The term “e-money” is quite self-explanatory and as such, there is no need to define what the word means. Like emails, e-money is a digital way to earn and spend your money without having to use tangible cash.
Especially with the current pandemic, it’s much safer to avoid using tangible objects. E-money facilitates many financial processes and gives you access to your money without the need to handle physical cash.
Everything needs to be licensed to be legit, and e-money is no different. In fact, licensing e-money is quite essential to protect your investments and savings. It may be a simple concept, but there are some important details you need to be aware of to be able to use e-money. In this article, we easily explain what an e-money license is and how people benefit from it.
How Is E-Money Used?
As we previously mentioned, e-money is an electronic equivalent to cash. Instead of paying in tangible cash, you pay in e-money. It’s comparable to paying with your credit card. The amount of money you’re allowed is basically a digital number, and the more purchases you make the higher your bill will be. All you need is to open an electronic account and use it for any of your purchases or payments.
Why It Is Important to Get Licensed
The general rule is that getting a license legitimises any process, and this is exactly the case for e-money. Cashless financial deals need to be licensed to ensure their safety and secure clients’ money. Each country might have certain prerequisites to get licensed. So if you live in Lithuania for instance, you need to look into your local sources for more information. For those in Lithuania, getting an E-money license Lithuania locals rely on and can guarantee is legit is extremely important. To legally use e-money and reduce cash transactions. With the continuous changes, many people prefer not to use cash. Large numbers of people handle physical notes every day which contributes to the perpetuation of the pandemic even more. This is why the concept is a great solution.
The Many Pros of Electronic Payments
Besides not having to physically touch the money in fear of getting infected, it’s much easier to pay for goods and services without worrying about carrying actual cash. There are a number of excellent benefits that it offers. The pros are as follows:
It’s Super Fast
One of the best things about paying through an online account is that the transaction happens in a few seconds. All it takes is a few button clicks and you’re good to go. Once you confirm and receive a confirmation message, you can enjoy the product or service you purchased.
It’s not just healthier than having to touch the money that’s been held by so many hands before you, but it’s safe in terms of security. Your money is always secure in your account, so you don’t need to worry about money falling from your pocket or mixing up notes. In addition to this, any transaction made will need your confirmation so it’s pretty difficult to have someone steal your money. In case you feel anything suspicious happening on your account, you can always contact your bank or account provider and fix the issue.
You Know Exactly Where Your Money Went
Whether you want to create a plan to save money or just want to track your spendings, you can always do that by checking the list of payments you made in detail. You can either view the latest transactions or all of them. You may also choose a specific time period to check your spendings.
You Don’t Have to Create a Bank Account
Many people prefer not to save their money with banks for different reasons. Some banks take some percentage of your savings as account and service fees. Additionally, sometimes you end up losing a good percentage of your money when you fail to keep the time limit you agreed upon with the bank. Accidents happen, and fixed deposit saving accounts are often the best solution. Electronic accounts, on the other hand, do not require any time limit. You can save your money for as long as you want and spend it all whenever you want.
Electronic and digital options have made our lives much easier in many ways. Paying bills and making purchases have never been easier; everything is a few clicks away. You don’t have to physically go to pay your bills at places that may be pretty far away from you that will require transportation to reach. E-money is the logical step towards the future. These digital transformations save us time, effort, as well as money that gets wasted on unnecessary tasks that can be done within minutes or even less.