Over the past several years, electronic money (e-money) has emerged as an increasingly important means of payment in many countries. Focusing on Indonesia and Thailand, this paper takes stock of recent developments in e-money and examines concepts and risks related to e-money, as well as implications for monetary policy. The paper also analyses the two countries’ e-money regulatory frameworks in comparison to those of other countries and discusses opportunities and challenges for the future of the e-money industry.