Key Data

• Trading Name: PayRedeem
• Legal Entity: Global Primex Limited, Primex Payments d.o.o.
• Activities: issuer and distributor of PayRedeem eCards
• Location: Mauritius, Croatia
• Authorization: FSC Mauritius, Payment Intermediary Service License C116016613
  
• Related individuals: Marek Sala, Soopaya Parianen, Girish Bollah, Veeren Manikion

PayRedeem is a product of the Global Primex Group in Mauritius, which is also the issuer of the e-cards, which are distributed via Primex Payments registered in Croatia.

In addition to PayRedeem, the Global Primex Group also operates VLoad, which has, however, ceased issuing e-cards. PayRedeem seems to be the VLoad successor.

The Offering

PayRedeem offers e-payment cards that can be redeemed at participating merchants. the top-up is done via PayRedeem’s website by bank transfer or credit card. Merchants can choose to cover the fees incurred.

PayRedeem has structured its offer in three tiers where

• Tier 0 is without KYC verification and has a monthly limit of €150.
• Tier 1 requires KYC verification and has an annual limit of €25,000.
• Tier 2 additionally requires a declaration of money origins and has an annual limit of €100,000.

Through PayRedeem, merchants’ customers can also make withdrawals via a PayRedeem Payout Card. For this purpose, the PayRedeem system generates a code that must be transmitted to the merchant. PayRedeem then transfers the money either to the bank account or the credit card or can also pay out in crypto if desired.

Conclusion

PayRedeem is an alternative payment option in the high-risk sector. The issuing company has an offshore license in Mauritius. Furthermore, we were able to verify the identity of the legal entities with the information on the website. However, due to various complaints about the company and their poor rating we have received, we are downgrading them to ORANGE.