Anyone been using Pyypl? It seems a potential virtual card can use crypto

[The Cryptovator]

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.

[dkbit98]

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 never heard about it, but I don't se any reason why people would use this instead of similar products from more reputable company, since both are asking for KYC verification.
Smaller company usually means more risk for hacks, frozen coins, and companies shutting down business without explanation.

Do you know how much we need to pay for creating cards, and what fees they have, since I found nothing about this on their website?

[JeromeTash]

I used Pyypl way before they started asking for serious KYC verification. Initially, they just wanted names and emails address and then after several months, they asked for ID verification. Again, after a number of months, they wanted my proof of address but one thing I noticed is the KYC isn't that strict, or they do it just for formality.

- But I liked the service due to very low fees and no stupid card creation fees or monthly charges like I see with some services
- You can fund the account using crypto.

I have used the virtual creditcard to subscribe to a number of services and purchase a number of items from different online stores without any difficulties so far.

[PX-Z]

I noticed is the KYC isn't that strict, or they do it just for formality.

What do you mean not strict, only names, address or all info that can be found on your ID? But why you just said you stop using them after asking serious KYC.

If there'a no huge risk of them except of getting hacked, i guess they deserved to get bookmarked with just smaller amount, i guess.

[JeromeTash]

What do you mean not strict, only names, address or all info that can be found on your ID? But why you just said you stop using them after asking serious KYC.

Sorry, maybe I didn't phrase it well.

What I meant is that in the verification process, it's like they never even checked what I had submitted. The documents I used get rejected by most platforms after a manual review, but this did not happen to me when I sent them over to pyypl. For example, the proof of address document which I used which was a bank statement which has a different address from that in my old Government issued National ID

If there'a no huge risk of them except of getting hacked, I guess they deserved to get bookmarked with just smaller amount, i guess.

The risk is always there. You don't see what is going to hit you until it's too late. Anyway, the amounts I use there are still little.

[The Cryptovator]

Do you know how much we need to pay for creating cards, and what fees they have, since I found nothing about this on their website?

For each Master Card generation, they ask for $3 as a charge. You can create as many cards as you need. The card's name will be yours and you can use it without hassle instantly. You can freeze and unfreeze your cards at any time. I just enabled 2FA, and when I make any transactions through the card, the apps will ask for authorization. Their website doesn't have much information. You must download their apps if you like using their service.

It seems they have been using an auto-verification service. Not too strict like Binance or other exchanges. Regarding risk, it's everywhere online. So you need to secure your wallet, as always.

[robelneo]

This is first time I read about this card I checked it on Google Play it has already been downloaded 5 million times, I know the figure is not right but could be anywhere close to that.

The latest reviews are very bad, those who will use this card better check those reviews on Google Play this may not be the card that you want that you think you can use on platforms that you expect to use like Netflix.

They better improve their service a 3.8 rating on Google Play is not good.

[The Cryptovator]

This is first time I read about this card I checked it on Google Play it has already been downloaded 5 million times, I know the figure is not right but could be anywhere close to that.

The latest reviews are very bad, those who will use this card better check those reviews on Google Play this may not be the card that you want that you think you can use on platforms that you expect to use like Netflix.

They better improve their service a 3.8 rating on Google Play is not good.

I think so. The I found a few days ago that the apps were not working after an update. I have seen some users already write about it on the Google Play Store. To be honest, I am not happy with their support system and app interface. I am just using it for what I need. It does help send funds into my bank account as remittances where the government doesn't ask any questions. Because it does consider freelancer earnings. So I cash out my crypto legally from there. Also, I can use the card virtually anywhere and keep it frozen when I don't need it. Anytime, I can unfreeze and make another payment.

[GxSTxV]

Are you familiar with Pyypl? Though it does require KYC, it could use crypto to create a virtual master card and be used everywhere.

Yes I have been using it for quite a long time now and posted many topic here about it. Our local banks don't offer any working cards for online shopping or transactions and anything related to crypto is prohibited, So Pyypl has been the only solution for me. But I can't say it's the best solution since it has also high fees and serval other issues with zero support. In 2023 it seems that the United Arab Emirates government is pressuring this financial services company to verify accounts and take other measures which led to even worse experience. 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. And because of this, last week they temporarily stopped all the cards but they were reactivated fortunately.
 Personally, I prefer to withdraw all the funds inside and be cautious during this period for any scenario.

[JeromeTash]

They better improve their service a 3.8 rating on Google Play is not good.

Reviews can be subjective. If I recall properly, they do have a 4.5 rating on App Store, but yeah, their KYC requests were so annoying. They keep asking from different details periodically and while they ask for those details they first freeze the accounts that remain unusable at all. This can definitely annoy customers who think they are already fully verified.

[fdlannda]

Of course, KYC is very necessary for this type of platform, they must have valid data on all their users to avoid money laundering and other dirty things like that.

[albon]

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.

[joniboini]

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.

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.

[rat03gopoh]

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

[blckhawk]

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.

[JeromeTash]

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.

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"  

[blckhawk]

~

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

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]

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.

[The Cryptovator]

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.

[singlass]

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.