YouTeller launching by invite only

A new online payment processing company hoping to pick up customers following NETeller's withdrawal from the U.S. market is launching by invitation only in March.

In the month of March, YouTeller is inviting 1,000 customers who have already pre-registered for the service to use the eWallet.

Following what it calls the model of gmail - search engine google's popular e-mail service - only those who receive an invite from a registered user will be able to access YouTeller.

"Our servers could not handle the traffic if we open our doors for a public sign up," said Florian Schweitzer, spokesman for the London-based technology company Seed Capital Ltd., in a release. "But it is our first priority to provide our customers with a stable service and a reliable support."

Public registration is not planned in the next few months, he said.

Seed Capital Ltd. introduced the new payment processing service in early February, just after the Isle of Man-based payment processor Neteller had announced its decision to pull out of the US gaming market following the arrests of its founders.

The company says that transaction limits will safeguard the company from funding criminal organizations and can track down money laundering networks easily.

News Added: 24 February, 2007

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