Cobalt has advised UAB Bite Lietuva, one of the largest mobile operators in Lithuania, on its application for and receipt of a limited-purpose license to operate as an electronic money institution.
The licence issued to the Bite Lietuva by the Board of the Bank of Lithuania authorizes it to carry out activities related to issuance of electronic money and provision of payment services, and, according to Cobalt, "will enable the company to offer services to private and corporate customers allowing for the safe transfer of money in just a few seconds knowing only the recipient’s phone number." Bite Lietuva will invite customers to create their own accounts and use the instant payment system to transfer money to other individuals or to pay for online purchases of goods or services.
In providing instant payment services UAB Bite Lietuva will join the National Payments Strategy infrastructure development project implemented by the Bank of Lithuania. It is expected that this step will help to reduce the use of cash, promote competition in the payment services market, and expand and improve modern payment options. According to Cobalt, "it is foreseen that other major players on the market for telecommunications services will also join the project."
The Cobalt team advising Bite Lietuva was led by Partner Akvile Bosaite, supported by Associate Monika Kriunaite.