Joompay, a startup with an iOS and Android app similar to Venmo and TransferWise, has now launched in Europe after obtaining a Luxembourg Electronic Money Institution (EMI) license. The app allows people to send and receive money with anyone, instantly and for free. However, it enters a crowded market, competing with peer to peer payment features from the likes of Revolut, N26, Monese and Monzo. Joompay was started by the founders of Joom, an e-commerce marketplace.
Users just need to know an email or a phone number to send money to someone — or a custom paytag that does not reveal any personal details. They can jointly pay a bill, make purchases online and send money to someone in another country. It also allows users to create customizable payment pages, share their personal Joompay URL, collect money from customers and receive donations, not unlike PayPal.
"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 statement. "The increasing popularity of non-cash payments during the pandemic ensured us that now is an excellent opportunity for further development."
In December, Joompay became a Principal Member of the Visa card scheme, allowing it to issue its new Joompay cards across Europe.