|After a series of legality issues with leading e-wallet NETeller, the company behind new payment processor YouTeller.com has made a decision to postpone the site’s launch.|
‘It is in everyone’s interest that YouTeller will not be confused with NETeller,’ said Seed Capital spokesman Florian Schweitzer.
If Seed Capital does not manage to secure a resolution to the legal battle with NETeller the unveiling of the online payment system will take place next summer.
Seed Capital has also quashed rumours of a takeover bid by NETeller Plc and reiterated that they do not want to be viewed as a ‘traditional online payment system’.
A month ago NETeller’s legal counsel called for YouTeller to cease to conduct payment processing business under the name YouTeller, over concerns that the name would be linked to their brand:
‘Such use by Seed Capital Ltd. causes confusion, including initial interest confusion leading to persons familiar with the teller-suffixed brand of services to believe Seed Capital Ltd. is somehow affiliated with, related to or endorsed by our client,’ the letter stated.