the issuer which is stored on an electronic device and accepted as a means of
payment by undertakings other than the issuer (by contrast with single-purpose
prepaid instruments, where the issuer and acceptor are one and the same).
E-money can be either hardware-based (i.e. stored on a device, typically a
card) or software-based (i.e. stored on a computer server). E-money can be
regarded as a means of settlement rather than a payment instrument, since the
creation or reimbursement of e-money is effected using one of the core payment
instruments – cash, payment cards, direct debits or credit transfers.