Welcome to the e-money man blog and perhaps I should start by explaining what e-money (or electronic money) is, what it covers and why this blog exists?
What is electronic money (e-money)Electronic money is a financial transaction that is made in electronic format only such as using a card with an embedded chip or magnetic stripe or a purchase made over the internet. Broadly they are non-cash transactions, though not all non-cash transactions classify as e-money.
Why e-money?Electronic money has grown so much that it had developed a whole industry along with its own set of regulations - for the sake of simplicity it is normally referred to as “e-money”.
Why is e-money important?
|Cards replaced cash as the original |
electronic payment method
What started as plastic cards with a magnetic strip on the reverse has now extended into an array of uses that include online payments, transportation, in-game payments and now payments via mobile phones. So its use in today’s society is unlikely to diminish and thus, neither is its importance to us as individuals.
Why this blog?Any new technology is surrounded in mystic with the majority of people not fully understanding, but adopting it and only using about one tenth of its real capability. But while it’s ok not to understand the full functionality of your smart phone, e-money is considerably more important precisely because it is our money that we’re talking about.
So I believe it’s important that we know how to use it, who governs it and keeps it safe and what we are charged to use it. I’ve seen a lot of nonsense from the media and various experts so I decided to start this blog to provide accurate information on all sorts of e-money products and services including loyalty cards, gift cards, prepaid cards, currency cards, electronic wallets, mobile apps, payments and many others that come along.
I will be looking at their practical uses, the fees and charges as well as looking at who provides the service and who regulates them. I hope you enjoy.
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