Travel Union, the travel-related digital banking platform that provides a direct channel of communication and settlement between holidaymakers and tourism industry companies, has been granted an Electronic Money Institution (EMI) license by the Bank of Lithuania.
The license allows Travel Union to issue electronic money, such as prepaid cards or electronic wallets, perform money remittances, payment transactions, provide cash deposit and withdrawal services, currencies exchange, and perform direct debit or credit transfers for customers across the European Union (EU).
Raman Korneu, Travel Union’s CEO, says, “The EMI license enables Travel Union to go live as a digital banking platform and deliver all regular banking services with below-market fees and instant settlements to companies within the tourism industry.
“The outstanding benefit that Travel Union provides is to act as a new distribution channel for a dedicated customer market segment – individual customers of Travel Union who have a proven interest in taking advantage of travel promotions.
“In a post-COVID era, travel companies will get back on their feet faster by offering last-minute deals for #TIME loyalty points. They can provide significant incentives in #TIME and offer additional services to a tourism-hungry audience.”
Travel Union’s retail customers also benefit from a beautifully designed and simple to use mobile banking app that offers a wide range of banking functionalities. They are awarded cashback in non-burning #TIME loyalty programme points on purchases of travel items and services, such as flights, hotels, entertainment and shopping, which are exclusive and not available to non-clients.
Travel Union’s digital banking app has one of the fastest customer onboarding procedures in the financial services industry and is available to download on Android and iOS.