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token


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A form of digital cash generated by an enterprise, usually a bank, which is used as payment for a product bought over the Internet. The token is validated by the issuer applying a digital stamp. When the customer who holds the tokens wishes to make a payment for a product he or she sends the serial number of the tokens that are used. These are sent to the issuer by the merchant, who is then credited with a sum equal to the token amounts, and the tokens are withdrawn from circulation. Any attempt to respend them fails. Tokens and token payment schemes are still in their infancy and are currently experimental.


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