JoomPay Gets Luxembourg E-money License To Enable Europe To Send Money Instantly, Easily And For Free

en

JoomPay Europe S.A., a company incorporated in Luxembourg, new LHoFT Member, and developing a social finance app aimed to enable seamless, secure, and lightning-fast money transfers across Europe, has obtained Luxembourg Electronic Money Institution (EMI) license. With this license, the company will be able to serve European clients, empowering people to send and receive money with anyone: instantly, easily, and for free.

 

<< Back
24/11/2020 |
  • JoomPay Visual(002)

Europe leads instant payments evolution with $18 trillion in worldwide volume predicted by 2025 up from $3 trillion in 2020 – a growth of over 500%. West Europe is driving innovation and will account for 38% of instant payment transaction value by 2025. Europe lacks simple peer-to-peer payment solutions such as Venmo or Square Cash App in the US. People have to exchange cash which isn’t an option for online purchases, use slower and cumbersome bank transfers where they have to learn people’s IBAN numbers or utilize cross-border money transfer services that focus on large-value transactions and charge at least a few percentage points.

Joom, one of the fastest-growing shopping applications in Europe with 150M downloads across the region, developed JoomPay to solve this problem. The app allows users to send and receive money from any person, regardless of whether they use JoomPay or not – and you only need to know their email or phone number. JoomPay connects to any existing debit/credit card or your bank account and provides seamless, secure, and lightning-fast money transfers. JoomPay also provides its users with a European IBAN and an optional free JoomPay card with exceptional cashback and bonuses.

“Since COVID-19 started, we’ve seen a significant decline in cash usage. People can’t meet as easily as before but still need to send money, and we offer a viable alternative”, Yuri Alekseev, CEO, and co-founder of JoomPay, says. “The whole world goes online and we consider this as an opportunity for further development”.

Payment statistics published by the ECB show that nearly 142 billion non-cash payments were made in the European Union in 2018, equaling an annual growth rate of 7.5% over the past five years and that trend is projected to continue.

JoomPay public beta version is available for download in the App Store and Play Store — it already has more than 15,000 clients. The company will release the new version of the app under its own license to the general public later this winter, planning to continue improving the app and add new features in the near future.

Back to top  | << Back

Communiqués liés

EFA Press release (Feburary 2020)-1
21/01/2021

EFA soutient l'initiative Global Compact des Nations-Unies

EFA est fière d'annoncer qu'elle a rejoint l'initiative Global Compact des Nati...

EFA
Apex-Vikita-Patel
21/01/2021 Personnalités

Apex Group appoints two to Executive Committee

Apex Group Ltd. (“Apex” or “The Group”), a global financial services pro...

Apex
Luxair

Luxair étoffe son offre de destinations

Dubaï, Belgrade, Rostock et la Scandinavie s’ajoutent au programme de vols de...

Luxair
Odgers
20/01/2021 Personnalités

Odgers Berndtson Luxembourg célèbre 3 ans et lance son Pra...

Installé au Luxembourg depuis mars 2018, Odgers Berndtson Executive Search pour...

Odgers Berndtson
BIL FSkoglund
19/01/2021

2021 : perspectives d'investissement de la BIL

Dans « Quelle époque ! », les experts en investissement de la Banque Inter...

BIL
dla piper rgb
19/01/2021

EUR272.5 million in fines imposed by European regulators und...

Double digit growth for breach notifications for the second year running with 12...

DLA Piper

Il n'y a aucun résultat pour votre recherche

We use cookies to ensure the best experience on our website. By accepting you agree the use of cookies. OK Learn more