Global payment service provider SumUp has been granted an e-money licence from the Central Bank.

The company will use the licence to process payments and issue e-money wallets here in Ireland and across 26 European countries.

It also has licences in Lithuania and the UK.

"Securing our licence during this critical time means that we can continue to empower those small businesses and help them succeed despite the challenges presented by the ongoing pandemic," said Gareth Walsh, SumUp CEO Ireland.

"Our core products allow our users to take remote and contactless card payments during lockdown situations, and so in a very real way, this licence will ensure Ireland's entrepreneurs can keep trading and keep recovering."

The company has had a presence in Ireland for the past eight years and says it intends to continue growing its Dublin office.

More than 3m merchants around the world now use SumUp services and 7,000 join the platform each day.

Last year the company had revenue of €200m.