Citing the increased use of mobile phones to purchase products an...
Citing the increased use of mobile phones to purchase products and services beyond telephone calls, the European Commission (EC) Mon. launched a consultation to determine how its e-money directive applies to mobiles. The 2000 directive defines electronic money as…
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monetary value stored on a chip card (such as a prepaid card) or on a computer memory, and which is accepted as payment by undertakings other than the issuer, the EC said. The directive requires that e-money be redeemable for cash at equal value, and that issuers of e- money guard against money laundering. Authorities in some European Union member states have decided that in some circumstances -- such as when 3rd-party merchants provide voice mail messaging, weather forecasts or games -- supplying prepaid phone cards amounts to issuing electronic money and should therefore be subject to the directive, the EC said. The consultation targets mobile phone operators, businesses linked to the sector and consumers, the EC said. Comments are due July 16 -- Markt-F2@cec.eu.int.