Electronic Currency

Electronic currency (also known as e-money, electronic cash, electronic money, digital money, digital cash or digital currency) refers to money which is exchanged through electronic. This involves use of computer networks, internet and digital stored value systems. Electronic Funds Transfer (EFT) and direct deposit are examples of electronic money. http://en.wikipedia.org/wiki/Electronic_currency

There are several benefits by using e-currency service on the internet such as e-gold and paypal.

1. The e-currency can be used on the internet related commercial purposes such as online shopping and doing personal investment via internet.
2. The using of the e-currency services for example e-gold and paypal created a new way for people by not only using their credit card as the only payment method on the internet. This because sometime there a risk to provide your credit card information to the merchant that you do not know them very well and they are stay in another side of the earth .
3. The e-currency service companies such as e-gold ,paypal and EMO can provide both the buyers and sellers the convenient way to trade just by clicking the confirm button in the computer.http://giexc.com/

DXSynergy is a private market where there are variety of e-currencies are exchanged for each other. DXSynergy is a central currency service for all of these other e-currencies. There are two main parts to the system today which are DXPortfolio and DXMerchant. When you first start a business, you can begin doing e-currency trading in the DXPortfolio side. After few months, you may get into the DXMerchant side. The DXMerchant side takes more time to manage but you can earn higher profit and bonuses than the DXPortfolio.

Nowadays, DXSynergy (DXInOne) has just started rolling out their other products and services to the world, so visit the DXSynergy site to see and learn more about those new services. http://www.dxout.com/

Prepaid Cash Card - TnG

Prepaid cash card also known as stored-value card. This is a kind of card that has monetary value preloaded onto it and is usually rechargeable. It is plastic and has a magnetic strip on the back. Consumers can use stored-value cards to make purchases, off-line or online, just as the way they used their debit or credit card. The only difference is people can obtain this prepaid cash card without regard to prior financial standing or having an existing bank account as collateral (King, Mckay, Marshall, Lee, Viehland 2008).



As for Malaysian, the most popular brand of prepaid cash card is definitely the Touch-n-Go card (TnG). TnG was developed by Teras Teknologi Sdn Bhd and the first TnG system was installed and use at JLN Pahang Toll Plaza on 18 March 1997.

Nowadays, TnG is an electronic purse that can be used as a mode of payment for highways, public transportation, parking at selected places and theme parks. Each time a consumer uses TnG, the electronic card reader (RFID) will deduct the exact fare or charges from the value stored inside the card. Consumer can top-up or reload the card with a predefined amount to continue using it.

TnG enhances the speed of paying for low value but high frequency transactions. It is also very convenient because consumer no longer need to prepare for small change or queue at the cash lane to complete the transaction.

Below is the flow of TnG transaction:

1. Customer buys or reloads the TnG
2. Rangkaian Segar banks the prepaid money into a trustee account
3. Customer uses card to pay
4. The prepaid value in the card is deducted to pay exact fare
5. The CCHS system will automatically capture, process, update and store all electronic transactions
6. Trustee will pay services providers the exact amount DAILY

To read more regarding TnG, visit the following links:
- http://www.touchngo.com.my/index.jsp
- http://www.eis-tech.net/?p=12

Review on e-tailing: Using Touch n Go card to buy fast food in Malaysia will be a reality

Recently, Touch n Go card is expanding their applications and services towards the retail purchase starting with the focus on fast-food industry and lately with other industry. The company is forecasting about 5 to 10% of car holders to use the card for retail purchase.

Touch n Go card is very convenient in terms of reducing the burden of wallets full of coins and thick notes. It offers users to top-up smaller amount which might help users to control their expenses compare to credit cards which can be used up to minimum RM1000.

As we look into the other side of the coins, Touch n Go might be inconvenient for heavy spending users. They might continue with their credit cards.

In fact, Touch n Go card is weaker than credit card in terms of security measures by only providing a RFID chips, whereas credit card provides 3 safety pre-cautions including magnetic strip, smart chip and safety number.

Another issue is that if we lose our Touch n Go card, the credit inside the card is burned, however for credit card loss, our money is secured in the bank once the lost of credit card is reported to the bank.

In conclusion, Touch n Go card can really save the burden of our pockets and wallets, but they will face many challenges in competing with credit card providers.

Please refer to the source of the issue here. <click here>

Credit Card Debts: Causes and Prevention

Since the credit card business is getting more and more competitive, the rules and policies to apply a credit card is easier compare to olden days. Therefore, credit card debts happened.

Causes:

1. Expenses more than income: If people spend more than their income, definitely they are in debt. For instance, recently the petrol price is hiking up, if people continue spending like before with their same salary, obviously they will be forced to step into a deep credit card debts' hole.

2. Poor money management: Credit card provides us future money to purchase what we want easily, but without good budget, people tend to buy recklessly and forget about the accumulated bill plus interest at the end of the month.

3. Using credit card as cash: Yes, it's convenient to use credit card to purchase anything anywhere. That is why people tend to use credit card instead of cash, thus increasing the debts in daily basis.

Prevention:

1. Use cash instead of credit card: If we purchase with cash, the feeling of the tangible cash is running low in our wallet or bank account will lead us to the feeling of how little money we own. So, it might help the credit card user to control their expenses.

2. Create a budget: Individuals must create their own budget in spending. Necessity comes first followed by other items. That is how we reduce debt and save money.

3. Education: Educate youngsters on how to manage their pocket money during their school times without over-spends is a way to prevent them to fall into credit card debts problems.

4. Cut up your cards so that you are not tempted to use them. Save only one card for emergency purposes.