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Went for lunch with Octav from Paxum...
For him it must have seemed like he was on a date with someone who had just gotten out of long term relationship that ended because of cheating and has lost all trust.
Seems like a nice enough guy for whatever that's worth. Let me know know about his history both personal and business, about some of the backers of Paxum, one happens to be a lawyer who I'm hoping to meet in the next week or so.
You can never tell the future but it seems like they have been working on setting this up for a few years, jumping through all the MasterCard hoops and making sure everything was being set up correctly to become an e-wallet payment solution. He did say that they had planned to launch later in the year but sped things up on the tech end because of the epass situation, but they are able to issue cards now.
I doubt any of these billing companies were set up with the master plan of screwing people over, so with any e-wallet solution don't use them as a bank and keep too much money in there. He did mention that when your money is on your virtual MasterCard that it is MasterCard holding the fund not them.
I was given a test card with some pre-loaded cash and it worked in restaurants and the atm with no issue.
I plan to use Paxum to pay affiliates who are interested and as I did with epass I will be cautious and only wire in the $ needed, which is why I was lucky and didn't lose too much.
Not sure if this helps anyone thinking about using them, but I thought I'd share.
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