The term “Payment Institution” refers to a category of payment service providers which came into being because of the enactment of the Payment Services Directive (PSD) in Europe. As a payment institution, PPG can offer our customers the following services:
An e-money institution (EMI) is authorized to issue electronic money as a digital equivalent of cash, stored on a financial platform or on electronic devices such as a prepaid card or NFC cards. One common type of e-money is the eWallet, where users store amounts of money to use for making payments. E-money can also be stored on (and used via) mobile phones or in a payment account on the Internet.
In addition to being able to offer the same services as a traditional payment service provider/ payment institution, the holder of an E-money licence/ Electronic Money Institution license can also provide the following services:
Placing your money with a traditional bank is taking a credit risk – i.e. the bank will take your money and lend it to someone else. The ability of this “someone else” to pay back this money is referred to as the credit risk.
By not taking credit risks, this ensures that that your money is safe with the EMI. The EMI will only place money deposits from our users on a trusted account – safe for their protection.
There are three major differences between traditional banking and e-money institutions
PPG is a licensed e-money institution (EMI). We are authorized by the Bank of Lithuania under the Electronic Money Regulations 2011 for the issuing of electronic money.PPG offers consulting and advisory services for companies interested in securing an EMI license. We will assist you fully in all the application and approval processes, including documentation and compilation of information.
Apart from holding its own EMI license, PPG offers consulting and advisory services for companies interested in securing an EMI license. PPG will assist you fully in all the application and approval processes, including documentation and compilation of information. Please contact us for more information.