Based on the definition from thefreedictionary.com, e-money is one of several terms used to describe digital money. It is also known as electric cash, electronic currency, digital money, digital cash or digital currency.
Electronic money used on the Internet. In order to turn the Internet into a giant cybermall (online shopping center), companies have developed software that provides complete and secure order fulfillment over the Internet.
In Auction.ph, e-money can be described along the same lines, more or less. E-money is one of the most convenient and helpful payment method for purchasing items from the website. In addition to other payment facilities that include Internet banking with Bancnet and Megalink, bills payment in RCBC and BPI, and mobile payments with Smart Money and GCash, e-money offers another safe alternative for conducting online transactions.
In our website, there are two (2) types of e-money. The one basic difference between the two types also serves as the simplest description for both.
1. E-Money 1 is e-money that can be converted into cash.
2. E-Money 2 is the non-cash-convertible type.
E-Money 1 can be withdrawn by a member from any of our accredited banks. If a member decides to terminate a membership account, the remaining balance can be claimed just as easily. Members can also transfer e-money to other accounts. Submission of certain documents shall be required from the member requesting the e-money transfer to ensure the security of the procedure. Transfers need to be documented properly to ensure the security of the procedure.
E-Money 2, on the contrary, cannot be converted or withdrawn as cash. And in cases of termination of membership, the remaining E-Money 2 in members’ accounts shall be forfeited. Auction.ph usually uses e-money 2 as an incentive or a prize for various events and promos implemented on the website.
Here’s a tip. If you want your own e-money stash for your online shopping needs, I suggest you join the My Lucky Pick promo and get a chance to win at least Php4,000.00 weekly.
