|Named after||Staynish word "debit"|
|Formation||May 25, 2007|
|Type||For profit publicly traded limited liability company|
|Services||Mobile and online payments|
Chief Executive Officer (muSharif muBas)
Debby is a group of mobile payment services that originated in Packilvania run by the Debby Group. It was created in Sawool Jawer in 2007. It is owned by the Debby Holdings company and is part of the Debby Group. The Packilvanian Financial Regulatory Board gave formal approval for the company in 2008. It was first traded on the Bingol Stock Exchange in 2014. Two years later it launched on the Auroran Stock Exchange in Kirib-denominated stocks. Debby is a "nickname" of the Staynish word "debit".
Debby started as an online payment portal whereby individuals would load their card data. Users would use their Debby account to make payments. Debby would contact the user's bank and ask them to deposit the money to the vendor's account. The service was convenient because users did not need to load their card information on websites directly. This was especially attractive to many people who were using online payments for the first time and did not trust online commerce websites.
Debby developed a mobile application that allows the user to scan the vendor's QR code to pay to make a purchase. The Debby mobile application was given additional features which allowed users to send money to each other by making requests to their respective banks to transfer money between their accounts. Debby launched overseas and aimed to cut the fees paid by users for international transactions. What Debby did was set up accounts in foreign banks in which they maintained liquidity. Users no longer needed to have bank accounts of their own. They could load money directly to Debby which in turn pays money to other users. This enables people to manage transactions without having bank accounts.
In 2019, the Packilvanian Banking Association issued a formal complaint against Debby to the Packilvanian Financial Regulatory Board as they felt that they were assuming all of the financial risk for the transactions that were being done on the Debby platform. Furthermore, they complained that Debby was depriving them of the income they would generate from having clients deposit funds directly into their coffers. Some banks issued a counter proposal, stating that Debby was pooling the financial risks that would arise from individual users. This conflict among the banks gave rise to a ruling by the Financial Regulatory Board stating that the government would make requests for Debby to maintain minimum reserves.
Despite the initial scare among investors, confidence in the company resumed especially as the ability of the company to meet its payment commitments improved due to the minimum liquidity requirements. Just like Buddy, there are two versions of the mobile and online Web platforms used by the users. Users in Packilvania use a version of their applications whose data is held and processed in Packilvania while the version used overseas stores data in South Hills and Great Morstaybishlia under a subsidiary Seated in Fort Jubrayn, Staynes, Great Morstaybishlia. According to the Law of Packilvania, user data from and in Packilvania can be required by the law enforcement and intelligence agencies of Packilvania as per the surveillance and censorship in Packilvania. PlexisCards from Plexis can be loaded onto the Debby platform.