Yes! Taptap Send is regulated and authorised to conduct money transmission in multiple countries around the world, uses state-of-the-art encryption technology to protect your payments and data in line with GDPR requirements and is fully PCI compliant.
Keeping your money safe is our top priority, and we wanted to remind you of how we do this.
In the UK, for example, we’re an electronic money institution (EMI) regulated by the Financial Conduct Authority (FCA), not a bank. This is important to know because EMIs and banks protect your money in different ways.
Banks protect your money through something known as the Financial Services Compensation Scheme (FSCS). If a bank goes bust, customers can claim up to £85k of the money they are owed by the bank through the FSCS.
As an EMI, the FSCS doesn’t apply to our customers. But don’t worry -- we protect your funds through a process known as safeguarding.
This means that if we hold your funds whilst we’re processing your transfer, we hold them in a special, separate bank account that is protected by law. This way, your money is only ever used to send funds to your recipient, and not for any other purposes. In the very unlikely event that Taptap Send stops providing its services, any of your funds that are held in this bank account would be returned to you.
In any event, we almost always pay your recipient before we actually debit your payment card, so it’s quite rare that we end up holding onto your money!
You can read more about safeguarding on the FCA Website, which provides helpful information on the different types of financial institutions and how they are required to protect your money.