Mobile Payments

‘Cookies’ Lifts The Lid On Its P2P Payments App

A startup called Cookies wants to be like Venmo — but in Europe.

And as its cofounder, Lamine Cheloufi, told TechCrunch back in December: “The payment field in Europe is kind of broken.” But what was Cookies’ solution? It was a bit of a mystery about what exactly was inside its app. 

And now, Cookies has opened up that jar a bit to reveal just how it plans to change P2P payments in Europe: a mobile messaging app that also allows payments. Which, of course, isn’t a new concept. But what this startup will enable is the ability for a consumer to send/request money via chat and then use Touch ID or a PIN to confirm that payments activity. At least, according to the latest details shared by TechCrunch.

But what Cookies’ people want everyone to know is that this app isn’t a digital wallet. It’s an app that connects to bank accounts. This is also something the cofounders said a few months back, but now, the vision is coming closer to reality.

“We’re not a classical eWallet. Most companies, such as Venmo, are based on an eWallet model,” Cheloufi said in December. “In Venmo, if I transfer money to you, it’s going to be parked somewhere. Then, you have to transfer it to your bank account. From our side, we make a classical bank-to-bank transaction.”

So, what else can Cookies do? Well, that’s still a mystery for now. But if the founders have any luck, they’ll get that “Venmo of Europe” title someday soon.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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