Electronic Currency

Electronic currency is also known as e-money, electronic cash, digital money, digital cash or digital currency. It refers to the money or scrip which is exchanged electronically. This involves the use of computer networks, internet and digital stored value. Examples of Electronic Currency include Electronic Funds Transfer, direct deposit and others.

Electronic Funds Transfer (EFT) provides electronic payments and collections. It is a system of transferring money from one bank account directly to another without any check payment made. Direct Deposit is one of the most widely used methods by employers because it is safe, secure, efficient, and less expensive as compared to used paper check payments. The payroll is deposited straight into an employee’s bank account. EFT can be used for both credit transfers such as payroll payment, and debit transfers like mortgage payments.

Electronic Currency Trading system (ECTS)


ECTS is an electronic currency trading investment platform that offers its clients an efficient way to trade foreign currencies against the strength and weakness of the US dollar. It has a remarkable trading session since January 1, 2008. The current market conditions with the fluctuating US dollar have created volatile trading conditions that are an advantage to ECTS. There has never been a better opportunity to take the best currency trading system in the US today. There are six major currencies of ECTS trading in the world which are Euro, Yen, Australian Dollar, Canadian Dollar, Swiss Franc and British Pound. It attempts to capture longer term moves, and it is not a day- trading system. All currencies are traded on the regulated markets of the Chicago Mercantile Exchange. All the exchange fees are done in public.

There are several companies with e-micropayment products such as Bit Pass (bitpass.com), Pay stone (paystone.com), Pay Loadz (payloadz.com) andPeppercoin (peppercoin.com).



Bitpass was one of the online payment systems for digital content and services. The co-founder was Kurt Huang in November, 2005. Besides, it also partnered with major technology and financial services companies such as Microsoft, PayPal, the Royal Bank of Scotland and First Data.

Bit Pass system works similarly to a pre-paid telephone card as like you sign up for the service and put money into your account using a credit card or PayPal, which gives you credit towards the purchase of content.

Bitpass announced that they are shutting down due to "circumstances beyond control," on January 19, 2007. The CEO, Matthew Graves wrote an e-mail to customers and operations were officially closed on January 26, 2007

Links:

http://www.webpronews.com/topnews/2003/06/02/electronic-currency-using-sim-access-profile
http://en.wikipedia.org/wiki/Electronic_currency
http://www.electroniccurrencytradingsystem.com/
http://en.wikipedia.org/wiki/BitPass