JoomPay Europe S.A., a company incorporated in Luxembourg and a new member of the Luxembourg House of Financial Technology (LHoFT), has obtained its Luxembourg Electronic Money Institution (EMI) licence.
The company has been developing a social finance app aimed at enabling seamless, secure and fast money transfers across Europe. With the EMI licence, it will now be able to serve European clients, enabling customers to send and receive money with anyone instantly, easily and free of charge.
Joom, one of the fastest-growing shopping applications in Europe, developed JoomPay to respond to growing demand for digital payment options. The app allows users to send and receive money to / from another individual, regardless of whether they use JoomPay or not; users need only know their email or phone number. JoomPay connects to any existing debit / credit card or bank account and provides its users with a European IBAN as well as an optional free JoomPay card with cashback and bonuses.
Yuri Alekseev, CEO and co-founder of JoomPay, commented: "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. The whole world goes online and we consider this as an opportunity for further development".
Payment statistics published by the European Central Bank (ECB) showed that nearly 142 billion non-cash payments were made in the European Union (EU) in 2018, equalling an annual growth rate of 7.5% over the past five years - a trend that is projected to continue.
JoomPay public beta version is available for download in the App Store and Play Store and already has more than 15,000 customers. The company will release the new version of the app under its own licence to the general public later this winter, planning to continue improving the app and adding new features in the near future.
