Hungary opens door to new digital payments player in Europe

Global alternative payments platform Pay10 has officially entered the European Union after securing an Electronic Money Institution (EMI) licence from the National Bank of Hungary (Magyar Nemzeti Bank), a milestone that positions the company among only three EMI licence holders in the country and accelerates its European expansion strategy.

The licence, granted to Pay10 EU Kft, authorises the company to offer a full suite of regulated electronic money and payment services in Hungary while laying the foundation for broader growth across the European Union.

The move marks a significant step in Pay10’s international expansion as the company strengthens its presence in regulated financial markets. It also aligns with Hungary’s ambitions to build an innovation-led, interoperable digital payments ecosystem.

For consumers, the company will launch the Pay10 App, a digital wallet that enables users to store and manage funds, make online and in-store payments through its “Scan & Pay” feature, transfer money domestically and internationally, and access a range of everyday financial services through a secure platform.

Businesses, particularly small and medium-sized enterprises (SMEs), will be served through the Pay10 Biz App, which offers affordable payment acceptance solutions, instant settlements and simplified reconciliation. Merchants will also be able to accept payments through Dynamic QR machines, payment gateway services and other value-added financial solutions designed to streamline cash flow and financial management.

Pay10 said its strategy is closely aligned with Hungary’s Vision 2030 and the National Bank of Hungary’s efforts to strengthen the country’s alternative payments ecosystem. The company plans to support wider adoption of the Azonnali Fizetési Rendszer (AFR), Hungary’s instant payment network, and Qvik, the country’s instant mobile payment system.

The latest approval expands Pay10’s global regulatory footprint to 10 licences spanning India, the UAE, Bahrain, Morocco and Hungary. The company also revealed that further expansion plans are underway across Egypt, the wider GCC region and Europe.

Prabhpreet Singh Gill (Harry Gill), Founder and Chairman of Pay10, described the licence as a defining moment for the company.

“The approval of our EMI licence in Hungary is a transformative milestone for Pay10 and a significant step in our global vision to deliver interoperable, real-time and cost-efficient alternative payment methods. It also advances our long-term strategy of building one of the world’s most connected regulated payments networks,” he said.

Gill added that Hungary’s supportive regulatory environment provides a strong platform for international fintech companies to contribute to Europe’s evolving digital economy.

“As we establish our presence in Hungary and expand across the European Union, we remain focused on building trusted, secure and compliant payment infrastructure that supports businesses, financial institutions and consumers. We look forward to strengthening local partnerships and contributing to Europe’s digital transformation through innovative, interoperable financial solutions,” he said.