Electronic money

from Wikipedia, the free encyclopedia

Electronic money (short and electronic money , formerly Computer money , network money , digital money or cyber money called; English e-money ) is a means of payment , under which one any electronically , including magnetically stored monetary value in the form of a demand against the issuer understands which is issued against payment of a sum of money in order to carry out payment transactions , and which is also accepted by economic entities ( natural or legal persons ) other than the e-money issuer.

If the issuer is a central bank , it is digital central bank money and, depending on how it is structured, could also be legal tender . Digital central bank money is currently being intensively researched, but has not yet been issued in any currency area.

General

The digital revolution has also created new forms of payment. However, electronic money as a financial innovation is not a legal tender like cash , because in Germany, according to Section 14 Paragraph 1 Clause 2 BBankG, “euro banknotes are the only unrestricted legal tender”. As a result, neither the debtor nor the payee are legally obliged to make or accept a payment in e-money. E-money is subject to banking supervisory law because, in addition to legal tender, it functions as a means of payment equivalent and therefore has to offer the payer and recipient the legal certainty that they are involved in a legally effective payment process through which the payer fulfills his payment obligation and the payee a legally binding payment can collect.

The ECB defined electronic money in August 1998 as “a unit of value electronically stored on a medium that can be generally used to make payments to companies that are not the issuers. The transaction does not necessarily take place via bank accounts, but the value units on the storage medium act as a prepaid bearer instrument ”. In its monthly report of November 2000, the ECB classified e-money as a means of payment with a promising future and did not fear that e-money could affect its monetary policy . The first monetary policy studies on e-money in connection with monetary policy were published in 2000.

According to Section 1 (11) No. 7 KWG , e-money is financial instruments that represent units of value stored on electronic data carriers in the form of a claim against the issuing body, are issued in return for a sum of money and are accepted by third parties as a means of payment, without being legal tender.

Legal bases

Not the national legislators, but the European Union has created the legal framework for e-money in all EU member states. Directive 2000/46 / EC of September 2000 dealt with the activities of e-money institutions . According to this guideline (Art. 1 Para. 3), electronic money is a monetary value in the form of a claim against the issuing body, which is stored on a data carrier and is issued in exchange for an amount of money whose value is not less than the issued monetary value and accepted as a means of payment by companies other than the issuing body. This implicitly introduces two terms, namely multifunctional electronic money and limited functional electronic means of payment . While multifunctional e-money allows the more or less universal use of purchasing power to make payments, with limited functional electronic means of payment the use of purchasing power is limited to very specific sales outlets at certain locations. An example of this would be electronic means of payment that are only accepted within a city's public transport network . For the first time, the ECB classified the monetary value as a claim of the holder against the issuer and thus put it on an equal footing with means of payment. According to Article 3 of that directive, the holder of electronic money can, during the period of validity, request the issuing agency to exchange the electronic money at face value in coins and banknotes or in the form of a transfer to a bank account , without the latter having to do anything other than the bank account may charge absolutely necessary costs for this process.

The Payment Services Directive followed in November 2007 (Directive 2007/64 / EC, abbreviation PSD or "PSD 1" to distinguish it from the version revised in 2018). It lays down regulatory and civil law rules for the provision of payment services , which include transfers , direct debits and card payments . Finally, in Art. 1, it lists the payment service providers and also takes the e-money institutions into account. Directive 2009/110 / EC followed in September 2009, repealing Directive 2000/46 / EC of September 2000 and re-regulating the activities of e-money institutions. It defined e-money in Art. 2 No. 2 as "any electronically - including magnetically - stored monetary value in the form of a claim against the issuer, which is issued against payment of a sum of money in order to carry out payment transactions ... and also from natural or legal persons other than the e-money issuer is accepted ”. Directive 2013/36 / EU (revised Payment Services Directive, abbreviated to "PSD 2") of June 2013 is applicable from January 13, 2018 and replaces PSD 1. It relates the issuance of e-money to those to be mutually recognized by the EU member states Activities (Appendix I, No. 15) and contains new safety requirements and safety measures.

