JoomPay gets e-money license

Social finance app JoomPay has obtained an electronic money license in Luxembourg. With this license, the app from Joom can serve customers across Europe, enabling them to send and receive money with anyone.

The instant payments market is growing fast. In Europe, the volume is worth over 2.5 trillion euros and is predicted to grow to more than 15 trillion euros by 2025. And it’s West Europe that’s driving innovation and will account for 38 percent of the instant payment transaction value within five years.

JoomPay is from online marketplace Joom

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

EMI license

And now JoomPay has obtained the Luxembourg Electronic Money Institution (EMI) license. According to CEO and co-founder Yuri Alekseev, this opportunity for further development comes in a time where the whole world goes online. “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.”

People can’t meet as easily as before but still need to send money.

142 billion non-cash payments in the EU

Data from the European Central Bank shows that nearly 142 billion non-cash payments were made in the European Union in 2018. This equals an annual growth rate of 7.5 percent over the last five years and it looks like this trend will continue.