Last updated: 19 June 2023
Important info: Latest Update 30 May 2023: ecoPayz company changed its name to Payz.
In today’s iGaming industry, speed and security are of the essence. As a result of this trend, more and more players are abandoning traditional payment methods. Credit cards and wire transfers have become too vulnerable to fraudulent activities and too slow to be viable ways to make transactions. From their ashes, eWallets like Payz arose. Thanks to short, or sometimes nonexistent, waiting times, this English payment platform has become the go-to tool for online casino aficionados around the world.
In this Payz review, we’ll dissect the brand as a whole, highlighting its strengths and weaknesses. We’ll look at timeframes, fees, the process of setting up your account, and everything else needed to use Payz. Afterward, you’ll also know what the best Payz casinos, along with their best bonuses, promotions, and perks, are. Once you’re done reading this review, Payz will become your indispensable tool.
Payz was founded as EcoCard way back in 2000, under the patronage of PSI-Pay Ltd., the brand’s parent company. This makes them one of the longest-standing eWallets in existence, as well as one of the first European brands to emerge as a legitimate competitor to the American stalwart, PayPal. While Payz wasn’t all that influential in its first few years, their big break came in 2008. It was then that PSI-Pay was cleared to issue electronic money by the Financial Services Authority (FSA). From that point onwards, they started operating under the standards of the Financial Services and Markets Act of 2000, as well as the EU directive on electronic money.
The year 2009 saw them make two big breakthroughs in the fintech industry. They were officially welcomed into the MasterCard family and launched their iOS app, receiving praise for its simple and incredibly usable UI. In the 2010’s, they rolled out their now-iconic 24/7 multilingual customer support, as well as the option to open up a business account. Since they strayed away from a card-only approach, EcoCard rebranded itself as Payz. This also resulted in the launch of ecoAccount, ecoVirtual, and other sub-divisions. These last few years, they adopted many more cutting-edge features, which ultimately helped them reach fintech supremacy.
- May 2023: ecoPayz company changed its name to Payz.
- November 2021: Payz introduces personal virtual IBAN and UK sort codes for EEA and UK customers.
- October 2021: Betsson Group adds Payz as a new payment method.
- June 2021: Payz updates its website, now featuring better navigation, and a cleaner, less cluttered look.
- April 2021: Payz stops processing payments in Norway.
- February 2021: Real Luck Group Ltd, a leading provider of legal, real money esports betting, signs a partnership with Payz.
- November 2020: Payz launches new iOS and Android mobile apps, available in the EEA, Switzerland and United Kingdom.
- August 2020: Payz Mastercard launches, available to Silver account level holders and above in the UK and most of the EU/EEA.
- April 2020: RoboForex introduces Payz as a new payment system for trading.
- July 2019: codePayz app launches as a brand-new deposit option at Payz.
- May 2023: ecoPayz changes its name to Payz.
Payz is currently available to people in the 154 countries, territories, and jurisdictions. Even though Payz prides itself in the fact that the platform is available in more than 75% of all countries, there are some tidbits you have to consider before hopping aboard:
- In Israel, Hungary, and Turkey, Payz cannot be used for gambling purposes, as the laws of these respective countries prohibit such actions
- Only countries that are a part of the Single Euro Payments Area (SEPA), which includes the EU and several other countries, can use the ecoCard
Therefore, we can conclude that Payz is mainly focused on the following markets: the UK, Netherlands, Germany, Sweden, Finland, Norway, Italy, and Spain.
Visit the website and sign up
Go to payz.com and click the ‘Sign Up’ box. It’s highlighted in green and located in the top-right corner, right on the transparent black header bar.
Input your email and password
Pick a username, input your email address and choose a strong password. The password needs to include letters, numbers, and symbols, along with a sporadic inclusion of capitals. It’s essential that this password is lengthy and changed often. Also, pay attention that you not use the same one as on other sites, in case their databases get compromised.
Select country, language and currency
Pick your country of residence and preferred language. This is essential due to the fact that Payz has multilingual support. If possible, you will be contacted/receive responses in your country’s official language.
Pick a currency. Don’t worry, you won’t be required to use the same one always. After completing this process, you can add other accounts for different currencies.
Enter your personal information
Enter your name, surname, date of birth, residence, mobile phone number (for contact purposes and 2FA). Type the symbols you see in the CAPTCHA into the box provided right below it.
