Notice: This post is a sequel…Please read Chapter I if you haven’t…
A. WHAT IS E-MONEY? A BRIEF DEFINITION
E-Money features the following properties:
- It’s a Claim to an issuer, created with value not less than the funds received in exchange for the issuance.
- It’s stored in an electronic medium.
- It’s a means of payment for undertakings other than the issuer.
Electronic Money is in fact a genuine Payment System, comprising an issuer, purseholders/consumers, and a network of Merchants.