An electronic money institution is a market participant licensed by the Bank of Lithuania, which has the right to issue electronic money. Electronic money is pre-paid monetary value issued into circulation by an electronic money institution, held on electronic devices, which can be used for payment purposes. An electronic money institution may also perform money remittances, payment transactions, provide cash deposit and withdrawal services, perform direct debit or credit transfers, etc.
An electronic money institution may hold a licence for restricted activity; management of such an institution is subject to less stringent requirements, no own funds or shareholder eligibility requirements are applicable; however, it is subject to restrictions on average outstanding electronic money and/or on the turnover of payment transactions; such an institution may only operate in Lithuania.
An electronic money institution holding a licence for unrestricted activity may operate across the EU; it is subject to own funds requirements.
