30 March 2001 - E-commerce is taking another step forward with today's launch of an Online Merchant Interface (OMI) by GoldMoney. This new OMI makes it easy for online merchants to accept GoldGrams, the currency of GoldMoney. Because GoldGram payments are non-repudiable, profitability for online merchants will be enhanced.
'The potential of e-commerce is being impeded by the use of credit cards and bank wires. These high-cost and inefficient payment systems have their origin in the 18th and 19th centuries and are not suited for the global requirements of today's online merchants,' explains James Turk, Managing Director of GoldMoney. 'Even P2P and money-by-email payment systems are a problem for online merchants already plagued by charge-backs and fraudulent purchases.'
Now merchants can easily accept non-repudiable payments online from anyone, anywhere in the world. Online merchants and global businesses can use GoldMoney to make and accept instantaneous payments in weights of gold called GoldGrams. A GoldGram represents a gram of gold held in a vault for safekeeping, and remains in the vault even while being used as currency.
By using GoldMoney anyone can make instantaneous payments online in real-time 24 hours, day and night, yet GoldMoney costs much less than the traditional - and now outdated - methods of payment. GoldMoney believes that online merchants and global businesses will find its payment service quick, reliable and cost-effective. The detailed technical specifications for the OMI may be viewed at: omi.html
All transactions are made electronically through the GoldMoney.com website, which also provides users with easy access to the current value of GoldGrams in terms of various national currencies.
The OMI will be especially useful to global businesses aiming to expand their cross-border reach, but until now have been impeded because sales could not be made with non-repudiable payment. Also, GoldMoney simplifies global transactions by enabling buyers and sellers to transact in one, single currency. And for the first time, online merchants now have a practical and low-cost means for accepting micro-payments.
This new OMI is one of the many advantages offered by GoldMoney, none of which are available from electronic payment systems using national currencies. These advantages are building a world-wide community where GoldGrams become the accepted medium of exchange.
As Turk explains it: 'We are taking the world's oldest money, gold, and using 21st century technology to enable its circulation as a currency in global commerce efficiently, cost-effectively and without the problems of existing payment systems.' GoldMoney aims to make GoldGrams the currency of choice in global e-commerce.
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