What is electronic money?

Published: 5/11/2018
Electronic money means electronically or magnetically stored monetary value

Electronic money means electronically, including magnetically, stored monetary value representing a claim on the issuer, which is issued upon receipt of funds for making payment transactions in terms of the law governing payment transactions, and which is accepted by a natural or legal person other than the electronic money issuer.

Prepaid cards (gift cards) are an example of electronic money. They are issued by banks and card issuers and may be used in a wide range of stores. They are often used by consumers for Internet purchase payments.

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