EMIs (Electronic Money Institutions)

Electronic Money Institutions (EMIs) are companies that provide digital payment services and enable users to store and transfer money electronically. Unlike traditional banks, EMIs focus specifically on electronic transactions, issuing electronic money that can be used for online purchases, money transfers, and other digital financial services. They are regulated to ensure safety and security in handling users' funds, often offering features like prepaid cards and mobile wallets. EMIs play a crucial role in the growing digital economy by making financial services more accessible and convenient for individuals and businesses.