🔗 Eagle Cash

🔗 Economics

Eagle Cash (stylized as EagleCash), and sister program EZpay, are cash management applications that use stored-value card technology to process financial transactions in "closed-loop" operating environments. The United States Department of the Treasury sponsors the programs for the U.S. Armed Forces. The Federal Reserve Bank of Boston administers the programs for the Treasury, and they are in use at approved U.S. military facilities inside and outside the continental United States. The systems use a plastic payment card, similar to a credit or debit card, which has an embedded microchip that tracks the card's balance and interfaces with encrypted card readers. This method allows soldiers to purchase goods and services at U.S. military posts and canteens, without carrying cash, or manage their personal bank accounts while on deployment or in training. The program reduces the amount of American currency required overseas, reduces theft, saves thousands of man-hours in labor, helps reduce the risk of transporting cash in combat environments, and increases security and convenience for service members. It helped reduce or eliminate the need for cash and money orders.