Payments

Google Pay gets EU license to move further into payments

  • Joining Facebook and Amazon, Google gets an EU e-money license.
  • The tech firm will store and transfer customer funds electronically.
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Google Pay gets EU license to move further into payments
Google received a license permitting it to offer payment services across the E.U. Issued by Lithuania, the e-money license enables Google to process payments, issue e-money, and handle electronic money wallets. Moving from digital wallet to payment platform: Google Pay already stores credit card details. This new license allows Google to store and transfer customer funds electronically. Lithuania emerging as fintech hub:  After the UK (128), Lithuania has issued the most e-money licenses in Europe (39). Big tech firms continue to pursue payments: Both Facebook and Amazon have already received European e-money licenses. Google joins these tech firms and money transfer startups like Transferwise in competing to move money around for its clients on the continent. Image credit

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