Digicash, the software company that tried to make ?cybercurrency' for the Internet a reality, has filed for bankruptcy, a victim of consumers? preference for buying online with credit cards.
The company, which is believed to be around $4 million in debt, held a savage round of job cuts earlier this year. Unfortunately, it came too late to help it stay through its present crisis, maintain analysts.
Digicash started up in 1984 to create electronic cash that would provide an anonymous method of online payments. The market for ecash, however, has never really left the starting gate as consumers prefer to use credit cards.
?Initially there was lots of pornography and gambling on the Internet and people wanted to be anonymous, but the idea of online currency really never marginalised past that,? commented Graham Taylor, an analyst with market research company Inteco.
?As far as consumers are concerned, and that goes for the UK as well, so long as it is a reputable vendor and they are assured that the site has a secure interface they have no problem putting in credit card numbers," he added.
In September, Mercantile Bank, the only US bank piloting Digicash's system, severed its three-year relationship with the company, citing a change in online marketing conditions.
Digicash?s European and US offices were unavailable for comment.
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