a given sum to the Next Payee  8 , the Next Payer Devices  2  sends to the Next Payee  8  the Payment Token  3 , Last Payer Certificate  4  that identifies the last transaction. 
         [0108]    The communication between the payees&#39; and the payers&#39; devices is done using the incorporated Software. According to a preferred embodiment of The System, the Payers&#39; and the Payee&#39;s Devices  2  will be installed with software, which will be termed hereinafter “Software”. The Software provided to all the Payer&#39;s and Payee&#39;s devices  2 , is used according to the preferred embodiment of The System, to allow access to a remote CIA server and to gain access to storage area of the Payers&#39; and Payee&#39;s devices  2 . The Software not only assists the process in facilitating the access of the CIA server by executing appropriate communication protocols, but may also be provided with security means that prevent fraudulent activities. The Software can further function as the program that actually cooperates in the transfer of the Payment Tokens  3  from the next Payer to the Next Payee, the provider of services or goods. The Software facilitates the communication between the Next Payer and the Next Payee&#39;s devices and manages the transmission of the Payment Token and the device certificates issued for each device. Furthermore, the software signs the payment token with the payee&#39;s data supplied by the Payee&#39;s Request  14 . 
         [0109]    The Software installed in the Next Payee&#39;s devices receives the data packets sent by the Next Payer and now examines the data packets which together provide the payment, and verifies their authenticity. The software uses the CIA published certificate and the Payer&#39;s certificate to verify the authenticity and validity of the data of Payment Token  3 . The Next Payee optionally can further verify the Payment Token through the CIA using communication means via the Internet as depicted in  7 . The CIA can provide authenticity information to the Next Payee based on the serial number and the payer&#39;s device ID of stored as data elements in the Payment Token. However, the published CIA root certificates  19  and the last payer&#39;s cert  4  are sufficient to validate the payment. When a payee deposits the Payment Token into his bank account or directly to the CIA the issued Payment Token is removed from circulation and any further deposits of the same Payment Token will indicate fraud. 
         [0110]    Alternatively, of course, the Software transfers the Payment Tokens when the Payee chooses to, to the CIA or to the Payee&#39;s bank account and deals with the steps of marking the Payment Tokens as submitted for deposit. On the other hand, the Payer at anytime can exchange any Payments Tokens for bills or other currency at the Bank of another Payee/merchant. Any other alternative procedure is possible, and many alternative procedures for such Payment Tokens transfers and exchanges can be devised by a skilled person. 
         [0111]    According to a preferred embodiment of The System, in order to facilitate record keeping, the Next Payee&#39;s and the Next Payer&#39;s Software writes and stores suitable information on the transactions in a protected data area of the Next Payers&#39; and Next Payees&#39; devices  2 . The software can also graphically display the Payment Tokens as depicted on  FIG. 7 . 
         [0112]    During an issuance of Payment Token or any transaction between a Next Payer and a Next Payee, a commission for the service could be charged. Of course, the imposition of a commission will be regulated by predetermined rules between the CIA, the Banks and its participants. 
         [0113]    As explained above, with each payment transaction the Next Payee&#39;s device the Software sends a Next Payee Confirmation  10  to the Next Payer. The Payee Confirmation  10  consists of the following data elements:
   1. Payment Amount.   2. Payment Date.   3. Payee Device ID.   4. Payee&#39;s Cert/key#: Optional Payee&#39;s Certificate used for further confirmation.   
 
