Electronic money institutions
Electronic money institutions’ business is the issuance of electronic money (e-money), which is admitted as means of payment by companies other than the e-money issuer.
Electronic money can be defined as monetary value as represented by a claim on the issuer, and which is:
- Stored electronically, such as on a card.
- Issued on receipt of funds with a value no less than the monetary value issued.
- Accepted as means of payment by companies other than the e-money issuer. .
EMI'S are regulated by Law 21/2011, of July 26 2011 (in Spanish)Abre en ventana nueva