PerfectMoney Shutting Down Its Doors in India

[Amar]

PerfectMoney is an online payment gateway used by various hosting companies and other users. After strict regulations were implemented in India, PerfectMoney announced that it would cease operations in India due to regulatory issues. Conducting business in India has become challenging for the company.


Here is their announcement for Indian users from PerfectMoney:

Important Announcement: Service Restrictions for Customers in India

We regret to inform you that Perfect Money is currently unable to serve customers based in India. As a result, all accounts registered to addresses in India will be closed on December 17, 2024.


Here’s what will happen and what you need to do:

As of November 17, 2024, all Perfect Money accounts registered in India will stop functioning, meaning you will no longer be able to deposit or use any funds. We strongly advise that you withdraw any remaining funds from your account before this date.

After November 17, 2024, you will still be able to withdraw your money, but please note that you will have 30 days to complete any withdrawals before your account is officially closed. Be sure to act promptly to avoid any inconvenience.

Effective immediately, Perfect Money will not accept new registrations from customers in India and will also cease accepting documents issued in Belgium for the verification of new users.

This decision is due to complex regulatory changes that have made it increasingly difficult for us to operate in the region. We are committed to navigating these challenges, and as soon as a regulatory framework is established that allows us to resume operations in India, we will promptly notify you.

FAQ:
Q1. Do I need to withdraw my money immediately?
A1: If you are from India, then yes.

Q2. Can I still receive money from my customers if my account is based in India?
A2: No. As per PerfectMoney's official announcement, Indian merchants cannot receive money in their accounts.

Q3. Can I send money to other users?
A3: Not tested yet, but you can try it yourself and let us know.

Q4. Can I change my country from India to another country in PerfectMoney?
A4: No. Due to the restricted functionality of Indian accounts, you can only withdraw money.


Who will be the next payment gateway?


Amar.