JoomPay obtains e-money license

Tuesday 24 November 2020 13:12 CET | News

Social finance app JoomPay has obtained an electronic money license in Luxembourg.

According to Ecommerce News Europe, thanks to the license, the app from Joom can serve customers across Europe, allowing them to send and receive money with anyone.The move comes to support the growth of Europe-based instant payments market, as the volume is worth over 2.5 trillion euros and is predicted to grow to more than 15 trillion euros by 2025.

Furthermore, JoomPay comes from Joom, an online marketplace from Latvia, which developed its own social finance app. This mobile application allows users to send and receive money from others, regardless of whether they use the app or not, as users only need to know a person’s email address or phone number. 

Besides, JoomPay can be connected to any existing debit/credit card or bank account. The app also provides its users with a European IBAN and an optional JoomPay card.

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Keywords: JoomPay, social finance app, electronic money license, e-money, online payments, Europe, instant payments, marketplace, mobile payments
Categories: Payments & Commerce | Mobile Payments
Countries: Europe
This article is part of category

Payments & Commerce