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{{Short description|Regulation of electronic payments in EU}} {{Short description|Regulation of electronic payments in EU}}
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The '''E-Money Directive''' or the ''electronic money directive'' (2009/110/EC, originally 2000/46/EC) regulates electronic payment systems in the ]. The aim is to enable new and secure ] services and to foster effective competition between all market participants. The '''E-Money Directive''' or the ''electronic money directive'' (2009/110/EC, originally 2000/46/EC) regulates electronic payment systems in the ]. The aim is to enable new and secure ] services and to foster effective competition between all market participants.


==Overview==
As per Article 2(2) of Directive 2009/110/EC, “e-money” means “electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transaction, and which is accepted by a natural or legal person other than the electronic money issuer”. e-money is “technically neutral” (Article 7) and intended to serve as an “electronic surrogate for coins and banknotes” (Article 13). The European Commission describes e-money as a "digital alternative to cash".<ref>{{cite web|url=https://ec.europa.eu/info/business-economy-euro/banking-and-finance/consumer-finance-and-payments/payment-services/e-money_en |title=E-money |access-date=22 August 2022 |publisher=European Commission}}</ref> The European Central Bank accounts for e-money as "overnight deposits".<ref>{{cite web|url=https://www.ecb.europa.eu/stats/money_credit_banking/electronic_money/html/index.en.html |title=E-money |access-date=22 August 2022 |publisher=European Central Bank}}</ref> As per Article 2(2) of Directive 2009/110/EC, “e-money” means “electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transaction, and which is accepted by a natural or legal person other than the electronic money issuer”. e-money is “technically neutral” (Article 7) and intended to serve as an “electronic surrogate for coins and banknotes” (Article 13). The European Commission describes e-money as a "digital alternative to cash".<ref>{{cite web |url=https://ec.europa.eu/info/business-economy-euro/banking-and-finance/consumer-finance-and-payments/payment-services/e-money_en |title=E-money |access-date=22 August 2022 |publisher=European Commission}}</ref> The European Central Bank accounts for e-money as "overnight deposits".<ref>{{cite web |url=https://www.ecb.europa.eu/stats/money_credit_banking/electronic_money/html/index.en.html |title=E-money |access-date=22 August 2022 |publisher=European Central Bank}}</ref>


Because electronic money is technically neutral, it can be issued on different media including ] and ].<ref>{{Cite web|title=E-money {{!}} Electronic Money Institution {{!}} Licencing & Compliance {{!}} UK|url=https://www.buckinghamcapitalconsulting.com/authorised-emi-uk|access-date=2022-06-09|website=BCC UK|language=en}}</ref> In 2019, Monerium became the first company authorized to issue e-money on blockchains.<ref>{{cite web|url=https://sifted.eu/articles/monerium-challenges-facebooks-coin/ |title=Monerium gets licence to issue e-money on blockchains |date=18 June 2019 |publisher=Sifted |last=Billing |first=Mimi}}</ref> Because electronic money is technically neutral, it can be issued on different media including ]s and ].<ref>{{Cite web |title=E-money {{!}} Electronic Money Institution {{!}} Licencing & Compliance {{!}} UK|url=https://www.buckinghamcapitalconsulting.com/authorised-emi-uk|access-date=2022-06-09|website=BCC UK|language=en}}</ref> In 2019, Monerium became the first company authorized to issue e-money on blockchains.<ref>{{cite web|url=https://sifted.eu/articles/monerium-challenges-facebooks-coin/ |title=Monerium gets licence to issue e-money on blockchains |date=18 June 2019 |publisher=Sifted |last=Billing |first=Mimi}}</ref>


According to ], UK, "PayPal enables individuals and businesses to send and receive electronic money online".<ref>{{cite web|url=https://www.paypal.com/uk/webapps/mpp/ua/servicedescription-full#2 |title=What is the PayPal Service? |date=28 March 2022 |publisher=PayPal}}</ref> ], UK, is "authorised by the Financial Conduct Authority under the Electronic Money Regulations".<ref>{{cite web|url=https://www.revolut.com/money-transfer/ |title=International money transfers |access-date=4 September 2022 |publisher=Revolut}}</ref> And ], UK, is also "authorised by the Financial Conduct Authority under the Electronic Money Regulations".<ref>{{cite web|url=https://www.wise.com |title=Wise |access-date=4 September 2022 |publisher=Wise}}</ref> According to ], UK, "PayPal enables individuals and businesses to send and receive electronic money online".<ref>{{cite web|url=https://www.paypal.com/uk/webapps/mpp/ua/servicedescription-full#2 |title=What is the PayPal Service? |date=28 March 2022 |publisher=PayPal}}</ref> ], UK, is "authorised by the Financial Conduct Authority under the Electronic Money Regulations".<ref>{{cite web|url=https://www.revolut.com/money-transfer/ |title=International money transfers |access-date=4 September 2022 |publisher=Revolut}}</ref> And ], UK, is also "authorised by the Financial Conduct Authority under the Electronic Money Regulations".<ref>{{cite web|url=https://www.wise.com |title=Wise |access-date=4 September 2022 |publisher=Wise}}</ref>


==See also== ==See also==
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==References== ==References==
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==External links== ==External links==
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{{EU-stub}} {{EU-stub}}

Revision as of 13:25, 3 August 2024

Regulation of electronic payments in EU

The E-Money Directive or the electronic money directive (2009/110/EC, originally 2000/46/EC) regulates electronic payment systems in the European Union. The aim is to enable new and secure electronic money services and to foster effective competition between all market participants.

Overview

As per Article 2(2) of Directive 2009/110/EC, “e-money” means “electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transaction, and which is accepted by a natural or legal person other than the electronic money issuer”. e-money is “technically neutral” (Article 7) and intended to serve as an “electronic surrogate for coins and banknotes” (Article 13). The European Commission describes e-money as a "digital alternative to cash". The European Central Bank accounts for e-money as "overnight deposits".

Because electronic money is technically neutral, it can be issued on different media including Debit cards and electronic wallets. In 2019, Monerium became the first company authorized to issue e-money on blockchains.

According to PayPal, UK, "PayPal enables individuals and businesses to send and receive electronic money online". Revolut, UK, is "authorised by the Financial Conduct Authority under the Electronic Money Regulations". And Wise, UK, is also "authorised by the Financial Conduct Authority under the Electronic Money Regulations".

See also

References

  1. "E-money". European Commission. Retrieved 22 August 2022.
  2. "E-money". European Central Bank. Retrieved 22 August 2022.
  3. "E-money | Electronic Money Institution | Licencing & Compliance | UK". BCC UK. Retrieved 2022-06-09.
  4. Billing, Mimi (18 June 2019). "Monerium gets licence to issue e-money on blockchains". Sifted.
  5. "What is the PayPal Service?". PayPal. 28 March 2022.
  6. "International money transfers". Revolut. Retrieved 4 September 2022.
  7. "Wise". Wise. Retrieved 4 September 2022.

External links

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