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The e-gold payment system is an electronic payment system that enables the use of precious metals like Gold, Silver, Platinum and Palladium for secure online e-payment for goods and services. e-gold system is very popular because of its simplicity. It is even more popular in countries like Nigeria where debit and credit cards are not available or very hard to get.

In fact e-gold is one of the only online electronic payment solutions in countries with low penetration of credit and debit cards. Just about anyone can use e-gold. No matter your country of residence you can use this wonderful payment option.

With e-gold, you do not face discrimination on the internet based on your location/territory. This is because of the superior security that the e-gold system offers, merchants render service or supply product paid for once they get confirmation of a valid spend from e-gold system. This boosts confidence of merchants. Once a payment has been made it can not be cancelled.

e-gold is very popular among Nigerians involved in online or internet investment opportunities like forex trading and High Yielding Investment Programs (HYIPS).

e-gold payment solution can also be used for other transactions. You can buy products on the internet using this e-payment solution. With e-gold payment system, you can also pay for services like web design, application development, consulting services and lots more.

The ease at which you can buy e-gold is also a major factor for its popularity. You do not need to fill a very lengthy form. You don’t need passport sized photographs. No one will ask you to come along with your international passport or drivers licence. No deposit is required (it is free).

All that is required is to open an e-gold account. These involves filling a form that takes less than two minutes, and then perform email verification, which also takes less than two minutes, and you will have your e-gold account up and running. As soon as you complete this process you are ready to fund your e-gold account, you can also receive payments at this point.

Becoming an e-gold merchant is equally easy. You can start accepting e-gold as a means of payment for goods and services you offer as soon as you open an account. Each e-gold account holder has a spend page that can be used to make secure online payments to his or her e-gold account. A web link is provided to enable you easily integrate your web link to a website or email. Therefore, you can start receiving payments as soon as you open an e-gold account.

Large merchants or merchants with a wide array of products and services will require a shopping cart, in this case they will need to build a simple Shopping Cart Interface (SCI) that will enable them integrate e-gold payment system with their shopping cart.

A major question that comes to mind is how do you fund your e-gold account? You cannot buy e-gold directly from G&SR Ltd (the company that manages e-gold); this is because G&SR Ltd does not stock the currency of any country. G&SR stocks only e-metals. Hence, to fund your e-gold account you have to employ the services of an e-gold independent exchange company.

There are companies that exchange e-gold for national currencies. These companies also support a wide range of remittance methods like bank wires, money orders, cash, credit/debit card, PayPal, Western Union and lots more making it convenient to convert from currency to e-gold or from e-gold to currency. These Companies offer e-gold buy or/and sell services.

You can use any of the following exchange services. If you are resident in Nigeria you can buy e-gold with Naira cash from www.epaymentservice.net. You can also sell your e-gold for Naira cash to the company.

e-gold should not be seen as a currency but as a commodity. You buy it from independent exchange services. Then you use it to pay for goods and services from merchants that accept e-gold as a means of payment. The merchants if they require any currency can sell the commodity stored in their account to an exchange service.

Although your account may be denominated in a currency like the dollar, this is only for your convenience. In fact, the currency value displayed in your e-gold account is the value of the metal in your account based on the prevailing market price of the metal. For Example assuming you have e-gold in your account, a rise in the value of gold can lead to an increase to the worth of your account without any payment being made into your account.

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Paschal Okafor is NaijaTechGuide Team Lead. The article E-GOLD ELECTRONIC PAYMENT E-PAYMENT TRASACTION SOLUTION was written by Paschal Okafor. The article was last modified: July 8th, 2019
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