Having secured the licence, SumUp EU Payments UAB intends to offer similar payment services as those already provided by SumUp Payments Limited – an electronic money institution which belongs to the SumUp Group and is licensed in the United Kingdom.
The SumUp Group offers a card reader app allowing mobile phones and tablets to be used as payment card terminals and to accept customer payments at minimal cost (as they would otherwise become unprofitable).
SumUp Holdings Luxembourg is the direct shareholder of SumUp EU Payments UAB, owing 100% of its shares.
According to the founders of Goopal Pay, UAB, the company’s main clients should initially be EU-based small and medium-sized enterprises established by Chinese entrepreneurs and related to the country’s market.
The company also intends to provide its services to Chinese students, immigrants and tourists. The direct shareholder of Goopal Pay, UAB is the Chinese payment solutions company China Binary Sale Technology Limited which is publicly listed on the Hong Kong Stock Exchange.