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Google receives e-money license in Lithuania

Monday 24 December 2018 | 11:29 AM CET

Google has obtained e-money license in Lithuania, securing permission to offer financial services across the European Union.

The license, granted by the Bank of Lithuania, will enable Google to process payments, issue e-money, and handle electronic money wallets.

Currently, Google Pay allows customers to store card details in a digital wallet that is used to make purchases online or in an app. It also allows customers to use their mobile phones as payment devices in a store.

An e-money license allows a company to store and transfer customer funds electronically, but it does not allow it to offer full banking services, such as deposit accounts, loans or mortgages.

So far, Lithuania has granted a total of 39 e-money licenses, second in the EU only to the UK, with 128 licenses.

More: Link
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