About the service

An Electronic Money License (EMI) allows the issue of payment cards, e-wallets, and other payment instruments requiring storage of the client funds. It also allows offline/online payments, providing sub-accounts within a bank account, creating electronic wallets, providing individual IBANs, and transferring money to foreign accounts. The major distinction between an EMI license and a PI license is that an EMI is able to keep client funds while a PI is not.

EMI license allows the following services:

• Electronic money emission;

• The issuance and/or acquisition of payment cards;

• Deposit/withdraw from payment cards by customers;

• Perform various payment transactions;

• Transfer funds;

• Giving information about the account's status, etc.

Requirements for PI License:

• The suitability of the papers submitted.
  Documents provided must be accurate and fulfill the standards of the law acts that regulate EMI activities and administration.

• Compliance with the minimum capital requirement.
  All EMI must have a minimum starting capital of EUR 350,000.

• The EMI's and its shareholders' fitness and propriety.
  Holders of a significant portion of the EMI's authorized capital and/or voting rights must be trustworthy, financially stable, and committed to ensuring the EMI's rational and sensible management. An EMI engaged in restricted activities is exempt from this requirement.

• Owners of an EMI's fitness and propriety.
  An EMI's directors and owners must have a good reputation in addition to the required credentials and expertise to fulfill its jobs.

• Implementation of measures in place to protect client money.
  To protect client funds, each EMl that receives money from clients must take one of the following actions:
  - set them apart in a separate bank account created by a financial institution in the Republic of Lithuania or another Member State;
  - ensure that these funds are covered by an insurance agreement, guarantee, or surety bond.