Electronic money issuing services
Electronic money is stored monetary value in the form of a claim against the electronic money issuer by the electronic money holder, which:
- is in electronic form, including magnetic form,
- is issued by the electronic money issuer on the basis of receipt of cash for the purpose of executing payment transactions, and
- is accepted as a means of payment by a person other than the electronic money issuer.
In simple terms, electronic money may be described as an electronic surrogate for currency (banknotes and coins) that is issued by an electronic money issuer and is accepted as a means of payment by a person other than the electronic money issuer, and is intended for the purpose of electronic payment or the execution of payment transactions (and not saving). The electronic money holder may require the redemption of the issued electronic money at any time from the electronic money issuer.