Money, often just electronic money (e-money)

Monetary value as represented by a claim on the issuer, which – is stored on an electronic device, – is issued on receipt of central bank money, and – is accepted as a means of payment by undertakings other than the issuer. Settlement can, but does not have to, take place via a bank account. – The conventional division of e-money into card money (card-based systems) and network money (software-based systems) is not very helpful from the point of view of monetary theory, because card money can very easily be converted into network money by chip card readers. – E-money can in principle be put into circulation by anyone in the world. However, the central banks and supervisory authorities have managed to ensure that practically only banks act as issuers; for Germany, see also Section 1, Paragraph 3, № 4 KWG. – In the EU, electronic money institutions are not allowed to hold stakes in other companies unless these companies perform operational or other tasks related to the electronic money issued or passed on by the institution in question. – To date, however, legal harmonization in the EU has still not been achieved with regard to electronic money: fragmentation is still around, particularly with regard to legal issues such as privacy and data protection, liablity of online intermediaries and electronic contracts. In 2014, the EU is still comprised of 28 individual digital right areas. – See rejection, payout, banknote value restriction, cash payment rate, card validation code, chip card, computer payment, counterfeit card, e-money business, EMV guideline, European Retail Payment Security Forum, counterfeit protection, money, electronic, ATM blocking, wallet, electronic, cash card, interoptability, card use file, credit card, network money business, pay per touch, radio frequency identification, framework for European card business, ticketing, electronic. – Cf. Deutsche Bundesbank Monthly Report of June 1999, pp. 41 ff. (trends in electronic money), ECB Monthly Report of November 2000, pp. 55 ff., Deutsche Bundesbank Annual Report 2002, pp. 135 f., BaFin Annual Report 2002, pp. 53 f., Deutsche Bundesbank’s Monthly Report of January 2004, p. 33, BaFin’s Annual Report 2004, p. 117 f. (permission to issue and manage e-money), BaFin’s Annual Report 2005, p. 188 f. (possibility of exemption from supervision), Deutsche Bundesbank’s Monthly Report of December 2006, p. 93 ff. (detailed presentation of the individual payment procedures; many overviews), BaFin’s Annual Report 2012, p. 220 (the Act on the Optimization of Money Laundering Prevention [GwOptG], which entered into force in December 2011, standardizes the due diligence and organizational requirements for e-money business), Deutsche Bundesbank Monthly Report of December 2013, p. 29 ff. (detailed presentation of retail payment transactions in the euro area; many overviews).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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