The Bank of Lithuania grants the first licence of an electronic money institution
The Board of the Bank of Lithuania decided to grant the first licence of an electronic money institution entitling to engage in activities related with the issue of electronic money and the provision of payment services. Today such a licence was granted to EVP International, UAB.
After obtaining this licence, the Company is going to provide services to legal entities and individuals willing to buy or sell certain goods or services online via an electronic settlement system.
Customers of EVP International, UAB – individuals and legal entities – will be able to open personal accounts (Mokėjimai.lt accounts) on their behalf in the Company’s electronic system in a way to their convenience (using cash, internet banking, etc.), credit their accounts, make transfers of funds to Lithuanian and foreign banks, pay in various online shops, pay fees for services, and make transfers to the accounts of other users of Mokėjimai.lt. It is also scheduled to issue payment instruments to customers – debit cards or this account-related loyalty cards, which will be used to settle for goods and services; loyal customers are to be offered the credit line service. Customers will be able to effect payments via ultimate communication devices (mobile phones), etc.
“The issuance of the licence means the emergence of a new player in the payments market”, Vilija Petronienė, Head of the Licensing Division of the Prudential Supervision Department at the Bank of Lithuania, said. According to her, a greater diversity of payment instruments for the customer means more possibilities for choosing a payment method more favourable – more convenient or cheaper – namely to him.