Registration Process for Consumers Registration Process for Consumers

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In this video, we are going to show you how you can register your eCredits account so that you can pay in-store and online and send eCredits to your family and friends.

The eCredits registration process includes a two-step verification, the so-called know-your-customer process that electronic-money institutions must comply with. That way, we can better protect your data and contribute to preventing financial crime, such as money laundering or identity theft.

We will go through the in-app authentication process and demonstrate how to set up your profile and complete bank transfer of at least 1 euro. Once your identity is verified, the euros that you transferred will be converted to eCredits and added to your eCredits account. As soon as your identity is verified, you can enjoy all the benefits the efficient and secure eCredits network offers!

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eCredits
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What is eCredits?
eCredits is a blockchain-based digital currency that is 100% backed by the euro. eCredits is a stable coin that is tied 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.
When and where will eCredits be available?
The eCredits launch – in selected European countries – is planned for 2020. eCredits can be used only in countries that have approved the product.
What is the monetary value of one eCredits?
eCredits is a so-called stablecoin, which is tied to a stable asset. eCredits is tied 1:1 to the euro. Thus, 1 eCredits is always worth exactly 1 euro.
Will the value of eCredits increase or decrease significantly in the future?
As eCredits is a stablecoin that is tied 1:1 to the euro, the value of 1 eCredits will always be the equivalent of 1 euro.
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.
How can consumers 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 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.
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.
Can businesses use eCredits?
Yes, they can. Companies must identify themselves and verify their business during registration in the eWallet app.
What are the benefits of eCredits for merchants?
Instant availability: The eCredits payments merchants receive are available instantaneously and can be converted into euros to use for day-to-day operations.

Stronger loyalty: eCredits comes with two integrated rewards programmes – the instant eCashback and the longer-term eActivity rewards – that help attract and retain customers.

Innovative technology: The eCredits platform is based on blockchain technology so that small and medium-sized businesses can benefit from the latest developments in this innovative field – without investing in expensive hard- or software.

Free marketing: eCredits offers free marketing tools – including reporting tools and the ability to create special offers that consumers can see in the eWallet app – to increase business success.

Supported service: Our expert support teams help users you with any and all problems and questions related to the eWallet app, eCredit accounts or transactions.

Increased profits: The low fees for eCredits transactions can help attract new revenue streams and increase profits.
How can a merchant become an eCredits acceptance point?
If eCredits is available in a country, all businesses can become eCredits acceptance points. A company does not necessarily have to be registered in the commercial register if there is enough verifiable information available.

To become an eCredits acceptance point, download and install the eWallet app on your smartphone. The eWallet app is available for Apple iOS and Android. The contract between the acceptance point and eCredits is concluded by accepting the general terms and conditions during the registration process. A physical contract does not have to be signed.

For regulatory reasons (e.g., anti-money laundering laws), a two-step registration and identification process is necessary after the app's installation on the smartphone. First, your personal data is reviewed, and then, your company data is verified. After a successful identification process, you can use the eWallet app to accept payments and transfer money to other users.
What is the Partner Web App?
The Partner Web App is a web-based application for merchants. It complements the features of the eWallet app with additional eCredits functions, such as reporting, user administration and processing cancellations and chargebacks.
Is eCredits secure?
By using blockchain technology, we protect eCredits from being 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 eWallet app is protected through a three-stage security process that includes a username and password, a pin and a push notification to confirm each transaction.
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.
Is the eCredits a digital currency or a cryptocurrency?
eCredits is a blockchain-based digital currency that is not decentralised. It is issued and managed centrally by a company (ECR AG, the eCredits operating company) subject to regulation. Furthermore, all eCredits users must go through a verification process. Peer-to-peer transactions via third-party trading platforms are also not possible, as eCredits is a closed system.
Are there any eCredits tied to a currency other than the euro?
eCredits is currently only available as a stablecoin tied to the euro.
What is eCredits?
eCredits is a blockchain-based digital currency that is 100% backed by the euro. eCredits is a stable coin that is tied 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.
When and where will eCredits be available?
The eCredits launch – in selected European countries – is planned for 2020. eCredits can be used only in countries that have approved the product.
What is the monetary value of one eCredits?
eCredits is a so-called stablecoin, which is tied to a stable asset. eCredits is tied 1:1 to the euro. Thus, 1 eCredits is always worth exactly 1 euro.
Will the value of eCredits increase or decrease significantly in the future?
As eCredits is a stablecoin that is tied 1:1 to the euro, the value of 1 eCredits will always be the equivalent of 1 euro.
How can consumers 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 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.
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.
Can businesses use eCredits?
Yes, they can. Companies must identify themselves and verify their business during registration in the eWallet app.
What are the benefits of eCredits for merchants?
Instant availability: The eCredits payments merchants receive are available instantaneously and can be converted into euros to use for day-to-day operations. Stronger loyalty: eCredits comes with two integrated rewards programmes – the instant eCashback and the longer-term eActivity rewards – that help attract and retain customers. Innovative technology: The eCredits platform is based on blockchain technology so that small and medium-sized businesses can benefit from the latest developments in this innovative field – without investing in expensive hard- or software. Free marketing: eCredits offers free marketing tools – including reporting tools and the ability to create special offers that consumers can see in the eWallet app – to increase business success. Supported service: Our expert support teams help users you with any and all problems and questions related to the eWallet app, eCredit accounts or transactions. Increased profits: The low fees for eCredits transactions can help attract new revenue streams and increase profits.
How can a merchant become an eCredits acceptance point?
If eCredits is available in a country, all businesses can become eCredits acceptance points. A company does not necessarily have to be registered in the commercial register if there is enough verifiable information available. To become an eCredits acceptance point, download and install the eWallet app on your smartphone. The eWallet app is available for Apple iOS and Android. The contract between the acceptance point and eCredits is concluded by accepting the general terms and conditions during the registration process. A physical contract does not have to be signed. For regulatory reasons (e.g., anti-money laundering laws), a two-step registration and identification process is necessary after the app's installation on the smartphone. First, your personal data is reviewed, and then, your company data is verified. After a successful identification process, you can use the eWallet app to accept payments and transfer money to other users.
What is the Partner Web App?
The Partner Web App is a web-based application for merchants. It complements the features of the eWallet app with additional eCredits functions, such as reporting, user administration and processing cancellations and chargebacks.
Is the eCredits a digital currency or a cryptocurrency?
eCredits is a blockchain-based digital currency that is not decentralised. It is issued and managed centrally by a company (ECR AG, the eCredits operating company) subject to regulation. Furthermore, all eCredits users must go through a verification process. Peer-to-peer transactions via third-party trading platforms are also not possible, as eCredits is a closed system.
Are there any eCredits tied to a currency other than the euro?
eCredits is currently only available as a stablecoin tied to the euro.
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.
How much does the eWallet app cost for merchants?
Merchants can download the eWallet app for free from the Apple Store or Google Play Store. However, eCredits acceptance points are charged a setup fee and there may be transaction fees for eCredits payments and other related costs.
In the world of digital currencies and cryptocurrencies, what is a wallet?
A wallet for digital currencies and cryptocurrencies can be compared to a physical wallet, but, in this case, a wallet stores digital currencies or virtual vouchers. Some wallets include additional features, such as transaction summaries, user information and maps that show where the wallet can be used.
Does eCredits offer a rewards programme?
eCredits offers the eActivity rewards programme.
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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