Скачать или смотреть [103] 3rd Party Payment Apps? It Might Be Illegal To Use Them!

Many remittance providers and money transfer operators are embedding 3rd party payment apps in their own apps to better enable payments. Nothing wrong with that. After all, if remittance consumers have access to payment methods that they are already using like PayPal, Venmo, Square Cash App, etc. then this facilitates a more seamless payment experience.

Except there is one issue. None of these 3rd party payment providers allow their payment app to be used for purposes of MSB (Money Services Business) activities, money transmission or money transmittal, without obtaining prior permission from the 3rd Party Payment App OEM.

Using such 3rd party payment apps in your own payment app or for purposes of MSB related activities is a violation of the terms of service and can be deemed illegal to use.

This short video provides an example of what can go wrong!

ABOUT FAISAL KHAN
Faisal Khan is a banking/payments consultant specializing in cross-border payments and is a digital money evangelist. He is the co-host of Around the Coin, a weekly podcast on Payments & Fintech with over 22,000+ listeners. Mr. Khan is a talent scout for Series A & B financing for various fintech VCs/funds. He is also a frequent contributor to popular Q&A site Quora where he has been a Top Writer 6 consecutive years.

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