Shopping app Joom has obtained its electronic money institution (EMI) licence in Luxembourg as it prepares to launch in Europe.

Joom, which claims to have 150 million downloads across Europe, is planning to launch its instant cash transfer app dubbed ‘JoomPay’ in the region.

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The app enables users to send and receive money to and from any person, even though they are not using JoomPay.

They can make the transfers to any recipient using an email address or phone number.

JoomPay issues a European International Bank Account Number (IBAN) to its users.

It connects to any existing debit or credit card, or bank account to initiate and complete money transfers.

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The payment platform also comes with an optional payment card with cashback and bonuses.

Currently, a public beta version of the app is available for download in the App Store and Play Store.

So far, it has recorded 15,000 clients. Once the company receives its e-money licence, it will launch the new version of the app to general public, at the end of this year.

JoomPay CEO and co-founder Yuri Alekseev said that Joom intends to compete with similar platforms like Square Cash or Venmo in the US.

Alekseev said: “Since Covid-19 started, we have seen a significant decline in cash usage. People cannot meet as easily as before but still need to send money, and we offer a viable alternative.”

Earlier this month, London-based payments service provider (PSP) SumUp obtained its e-money licence from Irish financial watchdog, the Central Bank of Ireland.

Last month, UK fintech Modulr also received its e-money licence from the Central Bank of Ireland (CBI).