According to Section 1 (2) sentence 2 ZAG , the e-money business consists of the issue of e-money. According to Section 1 (2) ZAG, in addition to credit institutions , e-money institutions, the federal government , the federal states , the municipalities and associations of municipalities as well as the federal or state-indirect administration bodies are permitted as issuers, insofar as they act as authorities and the ECB is approved. In Section 1 (2) sentence 3 ZAG, the legal definition of e-money is taken from Directive 2009/110 / EC and connects the payment process with the payment service law of Section 675f (4) sentence 1 BGB . The monetary value must represent a claim on the provider, created against payment of a sum of money and represented by electronic storage. The legislature completely ignores the possibility of creating money through e-money, because according to the law, e-money is created in exchange for central bank money .

According to § 1 Para. 2 No. 5 ZAG, digitized payment transactions existed in the execution of payment transactions "in which the payer's consent to the execution of a payment transaction is transmitted via a telecommunications, digital or IT device and the payment is transmitted to the operator takes place in the telecommunications, IT system or IT network, the operator provided the goods or services solely acts as an intermediary between the payment service user and the supplier. "the special position for digitized payment transactions accounted for the new version of the law in 2018, but ever Depending on the design of the services, these can in future fulfill the requirements of one of the other payment services .

species

E-money products are divided into hardware-supported and software -supported products depending on the type of storage medium . In the case of hardware-based products, the data carrier is generally a computer chip which is normally built into a plastic card , with access to purchasing power being protected by means of hardware-based security features. Software-supported products, on the other hand, work on the basis of special PC software with which electronic units of value are usually transmitted via telecommunications networks (e.g. the Internet ). Hardware-based e-money includes payments over telecommunications networks that are made using a card reader and a personal computer with Internet access.

Electronic wallet

As an electronic wallet , e-money is stored on the chip or magnetic strip of a (plastic) card. In stationary retail, the monetary equivalent of electronic money can be used for small value payments. The most prominent example of card money in Germany is the money card , which is issued by the Central Credit Committee of the Banks (ZKA). A chip integrated into many German bank cards is used, onto which amounts of up to 200 euros can be loaded at the ATM. Typical points of acceptance of the GeldKarte are parking garages, cigarette machines and local transport machines (payment of small amounts).

Cyberwallet (net money)

Network money or digital wallet is the electronic trading addition to the traditional systems in payments as cash , credit card , invoice and direct debit used. The electronic money is stored on a data carrier with the user (e.g. a hard drive ), often using special software (see eCash ) or on an online account. In the dialog between at least two computers via a computer network, the electronic money can be used to process remote payments. In order to obtain network money, it must first regular deposit money to the editor of the net benefit (s o..) In Europe ( e-money institution or the issuing bank are transferred (for example, bank transfer)). The publisher then transmits an equivalent equivalent value in the form of electronic money to the customer. The storage at the customer takes place with the help of complicated encryption procedures to ensure that the extensive (security) requirements can be met. The transferred electronic money shows a claim against the issuer, which is transferred to the recipient during a payment transaction. The recipient (points of acceptance) can exchange the e-money at the issuer for bank balances or book money.

Payment method on the Internet

According to § 1 para. 2a ZAG payment services subject to a licensing requirement by the BaFin . Providers who provide payment services as a payment institution in Germany or who want to operate the e-money business as an e-money institution require a license according to Section 10 (1) sentence 1 ZAG or Section 11 (1) sentence 1 ZAG. These include, as a provider of payment accounts for dealers and customers (such as Paypal or paydirekt ), credit card solutions (such as 3-D Secure ), direct debits based solutions (such as payment on Amazon ), forwarding the customer to a bank's website (for example, giropay , iDeal ), but also the receipt of the customer's PIN and TAN for online banking and the forwarding of the payment order to his / her account-keeping payment service provider ( e.g. instant transfer ).

Electronic payment systems

Electronic payment systems can be categorized differently depending on the perspective.

