This card can be used as a multi-functional IC credit card mounted with applications including electronic money, point reward, and gateway controls such as company and student electronic ID cards.

With the rise of electronic money along comes identity theft Almost everyone is at risk of being a victim of this crime as it can possibly hit almost anyone - whether you are rich, poor, or average, as long as you have public documents containing your personal information

The draft law establishes the regime for payment institutions, which generally speaking are institutions other than banks and electronic money institutions that may provide payment services with the prior authorisation from the relevant authority, and designates the Central Bank of Cyprus as the competent authority responsible for the authorisation and prudential supervision of payment institutions.