Wish Announces Obtaining EU Payment Services License

According to foreign media reports, the cross-border e-commerce platform Wish has been officially granted a European payment service license by the Dutch Central Bank . This means that Wish can process all EU order payments on its platform, reducing the platform's dependence on third parties and strengthening the independence of platform operations.

In addition to the Netherlands, Wish can also use this license to access other European countries involved in the operation. Wish can pay its EU merchants directly, and there will be no other impact on EU customers. The acquisition of this EU license has further optimized the payment chain of the Wish platform. In this regard, the general manager of the Dutch subsidiary said that the granting of this license is the first step for Wish to become a European payment service provider, and the company will continue to explore new areas of payment services in the future.

The Wish platform was founded by engineers from Google and Yahoo and is headquartered in San Francisco. After expanding its business in 2014, it entered the Chinese market and established a wholly-owned subsidiary in Shanghai. In June and July of this year, it was registered as a trading platform in Canada and the United States respectively. Wish's current payment platforms include Paypal, Allpay, and Liandong Advantage. The Wish platform was listed in the United States in December 2020. It was the 31st listed company with a market value of more than US$1 billion that year, and its downloads once exceeded Amazon.

According to relevant statistics, Wish's revenue in the first quarter of this year reached 772 million US dollars. Wish's parent company is ContextLogic, which is currently one of the world's largest and fastest-growing e-commerce platforms. Among many e-commerce platforms, Wish's entry requirements are more "friendly" to sellers, and the settings such as direction delivery and program requirements are relatively loose, which has attracted many sellers. It is reported that more than 90% of the sellers on its platform are from China. Because Wish's target users are low-spending people and the prices of the goods sold on the platform are relatively low, many people will equate Wish with the "American version of Pinduoduo."

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