A payment account may contain either e-money or scriptural money. It is technically challenging for one single payment account to contain both types of funds while keeping them distinct. Transfer of funds from a payment account containing e-money to a payment account containing scriptural money in principle requires redemption of the e-money funds.

The activities of e-money Institutions are not restricted to e-money, as Article 6(1)(a) of the E-Money Directive provides that a license as an E-Money Institution also authorises all payment services listed in the Annex to the second Payment Services Directive.

Although only an E-Money institution or a credit institution may issue e-money, any type of Payment Service Provider or PSP (including a payment institution, an e-money institution or a credit institution) may service an account containing e-money or containing scriptural funds (this was confirmed in the ECJ judgement in the case “ABC Projektai”).

A payment account containing e-money can only receive salary payments if the salary is directly paid in e-money or converted from scriptural funds to e-money before receipt on that account.

Disclaimer:

The answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.