NOMO Pay FAQ
NOMO Pay is a multi-currency account inside the NOMO wallet. These are the questions asked most often about accounts, limits, currencies and transfers. The answers below reflect what ships today; features described as planned are marked as such.
What is NOMO Pay?
NOMO Pay is a multi-currency account that runs as a webOn inside the NOMO wallet. It holds multiple currencies in the current catalogue, converts between them at a quoted rate, and sends payments over SWIFT, SEPA and local rails. Balances refresh against that partner every 60 seconds, according to the sync interval NOMO Pay runs. The account itself is issued by a regulated banking partner; NOMO Pay holds no customer funds.
Do I need the NOMO wallet to use NOMO Pay?
Yes. NOMO Pay is a webOn rather than a separate app, so it runs inside the NOMO wallet, which is available on iOS and Android. There is no separate NOMO Pay download and no NOMO Pay password: you sign in by scanning a QR code that the wallet signs with the key on your device.
How do I open an account?
A Basic account opens after a short in-app check that collects your name, date of birth and country, and needs no membership. Completing full identity verification through Zenpass, a document-and-selfie check, lifts the in-app transaction cap. A Premium account additionally requires VISION ONE membership.
What is the limit on a Basic account?
Basic accounts are capped at US$1,000 equivalent per transaction until identity verification is complete, and that cap is enforced by the banking partner as well as in the app. Premium accounts carry no in-app outgoing limit. Every payment on either account still passes the banking partner’s compliance and anti-money-laundering checks, which can restrict, delay or decline it.
What is the difference between a Basic and a Premium account?
A Basic account is issued in Singapore, opens without membership, and carries the US$1,000 per-transaction cap until you verify. A Premium account is issued in the EU, carries its own EUR IBAN and BIC, and has no in-app outgoing limit. Premium is available to VISION ONE members who have completed verification; VISION ONE sets its own membership terms and fees.
How long does a transfer take?
A transfer between two NOMO Pay users settles instantly, because both accounts sit with the same banking partner and no interbank message is sent. A euro payment over SEPA instant credit transfer makes funds available within 10 seconds of the payment order, according to the scheme rules the European Central Bank publishes. Payments over SWIFT pass through correspondent banks and take longer.
Which currencies can I hold?
NOMO Pay holds multiple currencies in the current catalogue, each with its own local account details for receiving money. The catalogue is read from the banking partner at run time rather than hard-coded, so a currency added on the partner side appears without an app update. Codes follow ISO 4217.
How quickly do balances and transactions update?
NOMO Pay re-reads balances, transactions and beneficiaries from the banking partner every 60 seconds, according to the sync interval it runs, and pushes the change to the open app over a socket. A completed payment therefore appears in the history without a manual reload. Transfers between two NOMO Pay users settle instantly.
Can I attach documents to a transaction?
Yes, where the banking partner asks for supporting evidence. According to the upload limits NOMO Pay enforces, attachments are capped at 5 MB, are virus-scanned before they are stored, and have their file type re-checked against the actual contents rather than the filename. Upload is gated behind a per-account permission.
Does NOMO Pay offer a card?
No. Cards are on the roadmap and are not part of the private beta. The card imagery on the NOMO Pay site illustrates planned functionality, and card availability, features and fees are not final.
Who holds my money?
A licensed banking partner issues the account and holds the balance. NOMO Pay moves money only on an instruction signed from your wallet, and mirrors your balances and transactions every 60 seconds, according to the sync interval it runs, so the app can display them. Where the mirror and the partner disagree, the partner’s record is authoritative.
Which countries is NOMO Pay available in?
Availability depends on your country of residence, and the supported-country list is set by the banking partner rather than by NOMO Pay. Residents of comprehensively sanctioned countries, and persons on applicable sanctions lists such as those published by the U.S. Office of Foreign Assets Control, cannot open an account.
Where these answers come from
Limits, supported countries and the currency catalogue are set by the banking partner that issues the account, and change when the partner changes them. SEPA timings are the scheme rules described by the European Central Bank in its Single Euro Payments Area overview. Membership terms for Premium accounts are set by VISION ONE, a separate cooperative, and the wallet NOMO Pay runs inside is the Nomo App. Sanctions programmes are published by the U.S. Department of the Treasury as Sanctions Programs and Country Information.
Sources
- Single Euro Payments Area (SEPA), European Central Bank.
- VISION ONE, VISION ONE.
- Nomo App, Nomo Digital FlexCo.
- Sanctions Programs and Country Information, U.S. Department of the Treasury, Office of Foreign Assets Control.
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