12.06.2010

Carapay Limited, a Realex Payments subsidiary, is delighted to announce that it has been awarded a licence from the Financial Regulator. Carapay is an online payment account or payment instrument – it is a new way to pay and be paid.

Commenting on the announcement, Carapay Founder and CEO Colm Lyon said “For several years now we have been waiting for a new regulatory environment that would allow us to enter into payment processing in a more significant way. That has now occurred with the Payment Services Directives taking effect and become law in the EU last November. We have always believed that bringing new payment instruments and players in to the industry is really important to grow innovation and to bring choice to consumers and businesses alike when it comes to paying and being paid. Our mission is to give consumers and businesses a better way to pay and be paid.”

Carapay is one of the first new companies to be awarded a licence under the Payment Service Directive (PSD) which allows new companies into the European market without having a banking licence. The company confirmed that it has now been awarded a Payments Institution licence and that it will launch in early 2011.

Carapay will be accessible anytime, anywhere using any web or mobile device people can pay each other, pay businesses and shop online – safe, secure and in real time. Carapay can be used to pay bills, club memberships, school fees, dinners with friends or any other type of money transfer normally conducted using cheques or cash.

Carapay will benefit consumers and business alike.

• Consumers will be able, via mobile and web applications to pay other users money in real time, securely, safely and for free. De2.062010signed like a social network Carapay will allow users to set up trusted relationships with their “circle” of friends, forming the CaraCircle. Consumers will be also able to use Carapay to shop online, they can choose to pay by Carapay eliminating the need for entering their credit/debit card details on web sites.
• Businesses can register online and start accepting payments via Carapay almost instantly, enabling them to accept payments electronically from their customers. It will reduce the need for cash and cheques (over 100m written in Ireland). For online retailers it will significantly reduce costs and issues around risk, security and fraud, while opening up online shopping to people who don’t have cards or don’t wish to use their cards online.

About Carapay:

Carapay is a wholly owned subsidiary of Realex Payments and is regulated by the Financial Regulator. The Carapay licence may be “pass-ported” to other EU states.

For further information, please contact Tracy Glynn, Head of Corporate Marketing, Realex Payments, +44 (0)203 178 5370.