Read the following scenario.

"Quickhow much cash do you have on you right now? Check your wallet, purse, and pockets, and see what you have. Do you have enough to make change for a twenty-dollar bill? Not so long ago, you could ask a roomful of people that question, and most folks would have the cash on hand to make change. These days, it's less common. Think about the last five or six purchases you made. Did you pay with cash? Chances are good that you used a debit card or a credit card instead. Consider the possibility that someday debit and credit cards will disappear, too. Technology has had a profound impact on our view of the necessity of cash. As we move towards a 'cashless' society, the banking system is also challenged to adapt its processes and the services it provides."

Research some of the forms of "virtual currency" or cash alternatives that are currently available to consumers. Some of these include digital currencies, iPay, Google Wallet, ePayments, and direct draft.

Respond to the following questions:

Briefly explain the alternative form of payment that you researched and how it works as an alternative to traditional cash. Please cite your research.

What are the advantages of this form of payment?

Are there disadvantages or risks associated with the form of payment that you researched?

As a consumer yourself, do you use any forms of cash alternatives? Which ones? Do you have concerns about the security of this payment method, and if so, what can you do to mitigate these?