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How many Money Transmitter Licenses do I require if I have to do business in the US?

Many people wrongly assume that only having one money transmitter license in the United States is good enough. It is not. If you intend you have customers signed up from all over the United States, then you needed licenses, in all the States. However, there is a caveat to this where you may require only …

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US Payments Statistics

Here are some interesting statistics about the US payment system (as extracted from the 2013 Federal Reserve Payments Study) The estimated annual number of unauthorized transactions (third-party fraud) in 2012 was 32.3 million, with a value of $6.4 billion. Among general-purpose card payments in 2012, card-not-present fraud rates were estimated to be approximately 3 times card-present …

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AliPay (an AliBaba Group company) gets US Money Transmitter License

AliPay Money Transmitter License Similar to the story of Microsoft getting its money transmitter licenses that I broke here, here is another Goliath which has applied for money transmitter license: Alibaba. AliPay, an AliBaba Group company was recently awarded a money transmitter license. AliPay is actually owned by ANT Financials (which is an AliBaba Group …

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