         [0118]    When the Next Payee&#39;s confirmation is received by the Next Payer&#39;s device  2  the Software on the device removes the Payment Token from it storage area and marked it as used. The Software then can record additional information concerning the transaction, the identity and Device ID of the Payee to which the Payment Token has been transferred, the date and time of the transaction, etc., as already explained above. This may be convenient for the purpose of record keeping. 
         [0119]      FIG. 4  schematically illustrates a payment verification process using the issued electronic currency, according to a preferred embodiment of the invention. The Software installed in the Payee&#39;s devices receives the data packets sent by the Payer and now examines the data packets which together provide the payment, and verifies their authenticity. The data packets include the Payment Token  3 , and the first and last payer&#39;s certificates and/or optionally a certificate chain of all payers. The software uses the CIA published certificate  19  and the payer&#39;s certificates provided during the payment to verify the authenticity and validity of the data of Payment Token  3  and its digital signatures. The Software uses the payer&#39;s certificate to validate the digital signatures on the Payment Token  3 . The Software can also validate the device id/machine id chain and its corresponding signed certificates. The Payee optionally can further verify the Payment Token  3  through the CIA using communication means via the Internet as depicted in  7 . The CIA can provide authenticity information to the payees based on the serial number and the payer&#39;s device ID of stored as data elements in the Payment Token. However, the published CIA root certificates  19  and the payers&#39; certificates are sufficient to validate the payment. When a payee deposits the Payment Token  3  into his bank account or directly to the CIA the issued Payment Token is removed from circulation and any further deposits of the same Payment Token will indicate fraud. 
         [0120]    Alternatively, of course, the Software transfers the Payment Tokens when the Payee chooses to, to the CIA or to the Payee&#39;s bank account and deals with the steps of marking the Payment Tokens as submitted for deposit. On the other hand, the Payer at anytime can exchange any Payments Tokens for bills or other currency at the Bank of another Payee/merchant. Any other alternative procedure is possible, and many alternative procedures for such Payment Tokens transfers and exchanges can be devised by a skilled person. 
         [0121]    The data block sent between the Payer and the Payee devices include the Payment Token  3 , and the payers&#39; certificates. The data block in this specification is separated as different logical functional items and can be organized as one data block by any skilled person. 
         [0122]      FIG. 5  schematically illustrates a payment fraud process and ways fraud is eliminated, according to the process of this invention. Let us examine what an electronic thief can do in the system exemplified above. He can copy the Issuance Token  3 . However, he cannot use it on another device. The Issuance Token can be traced and he needs a Payee Device Id to be signed together with the Issuance Token. In addition, a Payee at anytime can verify the Issuance Token with the CIA. Furthermore, expensive devices are needed to propagate the fraud and once fraud is detected from a specific device this device will be a “suspect” and the CIA will not issue any currency or provide currency for any future submitted Payment Tokens. In addition the Payment Tokens are time limited and removed from circulation by a specific date. In addition, the CIA issues new Root Certificates for new issuance of electronic currency which have a limited life expectancy. The root certificates useful period of existence limits the ability to propagate fraud as devices are needed to be customized for each attempt of fraud and the fraud can be traced to the originator. The device ID, geographical and other information signed into the Payment Token helps control any abuse and fraud. 
         [0123]    Electronic thief can try to construct a device with changeable device IDs. However, the Issuance Tokens are issued to specific device and the electronic thief will need to construct multiple devices which will not be cost effective to him. Furthermore, the Software in these devices will need to be constructed in order to propagate the fraud. However, the software is provided by the CIA and its source is not publically available and the code of the software will be highly guarded and protected like any other financial software. In a case that a fraudulent Payment Token circulates, the CIA can verify the serial number of the Issuance Token. If the token&#39;s serial number is fraudulent or out of circulation the CIA could digitally analyze the fraudulent token and its signatures and trace the fraudulent Device ID. 
         [0124]    Another main protection, however, lies in the fact that owners of the tokens are eventually registered at the CIA during verification by a payee or when a payer pays directly to the Payer&#39;s account. Any fraudulent activity including double spending of Cash Tokens could be easily detected. 
         [0125]    Another main protection, however, lies in that the sums of money involved will typically be small. Internet users will usually not purchase motorcars using Internet money, since there are better and safer ways to effect transactions involving large amounts of money. Most purchases over the Internet or in retail stores range between a few dollars to a few tens of dollars, or even above one hundred dollars. Since the amounts of money involved in the transactions are very small, and, when operating according to the invention, the difficulty in organizing a theft is very great, there is no real incentive for theft, since no rewarding amounts can be stolen. 
         [0126]      FIG. 6  schematically illustrates a continued payment sequence depicting the digital data content transferred between a payer and a payee, in block diagram. When a transaction has been decided upon, and the time comes to effect actual payment, the Payee “effects payment” by sending a Payment Request. Upon receipt of the Payment Request of the Payer to pay a given sum to the Payee, the Payer sends to the Payee the Payment Token  3 , First Payer Certificate  56  and the Last Payer Cert  55  that identifies the last transaction. Each next Payer will need to sign into the payment token the payee&#39;s device ID and other payee&#39;s information into the payment token. 
         [0127]    The communication between the payees&#39; and the payers&#39; devices is done using the incorporated Software. According to a preferred embodiment of The System, the payers&#39; devices will be installed with software, which will be termed hereinafter “Software”. The Software provided, is used according to a preferred embodiment of The System, to allow access to a remote CIA server and to gain access to storage area of the Payers&#39; devices and communicate with the Payee devices. The Software facilitates the communication between the Payer and the Payee&#39;s devices and manages the transmission of the Payment Tokens and the Payer&#39;s certificates. The Software installed in the Next Payee&#39;s devices receives the data packets sent by the Next Payer and now examines the data packets which together provide the payment, and verifies their authenticity. The software uses the CIA published certificate and the Payer&#39;s certificate to verify the authenticity and validity of the data of Payment Tokens. The Payee optionally can further verify the Payment Tokens through the CIA using communication means via the Internet. The CIA can provide authenticity information to any Next Payee based on the serial number and the payer&#39;s device ID of stored as data elements in the Payment Token. However, the published CIA root certificates  19  and the last Payer&#39;s Cert  55  are sufficient to validate the payment. When a payee deposits the Payment Token into his bank account or directly to the CIA the issued Payment Token is removed from circulation and any further deposits of the same Payment Token will indicate fraud. 
         [0128]      FIG.7  schematically and graphically illustrates a Payment Token  3  and its graphical representation on the payees&#39; and payers&#39; devices. 
         [0129]      FIG. 8  schematically illustrates a payment process using the same Issuance Tokens  3 , according to an alternative embodiment of the invention, by which a Payer  1  pays the Payee  8  using the Issuance Token  3  sent through an EFT Network. A Payer  1  interacts with a Payee  8 , via the Internet or other wireless or wired communication methods including:
   1. SMS (Texting)   2. Internet   3. Wired connection   
 
