Want to know more about e-money? We are here to help!
What is e-money and can we touch it?
E-money is an equivalent of real money and although you cannot touch it, by using e-money you can buy everything.
But where is e-money kept then?
Just like paper money, e-money is also kept in accounts. However, these accounts boast a much higher security level.
When was e-money created?
The first European e-money directive dates back to the year 2000 and e-money has been regulated by the European Parliament since then.
Why was e-money created?
The goal of its creation was to counterbalance the monopoly of banks with regard to high fees and market regulation.
Who stands behind e-money accounts?
Financial institutions, similar to your bank, and so-called “electronic money institutions” stand behind these accounts. They have the right to issue and use electronic money.
What happens to my money when it is kept at an electronic money institution?
Your money is kept in so-called segregated accounts, which guarantee the inviolability of client funds and do not allow their use as financial resources for lending or investment.
What can I do with e-money?
Everything you can do with paper money. And if you withdraw e-money from an ATM, it turns into paper money.
How secure is e-money and the payments made with it?
E-money transactions are extremely secure due to the very advanced technologies and multi-tier customer identification procedures used.
Can I send e-money abroad?
Of course! You can send e-money to and from any licensed financial institution around the world.
Does e-money have any other advantages?
Yes! E-money is the fastest, easiest and most secure way to send or receive money with minimal fees through your online account at any time and at any place.
Is myPOS licensed to work with e-money?
myPOS Europe Ltd is registered in London, United Kingdom and is licensed by the Financial Conduct Authority as a financial institution for electronic money according to EU Directive 2009/110/EC (the "EMD") as well as regulations from years 2011 and 2017.
Is the e-money in my account covered by any compensation scheme?
myPOS e-money accounts are not covered by the standard EU or UK compensation schemes (such as the Financial Services Compensation Scheme [FSCS] in the UK), which are applicable to bank accounts and available to bank customers but not to payment institution customers. This is because the e-money issued by myPOS does not qualify as a deposit or an investment service, and as a result, you are not protected by any Depositor Compensation Schemes.
However, as an e-money institution, myPOS keeps all client money separate in designated, safeguarded accounts that are set up and operate in compliance with its regulators’ specific requirements. myPOS holds these accounts with eligible banks which are also approved by regulators. The designation, structure and operation of these accounts provide important protections for you, ensuring that your money is safe and available to you.