FAQs

Find quick answers to some of the most important questions about eCredits.

Consumers Consumers
Merchants Merchants
Blockchain and cryptocurrencies
eCredits
Rewards
What is a blockchain?
A blockchain is a decentralised database in which blocks of data records are connected chronologically into a continuously expanding list. The data blocks are distributed, stored, and synchronised on many computers, which is intended to protect the integrity of the data against subsequent manipulation.
What are cryptocurrencies?
Cryptocurrencies are digital or virtual currencies with a decentralised, distributed and cryptographically secured payment system. Cryptocurrencies can be traded on public exchanges. Bitcoin and Ethereum are among the best-known cryptocurrencies.
What is a blockchain?
A blockchain is a decentralised database in which blocks of data records are connected chronologically into a continuously expanding list. The data blocks are distributed, stored, and synchronised on many computers, which is intended to protect the integrity of the data against subsequent manipulation.
What are cryptocurrencies?
Cryptocurrencies are digital or virtual currencies with a decentralised, distributed and cryptographically secured payment system. Cryptocurrencies can be traded on public exchanges. Bitcoin and Ethereum are among the best-known cryptocurrencies.
What is eCredits?
eCredits is a blockchain-based digital currency that is 100% backed by the euro. eCredits is a stable coin that is linked to the euro, which means that 1 eCredits will always be worth 1 euro. eCredits is a closed system and cannot be traded on public cryptocurrency exchanges. eCredits is centralised and issued and managed by ECR AG, a company that is in the process of applying for an Electronic Money Institution (EMI) license. ECR AG is subject to regulatory requirements, and everyone who wants to use eCredits has to go through an identification process.
Who issues eCredits?
The issuer of eCredits is ECR AG, which is registered in Liechtenstein. ECR AG is in the process of applying for an Electronic Money Institution (EMI) license, which will enable the company to issue electronic money (e-money) and offer special payment services.
What is an Electronic Money Institution (EMI) license?
The EMI license is the permission to issue electronic money. To receive such a license, a financial institution must meet strict regulatory requirements. The state authority that overlooks financial institutions also oversees institutions with an EMI license.
When and where will eCredits be available?
The eCredits launch – in selected European countries – is planned for the end of 2019. eCredits can be used only in countries that have approved the product.
How can I use eCredits?
Everyone over the age of 18 can become an eCredits user. To use eCredits, download and install the eWallet app on a smartphone. The eWallet app is available for Apple iOS and Android. For regulatory reasons (e.g., anti-money laundering laws), you have to go through an identification process, which verifies your personal data, after the app's installation on your smartphone. After a successful identification process, you can use the eWallet app for payments in store and online and to transfer money to other eCredits users.
What is the eWallet app?
The eWallet app is a mobile application that allows you to conveniently pay at all eCredits acceptance points – in-store and online. With the app, you can also send and receive money, see all eCredits acceptance points nearby and get notified of special deals that are available for eCredits users. With the eWallet app, you can participate in the eActivity and eCashback rewards programmes – there are no additional cards necessary.
On which devices is the eWallet app available?
The eWallet app is available for Apple's iOS and Google's Android and can be downloaded for free from the Apple Store or Google Play Store.
How much does the eWallet app cost for consumers?
Consumers can download the eWallet app for free from the Apple Store or Google Play Store.
What are the benefits of eCredits for consumers?
Mobile payments: The eWallet app turns smart devices into digital wallets to make paying as quick and convenient as scanning a customised QR code. Straightforward use: The eWallet app is all about user experience and comes equipped with the latest technology and an easy-to-use and intuitive interface. Fast transactions: eCredits users can pay, send or receive eCredits and redeem euros instantaneously. Rewarding experiences: eCredits users can earn eCashback and collect eActivities to get rewarded for participating in the eCredits world. Secure network: eCredits is based on the innovative blockchain technology to make payments secure without losing speed or convenience. Supported service: Our expert support teams help users with all problems and questions related to the eWallet app, eCredit accounts or transactions.
Is eCredits secure?
By using blockchain technology, we ensure that eCredits cannot be altered or manipulated by third parties. Any change to the amount of eCredits is a result of signed and authorized transactions recorded in our blockchain. The eCredits Merchant Web App features a secure login area, and the eWallet app is protected through a three-stage security process – including a username and password, a pin and a push notification to confirm each transaction.
How do I pay with eCredits in a store?
The merchant enters the amount due to the eWallet on their smartphone and generates a QR code. The consumer opens their eWallet app and scans the merchant-generated QR code. A successful transaction is displayed in both the consumer’s and the merchant’s eWallet apps, and the eCredits are immediately transferred from the consumer to the merchant.
Is my user data protected?
ECR AG treats all user data in accordance with the requirements of the General Data Protection Regulation (GDPR). The eCredits user data is not passed on to third parties.
Does eCredits need as much electricity as Bitcoin?
Bitcoin uses a lot of energy because the coins are ‘mined’. In simplified terms, bitcoins are generated by computers solving complicated mathematical problems, which is an energy-intensive process. eCredits are not mined, and the process does not use a significant amount of electricity.
Does eCredits offer a rewards programme?
eCredits offers two different rewards programmes: eCashback and eActivity.
What is eCashback?
eCashback is a cooperation between the Cashback-World Cashback-Program and eCredits. Consumers are rewarded with up to 5% of the purchase amount for each eCredits payment at an eCredits acceptance point that is also a cashback partner. In contrast to the conventional Cashback-World programme, the cashback is paid out in eCredits that are immediately added to the eWallet app.
What is eActivity?
eActivity is the rewards programme for eCredits users. eActivities (ACT), the actual rewards, are not equivalent to eCredits, but they are earned for certain activities: For example, when you use eCredits for daily shopping or when you invite a friend to create an eCredits account, you are rewarded. The more you use the eWallet app, the more eActivities you earn. eActivity is not a cryptocurrency, and eActivities are earned through being an active user of eCredits.
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