Youtuber and crypto influencer Tone Vays did a lot of the research on this project. Even though he is a bitcoin maximalist and highly biased against any altcoin project, the facts he reveals alongside his not unusual salty opinions are still worth reading: https://twitter.com/ToneVays/status/1017917017532362754. Tokenpay was not exactly helping their own side of the argument by personally attacking mr. Vays by claiming he is an ICO shill (which he is the absolute opposite) and has been shilling Bitconnect. Their examples were an obviously intended sarcastic Tweet and a parody video (which apparently they didn't bother to check first). Their reactions were extremely unprofessional and seemed to suggest their complete lack of knowledge in the space. Which legitimately raised red flags in and out of itself.
2 days after Tone's Tweet, TokenPay's CEO did an AMA about the merits of the then recently announced partnerships with Litecoin Foundation and the bank they acquired.
One specifically interesting aspect is that the TokenPay project has signed an agreement with Litecoin Foundation and has the support of Litecoin founder Charlie Lee. I am personally of the opinion that Charlie is generally a credible person in the space and doesn't have ill intent, so unless Charlie himself is being misled by TokenPay, and assuming that Charlie did enough due diligence, it would certainly give TokenPay some points in favor of credibility. Here is a recent interview between TokenPay CEO and Charlie Lee: https://www.youtube.com/watch?v=E-IUCGq5yug
Then very recently TokenPay decided to send a cease and desist order to Tone Vays for defamation and libel, to which Tone replied in a video response. Most of the response involves legal research on if and why he believes he has a strong case for himself, but in the video he also points out a few more aspects that definitely put TokenPay in a shady corner: https://www.youtube.com/watch?v=rBm6LI0ogL8
After reviewing all this info, I am mostly siding with Tone Vays on this matter but I am indeed also very confused by the fact that Charlie Lee clearly seems to be associating with this project, so that does cast some (circumstantial) doubt about the definitive claims of Tone. And we also need to take into account the fact that Tone applies a much broader definition of the concept "scam" than the majority in crypto do, so that certainly also accounts for matter of opinion too. My personal opinion is that this project does look very shady/problematic and I do hope that Charlie won't burn his fingers on this collaboration, because that would affect his credibility a lot probably. I wouldn't categorize is on the same level of shadiness/scamminess as Bitconnect and One Coin, but at the same time that might even make it all the more dangerous for investors, as it is much harder to recognize as such (if the project indeed is as shady/scammy as Tone's raised red flags seem to suggest).
(By the way: crypto projects sending cease and desist orders, is usually not a good sign in terms of shadiness. Another interesting detail: Tone mentioned in the Tweet thread the COO of TokenPay, who was also the CMO of Verge (ties between TokenPay and Verge are big, remember Verge is that privacy coin that got 51% attacked 3 times!). From my understanding, within 24 hours that team member was removed from the TokenPay website. That certainly does not look good either.)