DEFINITIONS, TERMS, AND CONCEPTS OF WEBMONEY.EU
1. ELECTRONIC MONEY or E-MONEY — as per definition of the European Commission, an electronic surrogate of cash (coins and banknotes), stored on an electronic device and primarily designed for cashless payments of small amounts in diverse environments, such as points of sale or through mobile and Internet communications.
2. ELECTRONIC MONEY WEBMONEY — an electronic surrogate of coins and banknotes, issued within WebMoney.EU using Webmoney Transfer technology.
3. STORAGE DEVICE — an electronic memory device used for storage of electronic money.
4. NOMINAL VALUE or PAR VALUE — the total sum of Issuer’s financial obligations to the bearer of electronic money.
5. ELECTRONIC MONEY DEVICE WM — a storage device connected to a terminal, allowing a User with access codes to operate electronic money contained in that device.
6. ACCESS CODES — a random order of symbols that includes WM Number and WM Code that allow the User to access the electronic memory device.
7. WM NUMBER ( PUBLIC NUMBER ) — address code of electronic memory device, which allows the User to verify the electronic money device and, in particular, validity thereof, nominal value of electronic money contained therein, and the identity of Issuer.
8. WM CODE ( SECRET CODE )— code for management of electronic memory device. WM Code may be used only in combination with WM Number. With WM Number and WM Code, the User may execute all possible operations related to ownership and use of electronic money, including redemption of electronic money for cash.
9. WMnote — e-cash (e-banknote) issued in e-money system Webmoney.EU.
10. SYSTEM — WebMoney.EU System or WMEU, a computer software for logistics, accounting, and processing of electronic money issued under the applicable laws of Member States of the European Union. "WebMoney.EU" system or WMEU constitutes a complex of software, informational, and legal tools for electronic money transactions. System is serviced by SIA “Digimoney”, Latvia that ensures informational, technical, and legal cooperation related to servicing and accounting of electronic money between Center, Users, Issuers, Merchants, and Dealers within the System.
11. MEMBERS — Center, Users, Issuers, Merchants, and Dealers taken together or separately.
12. CENTER — a limited liability company “Digimoney”, Latvia.
13. SYSTEM WEBSITE — a site, located on the Internet and accessible via the following address: www.webmoney.eu
14. USER — any holder of electronic money WM that uses electronic money for small electronic payments for personal, family, home, and other needs, but also business purposes not related to a systematic sale of goods and services for electronic money.
15. HOLDER — any person that presents electronic money to Issuer for redemption, which the Issuer is obligated redeem.
16. MERCHANT — a legal entity or a sole trader who, on a basis of an agreement concluded with the Issuer, accepts WM as a means of payment for goods and services offered by the Merchant.
17. ISSUER — a credit institution: an electronic money institution or a bank that uses the System for issuance of electronic money and provides redemption thereof.
18. DEALER — a legal entity or a sole trader who, on a basis of an agreement concluded with the Issuer, sells and distributes electronic money.
19. ISSUER’S INTERFACE — a software complex with which the Issuer may issue and service electronic money, an electronic surrogate of coins and banknotes, which is stored on an electronic device.
20. SYSTEM NOTE — an electronic memory device used for storage of software units that represent electronic money out of circulation.
21. TRADE INTERFACE — a software complex with which the Merchant can accept electronic payments in small amounts in diverse environments, such as points of sale or through mobile and internet communication.
22. MERCHANT'S INTERFACE — an electronic memory device used for accounting of Issuer's monetary obligations to the merchant.
23. TERMS OF USE - the main legal document regulating the relationship between Center and System Members.