The only way to choose which are the best electronic money institutions in Europe is to go by reputation, since official grading by a central authority is not available yet. Our own simple rule is to start with the age of the EMI, on the basis that this is a good indicator of sound business practice and market expertise.
How do electronic money institutions work?
Electronic Money Institutions are companies that are licensed to provide financial services to customers. EMIs are a new alternative to traditional banks that generally allow opening customer accounts faster, with less documentation and validations and without the need for a physical visit to the offices. Customers can get an IBAN account and also sub-accounts with just a few steps, and this enables them to send and receive payments, conduct business transactions and sell services or goods and receive payment electronically. For example, PayPal, Apple Pay, Google Pay are all EMIs.
To summarize, electronic money institutions have become a significant force in the conduct of business all over the world, and Europe has been leading the way. There are already more than 400 registered EMIs operating, and more are being established all the time.
Click here to add your own text