Google Gets E-Money License In Lithuania
|image : Google|
Google Payment, a subsidiary of Alphabet Inc has gotten an e-money license in Lithuania that’ll enable it process payments, issue e-money and provide electronic wallet services across the European Union. This marks the 39th e-money license issued by the country which is setting itself as a fast growing licensing jurisdiction in the European Union.
It’s the second largest e-money issuer in the EU leading behind the U.K. with 128 licenses issued so far. Just recently, payments unicorn Revolut obtained a banking license in the country to allow it offer more financial services like online lending and mortgages.
|Googlers in micro-kitchen
image : Google
E-money licenses allow for operation of digital payments services but not full banking services like deposit accounts, mortgages and loans.
Large tech companies like Google, Facebook and Amazon have expanded into financial services to boost business, Just recently, Facebook was revealed to be reportedly developing a cryptocurrency to be used for cash transfers on the WhatsApp messaging platform. If this stands true, Facebook will mark as the largest entrant into the consumer blockchain scene.