PAYSTRAX, a European payment company, had set expanding its target market as one of its main goals. In pursuit of its primary objective to expand its target market, PAYSTRAX received a momentous update in May. We are thrilled to announce that we have been granted a Payment Institution Licence by the Financial Conduct Authority (FCA) in the United Kingdom. This milestone achievement enables PAYSTRAX to offer UK based merchants payment processing services. Expanded target market allows us grow and keep the UK as one of our key focuses. The licence also signifies PAYSTRAX commitment to regulatory compliance, customer protection, and its dedication to providing secure and efficient payment services in the UK.
PAYSTRAX Ltd is a subsidiary of PAYSTRAX AB, which operates in Europe (EEA) and has a Payment institutional licence from Bank of Lithuania. Furthermore, we are a principle member of both Mastercard and Visa.
Expanding target market
It is a great achievement for us as obtaining this license further validates PAYSTRAX’s unwavering commitment to offering innovative, secure, and seamless payment solutions to its customers and reinforcing its position as a trusted payment acquirer in the UK fintech landscape.
“We are excited to announce that we have acquired the Payment Institution License by the Financial Conduct Authority,” said PAYSTRAX’s CEO, Johannes I. Kolbeinsson “PAYSTRAX decided to pursue this license in order to be able to continue offering our innovative and efficient payment acquiring services to UK merchants.”
As a licensed Payment Institution, PAYSTRAX has the authority to provide a wide range of payment services in Europe and now in the UK, including acquiring services for Visa and Mastercard in retail stores and online. This expansion into the UK’s market will enable us to meet the evolving needs of diverse businesses, while complying to the strict regulatory requirements.
Future perspectives
This accomplishment comes at a pivotal moment for PAYSTRAX as it continues to experience rapid growth and expand its presence in the European fintech market. The Payment Institution License from the FCA for the UK market, in addition to the Payment Institution License from the Bank of Lithuania for the EEA market, provides a solid foundation for PAYSTRAX’s future endeavours and strengthens its competitive advantage amongst the biggest payment processors.
It’s a big step for PAYSTRAX’s growth and we hope to continue growing and expanding our customer base further!
