Short answer – yes, absolutely.

As a Maltese financial institution and the issuer of Blackcatcard, Papaya Ltd protects customer funds through an insurance arrangement with respected EU-based insurance company Axiom.

This insurance-based model offers clear legal grounding — EU directives allow electronic money institutions to use either safeguarding or insurance to secure client deposits — and ensures a high level of security and peace of mind for our customers. Under this scheme, in the unlikely event of Papaya Ltd’s insolvency, customers’ funds remain protected and cannot be used to cover the issuer’s debts.

Rest assured that your funds remain fully protected when using Blackcatcard.