Google Receives Payment Institution Authorization From Ireland’s Central Bank

Google (NASDAQ:GOOG) has received payment institution authorization from Ireland’s Central Bank. According to Irish Times, the Central Bank granted authorization to Google Payment Ireland under the second Payment Services Directive (PSD2) regulation. The company will now be allowed to issue and acquire payments across the European Union (EU) under passporting rights. Speaking about the license, a Google Ireland spokeswoman stated:

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

The license approval from Central Bank comes just days after Google secured an Electronic Money Insutiton license from the Bank of Lithuania. As previously reported, the license will enable Google to issue electronic money, handle electronic money wallets, perform remittances, payment transactions, provide cash deposit and withdrawal services, as well as perform direct debit and credit transfers. The license is also valid across all EU member states being passported under EU rules.

Google reportedly offers a few fintech related services such as Google Pay, which is an app based contactless system that allows Android users to pay with their mobile phone. Google Pay is widely available in Europe. The most recent country addition was France, which Google Pay supports in partnership with six different entities:

  • Boon
  • Boursorama Banque
  • Edenred France
  • Lydia
  • N26
  • Revolut

Irish Times also reported that Google Ireland paid a €1.6 billion dividend to its parent last year and announced a €5.9 billion rise in turnover to €32.2 billion on the back of a sharp rise in advertising revenue.

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