An Indian-founded global payments company has chosen Hungary as the base for its European expansion after receiving a key financial licence from the Hungarian National Bank (MNB).

PAY TEN EU Kft., the Hungarian subsidiary of Pay10, has been granted an Electronic Money Institution (EMI) licence, allowing the company to launch a broad range of regulated payment services across both Hungary and the European Union. The approval makes Pay10 only the third company in Hungary to hold an EMI licence, alongside Barion and BinX.

A licence just below a banking licence

The EMI licence is one of the most comprehensive financial authorisations available outside a full banking licence. It enables companies to issue electronic money and provide a wide range of services, although they are not permitted to offer loans, according to Telex.

Several well-known fintech firms, including Revolut and Wise, initially operated in Hungary under this type of licence before obtaining banking licences elsewhere. With the approval now in place, Pay10 can officially begin offering its regulated services throughout the European Union under Hungary’s supervision.

From India to Europe via Hungary

Founded in Delhi in 2017, Pay10 has since established its global headquarters in Dubai. The company provides digital wallets, payment gateways and e-commerce payment solutions for consumers, merchants and financial institutions. Its majority owner is Indian businessman Prabhpreet Singh Gill (also known as Harry Gill) through Eastern Fortune Investments.

According to reports, the company decided to establish its European headquarters in Hungary after evaluating several potential entry points into the EU market. The Hungarian subsidiary was founded in 2024 and is led by experienced executives, including former Magyar Posta CEO Zoltán Illés and the former head of OTP Bank’s Russian subsidiary. The supervisory board also includes Zoltán Ács, president of the Hungarian Fintech Association.

Digital wallets, QR payments and instant transfers

The company plans to offer services to both individuals and businesses. Private customers will be able to use the Pay10 mobile application as a digital wallet, enabling payments in physical shops and online via QR codes, as well as domestic and international money transfers.

Business clients will gain access to the Pay10 Biz platform, which offers dynamic QR payment terminals and instant settlement for merchants. The services will be built on Hungary’s Instant Payment System (AFR) and the qvik instant mobile payment infrastructure.

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Hungary becomes a gateway for global fintech firms

Industry observers say Pay10’s decision strengthens Hungary’s position as an attractive base for non-EU financial companies seeking access to the European market. The company already holds regulatory licences in 10 countries, including India, the United Arab Emirates, Bahrain, Morocco and Hungary, while also planning further expansion into Egypt and the Gulf region.

Founder and chairman Prabhpreet Singh Gill described the Hungarian launch as a major milestone that will support the company’s European growth and the development of a regulated real-time payment network across the European Union.

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