What is e-money?

What is e-money and can we touch it?
E-money is a digital equivalent of real money. While it cannot be physically touched, it can be used to purchase goods and services just like traditional money. It functions as a "digital alternative to cash," enabling cashless transactions stored on a card, phone, or over the internet.

But where is e-money kept?
E-money is stored in accounts or banking computer systems, which offer a higher level of security compared to standard bank accounts.

When was e-money created?
The concept of e-money dates back to 1983, but it was formally regulated in the European Union with the first e-money directive in 2000. The European Parliament has regulated it since then to ensure safe and secure usage.

Who stands behind e-money accounts?
E-money accounts are managed by financial institutions similar to banks, known as electronic money institutions. These entities are authorized to issue and manage electronic money.

What happens to my money when it is kept at an electronic money institution?
Funds held by electronic money institutions are kept in segregated accounts. This means the funds are separated from the institution's own money, ensuring that client funds are not used for lending or investment purposes. This guarantees the safety and availability of the funds.

What can I do with e-money?
E-money can be used for all the same purposes as traditional money, including making purchases and payments. When withdrawn from an ATM, it converts into physical cash.

How secure is e-money and the payments made with it?
E-money transactions are highly secure due to advanced technologies and multi-tier customer identification procedures. This makes e-money transactions safe and reliable.

Can I send e-money abroad?
Yes, e-money can be sent to and from any licensed financial institution worldwide, facilitating international transactions.

Does e-money have any other advantages?
E-money offers a fast, easy, and secure way to send or receive money with minimal fees, accessible through your online account at any time and from any place.

Is myPOS licensed to work with e-money?
Yes, myPOS Europe Ltd is registered in London, United Kingdom, and is licensed by the Financial Conduct Authority (FCA) as an e-money institution under EU Directive 2009/110/EC. This ensures that myPOS operates under strict regulatory standards.

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