uFun Club, a global $1.17 billion dollar Ponzi scheme, has secured a new payment processor: uPayCard. The company previously lost its payment processor services, leaving affiliates unable to withdraw funds for months. Initial announcements about uPayCard were quickly removed from Facebook, and affiliates were threatened with account suspension for discussing the new processor.
uPayCard presents itself as a legitimate third-party payment processor partnered with UK companies. Its website states it works with a MasterCard-member issuing bank and processors licensed by Visa and MasterCard. It offers businesses a multi-currency payment solution for global transactions. It is unclear whether uFun Club contracted directly for a business account or is using another entity's account.
Affiliates are required to sign up for uPayCard through a link in their uFun Club backoffice. Once registered, funds are transferred to what appears to be a separate bank account controlled by uFun Club, which is then linked to the uPayCard system. This setup allows the scheme to continue operating, with new investors purchasing virtual water bottles and receiving uToken points, which they are led to believe have monetary value.
The uFun Club backoffice still lists its Thailand office as a pickup location, despite the office being raided and shut down last month. New sign-ups are presented with an option to donate their purchased water to a Thai charity.