E-money refers to any electronically stored monetary value that —

a) is denominated in any currency, or pegged by its issuer to any currency;
b) has been paid for in advance to enable the making of payment transactions through the use of a payment account;
c) is accepted by a person other than its issuer; and
d) represents a claim on its issuer

Examples of e-money are electronically stored monetary value in virtual wallets with providers such as Grabpay, Shopeepay, Lazada and EZ-link .

This information is sourced from MLAW