US internet giant Google, which has obtained an e-money license in Lithuania but is not offering payment services in the country yet, is relocating payment services from Britain to Ireland amid uncertainty due to Brexit.
Google has informed its customers that starting April 4, payment services will be offered by Google Ireland Limited instead of UK-based Google Payment Limited.
Google says the move is aimed at ensuring the consistency of services as British companies are set to lose access to the EU market if the United Kingdom withdraws from the bloc without a deal.
The Lithuanian central bank granted the electronic money institution license to Google Payment Lithuania last December, authorizing the company to issue and redeem electronic money and provide payment services.
The Bank of Lithuania told that while the term of the license is indefinite, the central bank has the right to cancel it in a year’s time if the company carries out no activity.
Founded last October, Google Payment Lithuania is part of the Alphabet Inc. group, which includes Google. The Lithuanian company’s stock capital was increased from 2,500 euros to 2.368 mln euros last December.