ISSN No : 2319-7935 (Print)
2319-7943 (Online)

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Ashok Yakkaldevi
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Abstract :
Over the years, the fundamental forces of technological change and market competition have been changing both the forms in which money is held and the methods by which its ownership is transferred. Originally money was a physical substance like gold and silver. It could even be alive - cattle were one of the oldest forms of money. Today, although much of the money used by individuals in their everyday transactions is still in the form of notes and coins, its quantity is small in comparison with the intangible money that exists only as entries in bank records. Perhaps coins and banknotes will become as obsolete as cowries' shells. This intangible (electronic) money acts as a replacement for cash, where monetary value is stored on a smart card and is used to make daily small payments. Therefore, electronic money has become an essential element and affects our lives in one way or another. This paper investigates the electronic money in two different regimes that is, The United Kingdom and Pakistan. Here the Legal Framework, payment mechanism, permission for issuance, authorization requirements and purse limit of the electronic money in these two countries has been investigated. Prudential and other requirements which are regulating and affecting the electronic money in these regimes have been investigated here. The various restrictions and limitations imposed by the authorities in these regimes on the electronic money firms have been discussed in this paper. Assessments of the Consumer Protection laws in these regimes which are relevant to the electronic money have been touched as well.
Keywords :
  • electronic money
  • legal framework
  • banking
  • consumer protection
  • payment mechanism
  • permission
  • prudential regulations
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