JoomPay has launched a new P2P service for money transfers across Europe, operating as a socially focused spinoff of the Joom e-commerce marketplace.
Users across Europe will be able to send and receive money from anyone regardless of whether they have Joompay, and also receive payments from employers in a service that Joompay is positioning as a competitor to Venmo and Square Cash.
”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, said in a press release. “The increasing popularity of non-cash payments during the pandemic ensured us that now is an excellent opportunity for further development.”
Luxembourg-based Joompay has secured an electronic money transfer institute license in the country, where users need only a known e-mail address or phone number — or a custom-made paytag that does not reveal any personal details — to send funds.
Joompay users can split bill payments, make purchases on the internet or send money to a relative in another country. The app allows users to create their own payment pages, share their personal Joompay URL and collect money from their customers if operating a business. They can also receive donations during fundraising efforts.
Last month, Joompay became a principal member of the Visa card scheme, allowing it to issue Joompay cards across Europe. In addition, the company can connect a Joompay account to all major European card networks. Users can receive an instantly issued contactless Joompay card in all markets.
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 more functions for professional sellers, traders and small businesses.
