Anyone been using Pyypl? It seems a potential virtual card can use crypto - page 2.

The Cryptovator

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Quote from: JeromeTash on November 18, 2023, 03:08:24 PM

And yes, the cards in the card section have been wiped off Grin

It looks like they are totally getting rid of the MasterCard partnership and trying to bring in Visa without actually telling us what is going on in details. Terrible way of doing things.

Their service and support are totally bad. I thought their service would be beneficial for those who are looking for a virtual card that can reload with cryptocurrency and could be used everywhere. So at least we can use our crypto for our needs. They disappointed me with their recent activities. It seems currently their sending money through banks is also not working. I am not sure what's on their mind. Probably they are totally moving from Mastercard to Visa Card. If next time they do the same thing, then they will not find their existing clients. Everyone will leave them forever.

JeromeTash

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Quote from: The Cryptovator on November 18, 2023, 02:10:30 PM

I am quite disappointed in their card service. It seems the card section has become blank, meaning I can't find any information about my existing cards. There are a couple of ongoing subscriptions from those cards, and I am not sure when they will solve this issue. It's been a long time since they paused their card service, though all other services are working fine. If they don't value users thoughts, then they must lose their clients. Card is a serious need; we create it to be used online. I hope they will enable cards as soon as possible.

The way they have handled this whole thing is unprofessional and not transparent in any way. Things to do with finances require a lot of transparency, without that there is no way people are going to trust you with their funds unless if they ignorant about how your service operates.

So on trying to open up the APP, this is a notification I got.

And yes, the cards in the card section have been wiped off Grin

It looks like they are totally getting rid of the MasterCard partnership and trying to bring in Visa without actually telling us what is going on in details. Terrible way of doing things.

The Cryptovator

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I am quite disappointed in their card service. It seems the card section has become blank, meaning I can't find any information about my existing cards. There are a couple of ongoing subscriptions from those cards, and I am not sure when they will solve this issue. It's been a long time since they paused their card service, though all other services are working fine. If they don't value users thoughts, then they must lose their clients. Card is a serious need; we create it to be used online. I hope they will enable cards as soon as possible.

JeromeTash

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Heisenberg

Quote from: joniboini on November 16, 2023, 08:28:44 PM

I'm not sure if partnering with Visa means they partnered with PayPal though. This partnership term they use is also a bit misleading if, at the end of the day, they just registered their service so that they can use the Visa network to process transactions like any other debit card. CMIIW.

My bad... I actually made a mistake. I was supposed to type Visa, i don't know what was on my mind when i made the post yesterday.

rat03gopoh

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Quote from: joniboini on November 16, 2023, 08:28:44 PM

The comments regarding their service also don't instill much confidence. Looks like a new user better wait before they start registering new accounts.

Pyypl has partnered with Mastercard which I know generally has the same orientation in the financial business compared to Visa. I don't think there's a serious concern with new partnerships of this type, if the previous ones have gone well (I'm referring to the benefits of their partnership).

joniboini

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I'm not sure if partnering with Visa means they partnered with PayPal though. This partnership term they use is also a bit misleading if, at the end of the day, they just registered their service so that they can use the Visa network to process transactions like any other debit card. CMIIW.

The comments regarding their service also don't instill much confidence. Looks like a new user better wait before they start registering new accounts.

JeromeTash

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Heisenberg

I would like to add on a new development here;

In the middle of the chaos involving the regulatory battle and having people's accounts suspended. Pyypl just decided to make an announcement that they have now partnered with ~~PayPal~~ Visa with not so much details ----> https://nitter.net/pyypl/status/1724706301949641118#m

I also receive a similar notification in my app.

I don't why they are trying to do with this. Trying to cool down the rage of their customers due to the recent service suspensions or the news is actually genuine?

JeromeTash

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Heisenberg

Quote from: coupable on November 08, 2023, 02:16:26 PM

I think that it cannot be used everywhere and that this service supports only a few countries. I mean veryfing accounts.
I have seen many local users in my country using it and selling credits on it. I verified its status in my country and found that it is not available, meaning that accounts cannot be verified in my country, in addition to many other countries in which the application works. It is possible to create an account, but it is impossible to perform the authentication process. Local users create accounts from other countries to use locally.
I once saw in one of the articles that they would expand the scope of their services to more countries, and I do not know where they have reached in that regard.

Wait, so they allow you to register, but they reject your KYC documents on grounds that your Country is not supported? Then what's the point of let people from unsupported countries sign up in the first place?

