JoomPay Europe S.A. is launching a person-to-person payment app throughout Europe that it says will give consumers an instant money transfer tool similar to what U.S. residents have in Venmo, Square Cash and Zelle.
The Luxembourg-based social finance app provider has obtained a Luxembourg Electronic Money Institution license to serve clients throughout Europe.
JoomPay will enable consumers to send and receive money, even to those who do not use JoomPay, through an email address or phone number. JoomPay connects to any existing debit or credit card, or bank account to initiate and complete money transfers in seconds.
JoomPay also provides its users a European IBAN and an optional free JoomPay card with cashback features and other rewards.
"Since COVID-19 started, we've seen a significant decline in cash usage," Yuri Alekseev, CEO and co-founder of JoomPay, said in a Tuesday press release. "The whole world goes online and we consider this an opportunity for further development."
A public beta version of JoomPay is available to download for iOS and Android. The company says more than 15,000 clients are using the app, and a new version under its own license will be available to the general public later this winter.
Before the creation of JoomPay, the shopping app Joom had more than 150 million downloads across Europe. Joom provides users access to online marketplaces with comparison shopping tools and various discounts. It allows users to choose various payment methods, from cards, to PayPal or Apple Pay, when checking out.
