The aim is to enable new and secure electronic money services and to foster effective competition between all market participants.
As per Article 2(2) of Directive 2009/110/EC, “e-money” means “electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transaction, and which is accepted by a natural or legal person other than the electronic money issuer”.
[4] By mid-2024, blockchain-based spending accounts linked to Visa debit cards were available in Europe for initial customer testing.
[6] Revolut, UK, is "authorised by the Financial Conduct Authority under the Electronic Money Regulations".
[7] And Wise_(company), UK, is also "authorised by the Financial Conduct Authority under the Electronic Money Regulations".