Mixed categorization
  • According to the amount:
    • Macropayment (from approx. 5 euros)
    • Micropayment (from approx. 5 cents to approx. 5 euros)
    • Smallest amount "Milli- / Mini-", "Pico-" or "Nanopayment" (up to approx. 5 cents)
  • By type of base:
    • Those procedures that have the same basis (technique, method, underlying medium).
  • On the used hardware and software:
    • Categorization based on the hardware and software components used (for example, categorization into hardware and software-based systems or into card and network money).
  • By time:
    • Subsequent: Debiting of the customer account only after the transaction.
    • Immediately: Debit from the customer account at the same time as the purchase.
    • On a credit basis: execution of the payment before the purchase.

Since the usual forms of categorization are not necessarily suitable for a sufficiently acceptable delimitation of common providers, a mixed form is required. Knud Böhle has developed such a mixed categorization, which divides the e-payment systems as follows:

  • Access products
  • Debt collection systems
  • Mobile payment systems (mobile payment methods)
  • Prepayment process

The trend is, however, that a provider offers several methods from which the customer can choose. This means that some providers cannot be categorized across the board in just one category.

economic aspects

The reliability of payment systems in an economy is liquidity , Purpose, transaction risk and systemic risk depends.

  • The liquidity of electronic money will depend on whether and (with which the ease transaction costs ) is in legal tender ( English legal tender ) or deposit money can be converted and how many traders are willing to accept it. E-money must also be exchangeable for central bank money at a ratio of 1: 1 at face value.
  • A payment is final (i.e. final) when it can no longer be revoked . If the debtor no longer has a legal opportunity to revoke his payment, the payment is final. According to Section 675p (1) BGB, this is the case after the payment order has been received by the payment service provider.
  • Every transaction to be processed contains a transaction risk for the payee ( credit risk , risk of counterfeiting of cash). If the payee has already performed and the payment is still outstanding ( advance payment ), he is exposed to the debtor's credit risk. The legislation has not ruled out all transaction risks associated with e-money. First and foremost, the creditworthiness of e-money issuers, who are subject to a license requirement, is likely to limit the acceptance of e-money.
  • The systemic risk consists in the fact that a payment system is subject to market disruptions or can collapse completely due to human error or the bankruptcy of the parties involved . The monitoring of payment transactions by central banks and banking regulators can minimize this risk.

E-money has microeconomic efficiency advantages because a direct connection between buyer and seller is established during payment and no third parties (such as payment service providers) need to be involved.

conditions

Electronic money has the following special requirements: security against forgery , convertibility , fitness for circulation ( peer-to-peer ), anonymity (untraceable, unlinkable, each coin “blindly” signed by the issuer), avoidance of multiple spending ( English double-spending ). Users of electronic payment make legitimate demands for simplicity, availability , speed, anonymity, divisibility (change) and security ( counterfeit money ). E-commerce providers have to share the risk of payment (payment security) between themselves and the customer. A customer or new customer should be granted access with as little risk and effort as possible. More effort when registering often ensures that the payment process is more secure against forgery. In order to guarantee the anonymity of the end user on the one hand and the validity of electronic money on the other, financial institutions enter into a triangular relationship with the providers and end customers.

