Is a contract between the e-money issuer and the merchant required for e-money?
This article examines the European Commission’s controversial interpretation of Article 11(7) EMD2 regarding the definition of electronic money. It focuses on whether a contractual relationship between the e-money issuer and the accepting merchant is required for electronic money acceptance. The article concludes that Article 11(7) EMD2 does not establish a general contractual requirement for the acceptance of e-money.
