Payments and e-money licensing in Lithuania
Lithuania now position itself as an alternative choice for those considering entry to the European market, diversifying the risk of accessing the single market after BREXIT.
Facts&Figures about payments license in Lithuania
A company holding payments license, is entitled to provide any or all payment services identified in Annex 1 of PSD I.
Two types of the payments license are available:
(i) restricted scope: valid only in Lithuania and the average monthly volume of the payment transactions shall not exceed EUR 3 million within the last 12 months;
(ii) full scope: a company holding a full scope payments license may provide payment services across the EEA (no volume limits apply) under the freedom of establishment or freedom of services.
The minimum required equity capital for the full scope payment institution varies from EUR 20 thousand to EUR 125 thousand (depending on the payment services to be offered).
Facts&Figures about e-money license in Lithuania
A company holding e-money license is entitled to issue, circulate and redeem e-money as well as to provide any or all of the payment services identified in Annex 1 of PSD I.
Two types of the e-money license are available:
(i) restricted scope: valid only in Lithuania and the average monthly amount of the unpaid e-money shall not exceed EUR 900 thousand within the last 6 months;
(ii) full scope license. A company holding a full scope emoney license may provide services across the EEA (no volume limits apply) executing freedom of establishment or freedom of services.
The minimum required equity capital for the full scope e-money institution is not less than EUR 350 thousand.
Payments licencing and e-money licensing procedures include, amongst others, assessment of the institutions’ shareholders (applicable for the full scope licence only), requirement to prepare business plan and program of activities, requirement to have appropriate management, internal organisation, processes, risk management and internal control procedures to ensure sound and prudent activities of the payment or e-money institution.