Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Electronic money
According to the E-money Directive of the European Parliament and the Council, e-money (electronic money) is a monetary value stored on a data carrier. This value is issued in exchange for an amount of money and must also be accepted by companies other than the issuing body (for example PayPal). The Directive considers electronic money to be a substitute for coins and banknotes and is generally intended to pay smaller amounts.
Electronic money as a means of payment
The digital revolution has given rise to entirely new forms of payment. However, electronic money is not (yet) a legal tender like cash. The ECB's definition is: unit of value stored electronically on a medium that can be used generally to make payments to entities other than the issuers. In a dialogue between at least two computers, electronic money can be used to make payments. It is stored using complex encryption procedures to ensure that security requirements are met.
The acceptance of e-money
The acceptance of e-money depends on whether and how easily it can be converted into legal tender and how many merchants participate in the system. E-money does not require a bank account, which distinguishes it from access products such as debit cards. Electronic money must meet the following special requirements: counterfeit protection, convertibility, circulation (peer-to-peer) and anonymity.