What is e-money and what are the special features?
We'll tell you!
Vouchers are a good alternative to gifts in kind for many consumers, but the issuing traders also benefit from the sale: voucher cards have been proven to increase sales. However, caution is advised when issuing vouchers: as a trader or trader association, you quickly find yourself with your voucher system in the area of electronic money (e-money), for which a permit from BaFin is required.
What is e-money?
According to § 1 para. 3 of the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz - ZAG), e-money is any electronically stored monetary value in the form of a claim on the issuer, which is issued against payment of an amount of money, in order to carry out payment transactions with it and which is also accepted by persons other than the issuer.
In simple terms, the following e-money guidelines must be met:
- It is a monetary value stored on an electronic device or remotely on a server.
- E-money must be accepted as a means of payment by at least one entity other than the issuing entity.
- The value is issued against payment of a "real" amount of money. It does not matter whether the payment is settled in cash or not.
E-money is issued by e-money institutions, which must comply with certain due diligence requirements. For example, new customers must undergo a legitimation check.
What are the exceptions?
§ 2 para. 1 no. 10 and no. 11 of the ZAG list exceptions that are clearly distinguished from e-money. Accordingly, it is no longer electronic money as soon as
- monetary values only for acquisition within a limited trader network
- can be used for a limited range of services or goods, or
- a social and fiscal purpose is achieved.
Limited network
If the customer can only use the voucher or gift cards of a store chain in its shops. The prerequisite is a uniform market presence (use of a uniform payment brand). In addition, the product may only be redeemed in Germany - and accordingly only in the German branches of the store chain.
Limited range of goods or services
If the customer can only redeem the voucher or gift card for a specific product group - for example, so-called beauty cards for the purchase of perfume, cosmetics and skin and hair care products.
Whether an exception applies can only be clarified with legal certainty by an enquiry to BaFin .
Use cases for card programmes
Card programme
eWallet for cross-centre parking
An electronic credit card that can be used at any centre to pay parking fees - and only to pay them.
Framework conditions
- YES: electronically stored monetary value
- YES: value must be available for payment to at least one person or entity other than the issuer.
- YES: issued against payment of a sum of money
- YES: use only possible for a limited range of services
E-money status
NO
It does not constitute e-money within the meaning of the ZAG.
Retailer chain voucher
Eine Gutscheinlösung für Händler mit und im Filialsystem (H&M, ECE, New Yorker): Die Gutscheinkarte kann innerhalb von Deutschland in jeder Filiale des Filialnetzwerkes eingelöst werden.
- YES: electronically stored monetary value
- YES: value must be available for payment to at least one person or entity other than the issuer.
- YES: issued against payment of a sum of money
- NO: use only possible for a limited range of services
- NO: use only within a limited network
YES
Attention! This constitutes e-money within the meaning of the ZAG.
Non-cash remuneration voucher
Eine Gutscheinlösung für Händler mit und im Filialsystem (H&M, ECE, New Yorker): Die Gutscheinkarte kann innerhalb von einer Filiale des Filialnetzwerkes eingelöst werden.
- YES: electronically stored monetary value
- YES: value must be available for payment to at least one person or entity other than the issuer.
- YES: issued against payment of a sum of money
- NO: use only possible for a limited range of services
- NO: use only within a limited network
NO
It does not constitute e-money within the meaning of the ZAG.
Cross-centre bonus programme
- YES: electronically stored monetary value
- YES: value must be available for payment to at least one person or entity other than the issuer.
- NO: issued against payment of a sum of money
YES
Attention! This constitutes e-money within the meaning of the ZAG.
Summary
Whether a merchant needs a BaFin permit for issuing vouchers or gift cards, is subject to notification or has no ZAG obligations at all depends on the individual case. The answers to questions such as "Who will accept my voucher?" or "Which products are available with my gift card?" are decisive. Issuers of vouchers should therefore always keep the issue of ZAG in mind when specifically designing vouchers and gift cards.