As Bloomberg report, Alphabet, the company behind Google, obtained a European license to use electronic money just before the Christmas break. This license is a kind of e-money license and valid throughout the European Union.
As Bloomberg further report, the Google Payments division of Lithuania has been granted an e-money license to operate financial services throughout the European Union. In the last three months, the Baltic Central Bank has granted 39 similar permits.
This payment license allows Google to process payments, issue e-money and manage virtual wallets, including electronic storage and transfer of client funds. The company confirmed the application to Bloomberg and found that it had “ongoing processes and projects across Europe”.
Google is one of the last technology giants to gain approval in Europe, as everyone is expanding on financial services. Facebook received approval in 2016, while Amazon has a similar one.
Currently, Google’s financial efforts are focused on Google Pay. The company announced a merger of Google Wallet and Android Pay in January, with the Unified Payment solution adding more features later in the year. In addition to NFC payments and P2P transfers, integration with messages also supports transit, boarding passes, and movie tickets.
Another big step in August was the renaming of Tez for India and Southeast Asia in Google Pay for a truly unified offering by the company. Google also makes efforts to simplify the integration of Pay in third-party apps and services.
Author: Marko Vidrih
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