10/16/2008
Electronic Money : Europe sets new rules
The E-Money Directive (2000/46/EC) was conceived and adopted at the height of the E-Commerce boom, and was intended to facilitate access by non-credit institutions to the business of e-money issuance. The difficulty to foresee at the time how the business of e-money issuance would evolve has prompted the Commission to re-assess whether the legal framework is still in tune with modern market developments. Advances in technology have spurned new business models, such as payments by mobile telephone, payments using transport cards, as well as internet payment facilities. This consultation is a follow-up to an earlier consultation on e-money and mobile operators which was finalised earlier this year, and will form an important part of a wide-ranging review of the E-Money Directive, which will also involve consultations with Member States as well as the commissioning of an independent study to be carried out by consultants.
The new rules will facilitate market entrance for small providers and therefore create the right market conditions to foster innovation and competition. Estimates show that this industry could reach a volume up to EUR 10 billion by 2012.
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10 billion is not that much but it is a good start for a new business opportunity. Maybe the future will increase the number to a more acceptable sum.
Posted by: Kirk Sanford | 05/11/2011
Respond to this commentI have to say that this is a great initiative taking in consideration how many business related actions are switching to the virtual environment. Let's hope that this works as well as it was designed to.
Posted by: free invoice template | 05/14/2011
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