PSP (Payment Service Provider) license and EMI (Electronic Money Institution) license are two types of payment system licenses which can be obtained in Lithuania.
Compared to a PSP license, an EMI license includes more functions and costs more. However, if you get a PSP or EMI license, you will be able to work throughout the European Union.
Today’s Money
Electronic monetary assets are equivalent to real money in value, but they have no tangible form because of their existence in an electronic system.
PSP
A payment service provider with this license can process and make payments.
Payment businesses provide financial intermediation for customer payments, including processing payments, withdrawing or depositing funds into payment accounts, and transferring money.
The Bank of Lithuania requires several supporting documents when applying for a PSP license.
In addition, you must have the required PSP license capital of EUR 125,000.
EMI
The license allows you to open electronic wallets and other payment instruments to store customer funds, as well as to issue electronic currencies.
To obtain an EMI license, you must first establish a company in Lithuania, provide proof of authorized capital of 350,000 , and submit a set of documents to the Bank of Lithuania.
Bottom line:
Having PSP and EMI payment system licenses in Lithuania is popular because of the many advantages. The main one is the speed of obtaining licenses compared to other EU countries.
