RotatePay is a people’s system: everybody is a stakeholder; everybody uses the system. There is no middle man! They transfer money directly to each other .i.e. peer-to-peer, from one bank account to another, without any conditions, guarantees and promises. Just only because they want to do that. Because it is a good deal to help each other.
It means the Mutual benefit fund as it is.
There is no formal organization, no legal person in RotatePay. And of course there is no central bank account, no other activity in any form. Neither close, nor open. There is nothing! There are only millions and millions of simple participants, simple private persons all over the world. And nothing more.
And of course there is no special registrations, permission and licenses in here. (Permissions and licenses for what and for what reason? For money transfer from one man to another? And whom this licenses and permissions should be given? Thus, RotatePay is absolutely legal and does not break any laws. Because there are only money transfers between private persons and nothing more.
It is impossible to forbid RotatePay. The same way it is impossible to forbid people from managing their own money the way they like. Thus they need to forbid the whole private property institution.
So everything is absolutely clear with the lawfulness. There are no violations and they won't be! Let's now talk about the other. About honesty. It is important to underline, that RotatePay doesn't cheat or abuse anyone. In other words it is not a cheat or fraud in any case! Everyone is informed about the possible and impossible risks fully and from the very beginning (And everyone put a mark during the registration, confirming that he was informed about the warning.)
RotatePay itself is more honest (in 100 times!) than any other bank, or any financial institution with their licenses or permissions. Because they all lie to you, hold or keep back something and so on.
For every OFFER pledge by any member, a 20% of it is first OFFERED… (See how it works); The remaining 90% would be match after confirmation of the 20% payment.
In every OFFER AID, 20% of it will be used as insurance. And it will be matched within few days of pledge. Offering it will show that you are willing to participate and will pay the remaining 90% when you are asked to OFFER AID to someone that needs it.
Issue of “matching and NO PAY” will be eliminated because the defaulter will lose the 20% paid. Elimination of false POP