"Electronic money" is defined as a monetary value which is:  

  • stored in electronic format, including on magnetic media
  • issued against the remittance of funds with the goal of making payments 
  • accepted by an individual or organisation other than the issuer of the electronic money

In addition to issuing electronic money,  E-money institutions are also permitted to supply payment services, to grant loans (under certain conditions) linked to payment services, to supply operational services and other services closely linked to the issuing of electronic money or to the supply of payment services, to manage payment systems and to undertake commercial activity.  

E-money accounts, also known as e-wallets, can be issued to customers located anywhere in the world. E-money accounts are very convenient for credits and debits, transfers and third-party payments. The main advantage of this form of issuing is that it can be tailored to client's requirements.  

By opening e-account clients can benefit in various ways. They can pay their bills and invoices online. They can make money transfers and receive payments to company's account in different other currencies. Also, e-accounts system provide confidentiality and security for all financial transactions. All account transactions are executed electronically.