Journal article Open Access

To the Issue of Determination of Electronic Money as Means of Payment

O.A. Shvaher, A.S. Holodna

The article deals with the basic provisions of the legislation regarding the definition of payment. An attempt has been made to disclose the meaning of the concepts of electronic money. The legal principles for the use of electronic money have been defined, and the problematic aspects of the use of electronic money as a means of payment have also been analyzed.

The authors determine that the emergence and development of such a phenomenon as electronic money is an objective process, because they are endowed with such advantages as convenience, accessibility, ease of use, lack of personification, support of micropayments made them so attractable for users. The role of electronic money in calculations on the Internet is growing rapidly. Therefore, it is important to study the concept of determining the location of electronic money in the state regulation system as a means of payment.

As the urgency of the issue is undeniable, the authors attempt to analyze approaches to understanding the concept of ‘electronic money’ as a means of payment contained in both the legislation of Ukraine and the European Union, as well as in the legal literature.

In the course of the analysis, the authors of the article identify the following features of electronic money: electronic money are stored on an electronic device; the issue of electronic money can be made exclusively by the bank; the circulation of electronic money is limited by a certain payment system; electronic money is a monetary commitment to the person who releases it.

While researching the issue of introducing electronic money into payment transactions, the authors of the article draw attention to the following. The introduction of the possibility of using electronic money in our country is, of course, progressive, but the question remains about the existence of legislation, the content of which would be based on the best international experience and take into account the issues of consumer rights protection, the obligation of the state regulation, related to the use of payment systems of electronic money.

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