E-money shall mean monetary value as represented by a claim on its issuer, that is –
a. electronically stored in an instrument or device;
b. issued against receipt of funds of an amount not lesser in value than the monetary value issued;
c. accepted as a means of payment by persons or entities other than the issuer;
d. withdrawable in cash or cash equivalent; and
e. issued in accordance with this Section.
Electronic money issuer (EMI) shall be classified as follows:
a. Banks (hereinafter called EMI-Bank);
b. NBFI supervised by the Bangko Sentral (hereinafter called EMI-NBFI); and
c. Non-bank institutions registered with the Bangko Sentral as a monetary transfer agent under Sec. 4511N of the MORNBFI (hereinafter called EMI-Others).
702 Issuance and Operations of Electronic Money, MORB