Connecting Prepaid Cards and Retail Loans: Innovative Practical Solution or Confusing Legal Combination? Implications of the EU Financial Services Law from an Estonian Perspective

Connecting Prepaid Cards and Retail Loans: Innovative Practical Solution or Confusing Legal... DOI: 10.1163/157303509X406296 © Koninklijke Brill NV, Leiden, 2009 Review of Central and East European Law 34 (2009) 173-191 Connecting Prepaid Cards and Retail Loans: Innovative Practical Solution or Confusing Legal Combination? Implications of the EU Financial Services Law from an Estonian Perspective Ingrid Ulst Abstract A prepaid card is a fairly new financial product that is part of the global in- novations in financial services of the last 10 years. Some non-bank financing companies ( e.g ., SMS loan providers) have further advanced this product by linking prepaid cards to retail loans, which entails more developed transac- tion schemes and technical solutions. This combination is seen as a practical solution that broadens the customer base of loan providers and improves consumer convenience. However, from a legal point of view, practicality often entails complexity. This article seeks to address some of the major legal features and posi- tions with regard to the prepaid card and its combination with a retail loan. In doing so, it will review the position of a prepaid card and the status of the issuer within the existing legal framework in Estonia. It also seeks to explain how the idea of linking prepaid cards with http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Central and East European Law Brill

Connecting Prepaid Cards and Retail Loans: Innovative Practical Solution or Confusing Legal Combination? Implications of the EU Financial Services Law from an Estonian Perspective

Review of Central and East European Law, Volume 34 (2): 173 – Jan 1, 2009

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Publisher
Brill
Copyright
© 2009 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0925-9880
eISSN
1573-0352
DOI
10.1163/157303509X406296
Publisher site
See Article on Publisher Site

Abstract

DOI: 10.1163/157303509X406296 © Koninklijke Brill NV, Leiden, 2009 Review of Central and East European Law 34 (2009) 173-191 Connecting Prepaid Cards and Retail Loans: Innovative Practical Solution or Confusing Legal Combination? Implications of the EU Financial Services Law from an Estonian Perspective Ingrid Ulst Abstract A prepaid card is a fairly new financial product that is part of the global in- novations in financial services of the last 10 years. Some non-bank financing companies ( e.g ., SMS loan providers) have further advanced this product by linking prepaid cards to retail loans, which entails more developed transac- tion schemes and technical solutions. This combination is seen as a practical solution that broadens the customer base of loan providers and improves consumer convenience. However, from a legal point of view, practicality often entails complexity. This article seeks to address some of the major legal features and posi- tions with regard to the prepaid card and its combination with a retail loan. In doing so, it will review the position of a prepaid card and the status of the issuer within the existing legal framework in Estonia. It also seeks to explain how the idea of linking prepaid cards with

Journal

Review of Central and East European LawBrill

Published: Jan 1, 2009

Keywords: PAYMENT INSTRUMENT; ELECTRONIC MONEY; CONSUMER LOAN; PREPAID CARD; RETAIL LENDING; CROSS-BORDER SERVICES; FINANCIAL SERVICES; SMS LOAN

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