Legal Definitions - e-money

E-money is a type of money that exists only in electronic form. It is transformed into information stored on a computer or computer chip so that it can be transferred over information systems such as the Internet.

Examples of e-money include digital cash, electronic currency, and online scrip. These are all forms of money that can be used to make purchases online or through electronic devices.

For instance, if you use a digital wallet to pay for your online shopping, you are using e-money. The money is stored in your digital wallet and transferred electronically to the seller's account.

E-money is becoming increasingly popular as more people shop online and use electronic devices to make payments. It is convenient, fast, and secure, making it a preferred choice for many consumers.