Electronic money license

Electronic money is something that most banking customers and online shoppers will be familiar with.

Note, we are not talking about cryptocurrencies, but about electronic money. Electronic money (e-Money) can be defined as a digital form of cash since it has many of the characteristics of cash.

So what is e-money? Customers buy the electronic equivalent of coins and banknotes.

The customer has actually exchanged cash for another means of payment. Instead of using a debit card (which requires a bank account) or a credit card (which requires a contract), the customer has purchased a non-cash means of payment, which can be used in much the same way as cash. or other forms of card payment but without the requirement of third party authorization. Electronic money can therefore be defined as a monetary value as represented by a claim against the issuer, which is:

  • store electronically;
  • issued upon receipt of funds for realization
  • payment transactions;
  • accepted as a means of payment by a natural or legal person other than the issuer.