         [0133]    In this embodiment when a transaction has been decided upon and the time comes to effect actual payment, the Payee  4  “effects payment”, by sending a Payment Request  14  through the internet. Upon receipt of the Payment Request  14  of the Payee  4  to pay a given sum the Payer Devices  2 , the Payee  4  sends also to the Payer a payee Certificate that identifies the payee through the internet. 
         [0134]    The communication between the payees&#39; and the payers&#39; devices is done using the incorporated Software via the Internet or other wireless or wired communication methods. According to this embodiment of The System, only the Payers&#39;  2  devices will be installed with software, which will be termed hereinafter “Software”. The Software not only assists the process in facilitating the access between devices by executing appropriate communication protocols, but may also be provided with security means that prevent fraudulent activities. The Software can further function as the program that actually cooperates in the transfer of the Issuance Tokens  3  from the Payer to the Payee, the provider of services or goods. The Software facilitates the transmission of the Payment Token  18  and the device certificates issued for each device. 
         [0135]    In alternative embodiment the Payee need not send a payment request and its certificate and the payer can enter into The Software, the Payee&#39;s information including account number in order to effect actual payment and then sends the information through the internet. 
         [0136]    In this alternative embodiment when a transaction has been decided upon and the time comes to effect actual payment, the Payee  4  need not send a payment request and the Payer can enter into the portable device software the Payee&#39;s information including account number in order to effect actual payment and then sends the information through the internet or other communication means. The communication between the payers&#39; devices is done using the incorporated Software via the Internet or other wireless or wired communication methods. According to this embodiment of The System, only the Payers&#39;  2  devices will be installed with The Software. The Software provided to all the Payer&#39;s devices  2 , is used according to this alternative embodiment of The System, to allow access to a remote Financial Enterprise/Clearing Agent or to the CIA. The Software can further function as the program that actually cooperates in the transfer of the Cash Issuance Tokens  3  from the Payer to the Payee&#39;s account, the provider of services or goods. The Software facilitates the transmission of the Cash Tokens and the device certificates issued for each device. When the Cash Tokens are received by the CIA or the Financial Enterprise/Clearing Agent, the Cash Tokens are assigned with the Payee&#39;s credentials and can later be transferred to the Payee&#39;s device or released from circulation by updating his account balance. 
         [0137]      FIG. 9  diagrammatically illustrates a payment process using the issued Cash Tokens and the payment devices  2 , according to preferred and alternative embodiments of the invention. 
         [0138]    As explained above a payer initiates a cash request to a bank and the signed Cash Tokens are sent to the payer&#39;s device. The payer&#39;s credentials and the payee&#39;s device information are also signed using issuance certificate or a bank certificate. 
         [0139]    When a transaction has been decided upon and the time comes to effect actual payment, the Payee  4  “effects payment”, by sending a Payment Request  14  through the internet or the Payer can enter the payee&#39;s information into The System. Then the Payer pays the Payee as follows:
   1. Directly to Payee&#39;s device   2. Directly to Financial Institution/Clearing with confirmation sent to Payee   
 
