A payment gateway that does away with the middleman

As the modern world is increasingly moving online, and more services are available on the web, reliable methods of transferring funds are in extremely high demand. Though traditional bank cards have served monetary transactions well so far, they have proved to be limited in certain cases, opening wide the doors of opportunity for new innovative solutions. 

Blackcatcard introduces a novel way of making online payments, which is touted as being safe for customers as well as the businesses they interact with. That is because, the system does away with bank cards all together, essentially removing the middle person completely. Blackcatcard is the battle horse of Papaya Ltd, an electronic money institution which has been making shockwaves with its innovative solutions for e-wallets and payment cards.

“In fact, being a financial institution, Papaya Ltd can provide customers with a safe and convenient solution that saves them money in the long run, as it does away with any bank charges. Blackcatcard acts as an e-wallet in which users can deposit their funds directly, making transactions neater and quicker,” explains Olegs Cernisevs, Chief Tech Officer at Papaya Ltd.

The advantages of moving forward from traditional cards are multiple, Mr Cernisevs continues. “Apart from both customer and company saving on bank charges, the system is actually safer since it reduces the risks. Creating a direct link, customers know exactly where their funds are going, and customers are responsible for the funds they deposit directly. Furthermore, certain banks block customers from using their cards for gaming purposes in certain jurisdictions, making it harder for gaming companies to operate. In other cases, certain banks consider gaming as an industry to be too risky to service, so higher tariffs are applied.”

Blackcatcard does away with these limitations and offers a reliable solution to customers. Furthermore, the e-wallet acts as a normal payment method which can also be used for any other online transaction, that goes beyond gaming.

“Though our product was designed to be a safe payment method for the gaming industry, its applications are infinite,” Mr Cernisevs explains. “In fact, we offer the possibility of topping up one’s account easily and use it for any online purchases they may need.” Blackcatcard also operates closely with a number of partners through which customers are further encouraged to make use of the service. Teaming up with popular shopping websites such as eBay and Amazon, Papaya has a complete set of incentives in place that reward customers with cashbacks and discounts.”

Incorporated in Malta, and authorised and regulated by the Malta Financial Services Authority, Papaya Ltd has already set long roots on the island. In fact, the company is celebrating 10 years of operation, and has been participating in SEPA payments since 2017. The development of Blackcatcard came as a natural progression.

“Malta has proved to be the ideal strategic base for Papaya to operate from. From here we have managed to penetrate and serve several countries within the EU, and our plans are to continue growing our reach in the continent. In fact, we see ample room for opportunity within the European Union countries especially expanding the applications of the product further,” Mr Cernisevs expounds.

Blackcatcard payment gateway is geared to be well-suited for the gambling industry due to its practical features. It excludes the use of MCCs, making it compatible with all gambling platforms. By fully cutting the risk of chargebacks, it provides a stable and predictable payment environment for transactions. Unlike traditional methods, there is no need for holding security deposits while instant access to funds immediately after payment ensures swift and uninterrupted operations. Blackcatcard payment gateway caters specifically to the needs of the gambling industry, helping to create reliability and trust with the business.

Once trust is established, the players themselves can enjoy additional benefits such as cashback on gaming account replenishments, bonuses for playing on gambling platforms, and extra bonuses for withdrawing funds from the casino to their Blackcatcard account. It’s not just a generic product for spontaneous users; it’s a valuable tool for retaining and enhancing the quality of current customers. Blackcatcard combines competitive offers for new players and serves as a knowledgeable assistant in banking, tax, financial, and cryptocurrency matters. Moreover, Blackcatcard provides gambling projects with a partner program that allows them to earn up to 50 per cent of their customers’ rewards.

Asked about the emergence of alternative currencies and how the company views them, Mr Cernisevs is eager to say that Papaya Ltd is crypto-friendly. “We will not actively block crypto payments, or payments which are generated from cryptocurrencies. We are aware that some payment gateways like ours take a draconian approach and block all payments, even if in Euro that can be traced back to crypto-generated funds. We prefer to take a more flexible approach, provided that all the background checks and balances take place and not threats are found.”

Looking ahead to the future, Mr Cernisevs says that expansion is surely on the cards with the aim being to partner up with more collaborating partners in more countries.

“As already mentioned, our tool can have an infinity of applications and we want to continue exploring them for the benefit of customers and eventual partnerships. We are excited to explore the world of insurance in order to be able to offer a safer, cheaper and superior service to customers,” Mr Cernisevs concludes.