The eCredits World The eCredits World

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eCredits is blockchain-based e-money: It combines euros with blockchain technology so that consumers benefit from a safe and easy-to-use payment method. eCredits is open to anyone, anywhere. For both consumers and merchants, eCredits offers many benefits:

  • fast and inexpensive
  • easy to use
  • fully regulated
  • stable and tied to the euro
  • always redeemable
  • rewards customer loyalty

Coming soon: The eWallet app
Once launched, consumers and merchants will need to download the eWallet app, which provides a safe, intuitive and convenient way to make payments and manage loyalty rewards. With the eWallet app, consumers can search for local stores and specials deals and pay for their purchases. For merchants, the eWallet is a safe and easy way to accept payments in stores and online. Both consumers and merchants will earn rewards when they use the app to make or accept payments.

Related FAQs

Explore our resources to learn more about the eCredits world.

Blockchain
eCredits
eWallet
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.
How does a blockchain work?
A blockchain can be compared to an Excel file that is updated in real time and whose validity is confirmed by thousands of computers.

To build the blockchain, each individual transaction is processed by all nodes in the network, or thousands of computers all over the world, before the data is permanently stored within the respective block of the blockchain. This ensures that nobody can manipulate or change entries afterwards.
What are the advantages of blockchain technology?
Decentralised data management: Since the data in a blockchain is not managed by a central authority but decentrally by a large number of involved actors (the so-called nodes), manipulation by individual persons is impossible. All transactions are stored and archived permanently so that a subsequent modification of the data is impossible. Transparency: The data from public blockchains can be viewed. Although it is not known who is behind an address or transaction, the complete transaction history of the blockchain is permanently stored and can be reproduced at any time. Reliability: The data records of a blockchain are stored in a decentralised way throughout the entire global network – and not in a single location, such as a server – which means that there is no risk of data loss.
What are the disadvantages of blockchain technology?
Large memory requirements: A blockchain gets longer with each new block. This means that the memory requirements of the nodes in the network – which save the entire blockchain and verify the data blocks that are added – also increase. Limited scalability: One of the biggest challenges of public blockchains is to meet the requirements of rapid user adaptation without neglecting the aspects of decentralisation. In order to solve this scaling problem, sustainable solutions are already being researched. Low data throughput: Payment systems such as those of credit card companies can currently process considerably more transactions than a public blockchain. The data throughput (the net amount of data per time that can be transmitted over a network) of a classic blockchain solution is still limited. However, research is underway to increase the data throughput significantly. In addition, private blockchain solutions already offer possibilities to process larger amounts of data simultaneously. Technically sophisticated: Blockchain is still a very young technology, which is why only a few IT experts currently have the necessary skills to adequately design or further develop a blockchain network. Furthermore, many of the blockchain applications currently in use are not yet fully developed, even from the user-interface point of view. However, the applicability is constantly evolving so that a continuously improving user-friendliness can be expected.
Since when does blockchain technology exist?
The concept of blockchain technology was first introduced in the Bitcoin white paper, which was published in 2008 under the pseudonym ‘Satoshi Nakamoto’. The first block of the Bitcoin blockchain was mined in 2009, and in the following years, a number of other digital currencies based on blockchain technology (so-called cryptocurrencies) were created. Ten years later, there are myriad possible applications for blockchain technology, which is described by many as a groundbreaking advancement of the World Wide Web.
What can blockchain technology be used for?
Blockchain technology can be used wherever processes or transactions need to be checked and verified securely and without intermediaries or third parties. Cryptocurrencies are technically based on blockchain technology and were the first blockchain-based application to gain recognition. However, these are only the first of many examples of how the underlying technology is applied, just as email was once one of the first applications of the internet. In addition, numerous other applications are imaginable: For example, blockchain solutions can be used in the area of a decentralised financial system (also known as DeFi or ‘decentralised finance’ applications), in the area of contract management (by means of so-called smart contracts), or as part of decentralised applications (so-called DApps). The technology is considered to be a particularly relevant application for the Internet of Things. But the blockchain can also promote sustainable improvements in decentralised data management, digital identification possibilities and decentralised computer networks as well as in supply chain management.
Where is a blockchain stored?
A public blockchain is stored on several thousand computers (all participating nodes in the network). Each of these computers keeps an updated and complete copy of the blockchain and is sometimes responsible for checking the correctness of the new transactions (data of the incoming blocks). All transactions of a public blockchain can be viewed, so that it is always possible to transparently reproduce when which transaction was made or received from which address.
What does the future of blockchain look like?
Nobody can predict the future with certainty, and blockchain technology is still at the beginning of its development. However, industry leaders, experts and innovators see great potential in the digital and transparent decentralisation aspects underlying blockchain technology. In addition, new application areas start to use the technology to help shape a better and more secure digital future. ECR AG is convinced that blockchain technology offers substantial opportunities, as it favours the development of various useful applications and brings with it a variety of advantages.
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.
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 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.
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 2020. eCredits can be used only in countries that have approved the product.
Can businesses use eCredits?
Yes, they can. Companies must identify themselves and verify their business during registration in the eWallet app.
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.
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.
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.
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.
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.
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.
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 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 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.
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. Please note that not all eCredits acceptance points are eCashback partners. In the eWallet app, all eCashback partners are listed and shown (highlighted in green) on the map. If you already are a Cashback-World participant, you can link your eWallet app with your existing Cashback-World account. If you do not yet have a Cashback-World account, you can create one in the eWallet app. Participation in the eCashback rewards programme is free.

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