Consumer Banking and Payments Law: 6.6.2 EFTA Application to P2P Services
The specific international remittance provisions of the EFTA do not apply to domestic remittances. However, the primary EFTA provisions governing electronic fund transfers will apply if the transaction meets the definition of an “electronic fund transfer” in the EFTA and Regulation E.321 That definition covers transfers to and from an account, which includes a “prepaid account,” such as a mobile wallet or money transfer service that can store funds.322