The Swedish financial supervisory authority has granted Seamless, parent company of mobile wallet provider SEQR, the ability to issue electronic money in the country.

Seamless said in a press release the move means SEQR users can send and receive funds worldwide in real time. Under the terms of the authorization, SEQR can also be used by minors. Funds received by a user can be accessed instantly to make payments anywhere in the world where NFC payments are accepted. This service will be available to all SEQR users after an unspecified launch date.

"Authorization to issue electronic money is strategically important since it further broadens SEQR's sphere of application and user audiences," Peter Fredell, Seamless CEO said in a statement. "This authorization allows SEQR users to send each other money in real time, independent of banks and regardless of where they are in the world. One example of how it can be used is that parents can transfer funds to their children's phones, money that can then be used to make instant purchases in stores all over the world."

Seamless said it will be able to offer electronic money-related services within the entire EU/EEA region under the terms of the authorization. The company has notified the Swedish financial supervisory authority that operations involving the transfer of e-money will begin in all 12 european countries where the company currently offers its payment products.