What is e-money and what are the special features?
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.
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.
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
Framework conditions
E-money status
A voucher solution for shopping centres. The centre voucher can only be redeemed in the shopping centre - but there at every participating retailer located in the centre (regardless of their product range).
- 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 within a limited network
It is not e-money within the meaning of the ZAG
An electronic credit card that can be used at any centre to pay parking fees - and only to pay them.
- 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
It is not e-money within the meaning of the ZAG
A voucher solution for retailers with and in the branch system (H&M, ECE, New Yorker): the voucher card can be redeemed in any branch of the branch network within Germany.
- 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
Attention! This is e-money within the meaning of the ZAG
A voucher solution for retailers with and in the branch system (H&M, ECE, New Yorker): the voucher card can be redeemed within a branch of the branch network.
- 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
- YES: use only within a limited network
It is not e-money within the meaning of the ZAG
- 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
Attention! This is e-money within the meaning of the ZAG
