The eCredits World A step-by-step guide The eCredits World A step-by-step guide

 “The eCredits World” 

We live in a business environment that often only benefits large corporations and their shareholders. This structure can make it difficult for small and medium-sized businesses to succeed. A challenge that can hinder competitiveness is the payment process: Small and medium-sized businesses often have to use payment systems that are outdated, costly and time-consuming.

We believe that there is a different way. That is why we created eCredits, our blockchain-based e-money. eCredits combines Euros with blockchain technology so that consumers benefit from a safe and easy-to-use payment method. Merchants can use the eCredits network to become more competitive and succeed in today’s ever-changing business environment.

Let’s explore the eCredits world.

The eCredits advantage

eCredits is based on innovative blockchain technology and is open to anyone, anywhere.

eCredits has many benefits:

  • Fast and inexpensive
  • Fully regulated
  • Stable and tied to the Euro
  • Rewards customer loyalty
  • Always redeemable
  • Easy to use

To use eCredits, you need to download the eWallet app – a safe, intuitive and convenient way to make payments and manage loyalty rewards.

The eWallet

With the eWallet app, consumers can search for local stores and specials deals and pay for their purchases. Exchanging eCredits into Euros, and vice versa, also happens in the eWallet, and when consumers and merchants use the app, they will earn rewards.

For merchants, the eWallet is a safe and easy way to accept payments in stores and online. But there’s more. Complementing the eWallet app is the Partner Web App, a platform that provides merchants with reports, marketing tools and automated services to simplify bookkeeping. This is also where merchants can turn eCredits into Euros to use for day-to-day operations.

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The eCredits World FAQs

Explore our resources to learn more about the eCredits world.

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 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 the end of 2019. 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 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.
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 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 loyalty 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.
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.
What is the Merchant Web App?
The Merchant 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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