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prepared by the European Commission, published in the EBA Q&A tool · not legislation · published 18 Mar 2022 [Final Q&A]","attribution":{"prepared_by":"European Commission","published_by":"EBA","published_in":"EBA Single Rulebook Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2022-03-18","question_submitted_on":"2020-10-19","locators":{"published_on":"EBA Q&A register entry 2020_5566, field 'Final publishing date'","question_submitted_on":"EBA Q&A register entry 2020_5566, field 'Submission date'"}},"adoption":null}},"provenance":{"official_url":"https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2020_5566","check":{"result":"matched","checked_at":"2026-10-26","against":"the EBA publication"},"repo_path":"spaces/emd/level-3/q-and-a/eba/eba-qa-2020-5566-topping-up-e-money-accounts-with-voucher-based-products.md","body_sha256":"b287794abf5c463bbcea898ab9466caecbf50497bc273db6b141820307e63445"},"units":[],"markdown":"---\ntitle: \"EBA Q&A 2020_5566 — Q&A — Topping-up e-money accounts with voucher-based products [Final Q&A]\"\nshortTitle: \"EBA Q&A 2020_5566 — Q&A — Topping-up e-money accounts with voucher-based products [Final Q&A]\"\nanswer_id: EBA_QA_2020_5566\nstatus: \"Final Q&A\"\ntype: qa\ninstrument_type: qa\nauthority: EBA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"EMD\"\nemd_level3: true\nmica_level2: false\nlegal_basis: \"EMD\"\ndate: 18 March 2022\nsource_link: https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2020_5566\nlifecycle: \"Final Q&A\"\ntext_version: \"EBA Q&A register, 18 March 2022\"\nsource_url: \"https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2020_5566\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the EBA publication\"\nsource:\n  prepared_by: \"European Commission\"\n  published_by: \"EBA\"\n  published_in: \"EBA Single Rulebook Q&A tool\"\n  evidence:\n    prepared_by: \"Answer prepared by the European Commission because it is a matter of interpretation of Union law.\"\n    locator: \"EBA Q&A register entry 2020_5566, field 'Answer prepared by'\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2022-03-18\"\n  question_submitted_on: \"2020-10-19\"\n  locators:\n    published_on: \"EBA Q&A register entry 2020_5566, field 'Final publishing date'\"\n    question_submitted_on: \"EBA Q&A register entry 2020_5566, field 'Submission date'\"\nlifecycle_label: \"Final Q&A\"\n---\n\n**Answer prepared by the European Commission, published in the EBA Q&A tool · not legislation · published 18 Mar 2022 [Final Q&A]**\n\n*Final Q&A · EBA Q&A register, 18 March 2022 · Checked against the EBA publication on 26 Oct 2026 · [Official source](https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2020_5566)*\n\n| | |\n|---|---|\n| **Full title** | EBA Q&A 2020_5566 — Q&A — Topping-up e-money accounts with voucher-based products \\[Final Q&A\\] |\n| **Prepared by** | European Commission |\n| **Published by** | EBA, in the EBA Single Rulebook Q&A tool |\n| **Reference** | EBA_QA_2020_5566 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 18 March 2022; question submitted 19 October 2020 |\n| **Legal basis** | EMD |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the EBA publication |\n\n**Topping-up e-money accounts with voucher-based products**\n\n### Question\n\nIf an e-money institution (EMI) sells, through an external network of points of sale, pre-paid non-reloadable vouchers of a fixed value that can only be used to top-up e-money accounts opened with such EMIs, shall the sale of such vouchers be considered as distribution of e-money for the purposes of Directive 2009/11/EC (EMD2)?\n\n### Background\n\nSome EMIs currently sell via physical points of sale non-reloadable vouchers, available at fixed face value that can only be used to top-up clients’ e-money accounts. According to this business model, vouchers are distributed upon receipt of cash from clients and are not accepted in payment by any other person than the issuer. Once used to top-up the e-money account, the correspondent value can be used to purchase goods and services at several partner shops (physical and online) and, in certain cases, to withdraw cash from ATM.\n\nThe distribution network transfers the clients’ fund to the EMIs without delay, after the voucher is issued.\n\nSuch EMIs claim that the pre-paid vouchers do not qualify as e-money given that they can only be used to load the e-money accounts and therefore they do not meet the definition of e-money set forth by Article 2(1) of the EMD2 (i.e.“an electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transactions as defined in point 5 of Article 4 of Directive 2007/64/EC and which is accepted by a natural or legal person other than the electronic money issuer”). As a consequence of this approach, the sellers of such vouchers cannot be deemed as distributors of e-money.\n\nThis is particularly relevant in case of EMIs operating on a cross-border basis; in this case, the engagement of distributors has significant implications under both sectorial legislation (i.e. EMD2 and PSD2) and AML/CFT regulation as the provision of services via a distributor can qualify as “establishment”, in accordance with the criteria set forth in the EBA Opinion dated 24 April 2019 (EBA-Op-2019-03) and in the national AML legal framework. More specifically, EMIs operating in another Member State through an establishment shall comply with:\n\nadditional reporting requirements in favor of the national competent Authority of the host Member State, where the option set forth in Article 29(2) of PSD2 has been exercised in such host Member State;\n\nthe AML/CFT rules of the host Member State, including the obligation to appoint a central contact point under Delegated Regulation (EU) 2018/1108, if required so.\n\nAlthough the voucher itself is not accepted by a natural or legal person other than the electronic money issuer, the additional operational steps added to reload the e-money account do not alter the unity of the top-up; all these steps are strictly linked as they are intended to achieve a single result (i.e. topping up e-money account). The circumstance that the distribution network without delay transfers the clients’ fund to the EMIs further supports our reasoning.\n\nMoreover, setting an artificial distinction between the selling of pre-paid vouchers and the issuance of e-money would be undesirable since it would create room for regulatory arbitrage from both the prudential and the AML perspective.\n\nFinally, the suggested interpretation would ensure compliance with recital 10 of the EMD2 that states that “distribution of e-money” should be understood as “selling or reselling electronic money products to public, providing a means of distributing electronic money to customers, or of redeeming electronic money on the request of customers or of topping up customers’ electronic money products, through natural or legal persons on their behalf, according to the requirements of their respective business models”, which would be otherwise easily circumvented.\n\n***\n\n### Answer\n\nThe sale of “prepaid vouchers” as described by the questioner is to be considered as distribution of electronic money according to Article 3(4) of Directive 2009/110/EC (EMD2) and Recital 10 of EMD2.\n\nThe monetary value as represented in the “prepaid vouchers” is to be qualified as electronic money in accordance with Article 2(1) of EMD2.\n\nDisclaimer:\n\nThe 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.\n\n***\n\n**Source:** [EBA original document](https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2020_5566)\n"}