Abstract
The European Commission has issued a consultation paper on the E-Money Directive 2000/46/EC (the “Directive”), which examines specifically when using a mobile phone will result in the use of e-money. E-money is defined in the Directive as monetary value which is stored on an electronic device, such as a chip card or computer memory, issued on receipt of funds, and accepted as a means of payment by an entity other than the issuer. Issuers of e-money are required under the Directive to implement safeguards against money laundering and to allow the e-money to be redeemed at face value.
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