Are Gift Cards Money In Poland?

Gift cards have become more and more popular. They are bought as presents and some shops have a return policy where items bought physically can be exchanged only for a gift card of the equivalent amount. Are gift cards therefore to be regarded as money in Poland? If so, are the issuers required to obtain authorisation as a payment or electronic money institution?

Money or not?

Under the Polish Act on Payment Services, gift cards generally should be classified as electronic money. Thus, the issuance of such cards is an issuance of e-money. Gift cards have an electronically stored monetary value. They typically contain an identifier that can be attached to them, such as a barcode, magnetic stripe or encoded chip, with an ascribed monetary value. However, if the monetary value is stored on an instrument that can only be used to a limited extent, the "limited networks exclusion" can apply and gift card issuers do not need to be licensed as an e-money issuer.