further requirements
  • Price / costs : For the use of online payment methods, many providers require payment of transaction-dependent fees by the user of the respective method. In addition, the transaction-independent costs that arise on the buyer side for the possibly necessary charging of credit to their own online account or the procurement of the required hardware or software must be considered. On the seller side, the monthly basic fees that may have to be paid, which the seller has to pay to the system provider, must be observed.
  • Acceptance : In addition to the price and the security offered, an online payment system must be accepted as a payment method by retailers and customers. This increasing acceptance of online payment systems generally leads to a reduction or even avoidance of abandoned purchases on the part of customers in the e-commerce sector, as they can complete the purchase process with a payment system of their choice. This buying behavior can be traced back to the increasing number of different payment methods offered, since every customer can choose their most common payment system. The acceptance of online payment methods in general has increased in recent years due to more intuitive operation with increased user-friendliness. Whether a specific online payment system will gain acceptance from retailers and customers can, among other things, a. can be seen in the widespread use of this online payment system.
  • Portability : Online payment systems that can be used on a large number of e-commerce platforms and are therefore universally usable have a further advantage over systems that are only used for one application.
  • Speed : This requirement for online payment systems requires the smallest possible delay in payment between the customer's outgoing payment and the merchant's incoming payment in order to ensure that a transaction can be processed at short notice.
  • Security : Both dealers and customers demand of online payment systems compliance with safety standards in the transaction transfer, against unwanted manipulations to protect during a transaction, which in the interception , the change or the abuse express triggered transactions or by a faulty automatic processing causes can be. In addition, there is the guarantee of a high level of payment security, which is particularly evident in the genuine and permanent receipt of money at the merchant, in contrast to the insecure and high risk of payment defaults by credit card. Due to the security that is sought when transferring money, a customer can count on a proper delivery of goods and also has an easy way of handling complaints in the event of improper delivery or incorrect receipt of payment. However, this processing is subject to the respective guidelines of the payment service provider, which are not always transparent, and therefore subject to a certain residual risk for both sides . In addition, only in the case of credit institutions as issuers, e-money is protected against insolvency by means of deposit protection; however , all non-banks are not subject to this deposit protection.
  • Ease of use : An online payment system should be easy to use and the way it works should be understandable for the user. Online payment methods that are highly complex have failed on the market in the past.

Currencies

Electronic money can be offered in different currencies. If the currency of the e-money is not identical to the home currency of the user ( foreign currency ), the user takes on an exchange rate risk . The same applies to systems of electronic money computed in precious metals , e.g. B. for electronic money settled in gold ( English digital gold currency ).

Delimitations

E-money does not necessarily require access to bank accounts, which sets it apart from access products such as debit cards . Electronic access methods to bank balances (such as debit or credit card payments ) and so-called crypto currencies (such as Bitcoin ) are therefore not e-money . Even single-function payments are not e-money, because they can only be used by the holder at the issuer for services or deliveries to be performed later (such as telephone cards ).

Statistical collection

Since the e-money issuers are considered to be credit institutions, they are subject to all banking supervisory regulations. Regulation ECB / 1998/16 of is MFIs of the euro area begebenes, circulating electronic money in the MFI balance sheet under the liabilities recorded on deposits, which is not separately, but under "due daily liabilities" is shown. The e-money issued by euro area MFIs is therefore fully taken into account when calculating both the euro area money supply and the minimum reserve requirement . E-money is a substitute for cash and book money. E-money means that central banks lose earnings potential as part of their seignorage .

See also

literature

  • Martin Reichenbach: Individual risk handling of electronic payment systems. 1st edition. Wiesbaden 2001.
  • Karsten Stroborn u. a .: Internet payments in Germany: a classificatory framework and empirical evidence. In: Journal of Business Research, 12/2004.
  • Marius Dannenberg, Anja Ulrich: E-Payment and E-Billing: Electronic payment systems for mobile communications and the Internet. Wiesbaden 2004, ISBN 3409124462 .
  • Andreas Meier, Henrik Stormer: eBusiness & eCommerce - Management of the digital value chain. Berlin / Heidelberg 2008, ISBN 3540850163 .
  • Thomas Lammer: Handbook E-Money, E-Payment & M-Payment. Physica-Verlag, Heidelberg 2007, ISBN 3790816515 .
  • Dania Neumann: Internet payment systems for merchants and consumers in the German legal system. In: Thomas Lammer: Manual E-Money, E-Payment & M-Payment. Physica-Verlag, Heidelberg 2007.
  • Arno Wilfert: Electronic money in Europe. In: The future of the social and tax state. Festschrift for Dieter Fricke's 65th birthday. Heidelberg 2001.
  • Knud Böhle, Ulrich Riehm: Blooming Dreams - About payment system innovations and Internet trading in Germany (Scientific reports, FZKA 6161). Forschungszentrum Karlsruhe, Karlsruhe 1998 ( details on the study and download ).
  • Dorn: E-Commerce , with CD-ROM. Berlin legal handbooks, Haufe, ISBN 3-448-05188-8 .
  • Dennis Kügler: An anonymous electronic payment system free of abuse (dissertation). TU Darmstadt, 2002 ( text as PDF ).
  • Ernst Stahl, Thomas Krabichler, Markus Breitschaft, Georg Wittmann: Payment processing on the Internet - meaning, status quo and future challenges . Regensburg 2006, ISBN 3-937195-12-2 ( details on the study and management summary as PDF ).

