Joompay is a new P2P payment app designed to "provide seamless, secure, and lightning-fast money transfers across Europe." The EU-wide app supports both peer-to-peer and person-to-business payments, ensuring consumers can easily and efficiently get paid for work.
In light of the COVID-19 pandemic–which accelerated the global transformation of payments–the Joompay app solves the lack of peer-to-peer payments co-existing solutions. Now the majority of Europeans can transfer money to each other. The universal financial app nearly instant transfers and allows users to send money to anyone, regardless if they use Joompay or not. However, the app does not allow users to share their personal Joompay URL, create customizable payment pages, or receive donations.
"The app has been engineered to deliver a best-in-class and the first pan-European experience of peer-to-peer payment solutions," Yuri Alekseev, CEO and co-founder of Joompay, says. "The increasing popularity of non-cash payments during the pandemic ensured us that now is an excellent opportunity for further development"
Accessible P2P Money Transfers Apps
Joompay Unveiled a New EU-Wide P2P Payments App
Trend Themes
1. P2P Payment Apps - Joompay is leading the trend of P2P payment apps across Europe, providing an opportunity for other fintech companies to develop similar apps in other regions.
2. Seamless Money Transfers - The trend towards seamless and fast money transfers offers opportunities for innovative solutions in the mobile payments industry, tapping into the growing market for on-the-go financial services.
3. Transforming Payments - The COVID-19 pandemic has accelerated the transformation of payments, leading to innovative solutions like Joompay and presenting opportunities for further disruption in the industry.
Industry Implications
1. Fintech - The fintech industry is a key beneficiary of the trend towards P2P payment apps like Joompay, with opportunities for local and global expansion.
2. Mobile Payments - Joompay and other P2P payment apps are driving growth in the mobile payments industry, with room for disruption and innovation in the evolving market.
3. Non-cash Payments - As the pandemic continues to accelerate the shift towards non-cash payments globally, there are opportunities for industry players to develop new solutions for secure, efficient and seamless transactions.