Study the Terms & Conditions
Study the Payz terms & conditions, so that you know what you can expect, no matter the situation. Once you’re done reading (and understanding) the T&C, agree to them.
Create an account
Click on Create an Account and you are good to go. Now you can start using Payz for online purchases and deposits to casino websites.
In order to make a casino deposit Payz, you don’t have to be a rocket scientist.
- Head over to the Banking/Cashier section and select Payz as your preferred payment platform.
- Choose whether you want to transfer funds directly from your balance or a credit/debit card, if you wish to utilize either your ecoCard or ecoVirtualCard.
- Enter the appropriate details, the exact amount of money, and confirm the transaction both on the casino site and on your Payz account.
For Payz withdrawals, the process is still simple, but with a couple of differences. Go to the Cashier/Banking section of your Payz online casino, input the required info, and double-confirm the transfer. If you’re sending the money directly to your ecoAccount, the money should arrive in no more than 48 hours. For transfers to your debit/virtual card, 3-5 business is the usual norm.
Compared to some of the more ‘conventional’ payment methods, Payz is generally considered to be a low-cost platform. The fees that will be imposed upon you generally depend on which account/service level you choose: Classic, Silver, Gold, Platinum, or VIP.
Despite the difference in names, you won’t experience too many differences between the levels themselves. Most of this revolves around certain things becoming free, with minute changes in price. So, without further ado, here’s what you can expect when it comes to fees and expenses:
- The cost of making a credit card deposit to your Payz account is a flat fee of 0.25 EUR, along with 1.69-6.00% of the transaction
- ecoVoucher deposits fees are up to 2.90%
- Bank transfer fees start at a 10 EUR max for the first four levels, before coming down to 7.00 for the VIP one
- The Silver level has intra-account transfer fees of 1.50%, which disappear at Gold
- Currency conversion fees vary between 1.25% and 2.99%, depending on your account level
The best Payz casino sites won’t charge additional fees for choosing this payment method, though.
When you’re depositing money using Payz, you can generally expect to see a change in your balance in no more than 10-20 seconds. This falls into the realm of instant withdrawals, which is great if you like to recharge your account and start playing right away.
As for withdrawals at Payz online casinos, expect to see the money arriving in no more than 48 hours. Usually, online casinos need a bit of time to process the transaction, and this can take a certain period of time. In some cases, this might be even more if the site has some specific security features, such as identity verification, security checks, and whatnot.
Even though Payz is equipped to handle different transaction sizes, the limits themselves are imposed by the casinos, not the payment provider. All a casino has to do is abide by the technical/security limits set by Payz. You’ll see that most casinos accepting Payz deposits will allow you to top up your account with amounts that are €10 and upwards.
When it comes to withdrawals, the limit is also set by casinos. Whether it’s a high-roller or casual site, you’ll encounter different thresholds. However, Payz also has different limits for different account levels. Depending on your playstyle and frequency of play, you can choose the right level and enjoy your favorite titles without restrictions.
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eWallets, and eBanking in general, have been the target of a lot of skeptics in the early 2000s. Fortunately, eWallets have become far more advanced, with platforms such as Payz being at the forefront of today’s internet security rankings.
None of your information or payment methods are shared with third parties, and all transactions are encrypted with 256-bit SSL or TLS encryption, depending on the browser you use. With additional PCI, DDS, and FCA compliance, it’s safe to say that Payz is indeed safe and secure. They’ve also received at the FStech Awards and Payments Awards, both important ceremonies in the fintech security world.
Overall, Payz is on top of the game when it comes to customer support. They were one of the first payment providers to really prioritize 24/7 availability, along with a multilingual correspondence option. This same approach has stood the test of time, with Payz agents being as helpful and knowledgeable as ever.
The available channels are live chat and email. While some might consider phone support essential, we believe that it’s outdated. Live chat is more than capable of solving all of your problems. Honestly, in most cases, we didn’t even need to contact support. The FAQ section is beautifully organized, with lots of sections, and thousands of questions answered clearly and succinctly.
Our experience with Payz support
The best way to contact Payz is via email or Twitter. We received an email response after a day with the information we needed. On Twitter, @Payz, the agent replied within hours and gave us an even more detailed answer. Unfortunately, he or she didn’t leave the name, so we can only give a shout-out to the entire support team for having excellent support.
