Paypound is reportedly one of the successor projects to the collapsed Indo-British high-risk payment processor iPayTotal. Apparently, Paypound now also has offices in Nigeria where Abayomi Adetola, among others, works. He is currently contacting other payment processors and gateway operators and wants them to register him as a master merchant with a master ID. Paypound wants to acquire sub-merchants and manage their customer deposits via their own bank accounts.
In recent months, Paypound has stood out as a payment facilitator in many broker scams. Even in clearly identifiable scams or when there are already warnings from regulators, Paypound has no problem working as a payment facilitator for them. At some point, however, the time will come when Paypound will freeze the funds of these merchants, citing the risk. And probably Paypound will collapse and disappear like iPayTotal.
