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Shopping app Joom secures e-money licence

Shopping app Joom secures e-money licence

European shopping marketplace Joom has secured an e-money licence in Luxembourg to propel the launch of a new Europe-wide isntant cash transfer app, JoomPay.

Joom, which claims 150 million downloads across Europe, says the JoomPay app allows users to send and receive money using just an e-mail address or phone number to any recipient, regardless of whether they use JoomPay or not.

JoomPay also provides users with a European Iban and an optional payment card with cashback and bonuses.

Yuri Alekseev, CEO and co-founder of JoomPay, says the company wants to emulate the success of Square Cash or Venmo in the United States.

"Since Covid-19 started, we’ve seen a significant decline in cash usage," he says. "People can’t meet as easily as before but still need to send money, and we offer a viable alternative."

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 licence to the general public later this winter.

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