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Google Granted Electronic Money License by Lithuanian Central Bank

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Google has been granted an electronic money institution license by the Board of the Bank of Lithuania. The license, granted to Google Payment Lithuania UAB, allows the tech company to issue and redeem electronic money, as well as provide payment services. Google Payment Lithuania UAB is part of Alphabet Inc. (Google’s parent company). Having secured an electronic money institution licence, the company will be able to issue electronic money and provide payment services to ensure smooth operation of its marketplaces across Europe, alongside working on other payment services for consumers within the European Economic Area, including Lithuania. The Lithuanian FinTech cluster now includes more than 100 licensed companies, the majority of which are engaged in activities related to payments, electronic money issuance as well as P2P lending and crowdfunding platforms.