Payment Institutions (PIs) and Electronic Money Institutions (EMIs) are two main types of financial institutions obliged to be in compliance with both shared and different regulations. EMIs need extra compliances due to their ability to issue e-money.
Every region, or country, has different regulations for payment services and electronic money. For instance; in EU, both PIs and EMIs need to comply with PSD2, while EMIs need extra compliance with E-Money Directive. The initial capital requirement for a PI is EUR 20,000 while for an EMI it is EUR 350 000. Also, many regulation bodies offer a license upgrade from PI to EMI as well.