         [0142]    The payment verification when paid directly to the Payee&#39;s device includes the following data verifications:
   1. Digital Signature of Issuer using the issuer published cert#   2. Digital Signature of Payer   3. Payer DeviceID   4. Payer SubscriberID   5. Payer Sim SerialID   6. Digital Signature/ID of any payer   7. Time Stamp   8. Time Limit and Txn Count   9. Cash notes and Date of last transaction written into SIM and device storage managed by the software.   10. Option: Verification of Cert Chain of Tokens when tokens are transferred multiple times between Payers and Payees   
 
         [0153]    The payment verification when payment is sent Directly to Financial Institution/Clearing agent with confirmation sent to Payee includes the following steps:
   1. Transfer ownership of Cash Tokens to new device/account   2. Update Payee Cash Tokens if not deposited   3. Update the Payee&#39;s account balance   
 
         [0157]    The Payee then will get payment verification through the EFT network if the Cash Tokens were validated and the transaction was found to be valid and authenticated. 
         [0158]    After the Payee receives the payment and verified the payment using verification means or after receiving confirmation of the payment as described above, the Payee&#39;s sends a Payee Confirmation  10  to the Payer via the internet or other wired or wireless means. In this embodiment the confirmation is in a form of an electronic ticket purchased by the payer. The ticket electronic data consists of the following data elements:
   1. Payment amount   2. Payment and issuance dates.   3. Ticket Data   4. Payee&#39;s Cert/key#: Optional Payee&#39;s Certificate used for further confirmation.   5. Digital signature of the ticket issuer   
 
         [0164]    According to this embodiment of The System, in order to facilitate record keeping, the Payer&#39;s Software writes and stores suitable information about the transactions in a protected data area of the Payers&#39; and Payees&#39; devices  2 . The software can also graphically display the Cash Tokens and the Ticket information. 
         [0165]    During an issuance of Cash Tokens or any transaction between a Payer and a Payee, a commission for the service could be charged. Of course, the imposition of a commission will be regulated by predetermined rules between the CIA, the Banks and its participants. 
         [0166]    When the electronic ticket is received by the Payer&#39;s device  2  the Software then can record additional information concerning the transaction, the identity and account number of the Payee to which the Payment Tokens has been transferred, the date and time of the transaction, etc., as already explained above. This may be convenient for the purpose of record keeping. The ticket data is then stored in the payer&#39;s device  2  and can be presented graphically or delivered electronically to any person or entity requesting to validate or view the ticket. 
         [0167]    If an entity wants to validate a ticket stored in the payer&#39;s device they can use the following information for validation:
   1. Digital Signature of Issuer using the issuer published cert#   2. Digital Signature of Payer   3. Payer DeviceID   4. Payer SubscriberID   5. Payer Sim SerialID   6. Time Stamp   7. Time Limit and Txn Count   8. Ticket Information   
 
         [0176]    The Ticket information stored in the Payer&#39;s device and the device used to verify the ticket can use any of the following means of communication for data transmission between the devices:
   1. SMS   2. NFC technology, Android Beam   3. Bluetooth   4. Internet   5. Audio Waves   6. Light Waves   
 
         [0183]      FIG. 10  diagrammatically illustrates issuance of device certificate and cash tokens process and a payment process using the issued Cash Tokens using the payment devices, according to the preferred and alternative embodiments of the invention. 
         [0184]    As explained above a payer initiates a request to a CIA for having a System device certificate installed on the portable his device. The certificate is used to sign the following in order to authenticate to other participating devices and the CIA:
   1. Device ID   2. Sim ID   3. Subscriber ID   4. PIN   5. Secret keys   6. BIO data used for authentication   
 
         [0191]    As explained before, a payer initiates a cash request to a bank. The bank or the CIA verifies the account and the available balance and the payer&#39;s information. The CIA or the bank initiates a verification and authentication process and when there is available balance, the CIA or the bank then adds the credentials of the Payer to the Cash Tokens, signs this data and sends the Cash Tokens to the Payer&#39;s device. 
         [0192]    When a payer purchases a ticket from a Payee, and when a transaction has been decided upon and the time comes to effect actual payment, the Payee “effects payment”, by sending a Payment Request through any communication means or the Payer can enter the payee&#39;s information into The System. Then the Payer pays the Payee as follows:
   1. Directly to Payee&#39;s device   2. Directly to Financial Enterprise/Clearing Agent/CIA with a confirmation sent to Payee   
 
         [0195]    The process of payments starts when the Payer either electronically gets a request for payment or manually enters a request for payment into one of his electronic devices  2 . He effectuates the payment by doing the following:
   1. Selects a payment method (cash payment method).   2. Chooses Bank Account from a drop down menu of his banks.   3. Verifies the Payee Name or Payee&#39;s account number.   4. Verifies transaction amount.   5. Presses transmit in order to transmit card transaction data to the Payee.   
 
