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

[joniboini]

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?

[1714685410]

1714685410

[1714685410]

1714685410

[JeromeTash]

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.

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.

[coupable]

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]

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

[JeromeTash]

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?

[joniboini]

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.

[rat03gopoh]

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).

[JeromeTash]

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.

[The Cryptovator]

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]

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 
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]

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

@The Cryptovator, Another update. As per my account, I am now able to create a new card, Visa of course. The Mastercard is completely no longer there. Creating the first new VISA card is free of charge. In case you have some subscriptions that you want to renew, maybe you can try it out. But I haven't yet made a complete transaction to see if the operations are back to normal. Will try it out soon.

[The Cryptovator]

@The Cryptovator, Another update. As per my account, I am now able to create a new card, Visa of course. The Mastercard is completely no longer there. Creating the first new VISA card is free of charge. In case you have some subscriptions that you want to renew, maybe you can try it out. But I haven't yet made a complete transaction to see if the operations are back to normal. Will try it out soon.

Yes, I saw it earlier. Eventually, they erased all the existing card details that were through Mastercard and enabled Visa card generation. I created a visa card a few hours ago but haven't used it yet. I had a subscription through my previous card that would expire soon. So I have to use my current Visa card there. I am not sure if the card is functional. I will update here once I use it.

[dansus021]

Just heard it today and I want to download it but the rating in Google Play is 3.4 is the service is good. and anyway is there a thread that discussed about Crypto debit card and Virtual card I want to know more since both Binance and Bybit not allowed user from indonesia

[The Cryptovator]

Just heard it today and I want to download it but the rating in Google Play is 3.4 is the service is good. and anyway is there a thread that discussed about Crypto debit card and Virtual card I want to know more since both Binance and Bybit not allowed user from indonesia

Yep, they have low ratings due to their worst customer service. There is no way to talk to them easily. You may have to wait a couple of days to get a reply. And you know how people react when they don't get a proper solution.

Their card is active now and working fine. I have used it today on multiple sites, and everything looks smooth. The fact that I am unhappy only about their customer service. It seems only a virtual card is available right now; I am not sure when they will start a physical card as well.

[dansus021]

Yep, they have low ratings due to their worst customer service. There is no way to talk to them easily. You may have to wait a couple of days to get a reply. And you know how people react when they don't get a proper solution.

Their card is active now and working fine. I have used it today on multiple sites, and everything looks smooth. The fact that I am unhappy only about their customer service. It seems only a virtual card is available right now; I am not sure when they will start a physical card as well.

Well yeah most of the big sites always had the Customer service problem hehehe, so the Virtual Card doing fine I'm gonna check it out later then. Do u have a referral code I might use your referral as well haha. I always wanted a physical card but it hard to find

[The Cryptovator]

Well yeah most of the big sites always had the Customer service problem hehehe, so the Virtual Card doing fine I'm gonna check it out later then. Do u have a referral code I might use your referral as well haha. I always wanted a physical card but it hard to find

If the service is good, then it doesn't matter if the customer service is good or bad. But it seems they are having constant trouble with their card service. Once again, their card service has been on hold, and we can't make transactions anywhere. So it's very annoying for us who have been using this card regularly. They should find a permanent solution or close their company. We are suffering by depending on their services. We have some active subscriptions that need payment on time. Day by day, they are becoming worse. I am really regretted about their card service.

[JeromeTash]

So I decide to subscribe for some services today and all was unsuccessful. Apparently my card number is incorrect.
After digging in a little, I got to realize that the service is down again, according to some notification message in the app. I don't know for how long it will be or how long it has been there since the last update  

[wallet4bitcoin]

Smaller company usually means more risk for hacks, frozen coins, and companies shutting down business without explanation.

I clearly understand your concerns on small companies but considering how far their solutions have gone, the areas which they consider to provide services and their legalities, I don't consider giving them a chance anything of negativity.

The big companies also went through this same tracks and they are where they are today, why should we see it differently if the basic concept behind businesses is to solve problems and they are doing just that.

The only challenges I consider them having is their competitors and oif they'd prefer collaboration over competition

[The Cryptovator]

They seem to have activated their card service again, but it is not working for all the terminals yet. I have tried to make payment for a Facebook subscription, but it has been declined where it was accepted previously. They noticed their card wouldn't work at all the outlets, but slowly it will work everywhere. So we may need to wait a few more days to make it acceptable everywhere. But yes, their service will remain the worst unless they become more supportive.