| Question |
Answer |
| Who we are? |
Maayan Payments Ltd is an electronic money insitution authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for issuing of electronic money and the provision of payment services with FCA registration number 927556.
We are an international payment provider and direct acquirer licensed by the FCA.
FCA is a financial regulatory body in the United Kingdom that focuses on the regulation of financial services firms, https://www.fca.org.uk/
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| What is e-money? |
E-money (electronic money) is money typically stored in a user’s account which can be accessed using a card or an electronic device, such as a mobile phone, and can be used to pay for goods and services. More commonly referred to as “digital” or “electronic wallets”, it also includes any “magnetically stored monetary value", such as payment cards and even computer hard drives. |
| Where is e-money kept? What happens to my money when it is kept at an electronic money institution?
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Just like paper money, e-money is kept in accounts or banking computer systems. However, these accounts boast a much higher security level than standard bank accounts.
Your money is kept in so-called segregated accounts, which guarantee the inviolability of client funds and do not allow their use as financial resources for lending or investment, which is an activity that some banks engage in.
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| Is my money safe with Maayan Payments Ltd? |
Yes! E-money is most secure, as well as fastest way to send or receive money with minimal fees through your online account at any time and at any place. E-money transactions are extremely secure due to the very advanced technologies and multi-tier customer identification procedures used. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011. |
| What is Safeguarding Under E-Money Regulations?
|
Safeguarding requirements are in place to protect client funds if the institution becomes insolvent. As per the FCA regulations, Maayan Payments LTD has appropriate and well-managed safeguarding arrangements in place to safeguard relevant funds. Relevant funds include customer funds held in accounts or money debited for payment transactions. Safeguarding starts immediately once Maayan Payments as EMI receives the relevant funds and continues until it pays the funds out to the payee or its payment service provider. |
| Where do I start? |
Before you decide and start using our services, please read legal documents carefully, which are of high importance:
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| What do I do next? |
Contact us by using our website. After filling in your details and completing identification, you will be able to use all of our benefits. |
| Why is my personal data being collected? |
The main purpose for which we collect your data is to provide payment services. As a payment service provider, we are bound by law to establish and verify prior to entering into financial services transactions with you, also, at the time of the provision of the services, to request further information, as well as assess and store this information for the retention period set out by legislation. |
| What fees do you charge? |
Before starting to use your Maayan Payments Ltd account, please get familiar with the fees on our website:
MAAYAN - Account fees (m-pay.me) |
| How can I contact customer services? |
We’re happy to answer any questions you may have, just send us a message at MAAYAN - Contact Us (m-pay.me) and complete the form or send us an email at
[email protected] |
| How can I fill in a complaint form? |
You have several ways to leave a complaint:
Please provide the following details:
Your name and the Account number, when the problem arose, detailed description of the occurrence, indicate circumstances under which the occurrence took place, attach all supporting documentation and how you would like us to put the matter right.
Depending on what your complaint is about, we might also need some information to be sent in to us.
A full and final response will be issued within 14 (fourteen) business days from the date we have received the complete complaint, setting out our understanding of your concerns and a possible resolution.
If we are unable to issue our full and final response within 14 (fourteen) business days, we will update you on the progress of your complaint and the expected resolution date, not later than 30 (thirty) business days from the complete complaint receipt.
We will try to submit our response as soon as possible.
Should you have any questions, you can always receive information on the process of the claim handling by the means specified above.
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| How does Maayan Payments Ltd support vulnerable customers? |
A vulnerable customer is someone whose decision-making and engagement with financial services might be impacted negatively as a result of their personal circumstances. Vulnerable customers might be more likely to experience detrimental outcomes, which in the event they materialize, are likely to be greater than for other (non-vulnerable) customers.
If you believe you might be impacted by any characteristics of vulnerability, it is important that you notify us as soon as possible. Vulnerability is most often not easily visible and we rely on our customers being open and making us aware of such situations. Should you wish to notify us about your situation, or if you believe that you are a vulnerable customer, please
let us know and send us a message at MAAYAN - Contact Us (m-pay.me) or send us an email at [email protected] |
