Google Obtains E-money License in European Union

Google Obtains E-money License in European Union

Yesterday, Google Payments obtained the right to provide financial services in the European Union, as reported in Bloomberg.

Lithuania’s central bank granted Google the license.

According to Google, the company is in “ongoing discussions relating to projects all around Europe” in the financial services space.

The license allows Google Payments to manage virtual wallets and process payments, among other rights.

The license grant comes relatively late. Amazon and Facebook both acquired comparable licenses years ago.

In the short term, Google will likely continue to focus on expanding the reach of Google Pay, the result of its decision to merge Android Pay with Google Wallet.

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Dominick DeJoy

Dominick DeJoy

Dominick DeJoy (@dominickdejoy) is the owner of Fintech Drift and a frequent contributor. With a history in finance and tech, he currently works at Preqin, previously was in commercial real estate investing, and was one of Bounce X’s (now Wunderkind’s) first employees.

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