6 February 2001 - GoldMoney, aiming to make GoldGrams the currency of choice in electronic commerce, has launched its online payment service. Now everyone can easily make instantaneous payments to anyone, anywhere in the world. GoldMoney hopes that businesses engaged in global commerce will find its payment service quick, reliable and cost-effective.
James Turk, founder and Managing Director of GoldMoney explains: 'Presently ecommerce is reliant upon credit cards and bank transfers, which are costly and can take days to clear. GoldMoney is providing an alternative method of payment that is non-repudiable and made in real-time 24 hours, day and night, yet it costs less than the traditional - and now outdated - methods of payment.'
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. All transactions are made electronically through the www.GoldMoney.com website. A related site, www.GoldGrams.com, provides users with easy access to the current value of GoldGrams in terms of national currencies.
While the need for a digital money systems offering methods of payment that are cheap, efficient and secure has been recognised, this need has not been adequately met - until now. GoldMoney has many advantages not available from electronic payment systems using national currencies. 'GoldMoney represents a big leap forward because of the efficiencies it brings to global ecommerce,' says Turk. 'Existing payment mechanisms are built upon legacy systems that have their origin in the 18th and 19th centuries. Even credit cards are not suited for ecommerce. The technology being used in GoldMoney makes these existing payment systems obsolete.'
GoldMoney has been awarded two US patents for transacting with electronic currency. The system works on the principle that its users store gold in a vault participating in the system, and this gold becomes the medium of exchange for electronic transactions. To make a payment, GoldGrams are transferred from the Holding of the payer to the Holding of the payee. Each user's Holding provides a record of their GoldGram transactions.
GoldMoney will have appeal especially among multinational corporations and international business people who do a large number of cross-border transactions. GoldMoney is also practical for micro-payments and for transactions between individuals. The advantages offered by this new payment system will create a 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 common currency of global commerce.
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