Electronic currency gives a lot of benefits to users. Users have free account sign up and real time online payments. It just needs one click to send the mass payments. In addition, it has the lower merchant fees than credit cards. Electronic currency can use as universal media of exchange. Users can enter the transaction around the world without paying any exchange fees once a user acquires a global electronic currency. Besides that, global electronic currencies will provide global units of account to help the buyers and sellers understand what products and services are worth without calculation.
Here are the major electronic currencies on the net ：
（1） PayPal
PayPal is a popular Web-based payment method that allowing payments and money transfers to be made through the Internet It is the safer, easier way to pay and get paid online . The service is convenient to users because it allows anyone to pay in any way they prefer, including through credit cards, bank accounts, buyer credit or account balances .In addition, PayPal performs payment processing for online vendors, auction sites, and other commercial users which it charges a fee. In 2002, PayPal was acquired by eBay .(2) Web Money
WM Transfer Ltd company is owner and administrator of WebMoney Transferpayment system WebMoney Transfer system based in 1998 and is a legal corporate entity of Belize, Central America At first,this WebMoney Transfer system targeted mainly at Russian clients, it is now used world-wide. Webmoney system is very easy and convenient to use. Just a single mouse click with private ,payments are made instantly with, encrypted certificate for accessing account.
(3) E-gold
E-gold is an electronic currency, operated by Gold & Silver Reserve Inc . It is a payment service similar to Pay Pal, however there has a few significant differences. For example, it is based on gold. When you open an Egold account, you are actually buying a quantity of gold .Besides that, there is a minimum amount which must be purchased. The advantages of E-gold are low transaction fees, zero financial risk, fast, flexible, convenient.By Hooi Shang
Malaysia's first mobile payment was launched in 2001. Malaysians can now enjoy a mobile commerce by using GSM cellular phone. TeleMoney where it is the first mobile payment system via multi-channel access for Internet and wireless transactions in Malaysia. It is a service free of banks and telco dependence. A credit card or debit card holder or user can register for this service. The website of http://www.mobile-money.com is a website that provides mobile payment system in Malaysia.
Such mobile payment system has brought potentials to the consumers or users, the potentials are as following:
- Ubiquity - With mobile payment, consumers can make payment anytime, anywhere by just using their mobile phone. Hence, it is very convenient to the consumers. For example, users can reload their mobile phone credit by using mobile phone, so users do not need to go to the top up centre purposely.
- Save time - By using mobile payment, consumers actually can save a lot of time where consumers do not need to line up at the counter to make payment, especially in the bank, we usually have to wait so long just to make a payment or make a small transaction, it is really wasting time. However, mobile payment can help to solve this problem.
- Secure & Safe - Users do not need to worry about the safety while using mobile payment because it is secure and safe. Mobile payment will assure the safety of data for the users and it will keep the data of the users private and confidential. Furthermore, the Mobile Money Payment System conforms to the stringent requirements set by Bank Negara Malaysia and the participating banks. Besides that, the payment is secured by a strong pin fraud protection.
- Easy to use - Mobile payment is easy to use where users do not need to go through too much of complicated steps to make payment. Users just need to register themselves in website, then they can easily enjoy mobile payment through their cell phone.
Consumers' adoption strategies are as follow:
- Educate consumers about mobile payments, explain to them about how to use mobile payment and how it is function on billing or mobile purchase.
- Enhance security, confidence and trust to users.
- Collaborate with more banks, enterprises and companies to widen the ability of users to pay through mobile payment.
- Maintain customers' loyalty and customers satisfaction.
By Simone
Credit card debt is the unpaid balance on all credit cards. There is a debt when consumer purchases a good and services by using credit card. If a consumer has been late on payment, the debt will increase because there is a charged of interest and penalties when consumer does not pay the money they spent.Nowadays, many people have poor money management skill. They do not set a monthly spending plan and do not check the monthly bills so that debt happens. They do not set a budget and always buying things not needed by using credit card. It makes the credit card debts increase. Younger generation is lack of knowledge of saving and managing personal finances because parent and teacher do not teach them about the important of it.
Besides that, people who has less income but their expenses increase is also a causes of credit card debts. Their monthly income cannot afford their expenses, and then they forced to use the credit card to pay the expenses. This leads to a rise in debt.
In addition, some of them do not know the interest rate of credit card and spending maximum credit limit. They do not read the fine print of credit card and keep on to buy things.
1. Credit card holder should manage finances by set up a budget and stick to it. They must set a detailed monthly plan and check their monthly bills by clearly know their monthly income and expenses. It can make sure that they spend within the monthly plan budget and spend on needed expenses.
2. Card holder also must read the fine print and know the interest rate of the cards. Before you made payment or signed for agreement, you must read the details of the agreement such as the interest rate of the card and the rewards provided to card holder.
3. Card holder must pay the bill on time. Credit card companies can increase your interest rate if you made late payment.
4. Another prevention method is educating youngest generation about how to manage finances when they have a credit card. Parent is responsible to explain and teach their children about how to getting out of credit card debt. It also important to provide topics of saving and managing personal finances to educate students so that they will not meet debt problems in the future.
5. Card holder should go and look for consumer credit counselor that helps us solve the credit card debt by lowered the interest payments.
For further information,you can refer to:
(i) http://www.mozdex.com/prevent-credit-card-debt/
(ii) http://www.everlife.com/reducing-debts.php
I hope the above information provided can help you all have an understand about causes of credit card debt and the prevention methods.
By Teng Teng
A pre-paid cash card is a stored-value card that allows us to make payment using that card so that we do not need to bring so much cash along with us. We can just transfer the cash to credit in the card and just use that card to do the payment. So, sometimes if we do not bring cash we also can use the card to pay for it. A pre-paid cash card is similar as a debit card. One major difference between pre-paid cash card and debit card is that debit cards are usually issued in the name of individual account holders, while stored value cards are usually anonymous.
Although the pre-paid cash card works almost the same like a credit card, a pre-paid cash card is different because it allows consumers to have a better control over their finance. They must make sure that their card has enough credit before they spend. It is much more convenient and are designed to be used as a safer alternative as compare to cash.
A prepaid cash card can be used to buy things and pay bills, such as utilities, as long as it is accepted in different retailer. The most common pre-paid cash card we can see everyday in
In conculsion, by using the prepaid cash card, it enhances the speed of paying for low value but high frequency transactions. Furthermore, it is also convenient because consumer need not bring a huge amount of cash and waste their time in queuing up in the cash lane to complete the transaction. Moreover, by not bringing huge amount, it can reduce the social problem and reduce the risk of being rob, theft, snatch and others.
By Sze Ying
