Electronic currency

Do you know what electronic currency is?

Electronic money is also known as e-money, electronic cash, electronic currency, digital money, digital cash or digital currency refers to money and scrips which is exchanged only electronically.‘E’ is the first letter of the word ‘electronic’ and ‘currency’ is a money system. You can think of e-currency as Internet money. Just like in normal everyday monetary currencies, electronic currencies are also varied. Each one of them is backed by an underlying monetary currency or in some cases, even valuable or precious metals such as gold.

Benefits of using e-currency service on internet

The e-currency enables its users and merchants to conduct e-commerce services as in buying and selling products and services via internet. It also provides both the buyers and merchant the convenient way to send and receive the payment just by clicking the confirm button and the deal is done.

E-currency services allow people not to use their credit cards while making payment through internet as it exposure the card’s holder the risk of card information being known by the merchants who they do not know well and most likely are located far away from the users.

Banks also benefited from the application of e-currency which enables its customers send money from one place to another without using cash. Using e-currency, customers can pay bills, change money from one account to another, and pay for things they want to buy such as food, a car, a television or a service such as Forex Trading.

Example of corporation that provide E-micropayment systems:

Paystone Technologies Corp

Paystone Technologies Corp. founded in 2001, is a private Internet payment and money transfer company keen to providing secure, easy, real time Internet transactions. It also provides an inexpensive online payment method without the risk of chargebacks from fraudulent credit card use. Paystone can efficiently handle small financial transactions (micropayments) as low as $0.25 which would also beneficial to its users.

The three features that provided by Paystone Technologies Corp. are:

1. The Online personal account provides individual with a secure way to buy products online or send and receive money real time. Besides, it also allows the individual to get their income which generated from their website quickly, easily and inexpensively. Furthermore, Paystone also provides an email money transfer option which the account holder can send funds to the email address of anyone in selected countries around the world. The recipient of the funds just need to signs up for Paystone in order to cash withdraw the money from their local bank account.
2. The Merchant accounts and micropayments realise the full benefits of Paystone solution to maximize the revenue of large online merchant by reducing the cost, limitation, risks of using credit cards and solve some other e-commerce issues.
3. The Group Pay Account is an efficient, easily implemented solution for companies who pay a larger numbers of individuals for commissions, payroll, rebates or incentives. Group pay also eliminates the high cost of issuing, disbursing and enable the users to manage their cheques in more efficient way.