MyECheck, Inc. (fka MYEC)

[YouOnlyLiveOnce]

As I suspected and confirmed this is a CLOSED-LOOP SYSTEM WALLET offered by Emobile Pay...its worthless

~Around the world we see two very different kinds of payment systems that permit the storage of value in accounts other than traditional bank accounts. One is a so-called closed-loop system, in which customers are able to spend value they’ve deposited into their account only for goods and services offered by the provider of that payment system; usually, it is impossible to redeem this value for cash or transfer it to someone else’s account. Gift cards, transit (e.g. Oyster) cards, Starbucks cards, and so on fall into this category. Schemes like this tend to be very lightly, if at all, regulated, since it is hard to exploit them for money laundering or terrorist financing; they pose few systemic risks; and, since customers are unlikely to store large sums in them, scant attention is given to the question of whether customers will be able to get their money out of the system in the event that the provider becomes insolvent.

http://insufficientbalance.com/home/2012/9/19/what-lies-between-closed-loop-and-open-loop-payment-systems.html