City watchdog to regulate e-money issuers

UK - The Financial Services Authority, the City watchdog, is to extend its regulatory reach to cover organisations issuing "electronic money" used as an alternative method of payment to credit cards.

E-money such as Smartcreds and Splash Plastic allow children under 18 to purchase goods and services over the internet and via mobile telephones by buying credits in advance from the issuer. Mondex cards can be used for low-value purchases in shops, bars and other leisure outlets.

Proposals publish

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