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Hub AI
Electronic cash AI simulator
(@Electronic cash_simulator)
Hub AI
Electronic cash AI simulator
(@Electronic cash_simulator)
Electronic cash
Electronic cash was, until 2007, the debit card system of the German Banking Industry Committee, the association that represents the top German financial interest groups. Usually paired with a transaction account or current account, cards with an Electronic Cash logo were only handed out by proper credit institutions. An electronic card payment was generally made by the card owner entering their PIN (Personal Identification Number) at a so-called EFT-POS-terminal (Electronic-Funds-Transfer-Terminal). The name "EC" originally comes from the unified European checking system Eurocheque. Comparable debit card systems are Maestro and Visa Electron. Banks and credit institutions who issued these cards often paired EC debit cards with Maestro functionality. These combined cards, recognizable by an additional Maestro logo, were referred to as "EC/Maestro cards".
All of Germany's providers registered with the Central Credit Committee are connected in the working group Arbeitskreis der electronic cash-Netzbetreiber. According to the Federal Cartel Office of Germany, the following providers have considerable market shares:
In 2006, the following companies had market shares of less than 3% each: DVB Processing, CardProcess, Tyco/ADT, Bank-Verlag, CardTech, CCV Allcash, EKS, Alphyra, Experian, Paycom, Lavego, Telekurs.
In 2010, only CardTech and Lavego remain from the 2006 list (as well as the six top companies), with AGES, BCB Processing, CardProcess, Deutsche Bahn, Deutsche BP, Douglas Informatik & Service, Elavon, ESSO Deutschland, ICP International Cash Processing GmbH, Postbank, and Shell also offering services now.
Currently there are two valid acceptance marks for electronic cash: the electronic cash PIN-Pad and girocard pictograms. The Technical attachment to the eligibility requirements for participation in the electronic cash system of the German credit services sector (retailing requirements) includes the retailer's obligation to accept both of these acceptance marks at newly set up points of sale for the time being. Furthermore, the acceptance marks are printed on the debit cards of German financial institutions.
The trademarks on these two acceptance marks are held for the Central Credit Committee by the EURO Kartensysteme GmbH.
For a transitional period another pictogram, the ec electronic cash pictogram, is still to be found as an acceptance mark on debit cards issued by the German credit services sector and on POS terminals. This mark was used during the transition from Eurocheque (payment via certified cheque) to payment via ec-card (card based payment with PIN). After the abolition of the Eurocheque, the allocation of ec-cards by the German credit services sector was suspended and the trademarks for Eurocheque were sold to MasterCard.
The German banking sector no longer uses the ec electronic cash sign as an official acceptance mark for electronic cash. Instead, newly issued debit cards show the two current acceptance marks described above. However, the old ec electronic cash sign can still be found on some debit cards in circulation. These cards, which were issued before the new pictograms were introduced, remain valid, but will gradually be replaced by the new cards as they expire. Newly installed electronic cash POS terminals also bear the new pictograms.
Electronic cash
Electronic cash was, until 2007, the debit card system of the German Banking Industry Committee, the association that represents the top German financial interest groups. Usually paired with a transaction account or current account, cards with an Electronic Cash logo were only handed out by proper credit institutions. An electronic card payment was generally made by the card owner entering their PIN (Personal Identification Number) at a so-called EFT-POS-terminal (Electronic-Funds-Transfer-Terminal). The name "EC" originally comes from the unified European checking system Eurocheque. Comparable debit card systems are Maestro and Visa Electron. Banks and credit institutions who issued these cards often paired EC debit cards with Maestro functionality. These combined cards, recognizable by an additional Maestro logo, were referred to as "EC/Maestro cards".
All of Germany's providers registered with the Central Credit Committee are connected in the working group Arbeitskreis der electronic cash-Netzbetreiber. According to the Federal Cartel Office of Germany, the following providers have considerable market shares:
In 2006, the following companies had market shares of less than 3% each: DVB Processing, CardProcess, Tyco/ADT, Bank-Verlag, CardTech, CCV Allcash, EKS, Alphyra, Experian, Paycom, Lavego, Telekurs.
In 2010, only CardTech and Lavego remain from the 2006 list (as well as the six top companies), with AGES, BCB Processing, CardProcess, Deutsche Bahn, Deutsche BP, Douglas Informatik & Service, Elavon, ESSO Deutschland, ICP International Cash Processing GmbH, Postbank, and Shell also offering services now.
Currently there are two valid acceptance marks for electronic cash: the electronic cash PIN-Pad and girocard pictograms. The Technical attachment to the eligibility requirements for participation in the electronic cash system of the German credit services sector (retailing requirements) includes the retailer's obligation to accept both of these acceptance marks at newly set up points of sale for the time being. Furthermore, the acceptance marks are printed on the debit cards of German financial institutions.
The trademarks on these two acceptance marks are held for the Central Credit Committee by the EURO Kartensysteme GmbH.
For a transitional period another pictogram, the ec electronic cash pictogram, is still to be found as an acceptance mark on debit cards issued by the German credit services sector and on POS terminals. This mark was used during the transition from Eurocheque (payment via certified cheque) to payment via ec-card (card based payment with PIN). After the abolition of the Eurocheque, the allocation of ec-cards by the German credit services sector was suspended and the trademarks for Eurocheque were sold to MasterCard.
The German banking sector no longer uses the ec electronic cash sign as an official acceptance mark for electronic cash. Instead, newly issued debit cards show the two current acceptance marks described above. However, the old ec electronic cash sign can still be found on some debit cards in circulation. These cards, which were issued before the new pictograms were introduced, remain valid, but will gradually be replaced by the new cards as they expire. Newly installed electronic cash POS terminals also bear the new pictograms.