In our ongoing analysis of payment processors within the fintech and online gambling sectors, the high-risk payment processor Nummuspay has recently come under the spotlight following its involvement with the offshore casino Spinbookie, as previously noted in our review of the gambling platform. PayRate42, which has placed the payment processor on its Red Compliance List, has further highlighted the concerns around Nummuspay.
Lack of Transparency and Legal Clarity
According to the recent assessment by PayRate42, Nummuspay presents significant transparency issues concerning its legal entity, regulatory status, and operational jurisdiction. Despite stating Greece as its jurisdiction in its terms and conditions, the Nummuspay website offers no clear information about its operators or regulatory alignment. This lack of disclosure is particularly problematic in the financial and payment processing industries, where trust and compliance are foundational.
Read our Spinbookie review here.
The absence of detailed legal and regulatory information impedes potential users and partners from making informed decisions. Without such critical data, it is challenging to assess Nummuspay‘s risk and compliance posture. For businesses, especially those in highly regulated environments, understanding a payment processor’s compliance with legal standards is crucial for maintaining operational integrity and adhering to industry regulations.
Connections to Offshore Casino Operations
The PayRate42 finding indicates that Nummuspay‘s service portfolio includes facilitating transactions for offshore casinos like Spinbookie. This involvement with gaming entities that may operate under less stringent regulatory frameworks highlights potential risks associated with the payment processor. Clients from industries that demand high levels of compliance and transparency should be particularly cautious, as partnerships with payment processors serving such sectors could impact their reputation and trustworthiness.
Conclusion and Compliance Concerns
While Nummuspay does offer robust features that support subscription management and multiple payment integrations, appealing to a broad spectrum of industries, the significant gaps in its compliance and transparency profile pose potential risks. Its associations with offshore casinos exacerbate these concerns, further complicating its market position.
Given these factors, PayRate42’s Red rating is a cautionary signal to businesses and users considering Nummuspay for their payment processing needs. Stakeholders should carefully weigh these issues against their compliance standards and risk management strategies before engaging with Nummuspay as a payment service provider.
Report Information
If you have any information about Nummuspay, its operators, or its partners, please let us know via our whistleblower system, Whistle42.
