Sunday, May 19, 2024

    Google gets EU E-money licence under PSD2

    Google has been awarded an EU e-money licence in the Republic of Ireland, meaning that the US search giant can now offer payment and finance solutions to consumers and businesses across the EU.

    The European Central Bank (ECB) granted authorisation to Google Payment Ireland under the second Payment Services Directive (PSD2) regulation on Christmas Eve. With the licence the company will be able to issue and acquire payments across the European Union under passporting rights.

    The move comes two years after Facebook obtained an e-money licence from the Central Bank. It also follows on from the granting of a full e-money licence to Google from the Bank of Lithuania late last month, which allows it to issue and redeem electronic money, as well as provide payment services.

    Google currently offers limited payment services with its Google Pay digital wallet. These two new licences enable it to expand on this significantly.

    “We are constantly working to support our customers in Europe. We have applied for a payment licence in Ireland as part of these efforts, in addition to ongoing discussions relating to projects all around Europe,” said a spokeswoman for Google.

    More as we get it.

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