Regulations for activities relating to E-money
Providing e-wallet service vs issuing e-money
Consider this scenario: A customer can purchase e-money from a business to allow him to make money transfers or purchase goods and services from participating individuals and merchants which accept such e-money. The e-money can be stored in a payment account designated as the e-wallet.
The customer can pay e-money from a payment account designated as the e-wallet.
However, the service provider of the e-wallet may or may not be the same entity that issues the e-money for payment.