Nature of E-money

E-money is "any electronically stored monetary value that is denominated in a currency or pegged by its issuer to a currency, and has been paid for in advance to enable the making of payments, is accepted by a person other than its issuer and represents a claim on its issuer."

Source: Norton Rose Fulbright, last revised on April 2020

Do also note that "money" is defined under the Payment Services Act to include e-money.