Electronic Money
/ɪˌlɛkˈtrɒnɪk ˈmʌni/
Definitions
- (n.) A digital representation of monetary value stored electronically, used for making payments and transferring funds without physical cash.
Regulations require issuers of electronic money to safeguard customer funds.
- (n.) A legally recognized method of payment issued on receipt of funds and accepted by third parties as a means of payment.
The electronic money issued by the company is regulated under financial law to ensure consumer protection.
Forms
- electronic money
- electronic monies
Related terms
See also
Commentary
Distinct from virtual currency, electronic money represents a claim on the issuer and is typically regulated similarly to prepaid payment instruments.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.