Joompay launches a social finance app aimed to provide seamless, secure, and lightning-fast money transfers across Europe.
The app supports P2P and will support person-to-business payments, allowing users across Europe to send and receive money from anyone as well as get paid for their job in a fast, safe and convenient way. Joompay was started by the people behind Joom, one of the fastest growing ecommerce marketplaces in Europe with over 300 million downloads.
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The global pandemic and world lockdown accelerated the global transformation of payments, challenged incumbent providers and reshaped payment methods. This has reinforced existing problems in Europe, where, despite more than 50 peer-to-peer payments co-existing solutions, there is still no cross-European compatibility between them. To transfer money to each other, the majority of Europeans still use cash, cumbersome bank transfers, or money transfer services that aren’t fit for that. Europeans clearly aren’t satisfied with the existing apps and their lock-in, as the total number of non-cash payments is constantly increasing over the years — in 2019, for reference, this number increased by 8.1% to 98.0 billion. However, there is no single service that can meet all the needs of the clients.Created to solve this problem, Joompay is the first financial app that blurs the financial boundaries between European countries and offers an universal service to solve existing problems related to payments, transfers, etc. Joompay is a secure and easy-to-use app that provides instant transfers in less than 10 seconds. With the recently obtained Luxembourg Electronic Money Institution (EMI) license, the app allows its users to send and receive money from any person, regardless of whether they use Joompay or not. The user would only need to know an email, a phone number to send money to someone — or a just a custom paytag that wouldn’t give away any personal details.
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With Joompay people can pay a share of a joint bill, make purchases on the Internet and send money to a relative in another country. The app will allow its users to create customizable payment pages, share their personal Joompay URL and collect money from their customers, receiving donations or charging funds for products and services.
In January Joompay became a Principal Member of the Visa card scheme, allowing it to issue its new Joompay cards across Europe. In addition to being able to connect their Joompay account to all major European card networks, users can also receive an instantly issued contactless Joompay card. This card provides a variety of benefits, including free service without hidden fees, up to 10% cash back bonuses with partner brands, instant notifications and extended range of security features.
”The app has been engineered to deliver a best-in-class and the first pan-European experience of peer-to-peer payment solutions,” Yuri Alekseev, CEO and co-founder of Joompay, says. “The increasing popularity of non-cash payments during the pandemic ensured us that now is an excellent opportunity for further development”
Joompay is already available in Luxembourg and will be live in all countries of the European Union in following weeks. Later Joompay will introduce Pro accounts that will provide a variety of additional features, including extended functionale for professional sellers, sole traders and small businesses
