Electronic Currency

First of all Electronic currency is also known as electronic money, it is a website that turn the money into electronically. Technically electronic or digital money is a representation is used to exchange value, within another system, or itself as a standalone in online or offline system. Also sometimes the term electronic money is used to refer to the provider itself.

Electronic currency also allows its holder to buy the goods and services that the vastness of the internet offers. An e-currency system may be fully backed by gold (like e-gold and c-gold), non-gold backed, or both gold and non-gold baked (like e-Bullion and Liberty Reserve).

The main focuses of electronic currency is to development that are being able to use it through a wider range of hardware such as secured credit cards and linked bank accounts that would generally be used over an internet means, for exchange with a secure micropayment system such as in large corporations for example like paypal, it is the most successful e-currency website that give 100% trust to consumer shop in internet.

This electronic currency can bring many negative issue such as doing the money laundering where the illegal money transform into legal money. Next it also there are also a potential macroeconomic effect such as exchange rate in a not stable ways and shortage of money supplies.


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Application of Pre-paid Cash Card

Prepaid payment cards are recent phenomenon. How many of us have used a prepaid gift card or a prepaid mobile phone card? A prepaid card looks like a credit or debit card and gives users the ability to purchase products and services with a card. However, there is a crucial difference which is users can only spend the balance that has been preloaded onto the card. Money can be loaded on to a prepaid card by cash at a bank, post office, bank transfer or even by another credit card. There would be no risk of running into debt as it has no credit or overdraft facility.

A prepaid card is appealing to those who has a poor credit rating or a history of bad debt who cannot get a credit card. People, who although earning but cannot obtain credit due to having no credit footprint, also can apply a prepaid card. Parents can use it to The uses of a prepaid card includes:

1. Buying groceries and petrol
2. Internet shopping including eBay
3. Withdraw cash from an ATM
4. Paying bills
5. Topping up your mobile phone
6. Transferring money to friends and family either in the UK or overseas
7. As a replacement for travellers cheques ot travel cash

Visa prepaid cards such as Visa Gift Card, Visa Buxx, Visa Reloadable Prepaid Card provide easy, convenient and secure ways for users to pay anytime at anywhere. It helps to manage your finance as you can spend only what you load on the card. It is also very convenient for travellers and no need to carry large amount of cash with them because they can use the Visa prepaid card at any of the merchants that accept Visa worldwide Visa Buxx is a useful tool for parent to monitor their teen's spending. It offers teens spending independence and to learn to take financial responsibility.

Touch 'n Go(TnG) smart card is used by Malaysian for electronic payment system at all highways in Malaysia, major public transports in Klang Valley, selected parking sites and theme park. It is expanding its business to retail purchase by starting with fast food industry that enables consumers to buy dough nut, burger or fast-food from 21 outlets such as Burger King, 7-Eleven, Dunkin’ Donut.

Credit Card debts: Causes and Prevention

Nowadays it seems that credit cards are almost a necessity, rather than a luxury, which has caused many people to have a huge problem with credit card debt. Many people now have more than one credit card with a balance and you may even be one of those people. A credit card is exactly what the name implies. It is a card which you are able to use by borrowing on credit. You are borrowing money from the issuer every time you use it. Each time you use your credit card, you are increasing your debt.

1. Poor money management

A monthly spending plan is a useful tool for everyone. Without one, you have no idea where your money is going. You may be spending unnecessarily and end up having to charge purchases on which you should have spend that money. This will lead to a rise in your debt.

2. Underemployment

People who are experiencing under employment may continue to think of it as only temporary or if they are coming off unemployment feel a false sense of relief. They may start to spend on their credit card again. This will eventually increase their card debt.

3. Saving too little or not at all

If you have been preparing for unexpected expenditures by saving three to six months of living expenses, you will not have increased your debt caused by a job layoff, illness or divorce.

4. No money communication skills

Communicating with your spouse or significant other and your children about finances helps to reduce card debt. Many people find out that their spouse have racked up thousands dollars in credit card debt and they had no idea that the accounts even existed!

5. Financial illiteracy

Many people do not have an understanding how money works and grows, how to save and invest for a rainy day. Schools don't teach it, your parents may not have explained it. But, you are responsible for your life and your money anyway.

It’s time for you to think of a solution to avoid from credit card debts and be responsible to your life and money ^^

1. Setting a budget

Set up a budget and stick to it. You should be realistic about your expenses and your financial needs. You wouldn’t realize how a detailed monthly plan really helps to ease your financial situation.

2. Contacting and dealing with creditors

You may want to contact your credit card company and try to work out a payment plan. They would rater lower your interest or write it off altogether than not get any money from you at all.

3. Self control and discipline

If your spending habits are not controlled, this will cause debt to increase even faster. What started off as a small balance will rapidly becomes a large amount that can seem impossible to pay off. Hence, it is essential that you have self control over your spending.

One should have self-awareness of the causes of credit card debts and spend wisely ^^