971325Cash-on-ChipClosedSmall Business Research InitiativeInnovate UKCash-on-Chip Payment technology has largely been untouched by the IT revolution. Chip ‘n’ Pin is an electronic version of the magnetic stripe reader and pre-paid electronic cash cards are debit cards in disguise. No true “Cash-on-Chip” exists today which comes close to an economic and complete solution for the things people want to do with their super, hi-tech NFC Smartphones. Transaxiom is developing the Cash-on-Chip technology that truly has the power to challenge all current concepts of paying for mCommerce transactions, allowing the expansion of the trading base to include all individuals and all markets independent of location, connectivity or value of the transaction. Despite many alternatives, cash is still used in over 60% of all transactions today. However, due to its physical nature, it has failed to make the evolutionary leap to mCommerce. By correctly digitising cash into electronic money (eMoney), it is possible to bring a generic payment mechanism across all smart platforms to all users independent of their age, rank or ability. Just as in physical cash, the complete absence of user information from electronic money transactions makes identity theft impossible. The elimination of identity theft can bring enormous benefits to mCommerce including higher security, greater confidence and universal usage on all types of digital devices such as Personal Computers, Phones and Tablets. We believe that there is a huge latent demand for an universal payment infrastructure for web based digital content such as Apps or Audio/video, local small transactions such as coffee or parking as well as person-to-person cash transfers (local or remote). Cash-on-Chip technology is designed to reside in the SIM or secure SD card inside mobile phones and tablets for general use by all applications which require payment. It may also operate from a dedicated contactless smart card where mobile integration is unavailable. Security and confidentiality are paramount to any payment system and all measures have been taken to deliver a fully auditable system of payments complient with the European eMoney directives. Universality is achieved by allowing merchants the freedom to choose to accept digital cash from any number of licensed electronic money operators. Thus any organisation with an eMoney license is able to offer an electronic cash payment system to its own client base with the full knowledge that it is interoperable with all other similar digital cash systems. After all, a payment system is only truly useful if it is universal, interoperable and available to all users.