Recognition and acceptance of monetary values across countries around the globe have been very common.
Over time the switch from Silver / Gold coins to printed money was implemented. With the use and acceptance of credit card our global society started the move to "electronic or digital money".
It has already widely been accepted that a large part of our monetary values are kept in electronically guarded vaults. We may not label them as such, but most of the accounts we have with banks and other financial organizations where portfolios of value papers are kept, are in electronically guarded formats with the appropriate links to the actual owner.
It is fair to say that individuals and organizations are trusting our legal system to guaranty the recognition and ownership of these digital records. So a large part of our monetary values are kept in electronic formats and records.
As our society is moving gradually away from the actual use of printed money, the next chapter is the use of electronic funds for our day to day payments. We are already used to making payments with checks, electronic transfers (payments) and credit cards.
All these payment-methods were developed based on available / selected technologies. With the widespread availability of the mobile telephone additional cost effective methods have become available for transferring monetary values between individuals and organizations.
This has been recognized by all of the organizations involved in to-days value transfer activities. A large number of pilot projects aimed to use these new methods, are actually in process or have been completed world wide. The success rate of these projects / implementations are not easy to comprehend since the legal and business environmental conditions vary widely.
One observation from our side is that most of these pilots / implementations are tied to the concepts and methods used by the organization in charge of the initiative. As such the concepts often are based on the same remuneration scheme for the transactions.
The aim of this web-site is to explore all opportunities new technologies / methods offer as a replacement of our printed money hence the name Electronic Wallet.
Thanks for your participation in this breath-taking venture and contribution in the various blogs related to this subject.