Web links

Individual evidence

  1. ↑ riksbank.se , E-krona project reports
  2. ↑ bis.org , Banko Central del Uruguay, Uruguayan e-Peso on the context of financial inclusion, 2018
  3. ↑ bundesbank.de , study: central banks reluctant to use digital central bank money
  4. ^ European Central Bank, Report on Electronic Money , August 1998, p. 8
  5. ↑ European Central Bank, Monthly Report November 2000 , p. 55
  6. ↑ Monika Hartmann, Electronic Money and Monetary Policy , 2000, pp. 135 ff.
  7. ↑ European Central Bank, Monthly Report November 2000 , p. 56
  8. ↑ Stefan Huch, The uniform EU payment traffic , 2014, p. 15
  9. ↑ BT-Drs. 18/11495 , p. 79
  10. ↑ European Central Bank, Monthly Report November 2000 , p. 56
  11. ^ Dania Neumann, Internet payment systems for dealers and consumers in the German legal system , in: Thomas Lammer, Handbuch E-Money, E-Payment & M-Payment, 2007, p. 126 ff.
  12. ^ Arno Wilfert, Electronic Money in Europe , in: The future of the social and tax state - Festschrift for the 65th birthday of Dieter Fricke, 2001, p. 478 ff.
  13. ^ Arno Wilfert, Electronic Money in Europe , in: The future of the social and tax state - Festschrift for the 65th birthday of Dieter Fricke, 2001, p. 478 ff.
  14. ↑ Marius Dannenberg / Anja Ulrich, E-Payment and E-Billing: Electronic Payment Systems for Mobile Communications and Internet , 2004, p. 31
  15. ↑ Marius Dannenberg / Anja Ulrich, E-Payment and E-Billing: Electronic payment systems for mobile communications and the Internet , 2004, p. 35
  16. ^ Marius Dannenberg / Anja Ulrich, E-Payment and E-Billing: Electronic payment systems for mobile communications and the Internet , 2004, p. 34 f.
  17. ^ Martin Reichenbach, Individual Risk Handling of Electronic Payment Systems , 2001, p. 10
  18. ↑ Thomas Lammer, Handbuch E-Money, E-Payment & M-Payment , 2007, p. 59 ff.
  19. ↑ Karsten Stroborn u. a., Internet payments in Germany: a classificatory framework and empirical evidence , in: Journal of Business Research, 12/2004, p. 1432
  20. ↑ Marius Dannenberg / Anja Ulrich, E-Payment and E-Billing: Electronic payment systems for mobile communications and the Internet , 2004, p. 36 ff.
  21. ↑ Jane Kaufman Winn, Clash of the Titans: Regulating the Competition between Established and Emerging Electronic Payment Systems , in: Berkeley Technology Law Journal vol. 14/675, March 1999, p. 678 ff.
  22. ↑ Markus B. Hofer / Hans-Helmut Kotz / Diethard B. Simmert (eds.), Monetary and Economic Policy in Social Responsibility , 2004, p. 163
  23. ↑ Markus B. Hofer / Hans-Helmut Kotz / Diethard B. Simmert (eds.), Monetary and Economic Policy in Social Responsibility , 2004, p. 164
  24. ↑ Jane Kaufman Winn, Clash of the Titans: Regulating the Competition between Established and Emerging Electronic Payment Systems , in: Berkeley Technology Law Journal vol. 14/675, March 1999, p. 679
  25. ↑ European Central Bank, Monthly Report November 2000 , p. 55
  26. ↑ European Central Bank, Monthly Report November 2000 , p. 60