Electronic Money (E-money) is defined as an electronic store of monetary value on a technical device that may be widely used for making payments to entities other than the e-money issuer. The device acts as a prepaid bearer instrument, which does not necessarily involve bank accounts in transactions.
The practical difference between Electronic Money (E-money) and a regular Payment Institution (PI) is that E-money institutions in addition to the services provided by PI are entitled to issue Electronic Money. It means that Electronic Money Institutions are allowed to store clients’ funds for a longer period of time in comparison to Payment Institutions. E-money license allows the issue of payment cards, e-wallets, and other payment instruments requiring storage of the client funds. To see the full range of services you are allowed to carry out when in possession of an EMI license, check the list below:
Popular jurisdictions to apply for an EMI license are the UK, Lithuania, and Estonia. We help entrepreneurs submit their application, after which the regulators will review it. This means collecting all documents and preparing them in the way they are assessed. By working together with local financial industry people in the above mentioned jurisdictions, we can almost guarantee an EMI license application to be approved.
Besides applying for new EMI licenses, it is also possible to take over already existing EMI licensed companies. The advantage of this is that you, as an entrepreneur, can start immediately. For example, the acquisition of an EMI license takes an average of 2 months. The advantage of this can also be that the company already has one or more business accounts opened, and/or already has several customers.
Do you have any questions about applying for an EMI license or acquiring an existing EMI licensed company? Then contact us, and we will share with you all the necessary information.
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