Review and current status of Perfect Money wallet
The electronic wallet has long established itself as an excellent payment method for online transactions. Speed, anonymity, and variety of services have contributed to the rapid growth of various wallets worldwide. One of the most well-known today is Skrill, but we also cannot forget about Perfect Money, which has long remained a staple in online payment services for high-risk businesses.
Perfect Money evokes mixed opinions, but one thing is clear — it has carved out a special place in online processing and has garnered many loyal users. What makes the wallet so beloved by users, and how is it doing today? Let's explore in the new overview from Monoup.
What is Perfect Money?
Experienced gamers and internet users are well acquainted with Perfect Money, which has been facilitating online payments and currency exchanges since 2007. The payment system can be considered a veteran in payment landscape, and its services have gained popularity and expanded to many countries over the years.
A distinctive feature of the wallet is its direction. It has become extremely popular among players of various online games, casinos; forex traders, and users of other similar online resources. This is primarily due to the low AML standards. Some accounts operate without verifying their owners, which introduces certain risks in collaborating with payment system. Despite this, there are many advocates of the service who speak positively about Perfect Money's offerings and cannot imagine their lives without it.
Key functions of Perfect Money:
- Storing balance in the electronic money system;
- Payments between individuals, as well as B2B (Business to Business) and B2C (Business to Client);
- Payment for goods and services on websites that accept wallet;
- Issuing and receiving loans within the system;
- Receiving salaries for remote employees, payments to freelancers;
- Accepting payments on the website and making payouts.
Practically, the range of services includes standard functions for individual and business clients. A significant advantage is coverage of many countries, with available deposit methods in each. There are not many payment methods that can boast such extensive coverage; most payment services have specific focuses and cater to particular regions.
If to talk about pros and cons of Perfect Money, we can set those as pros:
- Relatively low fees, allowing most clients to use the service without significant financial losses.
- Convenient and understandable account security system, featuring 2FA via SMS or a code card.
Outdated and requiring substantial UI/UX updates, complicating interactions with the wallet we believe may be treated as cons. Also, difficulties in interactions with some services, need to use of third-party exchangers and services that collaborate with Perfect Money. The "all-in-one" system has likely not been fully incorporated by the developers, and certain functions cannot be performed without third-party exchangers.
The most controversial feature of this wallet is the ability to open an account without KYC verification and is challenging to categorize, as it can be seen as both a pro and a con. Many users would consider it a pro because the absence of verification significantly simplifies working with payment system, eliminates unnecessary steps, and allows for anonymous management of funds.
However, this is also one of the most negative factors for any payment system, as it creates a "loophole" in security and contradicts the legislation of most countries.
Perfect Money has faced criticism multiple times due to its weak AML component. Once, it was even labeled the "favorite payment system for money laundering" by Miles Klee in his article for Daily Dot. The journalist revealed that most clients of the payment system used it to conceal income, and many illegal brokers and casinos readily accepted Perfect Money for payments directly on their websites. The rise in this service's popularity for such activities was caused by closure of Liberty Reserve payment system, based in Costa Rica, by U.S. authorities. Perfect Money, unwittingly, became its successor, creating the necessary conditions by low AML standards.
Is Perfect Money closed down?
Despite its rich and lengthy history, operations in 200+ countries, and numerous loyal clients, everything says that Perfect Money's era has probably come to an end. The payment system's website currently displays a message stating that the service has closed: “The payment system that began in 2007 ended in 2025”.
However, we have not been able to find any explanations or official statements from company's C-levels, even a month after this message was posted and the site was actually shut down. It is well-known that regulatory issues for the company began long ago, and fintech industry suspected possibility of service termination in certain jurisdictions. In late 2024, Perfect Money began sending official letters to users from Russia, Belarus, Ukraine, and other CIS countries about account closures and the inability to operate in these jurisdictions further. Around the same time, starting in early November, company began shutting down operations in other countries, including entire European Union, as well as Bangladesh, Nigeria, Myanmar, and others. Additionally, the service is blocked in the USA and Canada by local authorities.
The only official announcement about termination of financial services for forex brokers, dated the same November 2024, could be found online. After this, there has been no communication from the company, and we can conclude that Perfect Money's story has reached its end or quite a long break.
Considering the various opinions, one thing is undeniable — companies like Perfect Money have forever etched their names in history of fintech industry. For more reviews and news, visit our website, and stay updated with breaking news on our Telegram channel every day.
