Travel payments provider Pax2pay scores UK EMI license

By Gloria Methri

Pax2pay, the B2B travel payments provider has secured its UK Electronic Money Institution (EMI) License from the Financial Conduct Authority. Securing this licence will enable Pax2pay to accelerate its expansion plans in the region, as well as broaden its product offering.

Pax2pay promises easier, faster, and safer payments for Online Travel Agents (OTAs) through its payments optimisation engine. It enables users to leverage single and multi-use virtual cards, alongside bank transfers to facilitate payments. With Pax2pay, Travel Businesses of all sizes can transform their payments from a cost centre to a revenue stream and turn their processes from resource-draining to efficient.

“This is a crucial milestone for Pax2pay,” said Päivö Eerola, CEO, Pax2pay. “As an EMI Licenced operator, our legal and regulatory framework will be bolstered by ensuring that we can continue to serve global businesses who depend on our safe and compliant financial services. We pride ourselves on bringing peace of mind to our customers – it’s why our platform is built to make payments easier, faster, and safer for our users. We’re thrilled to be able to take this next step as a business.”

He added, ‘We are very excited about the potential this licence unlocks for us – in particular the ability to expand and develop our product offering while continuing to support our customers with their growth plans.’

Founded in 2019, Pax2pay is an advanced digital payment solution that is easily integrated with any booking channel. Its digital funding accounts offer real-time 24/7 funding and are only affected when transactions authorise and settled. It eliminates the lengthy reconciliation of unused funds left on cards.