About Eco

An open payment network designed for future commerce.

FAQ

How is Eco different from other payment platforms?

Existing payment networks have fee structures that impose additional costs on all of us. They are captive to the legacy banking system and are “closed” to capture your data.

Eco is designed to go beyond these limitations. Eco is an open source payment platform with transparent policies, designed for global reach. Eco is not an app; it is a new standard for digital payments.

How will Eco benefit users, compared to existing payment solutions?

Eco is less expensive, more inclusive, and more secure.

Eco is designed from ground up to be easy to use, with transparent user policies (you control your data and know how it’s used) and interoperability between many payment partners to maximize consumer convenience. Merchants accepting Eco can trust that transactions will settle faster and cheaper, and consumers using Eco can benefit from new rewards programs without compromising personal financial data. For everyone, transaction fees will be more efficient than with any existing mainstream payment network, and will decrease as the network grows.

When will I be able to use Eco?

We will be testing some of our products live during December 2019 and early 2020. We will be inviting beta testers over the coming weeks. If you’d like to help us test, please sign up as an interested user or merchant.

We anticipate the full network will be live and openly available for users and merchants in Q2 2020.

How do you use digital or crypto currency?

We use cryptocurrency as an alternative to credit card payment processing for some merchants. Many areas of e-commerce have price structures or other user interactions that strain credit card processing models. In these areas, we can use digital currency to settle transactions with lower fees and lower fraud risk.

As a user, you need not hold digital currency, or even interact with it directly. You can check out with your debit card, but we can still utilize digital currency to “move money” to your merchant and make your payment experience more seamless and more secure.

What do you mean by network governance?

We often refer to “transparent policies” and “shared governance.” There are two important concepts of governance in the (Eco)system.

First, there is rules governance: transparent and consistent internal policies that consumers, merchants, developers and our partners will subscribe to. Second, there is economic or price governance: a group tasked with managing and adapting to the state of the Eco spending and rewards economy.

In both cases, Eco governance will be by established domain experts in technology, payments and economics. These groups will be comprised of members reflective of distribution in the Eco user base, to ensure policies are fair and transparent to users.

How is Eco governed?

Eco is creating a non-profit foundation that will coordinate the Eco Advisory Council. Council members (called “Trustees”) will vote on variables within the Eco payment economy and other policy matters needed to manage user incentives. Some overall system design decisions or changes will be subject to voting by the full network of Eco users.

Eco will start with a smaller set of Trustees, but Eco, Inc. will not have actual or constructive control over this group. The number of Trustees will increase in accordance with growth in Eco payment volume and user base.

If you are an interested expert in economics, payments, monetary policy or governance, please contact us about collaborating or joining through Eco.com.

How will university partners be involved in Eco governance going forward?

Many of our early contributors and interested governance partners come from NGOs or academic institutions. We believe this is critical to ensure a diverse set of expert contributors, and create an advisory council that appropriately balances undue corporate or political bias.

We have a number of early partners engaged in this effort, and we are always expanding the group of contributors with more experts from research universities around the world. If you are interested in participating, please contact us.

How can I submit a question?

We add new FAQs from submissions by interested users or partners. Please submit suggested FAQs to faq@eco.com.