Stockholm-based Seamless has been granted authorization by Sweden’s financial supervisory authority, Finansinspektionen, to issue real-time electronic money.
This means that SEQR users can send and receive money, worldwide, in real time. Under the terms of the authorization, SEQR can also be used by minors. Money received can be accessed instantly to make payments anywhere in the world where NFC (contactless) payments are accepted. This service will be available to all SEQR users after the launch.
Usage of this type of account – known as prepaid account – is extremely widespread internationally and growing.
Seamless says authorization to issue electronic money is strategically important since it further broadens SEQR’s sphere of application and user audiences. This authorization allows SEQR users to send each other money in real time, independent of banks and regardless of where they are in the world.
Seamless will be able to offer electronic money-related services within the entire EU/EEA region under the terms of the authorization. The company has notified Finansinspektionen that operations involving the transfer of e-money will begin in all twelve European countries where the company currently offers its payment solutions.
Seamless handles more than 3.7 billion transactions annually through 575,000 active sales outlets.
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