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Wish Granted Payment Institution License for the EU

Thursday 8 July 2021 14:31 CET | News

Netherlands-based ContextLogic, who operates the marketplace Wish, has announced it has been granted a Payment Services License by the Dutch Central Bank.

The new Payment Services License will enable Wish to process transactions and increase control over the payments value chain in a compliant manner, while also reducing reliance on third parties. In addition to the Netherlands, the license will be passported to the other European markets where Wish operates. Wish will initially utilise the license to pay its EU merchants directly and will explore other payment services in the future. The license will not have an impact on consumers in Europe.

The provision of payment services is subject to the European PSD2 as implemented in the European countries in which ContextLogic operates. In view of such implementation, ContextLogic applied for a license to act as a payment institution. As a payments institution, ContextLogic is now under the supervision of DNB and, as such, is required to comply with rules applicable to payment institutions.


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Keywords: online payments, ecommerce, marketplace, PSD2
Categories: Payments & Commerce
Companies:
Countries: Europe
This article is part of category

Payments & Commerce






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