Electronic Money and EMI license: what is that?

Electronic Money and EMI license: what is that?

Ms Africa June 8, 2024

Electronic money has become an integral part of our lives. We use them to shop online, pay bills, and even send money to friends and family.

Electronic money is the digital equivalent of cash that is stored on electronic devices such as bank cards, mobile phones or computers. They allow you to carry out financial transactions quickly and conveniently, without the need to use cash. For example, you can pay for a purchase in a store by simply attaching your smartphone to the terminal, or transfer money to a friend without leaving home. Electronic money simplifies many financial processes, making them faster and more accessible.

EMI License: what is it and why is it needed?

When it comes to the security and regulation of electronic money, an important place is occupied by the EMI license. EMI stands for Electronic Money Institution, which means “Electronic Money Institution” in Russian. The EMI license allows companies to issue electronic money and provide payment services. To obtain an EMI license, a company must meet the strict requirements set by regulators.

These requirements include sufficient capital, a sound risk management system, and compliance with anti-money laundering and terrorist financing measures. The EMI license ensures that the company operates in accordance with the law and protects the interests of its customers. For example, if a company has an emi license, it means that your money will be protected from fraud and other financial risks, as the company is required to comply with strict security standards.

Advantages and disadvantages of electronic money

Electronic money has many advantages. They are easy to use, save time and money, and ensure the security of transactions. With the help of electronic money, you can easily and quickly pay for goods and services, transfer money between accounts and monitor your expenses.

For example, you can set up automatic utility payments, which will save you from having to manually pay bills every month. Electronic money can also help you manage your personal finances by providing convenient tools for analyzing and planning expenses.

However, electronic money has its drawbacks. Firstly, they depend on technology and the Internet, which can create certain inconveniences in case of technical failures. For example, if you do not have Internet access, you will not be able to use your electronic money. Secondly, the use of electronic money requires knowledge and skills, which may be difficult for some users, especially for the elderly or those who are not used to modern technologies.

How to choose a reliable e-money provider

When choosing an e-money provider, it is important to consider several factors:

  • Make sure that the company has an EMI license. This is a guarantee that the provider complies with all necessary requirements and ensures the security of your funds.
  • Pay attention to the reputation of the company. Check out the reviews of other users, find out about the timing of the company’s work in the market and its financial stability. A reliable provider should have positive feedback and a long history of successful work. For example, if a company has been operating in the market for several years and has a lot of positive feedback, this is a good sign.
  • Pay attention to the services and rates provided. Some providers may offer more favorable terms than others, so it is important to compare different offers and choose the most suitable one for you. For example, a provider may offer low transfer fees or additional bonuses for using their services.


Electronic money and the EMI license play an important role in the modern financial system. They provide convenience, security and reliability of transactions, which makes them indispensable in everyday life. Electronic money helps to speed up and simplify financial transactions, making them accessible to everyone.