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other than the electronic money issuer”. e-money is “technically neutral” (Article 7) and intended to serve as an “electronic surrogate for coins and banknotes” (Article 13). The
European Commission describes e-money as a "digital alternative to cash". The European Central Bank accounts for e-money as "overnight deposits".
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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
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Because electronic money is technically neutral, it can be issued on different media including
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