Press Release: Electronic money: Commission proposes clear legal framework for innovative payment solutions

The European Commission put forward a proposal revising the current rules governing the conditions for issuing electronic money in the EU. The proposal followed extensive consultation which showed that the current rules, dating from 2000, have hindered the take-up of the electronic money market, hampering technological innovation. The revised rules will facilitate market entrance for new providers and contribute to develop an industry whose expected volume could reach up to EUR 10 billion by 2012.

• Primary Source

European Commission: MEMO/08/616: Electronic money proposal - Frequently Asked Questions http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/08/616&format=HTML&aged=0&language=EN&guiLanguage=en

Single Market News, No.52 (2008): Electronic money: Commission proposes clear legal framework for innovative payment solutions http://ec.europa.eu/internal_market/smn/smn52/docs/electronic_money_en.pdf

European Commission: DG Internal Market and Services: Payment services: Non-cash Means of payment: e-Money http://ec.europa.eu/internal_market/payments/emoney/index_en.htm

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