Definitions[edit | edit source]

Electronic money[edit | edit source]

Payment is

the payer's transfer of a monetary claim on a party acceptable to the payee. Typically, claims take the form of banknotes or deposit balances held at a credit institution or at a central bank.[1]

General[edit | edit source]

Payment is "[a] transfer of value."[2]

References[edit | edit source]

  1. Report on Electronic Money, Annex 1, Glossary, at 40.
  2. Information Society IT Examination Handbook, Retail Payment Systems, App. B, Glossary.
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