Neobanks authorised as payment institutions
A payment institution may move money and issue payment instruments but may not hold deposits or issue e-money in its own right. Balances are safeguarded, not insured.
All 13 payment institutions
| neobank | type | hq | custody | license / structure | reported users |
|---|---|---|---|---|---|
| OPay | traditional | Lagos, NG | Custodial | Payment licenses (NG) | 60M users (2024) |
| PalmPay | traditional | Lagos, NG | Custodial | Mobile money license (NG) | 35M users (2025) |
| Aspire | traditional | Singapore, SG | Custodial | MPI (MAS) | — |
| Beyon Money | traditional | Manama, BH | Custodial | CBB-licensed payment institution group (Batelco Financial Services: PSP/AISP/PISP; BRS money changer; investment Cl.2) | — |
| CoinJar | hybrid | Melbourne, AU | Custodial | VASP registrations (AUSTRAC DCE, Australia; FCA cryptoasset, UK); card issued by EML (AFSL 404131) | — |
| Cora | traditional | São Paulo, BR | Custodial | SCFI license (Central Bank of Brazil, Jul 2024) + payment institution; formerly SCD | — |
| Deblock | web3-native | Paris, FR | Mixed (fiat custodial + self-custody crypto) | PSAN + payment institution (ACPR) | — |
| MoMo | traditional | Ho Chi Minh City, VN | Custodial | Intermediary payment services / e-wallet license from State Bank of Vietnam; mobile money super-app | — |
| Parpera | traditional | Sydney, AU | Custodial | AFSL authorised representative (MSC Advisory AFSL 480649); accounts issued by Wise Australia (AFSL 513764) | — |
| Pyypl | traditional | Dubai, AE | Custodial | FSRA (ADGM) money services license No. 170031; non-bank payment institution; also CBB Bahrain, AFSA Kazakhstan | — |
| Shine | traditional | Paris, FR | Custodial | Payment institution (ACPR n°71758, France); funds safeguarded at Société Générale | — |
| Stables | web3-native | Sydney, AU | Custodial | AFSL partners; Mastercard APAC program | — |
| ZaloPay | traditional | Ho Chi Minh City, VN | Custodial | Licensed payment institution (SBV intermediary payment services license 04/GP-NHNN); Zion/VNG e-wallet | — |
Common questions
Neobanks authorised as payment institutions: how many are there?
13 of the 381 neobanks tracked here are payment institutions. Every entry is verified active and listed on this page with its custody model, license detail and the regions it serves.
Which payment institutions are the largest?
Not answerable from public data: only 2 of these 13 disclose a user figure at all. The list below is therefore not a ranking, and anyone presenting one for this category is guessing.
What does this category actually mean?
A payment institution may move money and issue payment instruments but may not hold deposits or issue e-money in its own right. Balances are safeguarded, not insured.
Related
Neobanks running on someone else’s banking license (82) · Neobanks that hold their own banking license (132) · Neobanks operating under crypto and money-transmitter licenses (25) · Neobanks authorised as e-money institutions (48) · Neobanks authorised as crypto-asset service providers under MiCA (9) · Neobanks that never hold your money (52)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.