digital finance and payment solutions for businesses UAB "PAYRNET" was an electronic money institution focused on digital finance and payment solutions for businesses, offering banking as a service, cards as a service, credit as a service to institutional, business customers. In 2022 UAB "PAYRNET" total safeguarded customer funds were 208.57 mln EUR and revenue was 6.35 mln EUR. In February 2023, the Bank of Lithuania restricted the activities of UAB PAYRNET, and in March 2023 appointed a temporary representative for the supervision of the activities of this institution. In June 2023, the Bank of Lithuania revoked the licence of the electronic money institution UAB PAYRNET for serious, systematic and multiple violations of legal acts.
Accounts offered by "PAYRNET" as a part of BaaS are multi-currency accounts, allowing account holders to keep their funds in 2 currencies, namely:
EUR (Euro)
GBP (Pound sterling)"PAYRNET" offers issuance of the following card types:
Reseller Agreement. A private reseller agreement is signed between "PAYRNET" and the company.
Agent License. A private reseller agreement is signed between "PAYRNET" and the company. "PAYRNET" assists the company in obtaining Electronic money institution intermediary license from the Bank of Lithuania.
"PAYRNET" is neither registered with the Financial Crime Investigation Service (FCIS) as a virtual asset services provider, nor offers any crypto assets services.
The FCIS is responsible for supervision of the activities of Virtual currency exchange operators and (or) Depository virtual currency wallet operators related to the prevention of money laundering and/or terrorist financing.
UAB "PAYRNET" is not registered with the FCIS as a virtual asset services provider.
"PAYRNET" do not offer crypto assets services.
| thn EUR | 2021 | 2022 | change (%) |
|---|---|---|---|
| Customer Funds | 265,102.00 | 208,566.00 | -21.33% |
| Total Equity | 5,819.00 | 7,628.00 | +31.09% |
| Revenue | 4,752.00 | 6,352.00 | +33.67% |
According to the Electronic Money Directive of the European Union, an electronic money institution must safeguard customer funds in a separate account in a credit institution or invested in secure, liquid low-risk assets. "PAYRNET" keeps its customer funds as follows:
| thn EUR | 2022 | share (%) |
|---|---|---|
| Customer Funds In Central Banks | 144,998.00 | 78.56% |
| Customer Funds In Credit Institutions | 39,562.00 | 21.44% |
| Customer Funds In Low-Risk Liquid Assets | 0.00 | 0.00% |
According to the Electronic Money Directive of the European Union, an electronic money institution must maintain a certain level of own funds which is calculated as a maximum of the initial capital required and 2.00 % of its customer's funds. "PAYRNET" own funds adequacy calculation is shown below:
| thn EUR | |
|---|---|
| Initial Capital Requirement | 350.00 |
| Customer Funds | 208,566.00 |
| Customer Funds Requirement (2%) | 4,171.32 |
| Own Funds Requirement | 4,171.32 |
| Own Funds | 7,628.00 |
| Rank | Name | Market % | Customer Funds |
|---|---|---|---|
| 1 (+1) |  "Paysera LT", UAB | 26.99 % | 494.95 mln EUR (+30.84%) |
| 2 (+1) | UAB "PAYRNET" | 11.37 % | 208.57 mln EUR (-21.33%) |
| 3 (+1) |  UAB "ConnectPay" | 7.26 % | 133.08 mln EUR (-49.05%) |
Lithuania
UAB "PAYRNET" is authorized by the Bank of Lithuania as a e-money institution (authorization number LB001994) for issuance of electronic money, distribution and redemption of electronic money, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments or acquiring payment transactions; the authorization was granted on 28 August 2020 and revoked on 19 June 2023.
UAB "PAYRNET" is not a bank, it can't collect deposits from public or loan out its clients’ money. Hence, it does not have to participate in deposit guarantee schemes. However, "PAYRNET" is required to safeguard its customers’ money.
Due to EEA passport rules UAB "PAYRNET", can conduct its activities in any of the 30 EEA member states. UAB "PAYRNET" can provide its services toUK-based customers via PayrNet Limited (United Kingdom).
UAB "PAYRNET" is a SWIFT member and a SEPA (SCT, SCT Inst) scheme participant.
Žalgirio str. 135, 08217, Vilnius, LithuaniaEnglish
Chinese"PAYRNET" has profiles on the following social networks:
United Kingdom
United KingdomLithuania
United Kingdom
United Kingdom
Ireland