         [0201]    When the payee does not possess a device  2 , neither has installed the software of The System only a non peer to peer transaction transmission methods can be initiated through wireless or wired communication including:
   1. SMS (Texting)   2. Internet   3. Wired connection   
 
         [0205]    The software then will transport electronically signed transaction data to the Clearing Agent/Financial Enterprise optionally through the Central Issuing Authority (CIA). When the transaction is approved the payee will receive an approval message through the EFT network or from the CIA. 
         [0206]    When a payee possesses a device  2  and has installed the software of The System a peer to peer transaction can be initiated using one of the following methods:
   1. SMS   2. NFC technology, Android Beam   3. Bluetooth   4. Internet   5. Audio Waves   6. Light Waves   
 
         [0213]    The software will transport electronically signed transaction data into requesting payee&#39;s device. When the payee possesses a device  2  and has installed the software, the payee can verify the payment token using the token data as follows:
   1. Digital Signature of Issuer using the issuer published cert#   2. Digital Signature of Payer   3. Payer DeviceID   4. Payer SubscriberID   5. Payer Sim SerialID   6. Digital Signature/ID of any payer   7. Time Stamp   8. Time Limit and Txn Count   9. Cash notes and Date of last transaction written into SIM and device storage managed by the software.   10. Geographical data   11. Option:Verify Cert Chain of Tokens   
 
         [0225]    Payment confirmation when payment is sent Directly to Financial Institution/Clearing agent sent to Payee includes the following:
   1. Transfer ownership of notes to new device/account   2. Update Payee Cash Tokens if not deposited   3. Update the Payee&#39;s account balance   4. Payment confirmation data   
 
         [0230]    Payment verification when paid directly to the Payee&#39;s device includes the following:
   1. Update Payer Cash Tokens data   2. Payment confirmation data   
 
         [0233]    After the Payee receives the payment and verified the payment using verification means or after receiving confirmation of the payment as described above, the Payee&#39;s sends a Payee Confirmation to the Payer via the internet or other wired or wireless means. In this embodiment the confirmation is in a form of an electronic ticket purchased by the payer. The ticket electronic data consists of the following data elements:
   1. Payment amount   2. Payment and issuance dates.   3. Ticket Data   4. Payee&#39;s Cert/key#: Optional Payee&#39;s Certificate used for further confirmation.   5. Digital signature of the ticket issuer   
 
         [0239]    During an issuance of Cash Tokens or any transaction between a Payer and a Payee, a commission for the service could be charged. Of course, the imposition of a commission will be regulated by predetermined rules between the CIA, the Banks and its participants. 
         [0240]    When the electronic ticket is received by the Payer&#39;s device, the Software then can record additional information concerning the transaction, the identity and account number of the Payee to which the Payment Tokens has been transferred, the date and time of the transaction, etc., as already explained above. This may be convenient for the purpose of record keeping. The ticket data is then stored in the payer&#39;s device  2  and can be presented graphically or delivered electronically to any person or entity requesting to validate or view the ticket. 
         [0241]    If an entity wants to validate a ticket stored in the payer&#39;s device they can use the following information for validation:
   1. Digital Signature of Issuer using the issuer published cert#   2. Digital Signature of Payer   3. Payer DeviceID   4. Payer SubscriberID   5. Payer Sim SerialID   6. Time Stamp   7. Time Limit and Txn Count   8. Ticket Information   
 
         [0250]    The Ticket information stored in the Payer&#39;s device and the device used to verify the ticket can use any of the following means of communication for data transmission between the devices:
   1. SMS   2. NFC technology, Android Beam   3. Bluetooth   4. Internet   5. Audio Waves   6. Light Waves   
 
         [0257]      FIG. 11  schematically illustrates issuance of device certificate, cash tokens, the processes of payments, and the participants of The System. The processes of payments and cash issuance is as described in  FIG. 10   
         [0258]    Other embodiments of the invention include implementation of Payment Tokens that have cash value but not necessarily are equivalent to cash. Some exemplary embodiment includes gift cards, debit cards, and electronic tickets that can utilize the principles of the main embodiment and without exceeding the scope of the claims. 
         [0259]    While embodiments of the invention have been described by way of illustration, it will be understood that the invention can be carried out by persons skilled in the art with many modifications, variations and adaptations, without departing from its spirit or exceeding the scope of the claims. For instance, other networks can be used instead of the Internet, many different data manipulation methods and procedures can be devised, and many different programs, security means and accessories can be used, all without exceeding the scope of the invention.