PSP and EMI in the EU
EMI – Electronic Money Institution License is the most complete license for transactions with electronic money.
The holder of this license has every right to open e-wallets and issue e-money. Many companies obtain this type of license in order to provide their clients with the services of opening a current account, conversion and money transfers. The minimum authorized capital of such an institution is EUR 350,000.
PSP – Payment Services Provider License allows you to process online payments. Basically, such a license is obtained by processing companies. The minimum authorized capital of such an institution ranges from EUR 20,000 to EUR 125,000, depending on the chosen type of activity.
Despite the fact that almost every European jurisdiction can obtain EMI / PSP licenses or their local equivalents, there are certain leading jurisdictions in which a favorable environment has developed for financial technology projects.
It should be noted that PSP license is more popular than EMI license due to lower requirements.
Since Legarithm offers its customers only proven solutions, we often recommend that Customers obtain an EMI license in Lithuania. An additional advantage to obtaining an EMI license in Lithuania will be the ability to work in all EU countries, without obtaining licenses in each EU member state (thanks to certification) and direct access to SEPA through Centrolink (euro payment zone).
EMI licenses will be of interest to companies that will provide e-wallet services, because companies with such a license can fully provide all banking services (except for issuing loans and keeping deposits).
The Legarithm team offers turnkey payment licenses, which includes a large range of works on preparation for obtaining a license, and on further support of the project.
We also offer obtaining small licenses that allow you to operate only within the country of licensing, EMD agent, as well as related services, such as finding partners for issuing payment cards to your customers.