Electronic Money Institution
An Electronic Money Institution is often confused with a bank. This article will discuss what an Electronic Money Institution is, its difference from a bank, and how it generally works.
What is an Electronic Money Institution?
An Electronic Money Institution is an establishment that supplies a financial product, which in this case, is electronic money. It is a financial institution licensed and authorized to issue electronic money. EMI only stores electronic money
via a device.
What is E-Money?
Electronic money is defined as the monetary value stored in a technical device. This money stored and read by devices is used to pay for services and products. The device serves as the instrument. There is no need for the involvement of a...