Contrary to popular belief, player reviews and experiences are equally important as those analysed by experts and sites like CasinoBankingMethods.com. Such accounts and stories are an excellent barometer for overall quality, as they come from multiple sources. This gives you a great outlook on how different players, regions, and transfer amounts impact the user experience.
In the case of Payz, we’ve found that the impressions are mostly positive. The company even has dedicated teams scanning reviews and comments on Quora, Trust Pilot, and similar sites. They never take more than a day to respond, which is a great thing to see.
Most of the praise revolves around Payz keeping its promises when it comes to withdrawal times and answering to special requisitions. It seems that this is a brand that takes great care of online casino players, as there are almost no reports of gambling-related problems when using this platform.
As for the negative side, we found that a few one-star reviews that we’ve encountered are mostly overreactions to slight delays or issues. There were no reports of theft, suspicious activity, or the customer support team ignoring queries and pleas for help. Overall, Payz pretty-much has a spotless track record, and there’s nothing to fear.
In terms of features, Payz hasn’t tried reinventing the wheel right away. Instead, they’ve gradually started adding new perks and benefits as the company slowly rose up the eWallet ranks.
However, what they do have is an optimized version of features that are already seen. The fintech world isn’t a niche where innovation is of the utmost importance. On the contrary – execution is what matters. That’s precisely what Payz embodies, and is evident in the following extra features:
- Five account levels. You start off with Classic and can update to Silver, Gold, Platinum, and VIP. Upgrade conditions involve adding a card, proving your identity, and depositing/transferring a certain amount of money. We LOVE the fact that you can’t upgrade your account right away – you have to wait 30 days. It’s a great fraud-prevention scheme. Well done.
- ecoCard and ecoMasterCard. It’s possible to apply for two different types of cards, one virtual and one physical. Both of them carry specific sets of perks that can effectively maximize your Payz experience.
- There’s also a payment system of shops and merchants. You can earn points, discounts, and amenities, depending on the merchant’s relationship with Payz.
Payz has apps for both iOS and Android. In contrast with what we usually encounter, both iterations are NOT just haphazardly scaled-down iterations of the desktop site. In fact, we found that the Android app has been accommodated to most phone manufacturers. Whether you’re using a Samsung, an LG, or a OnePlus, you’ll find that Payz perfectly syncs with the phone’s native UI.
As for iOS and iPadOS, Payz delivers another smooth iteration, beautifully utilizing the lack of navigation buttons and the size of the screen. Overall, you’ll find all the features available on computers, along with 2FA for both logins and payments. Amazing.
In 2019, Payz was nominated for the ‘Payment Solution of the Year’ at the Global Gaming Awards (GGA), in London. This further solidified its high reputation amongst players and casinos alike.
Payz signed a partnership deal with Western Union in 2016, becoming the first UK eWallet to collaborate with WU’s agent network. ecoAccount owners to send money even to people without bank accounts.
In 2014, they won the Best Prepaid Card Design at the Prepaid365, winning more than 70% of the popular vote, along with receiving commendations from all the judges sitting on the panel.
Did you know that Payz was the first financial institution in the entire world to launch its very own iPhone app? Just two years after Steve Jobs presented the legendary device, Payz started dominating the mobile world.
In addition to the aforementioned security features, PSI-Pay (Payz’s parent company) has developed its own unique anti-fraud tool, called the Fraud Detection Engine (FDE), which calculates the risk factor when dealing with every client.
In general, yes. However, you will find that some casinos only adopt Payz as a deposit option, without leaving players much room to get used to the same platform for withdrawals. Check your online casino for information on this topic.
Read the ‘Target Markets’ section above for a full list of the countries in which Payz is legally cleared to operate.
Yes, the company has a plethora of security features, along with several nominations for awards pertaining to internet security.
Only in countries that are members of the Single Euro Payments Area (SEPA), which covers the whole EU, along with some non-member countries that are also located in Europe.
This depends on your preferences, priorities, and personal tastes. Payz leads in some categories, while PayPal dominates others.
Yes, Payz has a partnership with VISA, allowing users to connect both VISA and VISA Electron cards to their accounts.
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Relja started off as a content writer in 2016, working his way through various niches and assignments to where he is today. Along the way, he realized that he has a particular affinity towards iGaming and fintech. An avid crypto and slots enthusiast, most of his duties involve analyzing the latest and most intriguing payment methods. LiveCasinos.com, Bettingmetrics.com and Betting.com are just some of the sites with his prints all over them.