In general terms, electronic money is monetary value stored on a protected technological device (such as a computer disk).
For the authorities, electronic money is a concept defined in Turkish law through the legislative work carried out by the BRSA. It is monetary value that is issued in return for funds accepted by the issuing institution, stored electronically, used to carry out the payment transactions defined in Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, and accepted as a means of payment by natural and legal persons other than the institution that issues the electronic money.
Money held on information systems is called electronic money or e-money. It can be converted into physical money, and it can also be used in electronic transactions without any physical money.
The difference between electronic money and bank money
Money in a bank account is a deposit and appears on the bank's balance sheet. Electronic money, on the other hand, is monetary value issued by an electronic money institution that creates a redemption obligation towards the user.
Electronic money institutions must keep user funds separate and protected. For this reason, a wallet balance is not mixed with the institution's own assets.
For the user, this difference can mean differences in interest income and the scope of protection.
