Pygg is a new banking/money startup in Sydney - and they're looking for new users! To promote the service, they're giving away $10 free. The only catch is a $2.50 transaction fee - and that you deposit $20.
So, deposit $20 + $2.50 fee = $22.50 cost, get $10 free. Total amount in Pygg = $30. Withdraw, $7.50 profit!
ABN: 67 152 027 319
Interesting. A deposit taking company without AFSL licence?
correct, no afsl is illegal. neg from me.
Why use a domain name in the top level domain of Columbia? Surely that makes it look dodgy? (Whether justified or not.) Couldn't they afford .biz?
Using a free Startcom Class 1 SSL license btw
Wow cant wait to get $7.50 -.-
Alls I know is - they're a startup, backed by Pollenizer - and I've been to their office. I don't work for them either. :)
hmm, i can't even find out anything about this company or what they do, apart from
"About Pygg
A simple, fun way of doing social stuff with your money."
Social stuff - like giving it to us?
What does Pygg stand for?
please, you give good?
Pig
why would you pay friends using this? $2.50 for $20 is 12% fee. if i have to repay someone it is just as easier using 1) cash, 2) iou or 3) internet banking.
so has the OP actually tried this? try it first and tell us if it works …
re: would you use it or not - I too believe the $2.50 fee is a bit steep, but it's no different from a prepaid visa card. Personally, I wouldn't use it with the current high fee, but it's a startup - they may do away with the fee in the future but for now I get $7.50 free :)
Sketchy
@mattgal
4) Paypal
I've deposited $20 (with the $2.50 fee) and received $30 in my account. I've also had others (who work for the company) send me small amounts (< $1) (Check twitter for @pygg )
I just added $20 from paypal to my pygg, showed $30, then withdrew to my BankAccount, just as OP said.
Ps says 1-3 days till I see $30 in bank account .
Sock puppet much? I smell a scam
Yes, usama91's first post. The 1-3 day wait also sounds rather suspicious.
I contacted them aswell, they responded by saying wait 1-4 business days.
I don't think its suspicious, a direct transfer bank account when done on paypal always takes atleast a week. So 1-3 days is standard.
However I will post here the outcome.
The site says every transaction free how come it cost $2.50 transaction fee??
The $2.50 transaction fee is charged when you 'load' your account - sending/receiving money from others on Pygg is free however.
$2.50 is more than the ATM charges me to make a foreign withdrawal. :\
Seems dodgy to me.
The withdraw function is blocked.
How do you mean it's blocked? Did you try?
Quick Google search gives me very little. There is a "news story" (read touched up press release) at http://www.finextra.com/news/fullstory.aspx?newsitemid=23094, and another at http://www.startupsmart.com.au/social-media/start-up-pygg-la…. The latter states that "It hopes to be exempt from RBA regulation in the form of a purchase payment facility because it has less than $10 million in liabilities".
So it's an unregulated startup. It's associated with a few business "names" who have probably ensured there is enough distance between themselves and the company to avoid complexities when it collapses. It's either registered in Colombia or is one of the first Australian companies to use .co rather than .com. Further checking on this tells me about http://www.cointernet.co/. Enquiry here tells me:
Domain Name PYGG.CO
Domain ID D6135226-CO
Sponsoring Registrar DOTSTER
Sponsoring Registrar IANA ID 72
Registrar URL (registration services) www.dotster.com
Domain Status ok
Registrant ID DOTCO6F8FF4FD87F
Registrant Name Phil Morle
Registrant Organization Pollenizer
Registrant Address1 180 Commonwealth Street
Registrant City Surry Hills
Registrant Postal Code 2010
Registrant Country Australia
Registrant Country Code AU
Registrant Phone Number +1.61430460780
Registrant Email [email protected]
Administrative Contact ID DOTCO6F8FF4FD880
Administrative Contact Name Phil Morle
Administrative Contact Organization Pollenizer
Administrative Contact Address1 180 Commonwealth Street
Administrative Contact City Surry Hills
Administrative Contact Postal Code 2010
Administrative Contact Country Australia
Administrative Contact Country Code AU
Administrative Contact Phone Number +1.61430460780
Administrative Contact Email [email protected]
Billing Contact ID DOTCO6F8FF4FD882
Billing Contact Name Phil Morle
Billing Contact Organization Pollenizer
Billing Contact Address1 180 Commonwealth Street
Billing Contact City Surry Hills
Billing Contact Postal Code 2010
Billing Contact Country Australia
Billing Contact Country Code AU
Billing Contact Phone Number +1.61430460780
Billing Contact Email [email protected]
Technical Contact ID DOTCO6F8FF4FD881
Technical Contact Name Phil Morle
Technical Contact Organization Pollenizer
Technical Contact Address1 180 Commonwealth Street
Technical Contact City Surry Hills
Technical Contact Postal Code 2010
Technical Contact Country Australia
Technical Contact Country Code AU
Technical Contact Phone Number +1.61430460780
Technical Contact Email [email protected]
Name Server MNS01.DOMAINCONTROL.COM
Name Server MNS02.DOMAINCONTROL.COM
Created by Registrar DOTSTER
Last Updated by Registrar DOTSTER
Domain Registration Date Tue Jul 19 01:18:23 GMT 2011
Domain Expiration Date Wed Jul 18 23:59:59 GMT 2012
Domain Last Updated Date Sun Sep 18 04:33:38 GMT 2011
Another quick search tells me that Phil Morle is a founder of Pollenizer http://www.pollenizer.com/about/our-team/phil-morle/ - I have no idea why they prefer US spelling). Other than that, it appears that he's posted his resume on Wikipedia (actually, I like that idea - it's going on my to do list).
In summary, I'm not comfortable that this company has the funding, oversight, regulatory control or nous to achieve its stated goals. It doesn't appear to be a scam, but it's not somewhere I'd entrust with my money.
anything try to exempt from rba is dodgy for me. They might give u thr bonus for early people who registered this then they can just close their business which is common in crook world
"It hopes to be exempt from RBA regulation"
Huh? That should read, "It hopes to not have to pay your money back if it all goes sour". And a neg from me.
Perhaps give it a few days, if those who are game and already gave it a go get their free money, then it might be good. I'm going to hold off for now, resist the allure of free money, especially if it turns out to be illegal.
Its only $7.50, but then again the loss is only $22.50, which isn't a massive risk, much less than the 2TB hard drives that seem to be going around.
To those who are brave and gone for this, let us know how it turns out.
To call the $2.50 a transaction fee is slightly misleading. It's the cost of topping up your account. All subsequent transactions are free.
I've been using pygg for a couple of months with some friends, more as a novelty than a real way to pay for things. The principle behind it is to send small amounts of money to your friends (over Twitter so it's kinds fun). So if a freind buys you a cofee you can tweet them $3 or whatever. Once you have some money in your account you usually don't have to top up as the money just circulates around.
As mentioned before Pygg is a Pollenizier backed startup. Always good to support a local startup.
To call the $2.50 a transaction fee is slightly misleading
I bet this place would love it if the $2.50 was not referred to as a 'transaction fee' because that would make Pygg all the more similar to a bank (and they don't want that).
But the fact is, it is a transaction fee. And they ought to be regulated, just like any other financial institution. Sure the idea is a fine one, in principle, but these rules are there for a reason.
Hi,
for everyone I can confirm it worked.
And the whole process only took one business day.
What's interesting is - with a business model like this, say if it gets popular and flourishes, how do they prevent copy cats or block out competitors? It relies on Twitter so barriers to entry is very low. Anyone can do the same.
no abn etc?