Do you use mPay? It’s better to withdraw money from your account immediately

Users of the mPay application who still have funds in their account should not delay their withdrawal. Following the decision of the Polish Financial Supervision Authority, the company has until September 30 to end all legal relations with users and contractors.

No permission

At the end of June, the Polish Financial Supervision Authority withdrew mPay’s authorization to provide payment services as a domestic payment institution. The regulator found that the company did not ensure prudent and stable management of its payment services business. The decision was made immediately enforceable.

The company replied that it had appropriate financial and organizational resources and emphasized that the decision related to past irregularities. At the same time, it announced that it would take actions aimed at regaining the rights to provide payment services. It continues to operate in areas that do not require such a permit, including: enabling you to pay for parking or purchase public transport tickets.

Withdraw money

Lawyers recommend that users request a withdrawal of money remaining in their account as soon as possible, especially if the amounts are larger. It is also worth keeping the confirmation of submitting the payment order, as it may be of evidentiary importance.

Experts also advise securing other account-related information. This is mainly about recording the balance, transaction history, top-up confirmations and screenshots from the application. Such documents may prove useful if you need to clarify billing matters.

Bankier.pl also reminds that funds accumulated in mPay are not protected by the Bank Guarantee Fund. In the case of this company, purchased insurance serves as security, but details of its scope have not been disclosed.