Method for performing a digital cash transaction

A method for performing a digital monetary transaction between a payer and a payee, the method comprising:

• connecting a central digital-cash system over a network;
• receiving a digital-cash value requested to be withdrawn from an account of a payer;
• generating a digital-cash code that is associated with the requested digital-cash value and communicating the digital-cash code to the payer;
• receiving the digital-cash value and the digital-cash code from a payee requesting to deposit the amount specified by the digital-cash value;
• comparing the received digital-cash value and the digital-cash code to confirm an association;
• and
• transferring funds of the amount specified by the digital-cash value to the payee, the central digital-cash system processing the digital-cash transaction and interacting with the payer and the payee through an interface,
• wherein the step of comparing includes:
• calculating a checksum with the digital-cash value and the digital-cash code;
• confirming to the payee the transaction is valid without being connected to the central digital-cash system;
• and
• transferring funds of the amount specified by the digital-cash value to the payee upon establishing a network connection to the central digital-cash system.