Joompay partners with Visa for pan-Europe payment solutions

By William Girling
Digital payments fintech Joompay has announced its attainment of Visa Principal Member Status, driving the rollout of its new cards across Europe...

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.

Share

Featured Articles

Interview: We asked a chatbot what it thought about chatbots

We interviewed ChatGPT, the text-based chatbot taking the internet by storm, about the future of artificial intelligence (AI) in banking and finance

The challenges of address data in cross-border payments

A truly global solution is critical to meeting cross-border needs at scale, writes Loqate, a leading developer of global address verification solutions

Top 10 fintech disruptions to watch out for in 2023

From new technologies to tough regulations for crypto, 2023 is already looking like a year of change for fintech.

PBF CEO, Morgan McKenney on blockchain, DeFi & tokenization

Crypto

UAE-based BNPL fintech Tabby secures $58mn in Series C round

Digital Payments

Why seamless cross-border payments transform transactions

Digital Payments