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3. For the purposes of these Regulations electronic money does not include—
(a)monetary value stored on instruments that can be used to acquire goods or services only—
(i)in or on the electronic money issuer’s premises; or
(ii)under a commercial agreement with the electronic money issuer, either within a limited network of service providers or for a limited range of goods or services;
(b)monetary value that is used to make payment transactions executed by means of any telecommunication, digital or IT device, where the goods or services purchased are delivered to and are to be used through a telecommunication, digital or IT device, provided that the telecommunication, digital or IT operator does not act only as an intermediary between the payment service user and the supplier of the goods and services.
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