-eLectronic CurrenCy-

Nowadays, many people buy books, CDs, clothes, travel, and other products and services over the Internet. However, after years of online purchasing, one long-promised aspect of e-commerce has remained largely unfulfilled: electronic micropayments for items that cost RM 10 or less. Now, there appears to be a growing demand for e-micro payment technologies that would enable the purchase of items and services such as MP3 music files, magazine and newspaper articles, Web-based comics, database access, and driving directions.

Flooz.com was one of type the electronic micropayment, Flooz.com was a venture based in New York City that went online in February 1999. Actually their plans are introduce a currency unique to the Internet, somewhat similar in concept to airline frequent flier miles or even the old grocery store stamp books. " Flooz" word is came from Arabic word for money, فلوس, (fuloos). The sender prepaid the Flooz, which was e-mailed to someone like a greeting card, and the recipient spent it on sites that accepted Flooz. A free reminder service was also provided to keep people from forgetting anniversaries and other dates. The benefit to using an online currency like Flooz is that you can make purchases at e-commerce sites without having to reveal your personal credit card information.

But Flooz.com went bankrupt in August 2001 along with its competitor Beenz.com. The problem with Flooz is that it can only be used at designated stores. Currently they have over sixty (60) different stores that you can spend your Flooz dollars. Besides, Flooz.com was lacking in customer service department. There is a several lack of communication on the part of the staff as well as between the Flooz company and their online partners.

Although Flooz.com would make a nice gift for a friend or family member, there are so many limits with actually spending the currency.