Fintech firm Pay10’s European entity, Pay10 EU, has received an Electronic Money Institution (EMI) licence from the National Bank of Hungary (Magyar Nemzeti Bank, MNB).
The approval marks the company’s entry into the European Union and places Pay10 EU Kft among Hungary’s three EMI licence holders, according to a press release published by Zawya.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The licence enables Pay10 EU to launch regulated electronic money and payment services in Hungary. The company is also preparing a full rollout for both consumers and businesses following the central bank’s decision.
For consumers, the Pay10 App will offer a digital wallet that allows users to hold and manage funds, make online and in-store payments, and use “Scan & Pay” features. The app will also support domestic and international transfers and provide access to day-to-day financial services through a single platform.
Pay10 will also introduce the Pay10 Biz App for merchants and SMEs in Hungary. The service will focus on payment acceptance, instant settlements, and reconciliation. The company also plans to offer in-store payment options through Pay10 Dynamic QR machines, alongside payment gateway services and other financial tools.
In a LinkedIn post, Pay10 described receiving the EMI licence as a “major milestone”.
The company said: “This licence is more than a regulatory approval. It represents Pay10’s long-term commitment to investing in Hungary and the rest of the EU, supporting innovation, and delivering secure, seamless, and future-ready payment solutions for businesses and consumers.
“We extend our sincere gratitude to the National Bank of Hungary (MNB) for its confidence, guidance, and collaboration throughout the licensing process.”
Pay10 currently operates under ten regulatory licences across India, the United Arab Emirates (UAE), Bahrain, Morocco, and Hungary. The company is also pursuing additional growth initiatives in Egypt, the GCC, and Europe.
Pay10 founder and chairman Prabhpreet Singh Gill (Harry Gill) said: “The approval of our EMI licence in Hungary is a transformative milestone for Pay10 and a significant step in our global vision to deliver interoperable, real-time, and cost-efficient alternative payment methods (APM).
“It also advances our long-term strategy of building one of the world’s most connected regulated payments networks.”
Pay10 is owned by Eastern Fortune Investments (EFI).
