For more than 200 years, private money systems have operated in the United States, solving problems similar to those confronting innovative electronic money systems. The high-tech newcomers may be able to benefit from the experience of the low-tech veterans.

Although the cashless society that has been predicted for at least 20 years has not yet materialized, the new forms of card- and software-based electronic money may be a partial alternative to current forms of payments. This paper examines some of the factors that will influence the adoption of...