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A non-banking electronic payments provider and management tool for merchants, Singapore-based FasaPay is available to users internationally. Particularly popular with binary options brokers and traders in Indonesia and South-East Asia, where is already rivals the likes of Paypal and Skrill, FasaPay is quickly gaining international traction. Compatible with U.S. dollars and Indonesian Rupiah (IDR), Fasapay accounts are funded directly from a bank account rather than credit card and funds can be loaded via bank and wire transfer, ATM transfer and SMS banking. Bank accounts anywhere in the world, with the exceptions of the U.S. and Canada, denominated in U.S dollars or IDR are compatible with FasaPay.
FasaPay is already used by over 225,000 clients in 195 countries and supported by over 350 merchants and binary options brokers.
Best Binary Brokers with FasaPay
The Benefits of FasaPay
While there are numerous advantages to using FasaPay, central to those is that using the e-payment service means that bank account or debit/credit card details do not need to be provided to a binary options broker or any other merchant, adding an extra level of financial security. In most cases the risk of providing these details is not from the merchant themselves but in the event of any security breach of their systems by a criminal 3rd party.
Another plus is that once a FasaPay account has been set up and bank accounts linked to it, 1-click transfers and deposits can be made. This is much faster and more convenient than making a bank transfer or entering card details for every transaction.
FasaPay also means that binary options traders who do not have a credit or debit card are still able to make online payments easily.
Withdrawals from a binary options trading account can also be conveniently made into a FasaPay account.
FasaPay account holders have easy access to their full payments history.
The FasaPay mobile app means all account functionalities are conveniently available on the go.
FasaPay also operates a referral system which means existing users who refer a new user can earn a small commission on every transaction made by their referrals.
How FasaPay Works
FasaPay accounts operate as an e-wallet and an e-payments provider. Holders can also receive payments into their FasaPay account and withdraw funds back to their bank account.
E-wallet: cash can be transferred from a bank account, or received from a third party, and stored securely in a FasaPay account’s e-wallet.
E-payments: one-click deposits or payments can be made from a FasaPay account to any of the several hundred merchants, brokers and other online service and product providers that support FasaPay.
Receive e-payments: withdrawals from a binary options trading account can be received back into a FasaPay account from supporting brokers.
Withdrawals: funds can be withdrawn and returned to any bank account registered to the user’s FasaPay account.
Opening a FasaPay Account
Opening a FasaPay Account is free of charge and could not be simpler. New users should visit FasaPay’s website and click on the ‘Sign Up’ button to the top right of the homepage. They are then directed to a simple personal details form where their name and email address should be filled in and confirmation is provided as to whether a personal or merchant account is required.
A verification code sent to the email address provided must then be entered as the next step. Further personal details such as address and phone number are then requested and an copy of an official form of ID such as a driver’s license or passport must be uploaded to prove identity.
Before e-payments can be made, the account holder must go to the ‘bank’ section of the menu from their new account and fill in the details of the bank accounts they wish to connect to their FasaPay account. Funds from which e-payments can then be made can then be transferred from a bank account to the FasaPay e-wallet. Withdrawals will also be able to be made to registered bank accounts.
FasaPay Security
In addition to standard password security, FasaPay account holders are provided with an additional 4 levels of security to keep their account details and funds safe.
API Security: the FasaPay API Security function allows users to adjust settings that provide the option for them to restrict access to their account from blacklisted IPs or only to allow access from specified whitelisted IPs. Access can also be restricted during specific hours or specific functionalities, such as withdrawals, restricted from black and whitelisted IPs.
Mastercode: all FasaPay account holders are asked to create a 6-digit master code on logging into their account for the first time. This master code is needed before any account data can be changed such as personal details or connected bank accounts. A reset service of master codes is not provided so account holders must be sure to keep these details safe!
PIN Setting: account holders are provided with the option of setting up an account PIN which must be provided on login. PIN security can be set for both desktop and mobile access or one or the other. The user can also adjust the settings so the PIN is only requested during login from an IP address not on a whitelist. As well as the PIN on login option, users can alternatively set the PIN functionality to be requested only when transactions such as payments, payment receipt or withdrawals are made.
SSL Encryption: the FasaPay website employs SSL encryption technology to protect against phishing attacks at the moment of entry of any personal and financial details when an account is being set up.
FasaPay Costs
FasaPay account set up is completely free of charge as is account maintenance. The only cost to using a FasaPay account is a 0.5% commission applied to e-payments made from or received into the e-wallet. Withdrawing funds from a FasaPay e-wallet back to a connected bank account is also free of charge.
Conclusion
A quick, simple and ultra-secure e-wallet and payments provider, FasaPay is a great option for binary options brokers to securely make deposits into or withdrawals from a trading account. One drawback is the fact the service does not yet support top-ups and withdrawals directly from or to debit and credit cards, however this can also be considered as an advantage for those who do not have access to one. One further downside is that to date only two currencies, USD and IDR are supported.
The additional layers of security provided by FasaPay are the biggest USP the service provides and one of the main reasons it has quickly attracted to many account holders.
