Wish has been granted a Payments Services License by the Dutch Central Bank, paving the way for the e-commerce giant to process all EU payments on its platform.
The license will enable Wish to process transactions and increase control over the payments value chain in a compliant manner, while also reducing reliance on third parties.
Wish will initially use the license to pay its EU merchants directly but will explore other payment services in the future.
Ward Homminga, regional GM, CLBV, says the move not only will "deliver cost savings as we eventually maintain control over our payments processes, but it will also provide a framework to explore opportunities in the payment services space".