This tweet shows that all member using the APP might be affected at this point in time - https://twitter.com/pyypl/status/1720472360766038045

coupable

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Quote from: The Cryptovator on September 30, 2023, 02:28:45 PM

Are you familiar with Pyypl? Though it does require KYC, it could use crypto to create a virtual master card and be used everywhere. Funds could be sent through a banking channel as well as in a legal way that considers remittance.

I think that it cannot be used everywhere and that this service supports only a few countries. I mean veryfing accounts.
I have seen many local users in my country using it and selling credits on it. I verified its status in my country and found that it is not available, meaning that accounts cannot be verified in my country, in addition to many other countries in which the application works. It is possible to create an account, but it is impossible to perform the authentication process. Local users create accounts from other countries to use locally.
I once saw in one of the articles that they would expand the scope of their services to more countries, and I do not know where they have reached in that regard.

JeromeTash

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Heisenberg

Quote from: singlass on November 06, 2023, 12:13:22 AM

they've been fined 480k for "failing to adhere to anti-money laundering regulations", PYYPL cooperated & agreed to settle & pay the fine to which they received a discount of 20% (the fine was originally set at 600k), probably they're upgrading their system to comply with the regulations

Sounds like a plausible reason. So the so-called "upgrades on the card system" are just a stalling tactic. Never have I seen a legitimate upgrade that take ages without even any ETA. In fact, for such upgrades, they even make alerts to customers in advance. What made matters worse was that the "upgrade" was selective in the beginning, and now it seems general.

Quote from: joniboini on November 07, 2023, 08:12:21 PM

So, from what I understand the government think they don't have a good monitoring system to check if their user is doing money laundering or not. This makes it a bit surprising if the number of KYC requests as mentioned by others is true. In other words, they don't really monitor user's activity but will keep their personal data updated as often as possible. What kind of upgrades are they doing then? Are they saying that it will apply a more strict monitoring process for every transaction?

According to the article, it looks like Government started investigating them way back when their KYC/AML policies were still not strict. I can confirm this because when I first opened an account with them, all they needed were just basic details. They started requesting for more details from customers later, probably due to panic after realizing they were in trouble or were going to be fined a lot of money.

joniboini

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Quote from: singlass on November 06, 2023, 12:13:22 AM

they've been fined 480k for "failing to adhere to anti-money laundering regulations", PYYPL cooperated & agreed to settle & pay the fine to which they received a discount of 20% (the fine was originally set at 600k), probably they're upgrading their system to comply with the regulations

So, from what I understand the government think they don't have a good monitoring system to check if their user is doing money laundering or not. This makes it a bit surprising if the number of KYC requests as mentioned by others is true. In other words, they don't really monitor user's activity but will keep their personal data updated as often as possible. What kind of upgrades are they doing then? Are they saying that it will apply a more strict monitoring process for every transaction?

singlass

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they've been fined 480k for "failing to adhere to anti-money laundering regulations", PYYPL cooperated & agreed to settle & pay the fine to which they received a discount of 20% (the fine was originally set at 600k), probably they're upgrading their system to comply with the regulations

source : https://verify365.app/abu-dhabi-financial-services-regulatory-authority-imposes-fine-on-pyypl-for-aml-compliance-failure/#:~:text=Abu%20Dhabi%2C%20October%204%2C%202023,money%20laundering%20(AML)%20regulations.

The Cryptovator

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Quote from: JeromeTash on November 04, 2023, 01:04:34 PM

Meanwhile, has any of you folks who registered for Pyypl received this notification from the app?

I haven't used the service for some weeks and have no money in there at the moment but last time i used it, everything was smooth.

Nothing to worry about, actually. For a few days, they have been notifying users about their system upgrade. So the card is not working properly, but other services are working fine. I made international transactions two days ago, and it went smoothly, though there were notices about system upgrades. Their support system is very poor right now. It shouldn't take too long to upgrade the system. A lot of users use this card for various subscriptions, and they might face problems due to their upgrades. They should be more professional and faster. Otherwise, they would lose popularity.

JeromeTash

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Heisenberg

Meanwhile, has any of you folks who registered for Pyypl received this notification from the app?

I saw it this morning and was wondering what was going on so I checked on their Twitter and it seems some people have been complaining about not being able to make mastercard payments for a while ( it's like some people are still able to use the service while others are not. It's more like selective "system upgrade").
I haven't used the service for some weeks and have no money in there at the moment but last time i used it, everything was smooth.

blckhawk

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Quote from: JeromeTash on November 03, 2023, 08:41:40 AM

Quote from: blckhawk on November 03, 2023, 03:18:46 AM

~

Yep name seems weird at first sight, but it's pronounced as "People" Grin

Oh, thanks for the clarification. If only OP added a way to pronounce the service I wouldn't have commented such a dumb opinion that it's a goofy name. Now that I know how to read the service, I would say that it's such a fitting name for the service because of how you say it and how it's in a way parodies Paypal, it's a clever name "A Paypal for the people" at least that's what I think is the reason behind the name of the service. I still stand by my words though, it's a goofy name if not outright weird.

