GuavaPay, a popular payment platform, announced a temporary UK service suspension on September 19 that will continue indefinitely.
The company says it is “unable to accept new funds into its MyGuava App and MyGuava Business platform with immediate effect until further notice.”
According to the notice, this means that:
- GuavaPay users in the UK cannot deposit funds
- UK users cannot receive funds
- UK users cannot create new cards
Account holders can continue to transfer and withdraw funds until their balance reaches zero, though the company says some users are experiencing interruptions. Users can also view their account and transaction history.
Why Did the Service Halt Happen?
GuavaPay named two factors that have led it to “effectively suspend” its business in the UK: concerns around fraudulent transfers, which it claims are largely resolved, and company growth that has outpaced regulatory thresholds.
The firm halted services in agreement with the UK Financial Conduct Authority (FCA) and said it is cooperating with the regulator as it makes improvements.
The FCA’s own הַכרָזָה further indicates that GuavaPay cannot onboard new customers alongside the other restrictions.
Looking for a New Payment Platform?
It’s unclear if or when GuavaPay will restore UK services. But in the meantime, other payment platforms provide a convenient alternative.
Clear benefits to choosing Payset include free signup and fast online onboarding, allowing you to להתחיל faster than most banks or other payment providers.
With Payset, you’ll get comparable and superior features to GuavaPay, including:
- חשבונות IBAN מרובי מטבעות that support 34 currencies, including EUR, GBP, USD, DKK, and more
- Global support across more than 180 countries
- Mobile and web access to your Payset account
- Zero setup fees on all personal and business accounts
- Real-time FX conversions with transparent rates and fees
- Crypto-friendly inbound transfers, allowing you to transfer fiat currency from supported exchanges to your Payset account
- Personal support from our customer care team
- Fast online sign-up — usually ending in acceptance within 72 hours
Want to learn more? See a complete overview on our GuavaPay comparison page.
Payset Serves the UK (But Not Just the UK!)
GuavaPay’s service halt only impacts users in the United Kingdom. As a London-based company, Payset hopes to extend a helping hand to affected local customers by offering an easy transition to our platform.
However, you can sign up for Payset even if you’re based elsewhere. See our full list of supported regions אוֹ reach out to us if you have questions.
