Lithuania allows companies to obtain two types of payment system licenses which include a PSP (Payment Service Providers) license and an EMI (Electronic Money Institution) license.
An EMI license, unlike a PSP license, has more features and is more expensive. However, with either PSP or EMI license, you can operate easily and easily throughout the European Union.
21st Century Money
E-money is a monetary value whose information is stored either on a company’s server or on an electronic medium. E-money can be used to pay third parties or to pay for goods or services.
It can be said that electronic monetary assets have the same value as real money, the main difference being only the lack of tangible form due to its existence in an electronic system.
Provider of payment services, the license allows such companies to process and conduct payments through the Internet.
These payment businesses mediate financial payments for customers, which include making payment transactions, withdrawing or depositing cash into payment accounts, and transferring money.
In addition, such companies are able to accept payments from third parties, as well as perform and provide quick transfers between different financial institutions in different regions.
Another advantage to obtaining a PSP license is that obtaining it in Lithuania, as a European country, gives you the opportunity to provide services throughout the EU.
When you apply for a license PSP, you need to submit a number of supporting documents to the Bank of Lithuania, our experts can help you prepare and submit them.
In addition, it is necessary to have proof of the required authorized capital for the PSP license in the amount of 125.000 euros.
It is important to know that all funds are legally obtained, which should be documented.
Electronic Money Establishment, a license grants full authority to open e-wallets and other payment instruments to store customer funds, as well as the issuance of electronic currencies.
By obtaining this license you acquire the ability to provide various payment services to your clients and to create and manage payment systems.
In addition, you will be able to provide additional services that are related to electronic currencies and provide services not directly related to such electronic money.
Thus, if you want to register a business for electronic money or to set up a payment service company, you will need to apply for this EMI license.
The first prerequisite for obtaining an EMI license is the registration of the company in Lithuania.
In addition, you must have proof of the required share capital, which begins at 350.000 euros.
Together with this, you must also provide a number of documents, which include a notarized copy of the charter, the memorandum of association, a plan of the company and many other supporting data to the Bank of Lithuania, which our experts can help you to prepare and submit.
Obtaining a payment system license as PSP, and EMI in Lithuania is quite in demand because of the many advantages in contrast to other EU countries. First of all, a huge advantage is the speed of obtaining licenses in Lithuania, compared to other EU countries.
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