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electronic money

      1. 71171(1) (except in PERG and FEES) the investment, specified in article 74A of the Regulated Activities Order (Electronic money), which is monetary value, as represented by a claim on the issuer, which is:
        1. (a) stored on an electronic device;
        1. (b) issued on receipt of funds; and
        1. (c) accepted as a means of payment by persons other than the issuer.71171
      1. (2) (in PERG and FEES)71171 electronically (including magnetically) stored monetary value as represented by a claim on the electronic money issuer which is:
        1. (a) issued on receipt of funds for the purpose of making payment transactions as defined in Article 4(5) of the Payment Services Directive; and
        1. (b) accepted by a person other than the electronic money issuer;
        but does not include:
        1. (c) monetary value stored on instruments that can be used to acquire goods or services only:
          1. (i) in or on the electronic money issuer's premises; or
          1. (ii) under a commercial agreement with the electronic money issuer, either within a limited network of service providers or for a limited range of goods or services; or
        1. (d) monetary value that is used to make payment transactions executed by means of any telecommunication, digital or IT device, where the goods or services purchased are delivered to and are to be used through a telecommunication, digital or IT device, provided that the telecommunication, digital or IT operator does not act only as an intermediary between the payment service user and the supplier of the goods and services.71171