What is e Money?
E-money or electronic money is monetary value stored electronically. The digital currency allows users to make cashless payments using technical devices like computers, mobile phones or cards. The money is not held in physically form (coins and notes) but the value is moved electronically from account to account; buyer to seller; customer to supplier etc. You can withdraw the electronically stored funds to your brick-and-mortar bank in its physical form or use the e-money to make further electronic transactions.
How to Open an e Money Account
It only takes a few minute to open an e-money account, similar to open a virtual bank account in Europe. All you will need is a device and Internet access. Choose an e-money provider and fill in the online form with the relevant personal details, e-mail address and mobile phone number. Then enter your bank details or credit card details to link your e-money account to a physical bank account. Your information will be processed instantly and you can start making transactions from your new e-money account by logging in with your password and username.
E-Money Mobile Apps
When you download an e-money app to your smartphone you can use it to access all of your accounts from anywhere in the world, at any time. Your e-money app provides an e-wallet where you can concentrate your accounts and have them at your fingertips at all times including bank accounts, credit cards and e-money accounts. Using your e-money app you can send or receive money to people even if they don’t have an e-money app by using their e-mail address or mobile phone number. An e-money app can be used by business people to stay up-dated on their financial matters; make mobile money transfers; mobile payments and control their business accounts through their phones. An e-money app can perform the functions of a money transfer app as well as additional functions and services including bank transfers, currency conversion, cards etc.
What is e money wallet ?
Emoney wallet – Software on an electronic device where monetary value is stored as emoney and your payment information is stored so that you can make purchases using your ewallet.
An eWallet or electronic wallet stores your credit card and bank account payment details as well as emoney on a computer, smartphone or card. You can then make purchases with your ewallet using your mobile device or computer. To be more specific a digital wallet is accessed via a computer website or mobile device but a mobile wallet is only accessed via a mobile device – they are both referred to as an ewallet. The ewallet is made up of software and encrypted payment information (e.g. shipping and billing details). Merchants offering an ewallet payment option will see more conversions as customers will find checkout more streamline and secure. Once you have installed ewallet software on your mobile device or computer the ewallet can be used to make payments from your bank account, card or emoney. You can load your ewallet with emoney, store the emoney there and spend it using the ewallet. Examples of eWallets are PayPal, Skrill, Neteller and EcoPayz, ApplePay, Visa Checkout, Android Pay and many more..