payment processing for e-commerce Glocash Payment UAB (Lithuania) is an electronic money institution authorized and regulated by the Bank of Lithuania. Glocash Payment is focused on payment processing for e-commerce. The company offers payment processing, risk management, checkout optimization to merchants. In 2023 Glocash Payment UAB total safeguarded customer funds were 389,000.00 EUR and revenue was 873,000.00 EUR.
One-stop online payment service provider
Fast online account opening service
More than 300 mainstream payment methods, with the main region of Europe, Asia, North America, South America
Quick and easy operation
Higher order conversion rate
Transaction encryption is safe and guaranteed
(*)as stated by the company itself
13 August 2024, by Anna Mileiko
TheBanks.eu has developed a proprietary methodology to assign ratings to payment institutions based on their operating environment, company background, business model, market niche, product range, transparency, customer support and customer sentiment. According to the methodology, Glocash Payment UAB is assigned the overall rating 2.76 (average) which is explained in details below.
| Operating Environment | Very Friendly | (4.96) |
| Product Range | Narrow | (1.54) |
| Market Niche | Narrow | (2.48) |
| Company Background | Average | (3.16) |
| Customer Support | Poor | (1.92) |
| Customer Sentiment | Poor | (1.89) |
| Transparency | High | (3.57) |
| Overall Rating | Average | (2.76) |
|---|
TheBanks.eu has also identified the following pros and cons of the company:
Glocash Payment is neither registered with the Financial Crime Investigation Service (FCIS) as a virtual asset services provider, nor offers any crypto assets services.
The FCIS is responsible for supervision of the activities of Virtual currency exchange operators and (or) Depository virtual currency wallet operators related to the prevention of money laundering and/or terrorist financing.
Glocash Payment UAB is not registered with the FCIS as a virtual asset services provider.
Glocash Payment do not offer crypto assets services.
| thn EUR | 2022 | 2023 | change (%) |
|---|---|---|---|
| Customer Funds | 832.00 | 389.00 | -53.25% |
| Total Equity | 425.00 | 355.00 | -16.47% |
| Revenue | 1,099.00 | 873.00 | -20.56% |
According to the Electronic Money Directive of the European Union, an electronic money institution must safeguard customer funds in a separate account in a credit institution or invested in secure, liquid low-risk assets. Glocash Payment keeps its customer funds as follows:
| thn EUR | 2023 | share (%) |
|---|---|---|
| Customer Funds In Central Banks | 0.00 | 0.00% |
| Customer Funds In Credit Institutions | 389.00 | 100.00% |
| Customer Funds In Low-Risk Liquid Assets | 0.00 | 0.00% |
According to the Electronic Money Directive of the European Union, an electronic money institution must maintain a certain level of own funds which is calculated as a maximum of the initial capital required and 2.00 % of its customer's funds. Glocash Payment own funds adequacy calculation is shown below:
| thn EUR | |
|---|---|
| Initial Capital Requirement | 350.00 |
| Customer Funds | 389.00 |
| Customer Funds Requirement (2%) | 7.78 |
| Own Funds Requirement | 350.00 |
| Own Funds | 355.00 |
| Rank | Name | Market % | Customer Funds |
|---|---|---|---|
| 56 (-9) |  UAB „NEOCARD“ | 0.02 % | 466,000.00 EUR (-53.63%) |
| 57 (-9) | Glocash Payment UAB | 0.02 % | 389,000.00 EUR (-53.25%) |
| 58 (-2) |  UAB "DV Payment" | 0.02 % | 346,000.00 EUR (+12.34%) |
Lithuania
Glocash Payment UAB is authorized by the Bank of Lithuania as a e-money institution (authorization number LB000431) for placing cash to a payment account, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments or acquiring payment transactions, money remittance; the authorization was granted on 21 November 2017.
Glocash Payment UAB is not a bank, it can't collect deposits from public or loan out its clients’ money. Hence, it does not have to participate in deposit guarantee schemes. However, Glocash Payment is required to safeguard its customers’ money.
Due to EEA passport rules Glocash Payment UAB, can conduct its activities in any of the 30 EEA member states.
Glocash Payment UAB is a SWIFT member.
Mėsinių str. 5, 01133, Vilnius, Lithuania
+370 688 80298
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