electronic money

Electronic Money or ecurrecy Licenses

Offshore Emoney Licence

Its also known as e-currency or e-money. These terms refer to the substitution of money, or scrip, that is used through digital means. To make use of this system computer networks, internet and a digital stored value system are required. Currently, the use of the digital cash system its relatively low-scale.

E-money is an online or offline system of debits and credits, which is used for exchanging values, with another system or with itself, as a stand alone system. There are several advantages of using e-currency service on the internet like e-gold and Paypal.

  1. Basically its used for commercial applications. The e-currency is used to do shopping or personal investing through the internet, from your home or office.
  2. The usage of e-currency services provides an alternative form of payment, instead of using their credit card online, which can be very risky and unreliable
  3. The e-currency service companies such as Paypal, e-gold and EMO offer both client and merchant the opportunity to send and receive the payment by just clicking the confirm button and the purchase is done. There is no other payment method in the world that provides this type of efficiency.

There are two types of major e-currency in the world, classified according to their backed base. One of them is backed by precious metal such as e-gold which is backed by gold. The other type is backed by hard currency, like Paypal.

Currently, the internet is one of the most important tools to carry out business around the world. Along with the use of internet has come e-commerce and e-currency, which will become more popular and trendy among consumers, as once the credit cards were. Comparing e-currency with credit cards, merchants and consumers have realized that using e-money is very similar to the credit cards, but without the risk clients go through of giving their information, which can be reproduced or lost.

Some of the e-currencies used throughout the world are:

  • Hong Kong's Octopus card system – started as a transit payment system, and has grown to be an electronic cash system
  • FeliCa – Singapore's money implementation system for public transportation, similar to Hong Kong's Octopus card
  • Chipknip – in Netherlands, which is based on the same systems as Hong Kong's and Singapore's

Some other e-money and electronic payment systems are:

  • Paypal
  • Gogopay
  • Webmoney

These sites offer their services directly to the end user. Unlike Liberty Reserve, who only sells through third party digital currency exchangers.

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