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.
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.