Definition: Electronic money

General concept

"Electronic money" means electronically, including magnetically, stored monetary value as represented by a claim on the issuer issued on receipt of funds for the purpose of making payment transactions, and accepted by a natural or legal person other than the electronic money issuer (European Union, Guideline of the European Central Bank of 25 August 2011 amending Guideline ECB/2007/9 on monetary, financial institutions and markets statistics - ECB/2011/13)

"Electronic money" shall mean an electronic store of monetary value on a technical device, including prepaid cards, that may be widely used for making payments to entities other than the issuer without necessarily involving bank accounts in the transaction, but acting as a prepaid bearer instrument (European Union, Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank)
Source:
European Union, Guideline of the European Central Bank of 25 August 2011 amending Guideline ECB/2007/9 on monetary, financial institutions and markets statistics - ECB/2011/13
Created:
Updated:

Search box

Search