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 programs are sponsored by the United States Department of the Treasury for the U.S. Armed Forces. The programs are administered for the Treasury by the Federal Reserve Bank of Boston, and are in use at approved U.S. military facilities inside and outside the continental United States. The systems utilize a plastic payment card, similar to a credit or debit card, which has an embedded microchip which keeps track of the amount of money stored on the card and interfaces with encrypted card acceptance devices. This allows soldiers with the card 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 battlefield environments, and increases security and convenience for service members. It helped reduce or eliminate the need for cash and money orders.
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