Thursday, 3 May 2012

Virtual money

The European Commission called upon a few Member States last week to notify the measures they took in order to implement the latest Directive 2009/110 on e-money. Electronic money is a digital equivalent cash that can be stored on an electronic device, such as a mobile phone, or remotely at a server. Consumers may then make their payments using internet, e.g., through their mobile phones or computers. They may also open an 'electronic purse' - storing small amounts of money on internet user's payment card. The Directive enables businesses to offer e-money measures to consumers across the EU in the same manner. The implementation deadline was set on 30 April 2011. One year later several Member States still have not fully implemented its measures: Belgium, Spain, France, Cyprus, Poland, Portugal.

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