Joompay, a social finance app aimed to enable seamless, secure, and lightning-fast money transfers across Europe, has officially partnered up with Visa. The move makes the company a Principal Member of the Visa card scheme, allowing it to issue its new Joompay cards across Europe.
All Joompay users will be able to receive an instantly issued contactless card that provides a variety of benefits, including free service without hidden fees, up to 10% cashback bonuses with partner brands, instant notifications and an extended range of security features. For example, you will control your card’s PIN directly in the app – as well as be able to lock and unlock the plastic card if it has been lost or stolen. Furthermore, Joompay provides market exchange rates with no applied markup for payments in foreign currencies. The card will soon support Apple Pay and Google Pay and users will be able to customize its design.
Cards are increasingly important in Europe: the total number of non-cash payments in the euro area increased by 8.1% to €162.1 trillion in 2019 compared with the previous year, and card payments accounted for 48%, according to the 2019 statistics by European Central Bank.
“Getting a Visa Principal Membership is a significant milestone in the development of the company,” Yuri Alekseev, CEO, and co-founder of Joompay, says. “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 is building one of the first pan-European peer-to-peer payments solution that allows people to send near-instant payments with minimal overhead. Joompay allows users to send and receive money from any person, regardless of whether they use Joompay or not. The only thing a user needs to operate with money is an email or a phone number.
The app makes opening an account in Europe more straightforward and safer than ever: the process takes less than five minutes. Joompay will also allow users to create beautiful and customizable payment pages to collect money from their customers and followers.
“We’re excited to work with innovative fintechs like Joompay” says 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.”