A relative newcomer on the scene, Joompay was founded in 2019 in Windhof, Luxembourg. The company aims to develop the increasingly popular P2P payments model with simple, fast and secure transactions across the entirety of Europe.
Also gaining momentum are card payments, particularly in the 12 months since the start of the global pandemic. In Europe alone, non-cash payments increased 8.1% to €162.1trn between 2018 and 2019 (according to stats from European Central Bank), of which 48% was made up by cards.
Capitalising on cards’ popularity
Seemingly in recognition of this information, Joompay’s partnership with Visa will enable it to ride the new wave in consumer payment preference. Gaining Visa Principal Membership is a core piece of the plan.
“Getting a Visa Principal Membership is a significant milestone in the development of the company,” said Yuri Alekseev, CEO and Co-Founder of Joompay. “This membership allows us to issue our own Visa cards to our customers and provide them with the ambition to offer the most convenient payment service in Europe”.
Joompay cards will offer users a “free service without hidden fees,” 10% cashback with select partner brands, a range of security features, and more. Regarding security, the company’s app will allow customers to control their card PIN directly and ‘lock’ its usage should it be stolen.
Currently available on both Google Play and Apple’s App Store, Joompay also states that market exchange rates will be applied for payments in foreign currencies at no additional markup.
Visa: Supporting fintech
Visa’s choice to support Joompay as it embarks on a mission to provide pan-European P2P payments is demonstrative of its ongoing commitment to developing fintech globally.
“We’re excited to work with innovative fintechs like Joompay,” stated Jana Lvova, Head of Fintech, Europe at Visa. “We believe by partnering with fintechs we can deliver the next generation of payment solutions to enable consumers, businesses and economies to thrive.”
Earlier in February, the company also certified UK-based Paymentology as meeting its security standards.
Source: Fintech Magazine
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