Money transfer apps have significantly evolved in the past few years, with numerous of them offering the ability to send money across the world using different currencies.
While banks were too slow to embrace the internet, several third-party apps took the chance to make transferring money between people easy and painless. According to a report, Europe leads instant payments evolution with $18T (approx €15T) in worldwide volume predicted by 2025 up from $3T (approx €2.5T) in 2020 – a growth of over 500%.
There are more than 50 peer-to-peer payments solutions currently co-existing in the Single Euro Payments Area (SEPA), and all of them lack pan-European interoperability. In this case, 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 IBANs, or utilise cross-border money transfer services that focus on large-value transactions and charge at least a few percentage points.
Based out of Luxembourg, JoomPay is one of the notable money transfer platforms in Europe trying to tackle the cumbersome process.
Obtained EMI licence
Recently, the company announced that it has obtained the Luxembourg Electronic Money Institution (EMI) licence. With this license, the company will be able to serve European clients, enable people to send and receive money with anyone, instantly, and free of charge.
“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”.
Spin-off of Joom
JoomPay, a spin-off of Joom (a leading shopping application in Europe), allows users to send and receive money from any person, regardless of whether they use JoomPay or not. All you need is either their email or phone number.
JoomPay connects to any existing debit/credit card or the user’s bank account and provides fast money transfers. It also provides its users with a European IBAN and an optional free JoomPay card with exceptional cashback and bonuses, claims the platform.
As of now, JoomPay public beta version is available for download in the App Store and Play Store with more than 15,000 clients already. The company says it will release the new version of the app under its license to the general public later this winter.
Main image credits: Joom
