Key Data

• Trading Names: Payecards
• Legal Entity: PayeCards Global Ltd, UAB InnovationSolution
• Activities: Payment processor
  
• Locations: United Kingdom/Lithuania
  
• Regulations: VASP license in Lithuania
  
• Key People: Halis Bayraktaroğlu

Payecards is operated via the UK-registered Payecard Global Ltd, controlled by Turkish citizen Halis Bayraktaroğlu, and other legal entities in several jurisdictions in Europe and Africa.

The Offering

Payecards offers a multi-currency bank account for individuals and merchants, IBAN, SEPA, and SWIFT payments, and a debit card. Currently, merchants can accept and pay in more than 50 currencies.

Their service includes:

• cryptocurrency exchange
• money transfer
• crypto wallet
• Quick loans

Covered Industries

Both low-risk and high-risk sectors and regions coverage, including gambling and forex.

Regulatory Check

Via their Lithuanian entity, UAB InnovationSolution, PayeCards holds a VASP license issued by the Financial Crime Investigation Service (FCIS). This license allows them to provide virtual assets services. Bitstamp LTD is their official partner for processing crypto trading and exchanging operations. Their license is valid in the EU; thus, for crypto operations, they accept EU citizens only.

In Africa, PayCards holds the Payment Solution Service Provider (PSSP) license in Nigeria, issued by the Central Bank of Nigeria. They also applied for the Kenyan payment license. Other subsidiaries operate in several in other African jurisdictions, such as Zambia, Uganda, and Rwanda.

Customer Reviews

Regrettably, no customer reviews or feedback pertaining to the company have been sourced thus far.

Compliance Conclusion

According to our research, Payecards has been processing payments for scams a few years ago. Because of this and the lack of customer feedback, we have added Payecards to our Orange Compliance list.