Act Governing Issuance of Electronic Stored Value Cards Article 3

(Definitions)The terms as used in this Act are defined as follows:1. "Electronic stored value card" shall mean an IC chip, card, certificate or other forms of debt obligation that uses electronic, magnetic or optical means to store monetary value and performs the function of data storage or computing, and is used for multiple payment purposes.2. "Issuer" shall mean an institution that has been approved by the Competent Authority to engage in electronic stored value card business in accordance with this Act.3. "Cardholder" shall mean a person holding an electronic stored value card for the purpose of using it.4. "Contracted merchant" shall mean an entity having entered a written contract with an issuer, agreeing that a cardholder may use the electronic stored value card issued by the issuer to pay for products, services, government fees, and other fees as approved by the Competent Authority.5. "Use for multiple payment purposes" shall mean using an electronic stored value card to pay for products and services provided by contracted merchants, or to pay for government fees and other fees as approved by the Competent Authority, but excluding the following:(1)Used only to pay for transportation services with the approval of the competent authority of transportation; and(2)Used to accept, through a network or electronic payment platform, the registration and opening of an electronic payment account by users and to accept the deposit of stored value funds from users using electronic equipment to convey the receipt/payment information via connection.