Joompay partners with Visa for pan-Europe payment solutions
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 ), of which 48% was made up by cards.
Capitalising on cards’ popularity
Seemingly in recognition of this information, Joompay’s partnership with 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.”
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG