E-Money

What is E-Money?

Electronic money (e-money) is a payment instrument that contains monetary value that is paid in advance by the user to the e-money issuer. The user of e-money can make payments for purchases of goods and services to merchants who accept the e-money as payment. E-money can be issued in different forms, such as card-based (e.g. prepaid card) and network-based e-money which may be accessed through the internet, mobile phones or other devices.

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Roles and Responsibility of Trustee

1
To open and operate a trust account for the receipt of incoming funds (as per Guidelines of e-Money)
2
Receipt of aggregated sum of collections from the e-Money issuer's collection accounts
3
To inform the e-Money issuer to cover any shortfall in the cash balance of the trust account
4
To place funds with licensed financial institutions, debt securities issued or guaranteed by the Federal Government and Bank Negara Malaysia or Cagamas debt securities
5
To remit payment from Trust account for the purpose of refund, payment to merchant and other fees charged.

Structure

Structure of E-Money

  1. Users and Merchants, which is registered with the e-Money Issuer, deposits fund into a Collection Account
  2. Funds deposited into Collection Account is transferred into Trust Account at the end of the day
  3. The e-Money issuer send in payment instruction to Trustee to make payment to Repayment Account for
    • refund to users
    • and payment to merchants
  4. The e-Money issuer makes payment to merchants and refund to users.

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