The history of electronic transactions
Today, we are used to paying with electronic money on a regular basis. We pay with cards and make online purchases using electronic payment systems, all this has become a part of our lives and evokes no bewilderment. But this is not how things used to be.
The first attempt to transfer electronic money was made in 1918 in the US. At that time, The Federal Reserve Bank used a telegraph to make the first ever money transfer. Many years later, in 1972 to be exact, a clearing house was established with the purpose of processing electronic checks.
The next notable event in the history of electronic money was the emergence of prepaid cards in 1980. This happened in Japan and served as a turning point for the creation of joint enterprises which would design and produce universal prepaid cards U-Card.
At the end of the 20th century, the first ever electronic wallets started to appear, and multi-purpose prepaid cards were invented in the US and Europe. At the same time, the first ever prepaid network product Digicash was released and was put to use in the Netherlands. In the meantime, British banks implemented a settlement system called Mondex.
Not every electronic money system made it to the present day: some of them were replaced by more sophisticated ones, others went bankrupt due to insufficient coverage (the internet wasn't as widespread as it is today).
The situation drastically changed in the beginning of the third millennium due to the expansion of the internet. This was the reason why all modern banking systems made a transition to electronic money use.
Electronic money is the future of settlements
Many people who have been watching the development of the cashless settlement sector are starting to take interest in the opportunities that electronic money and electronic wallets present, thinking about whether they should join the modern trend or stay away from it.
Electronic money is the driving force behind electronic commerce because it is through electronic money payments on the internet are made. It is pretty much the same money but in a slightly different, intangible form.
New things are always met with skepticism. This happened to plastic cards too. Back in the day, people used cash exclusively and didn't think that plastic cards were any good. But today, plastic card use is just as normal as cash, and sometimes is an even more frequently used alternative.
In a similar way, electronic money meets skepticism today. Electronic money is stored in electronic wallets that are pretty much bank accounts, but faster and more affordable. With electronic wallets, people can pay for a great number of goods and services, no matter where they are, only internet access is a must. Moreover, electronic wallet owners don't have to waste time standing in lines, filling out pointless paperwork. Thus, it is possible to work, make purchases and payments, give presents without leaving home and not even touching money itself.
With this realization becomes obvious the fact that electronic money is an amazing opportunity which can make life a lot easier, especially when it is extremely easy and affordable to create an electronic wallet.
Advantages of electronic money
1) Ease of transportation. Since electronic money exists only in the virtual world, you can have as much electronic money as you want, handy at all times.
2) It is pretty much impossible to steal electronic money, but even if it happens, you can always retrieve it (it depends on a lot of factors, though).
3) You can use it remotely - all you need to know is wallet number and password (sometimes answers to security questions)
4) Settlements are hassle-free since you don't have to change electronic money, one bill of a higher nominal value to a number of bills of a lower nominal value, because electronic money is just a mathematical number that other numbers are either deducted from or added to as transaction results
5) Unlike cash, electronic money can't be forged.
6) Electronic money minting requires only a little amount of electricity, which is a lot cheaper and environment-friendlier than using paper,ink, and watermarks. Moreover, electronic money doesn't wear out and tear down under mechanical pressure.
7) With electronic money, it is easier for the state to combat illegal money flows, corruption, illicit substance and arms trade, etc.
Electronic payment systems and electronic wallets
There are hundreds of payment systems in existence today. Each offers a different set of terms and conditions. For instance, OKPAY, PayPal, WebMoney, Yandex.Money, Skrill, Perfect Money, QIWI, Alipay, Payza and many others. Wallet creation is easy, all you have to do is go to a payment system's website and register.
After registration, you'll need to choose whether to use the browser version or the mobile app. Additionally, you'll be able to choose a currency in which operations will be carried out, and create wallets for each currency of your choice. With electronic money, you can pay for phone services, internet access, and utilities, and so on.
It is easy to use an electronic wallet for online shopping: choose a product you like, put it in your cart, and press "buy". The system will automatically redirect you to the confirmation page, where you'll need to press "confirm". After that, the money will be deducted from your electronic wallet and credited to the seller's account.
Today, at least a majority of online services accept payments with the following payment systems OKPAY, PayPal, WebMoney, Yandex.Money and others. This is why you can pay for a wide range of services with ease - advertisement, marketing, music, movies, website hosting and so on.
Bridges between payment systems
But not all services use exactly the same payment systems, this is why one will sooner or later have to resort to the help of electronic currency exchangers in order to exchange a currency they have for a currency they need. Exchange rates monitor OKchanger has a plenty of information about 334 electronic currency exchangers, among which you will definitely find the one that satisfies you the most.
Monitor OKchanger features a big number of intuitive graphs and charts, that will give you a clear insight into how to exchange currencies at the best available rates.