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What You Need to Know About E-Currency

Updated on May 7, 2013
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It cannot be denied that the Internet has changed our lives dramatically. Some things or transactions that were virtually impossible 10 or 20 years ago are now common sights. Two perfect examples of this are online shopping and online selling.

Nowadays, businessmen can easily establish their online stores and start selling their products. On the other hand, consumers can conveniently purchase almost virtually anything just by logging on to the World Wide Web.

Though the Internet plays a major role in almost all virtual business transactions, they would have not been possible without the use of e-currency. Electronic currency or simply e-currency is the primary medium of payment in the Internet.

If you’ve never heard of this electronic payment system before, then it’s high time that you get yourself acquainted with it.

A Brief Background of E-Currency

Simply put, e-currency, also called ecash, is the “virtual money” used to carry out business transactions in the Internet these days. Instead of tangible paper money or coins, merchants receive e-currency as the form of payment. On the other hand, online shoppers use it to pay for their online purchases. With the use of this payment method, merchants and shoppers can easily send and receive money.

In case you’re wondering, one perfect example of e-currency is ewallet. Ewallets are ecommerce businesses that allow people to send and receive money. One reliable and trustworthy ewallet provider is EgoPay.

Opening and Funding Your E-Currency Account

Opening an ecash account is very easy. All you need to do is log on to the website of your preferred online money vendor and then provide some of your personal details.

When it comes to funding your account, you have several options. Some of them include but are not limited to using your credit card, authorizing money transfer or bank wire, and opting for cash deposit in your local bank.

Each online money vendor or ewallet provider has its own set of policies and fees when it comes to funding your account. So make sure you visit their site first for you to get acquainted with their processes.

Can I Change My E-Money Into Real Money?

If you’re a merchant or an online entrepreneur, then I have good news for you. Yes, you can easily change your ecash into tangible money. All you need to do is contact your e-currency provider and request for a withdrawal. Once your request is approved, they will then send your money into your local bank account. As always, check with your chosen provider first for you to find out what their process of exchanging electronic currency to real money is.

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E-Currency And Online Shopping

Perhaps the most popular use of electronic money is online shopping. With this electronic payment system, Internet shopaholics can purchase almost anything, anywhere and anytime they want to. The use of the Internet and of e-money eliminates the stress that oftentimes accompanies real-life shopping.

People can secure a bargain or a discount with the use of their ewallet. They can purchase newly-released books, the latest gadgets, the trendiest clothes, and so much more without having to leave the comfort of their own homes.

Aside from that, e-currency also makes it possible for international buyers to purchase anything from the US. Indeed, the use of e-money has revolutionized the way people shop.

E-Currency and Online Investing

Aside from shopping, ecash is also highly used in online investing especially in the Forex market. Forex traders use e-money to fund their accounts. Once their accounts are already funded, they can then begin trading. If they want to withdraw their profits, they can easily do so by having them wired to their bank accounts.

Indeed, the use of ewallet makes online selling and buying virtually hassle-free, and if you’re not yet using this payment method in your virtual business transactions, then you are doing yourself a great disadvantage. Open an e-money account with a respected and trustworthy e-currency vendor today for you to experience the perks of using e-money.

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    • rajan jolly profile image

      Rajan Singh Jolly 4 years ago from From Mumbai, presently in Jalandhar,INDIA.

      Your hub has made me understand how e money works. Thanks.

    • Paul Corvan profile image
      Author

      Paul Corvan 4 years ago

      You're welcome rajan. I'm glad that you found it helpful.

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