As we all know, money held on a smartphone, cash card, or online account can be used to make contactless payments with e-money. An Electronic Money Institution (EMI) is a financial institution that has been granted the ability to create and handle e-money on behalf of the customers.
We had a discussion with Israel Rosenthal, the CEO of MuchBetter, about the Electronic Money Institution. He had a few important things to tell us that we should know about the industry of e-wallets, pre-paid cards, contactless payment, and so on. So, let’s see what he said.
We first asked him to explain the benefits of using an EMI
IR: The biggest advantage of using an EMI is that it allows you to transmit and receive funds considerably more quickly and conveniently than more traditional methods. In comparison to banks, EMIs have reduced management fees, too, as they do not have the same capital obligations as banking institutions. As a result, EMIs can transfer the money to their customers with a decreased exchange cost.
Another advantage of choosing an EMI is that they are prohibited from lending cash or providing overdrafts. This ensures you’ll never have to fret about interest being levied on your bank account balance, so you can relax and keep on top of your spending.
Lastly, EMIs are prohibited from investing in stocks. This means that an e-money authorization would prevent an EMI from purchasing assets and bonds. Instead, an EMI is able to produce and retrieve e-money with the help of a permit. So as you can see, EMIs have several benefits over conventional banking.
MuchBetter is a member of the EMI and offers an e-wallet app that is both safe and convenient for clients all over the world. With the tap of a finger, you can make free transactions, quick deposits, and straightforward payments.
The next question we asked Israel was, how does anybody know to choose the right EMI for their requirements?
IR: Several considerations should be considered while selecting an EMI. To begin, double-check that the EMI is authorized by the Financial Conduct Authority (FCA). This is very important and ensures that your funds will be secure and safeguarded.
The second thing you should do is see if the EMI has a mobile app. You’ll be able to manage your finances while on the go, making your day-to-day life much easier.
Other considerations include checking if there are any commissions charged by the EMI; the fewer, the better. Also, make sure that the EMI offers support and has a dedicated customer services team in case you come across any problems or questions with your account. If not, your experience could become frustrating, and you might not get what you want out of the EMI. Lastly, browse online EMI ratings to see what other customers are saying about their experiences.
If you’re looking for an e-wallet you can trust, check out MuchBetter. It gives you all the benefits of a bank account without needing to create one! At incredibly low rates, you get a user-friendly interface, which is truly secure and simple to use.