JoomPay, a startup with a product similar to Venmo, owned by PayPayl in the United States, will be launched in Europe shortly after receiving a license from the Luxembourg Electronic Money Institution (EMI). The app allows people to send and receive money with anyone, instantly and for free. “Venmo
me ”has become a common phrase in the United States, where people use it to split bills in restaurants and the like. Venmo is commonly used in the United States, but is not available in Europe, although there are dozens of other innovative peer-to-peer transfer options for mobile devices, such as Revolut, N26, Monese and Monzo. The waiting list for the beta version of the application is now open (ios
Europe leads the global instant payments industry, with $ 18 trillion in global volume forecast for 2025 compared to $ 3 trillion in 2020, representing growth of over 500%. Western Europe and COVID-19 are now driving this innovation and will account for 38% of the value of instant payment transactions by 2025. While Europe lacks simple peer-to-peer payment solutions, as Venmo
Shopping app Joom, which has been downloaded 150 million times in Europe, was derived from JoomPay to address this issue. The app allows users to send and receive money from anyone, whether they use JoomPay or not, and you just need to know their email address or phone number. JoomPay connects to any existing debit / credit card or bank account. It also provides its users with a European IBAN and an optional free JoomPay card with cash back and bonus.
Yuri Alekseev, CEO and Co-Founder of JoomPay, said: “Since the launch of COVID-19, we have seen a significant decrease in the use of cash. People can’t get together as easily as they used to be, but they still have to send money and we have a viable alternative.
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JoomPay can have an uphill struggle. Its main competitors in Europe are TransferWise, Paysend and of course Pay Pal himself.