Six Pay S.A. plans to target merchant-processing opportunities in Eastern Europe as part of an effort to expand its operations, the Luxembourg-based payment-services company says.
Six Pay this week announced that the Commission de Surveillance du Secteur Financier, an agency that oversees financial services in Luxembourg, granted it a license to provide merchant transaction processing throughout the European Union. Since November, the EU’s Directive on Payment Services requires all financial entities operating in the region to have a license to do business in the European Union, a Six Pay spokesperson tells PaymentsSource.
Eastern Europe nations are favored because “the markets in these countries are expanding rapidly,” Six Pay says. The company also hopes to grow its business in Germany, Belgium, the Netherlands, Luxembourg and Italy.
Six Pay, a subsidiary of Six Group, a Switzerland-based financial company, began operations in July. Six Pay supports merchant acceptance for cards carrying the Visa, MasterCard, JCB, Diners Club and Discover brands. Six Pay would not reveal how many transactions its customers generate.
