Users can come into possession of electronic money after making a payment of funds to the electronic money institution. This payment is made by a payment card, transfer from account or direct payment.
The electronic money issuer shall issue electronic money at par value immediately upon the receipt of funds.
Electronic money may be accepted by any natural or legal person that concludes a contract on accepting such money with the electronic money issuer.
Mutual relations between the electronic money issuer and holder to whom electronic money is issued are contractually regulated, particularly in connection with the issuance and redemption of electronic money, and all fees that the electronic money issuer charges to the electronic money holder when issuing and redeeming electronic money.
It is important to emphasise that buying electronic money is not a form of saving. Electronic money institutions do not have a licence to collect deposits, therefore no interest is charged on the funds paid for the purchase of electronic money.
Safeguarding funds paid by citizens to the electronic money institution is ensured in such a way that the company that issues electronic money is required to maintain own funds in the amount corresponding to the issued electronic money, on the deposit account at any time. In addition, the electronic money institution shall safeguard the funds received for the purpose of exchange for issued electronic money.
Also, in case of financial difficulties of that company, these funds cannot be the subject of enforcement or enforced collection, nor do they enter its bankruptcy or liquidation estate.
Immediately upon the conclusion of the contract, the electronic money institution issues a certificate of electronic money issuance. The certificate contains a unique number (E-MONEY PIN), which enables the disposal of electronic money and at the same time protects the holder’s funds from abuse. In order to use electronic money, one should choose the appropriate webshop (website or mobile site of the retailer) that sells its products and services in this way. When purchasing the product, it is necessary to select e-money as a payment option and enter the data from the certificate (PIN and the last three digits of the certificate number), after which the purchase is carried out.
Upon request of the electronic money holder, electronic money issuers shall, without delay, pay out or transfer, at par value, the monetary value of electronic money held. Depending on the holder’s request, full or partial redemption of electronic money is carried out.
When redeeming electronic money, the electronic money issuer may charge the holder a redemption fee only if the holder requested redemption before the termination of the contract, terminates the contract before that date or requested redemption more than one year after the date of termination of the contract. This fee is paid only if it is defined in the contract and the electronic money holder was informed of such fee before the conclusion of the contract. Any such fee shall be appropriate and commensurate with the actual costs incurred by the electronic money issuer.
Electronic money holders, as everyone else, enjoy all the protection provided by the Law on Payment Services, regardless of the method and means of payment. All rules that apply to the use of cash or cards, apply also to electronic money, therefore it is necessary to take care of such money, report its theft, loss or abuse.
If the electronic money holder considers that the electronic money issuer fails to comply with law, contract, general terms of business or good business practices, it has the right to protection of his rights and interests, which he can exercise through complaints to the electronic money issuer, the National Bank of Serbia or in the mediation procedure.