e-money institutions

E-money institutions are financial entities that issue electronic money, which is a digital representation of currency. They allow people and businesses to store, transfer, and manage funds electronically, typically through mobile apps or online platforms. Unlike traditional banks, e-money institutions focus on facilitating digital transactions rather than holding deposits. They are regulated by financial authorities to ensure safety and compliance, helping users send money, make purchases, and pay bills easily and securely, often with lower fees and faster processing times than traditional banking methods.