JeromeTash

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Heisenberg

Quote from: ?? on ??

Does anyone which country is supported or not supported by Pyypl? I tried checking their privacy policy and use search engine with keyword site:pyypl.com country, but couldn't find such information.

If for support you mean one getting registered and having an account with them then the easiest way to know is to install the app, try to do test sign up. You will see a drop-down menu of the different country codes they support for registration.

I believe very few Countries miss out of the list like the United States of America, the United Kingdom, North Korea, Myanmar etc

The other link (https://www.pyypl.com/send-money) is completely different. It's a list of countries that one can make an international transfer to if they are using pyypl and that list is smaller.

Quote from: blckhawk on November 03, 2023, 03:18:46 AM

I can understand why some people haven't heard of it, it's a goofy name and that kind of name isn't really giving the vibe that it's a legitimate service.

Yep name seems weird at first sight, but it's pronounced as "People" Grin

blckhawk

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I'm really curious about this one, are you planning to do a tutorial on how to use it or is there an existing one out there already. I can understand why some people haven't heard of it, it's a goofy name and that kind of name isn't really giving the vibe that it's a legitimate service. I like the idea of virtual card although I'm put off by the fact that you need KYC to access this one.

rat03gopoh

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Quote from: ?? on ??

Does anyone which country is supported or not supported by Pyypl? I tried checking their privacy policy and use search engine with keyword

They don't directly mention the restricted countries, they only adjust to the main partner company they operate in, namely Mastercard^[1]. That means the list of currencies it accepts too.
What you need to know is that they're regulated by ADGM which seems to always update the list of High Risk Jurisdictions^[2].

1. https://www.pyypl.com/blog/5-things-you-didnt-know-you-could-do-with-the-pyypl-app
2. https://www.adgm.com/operating-in-adgm/financial-and-cyber-crime-prevention/high-risk-jurisdictions

joniboini

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Quote from: albon on November 01, 2023, 05:38:30 PM

However, one day, I found that they had updated their KYC policy, and they froze my virtual card without prior notice, which contained some funds. They requested more documents and other complex verifications, but after contacting their support, they managed to unfreeze my virtual card, and I withdrew my funds...

That kinda sucks. So you can't withdraw your funds at all before you submit a ticket? I can understand if they block any payment before the user does another KYC, but they should've allowed people to withdraw imo. I guess they can deflect it by saying that their ToS covers that.

Quote from: GxSTxV on October 05, 2023, 11:32:45 AM

I have had to submit my documents and go through the KYC process more than four times in one year.
Recently they faced even more issues where Abu Dhabi Global Market required Pyypl to pay $486,000 due to a lack of Anti Money Laundering measures and unauthorized activities as they were accused.

What do they mean by lack of AML measures? That sounds really weird considering how often you need to KYC. Do they never use those data or are they using it for other purposes? Looks like it is not an ideal solution for me if I want to use a virtual card.

albon

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Quote from: The Cryptovator on September 30, 2023, 02:28:45 PM

Are you familiar with Pyypl? Though it does require KYC, it could use crypto to create a virtual master card and be used everywhere. Funds could be sent through a banking channel as well as in a legal way that considers remittance.

I am not promoting it exactly; I am just curious if you guys are familiar with it. Pyypl solved a couple of problems, especially about virtual cards and bringing money into bank accounts in a legal way. I have been using it for a while and have never faced any issues. But if you don't want to submit KYC, then avoid it.

I used it for about a year, and I obtained a virtual MasterCard without paying any fees. I passed KYC and made numerous deposits on Pyypl, and I subscribed to many services using my virtual card, like Telegram, Discord, and so on. I was withdrawing my remaining funds smoothly and quickly and with negligible fees. However, one day, I found that they had updated their KYC policy, and they froze my virtual card without prior notice, which contained some funds. They requested more documents and other complex verifications, but after contacting their support, they managed to unfreeze my virtual card, and I withdrew my funds... My virtual card has remained frozen until now because I haven't bothered to provide further documents for their new policy. But, honestly, what happened I found unprofessional on their part, and it made me delete their application and no longer use it again.

Topic: Anyone been using Pyypl? It seems a potential virtual card can use crypto - page 2. (Read 769 times)