Ukash is a UK based e-money payment service provider which allows clients of the system to exchange their money for a pin number. The system of the payment method is very similar to the one which is used by the European e-money payment service provider paysafecard. With the pin number the clients of Ukash can use the pin number for making payments online, top up eWallets or debit cards and to transfer money. Because the system is based on a pin number to transfer funds there is no need for a bank account or credit card details to be divulged online. This gives clients of Ukash security against identity theft.
When you purchase e-money from Ukash you are given a 19 digit pin number which will represent the amount of prepaid e-Money you possess. Clients can then use the pin number to make a payment or transfer funds at any of the 420,000 participating outlets spread across more than 55 countries. Ukash can also be used to fund other eWallets system such as Skrill moneybookers, Neteller and PayPal.
Because of the relative anonymity which Ukash offers you Ukash pin numbers are highly demanded by fraudsters. This had lead to the Ukash issuing an advisory to its customers in 2012 to remind them to keep their Ukash pin number safe like cash as each number is unique. To further boost their safeguards Ukash’s merchants are now required by the Financial Conduct Authority (FCA) to implement the “Know Your Customer” (KYC) protocol before accepting Ukash as payment. Clients are also advised only to deal with the list of real participating merchants which are listed on the Ukash official website. Furthermore tips like how to avoid scams with Ukash can be seen on Ukash’s supported website “Avoidonlinescams.net”.
In spite of some of the negative publicity surrounding Ukash due to scams it can not be denied that Ukash is gaining popularity among users of online payment system. In fact Ukash won a Queen’s Awards for Enterprise for three consecutive years since 2010. The award admits UK based companies that had substantial growth and success in their overseas earnings. Furthermore Ukash is ranked by The Sunday Times Tech Track 100 as one of the top performing companies in its list. Because of Ukash growing acceptance as a major method of online payments a lot of Binary Options Brokers continue to support Ukash as one of the methods of depositing funds.