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E-Gold – Banking Methods

E-Gold – Banking Methods

E-Gold was one of the pioneers of online payment systems. The now defunct system allowed people to create an account that could trade and make payment in grams of gold and other precious metals. E-Gold was largely popular with early online merchants trading precious metals, online casinos and even political organizations. The system proved useful to the development of e-commerce since it was the first of its kind to offer an open application programming interface which allowed other e-commerce programs to be developed. E-Gold was however embroiled in legal battles following a string of illegal and criminal activities such as money laundering that were facilitated by its payment system. The service was finally shutdown in 2009.

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