A type of e-payment, where the payment instrument used is a mobile money product. Mobile money is a type of e-money product where the record of funds is stored on the mobile phone or a central computer system, and which can be drawn down through specific payment instructions to be issued from the bearers’ mobile phone.

A company that has a government-issued license to provide telecommunications services through mobile devices.

Hardware and software that enables the provision of a mobile money service.

E-money product where the record of funds is stored on the mobile phone or a central computer system, and which can be drawn down through specific payment instructions to be issued from the bearers’ mobile phone. Also known as m-money.
 

Regulation that requires all financial institutions to ensure that they validate the identity of all of their clients. 
 

A situation in which payment instruments belonging to a given scheme may be used in platforms developed by other schemes, including in different countries. Interoperability requires technical compatibility between systems but can only take effect where commercial agreements have been concluded between the schemes concerned.

Banking services that customers may access via the internet. The access to the internet could be through a computer, mobile phone, or any other suitable device.

The amount of funds withdrawn from the account of the payer but not reflected immediately in the account of the payee. In the e-money context, float is typically referred to as the total value of outstanding customer funds.

The advances in technology that have the potential to transform the provision of financial services spurring the development of new business models, applications, processes, and products.

A multilateral system among participating institutions, including the operator of the system, used for the purposes of clearing, settling, or recording payments, securities, derivatives, or other financial transactions.