译文（字数 5532）

连接预付卡贷款和零售贷款：创新实践的解决方案或令人困惑的法律的结合？

――来自爱沙尼亚透视欧盟金融服务法的启示（节选）

英格里·尤里斯特

关键词：消费贷款、跨境服务、电子货币、金融服务、支付工具

一、简介

创新的金融解决方案通常说成是永远领先一步的监管和现有法律的替代品。在电子金融服务发展的背景下，它确实是合法的解决方案，往往显得有些过时，而真正的挑战是跟上最新的发展情况。充值卡就是这样一种创新金融服务工具，并构成与普通的支付卡，如借记卡和信用卡不同的发展。多用途预付卡通常被称为“电子钱包”，这意味着塑料卡包含了他的客户的预付款取得了实际购买力。

虽然产品本身是相当新的，一些非银行金融公司（例如，短消息服务（SMS）的贷款提供者）已经开始这样的预付卡与零售贷款联系起来，从而使预付卡整个问题变得更加复杂。供应商的服务的目标客户群这样的安排扩大，已被设计为旨在方便消费者一个实用的解决方案。在另一方面，从法律角度看，“实用”可往往意味着“复杂”。

外文原文（字符数 17719）

Connecting Prepaid Cards and Retail Loans: Innovative Practical Solution or Confusing Legal Combination?

Implications of the EU Financial Services Law from an Estonian Perspective（Excerpt）

Ingrid Ulst

Keywords : consumer loan, cross-border services, electronic money, financial services, prepaid card

1. Introduction

Innovative financial solutions are often said to be always one step ahead of regulation and existing legal alternatives. In the context of the devel- opment of electronic financial services, it is indeed the case that legal solutions often seem somewhat out of date, and the real challenge is to keep up with the latest developments. The prepaid card is one such innovative  financial  services  instrument,  and  constitutes  a  development distinct from ordinary payment cards such as debit and credit cards. The multi-purpose prepaid card is often called an ‘electronic purse’, which implies that the plastic card contains real purchasing power for which he customer has made advance payments.

Although the product itself is rather new, some non-bank financing companies (e.g., Short Message Service(SMS) loan providers) have already begun to link such prepaid cards with retail loans, thereby making the whole　issue of prepaid cards even more complex. Such an　arrangement—broadening the targeted customer base of  service  providers—has  been  designed  as  a  practical  solution  aimed at consumer convenience. On the other hand, from a legal perspective, “practical” can often mean “complex”.