Feeds

EC opens ears on e-money directive

Suggestions on a postcard, please...

  • alert
  • submit to reddit

High performance access to file storage

The European Commission has opened a consultation period on its controversial "e-money" directive. The EC wants businesses to tell it how the directive could be improved to "avoid unnecessary burdens for industry".

Under the directive, providers of e-money will have to provide a way for people to redeem their e-money for real world money. They must also take action to ensure the system is not used for money laundering.

At present, the e-money directive could be applied to the purchase and use of pre-pay mobile phone cards. The definition of electronic money is monetary value stored on a chip card or computer memory which is accepted for payment by someone other than the issuer.

In interpreting this for use at a national level regulators have disagreed as to how the directive should apply in practice. Some countries have, for instance, decided that pre-pay mobile cards are covered by the new rules. Because of the confusion, the Commission decided last year to seek a common interpretation of the law.

That analysis concluded that mobile pre-pay cards do not qualify as e-money if they are used to buy airtime from the company which issued them. But if they are used to buy ringtones, messaging, news, tickets or other products from a third party then they should be considering e-money.

Still awake at the back? Good. Since, even by EU standards, this is an early morning snack for a four-legged pet (dog's breakfast). The Commission has decided to clarify exactly when and where the e-money directive should be applied. It is asking for comments and suggestions from those in the mobile or related industries and from ordinary punters.

Interested parties have until 20 July 2004 to respond to the proposals and more details are available here, where you can download the whole consultation document as well. ®

Related stories

When is e-money not e-money? When it stays on your mobile phone
UK leads e-Money revolution
Sony to launch e-money scheme

SANS - Survey on application security programs

More from The Register

next story
A black box for your SUITCASE: Now your lost luggage can phone home – quite literally
Breakfast in London, lunch in NYC, and your clothes in Peru
Broadband Secretary of SHEEP sensationally quits Cabinet
Maria Miller finally resigns over expenses row
Skype pimps pro-level broadcast service
Playing Cat and Mouse with the media
EE dismisses DATA-BURNING glitch with Orange Mail app
Bug quietly slurps PAYG credit - yet EE denies it exists
Like Google, Comcast might roll its own mobile voice network
Says anything's possible if regulators approve merger with Time Warner
Turnbull leaves Australia's broadband blackspots in the dark
New Statement of Expectations to NBN Co offers get-out clauses for blackspot builds
Facebook claims 100 MEEELLION active users in India
Who needs China when you've got the next billion in your sights?
Facebook splats in-app chat, whacks brats into crack yakety-yak app
Jibber-jabbering addicts turfed out just as Zuck warned
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.