Electronic Money Institution License is the most complete license of all types of payment system licenses.
The license of the E-Money Institution - EMI or the Electronic Money Issuer includes all the capabilities of the Payment Institution
. The main difference between the two types of payment service providers is that electronic institutions can issue electronic money. Electronic money is the digital equivalent of cash stored on an electronic device or remotely on a server.
Unlike the Payment Institution
, the Electronic Money Institution (EMI), issuing electronic money in exchange for money, provides financial services that are unlimited in time, without known payment directions, with the possibility of crushing and accumulating funds. The issuer undertakes the obligation to pay money in exchange for electronic money at any time. More opportunities are provided only by a banking license. Simply put, the EMI license is a license for E-Wallet and gives the right to provide the full range of services, which are implied by the term E-Wallet.
It can also be said that the Electronic Money Institution (EMI) is practically a bank, but without the right to provide bank lending services. At the same time, the cost of creating and owning a payment company is orders of magnitude less than a full-fledged bank!