Payz Review

Introduction to Payz

Payz is a digital wallet or e-wallet — an online account where you can store a number of payment methods and hold a cash balance. It might not be as established as rival services such as PayPal or Skrill, but it remains a solid option for casino deposits and withdrawals. 

So, what differentiates Payz from the rest of the pack? The company behind the e-wallet places a pretty heavy emphasis on simplicity and ease of use. Creating an account is free and takes just a few minutes, and users can top up their balance via the website or mobile app.

Touting itself as a global payment solution, Payz allows customers to send and receive payments in over 50 different currencies. And when it comes to spending your balance, the Payz Mastercard gives you additional flexibility.

On the security side, Payz is as good as it gets. The company utilises the latest encryption and fraud prevention measures to keep your account safe at all times. Accounts are further protected by two-factor authentication (2FA), with Payz Mastercard payments utilising 3D Secure for added peace of mind. Instant push notifications help users keep abreast of recent transactions, and it’s easy to set limits on your spending straight from the app.

Payz is licensed as an e-money institution by the Financial Conduct Authority (FCA), so all customer funds are ring-fenced and kept separate from operating funds. That means that, in the event the company folds, your money is protected and can be withdrawn at any time. The company is compliant with Payment Card Industry (PCI) and Data Security Standards (DSS). 

Payz Limits and Fees

Although it’s free to sign up for a Payz account, there are a number of different account tiers — each with their own limits, restrictions, and fees. Some functionality can only be unlocked with a higher-level account. And if your gambling budget is on the larger side, check the payment limits will suit your needs before signing up to Payz. 

Check out the table below, where we’ve broken down the different features of each tier. These amounts are in euros, but the equivalent GBP value applies. 

	Classic	Silver	Gold	Platinum	VIP
Max daily payment to merchants	1,000 EUR	15,000 EUR	20,000 EUR	25,000 EUR	30,000 EUR
Payz Mastercard	No	Yes	Yes	Yes	Yes
Total lifetime limit	2,500 EUR	No limit	No limit	No limit	No limit
Withdraw funds to bank account	No	Yes	Yes	Yes	Yes
Withdrawal fee	N/A	5.90–10.00 EUR	5.90–10.00 EUR	5.90–10.00 EUR	2.90–7.00 EUR
24/7 customer support	Yes	Yes	Yes	Yes	Yes
Max account balance	Current account not supported	15,000 EUR	100,000 EUR	120,000 EUR	No limit
Inactivity fee	1.50 EUR	1.50 EUR	1.50 EUR	1.50 EUR	1.50 EUR

We recommend the Silver account as minimum if you’re planning to use Payz to manage your casino bankroll. With this level, you’ll get access to the best features of the service, like storing your balance, withdrawing to your bank account, and the Payz Mastercard. To upgrade your account from Classic to Silver, all you need to do is verify your identity by sending Payz photo ID and proof of address.

Pros and Cons of Payz

Looking for the lowdown on Payz in a pinch? Here’s a quick summary of the benefits and drawbacks of the service.

Casino Players Best Suited to Payz

All things considered, who should opt to use Payz for casino payments? Off the bat, this service suits anybody with an existing preference for e-wallets. 

This category of payment method is perfect for those wary of sharing bank details online — if you’re transacting with Payz or another e-wallet, the casino won’t require information like your card number. We’d also recommend Payz if you’re looking for fast withdrawals.

So, why pick Payz over more established brands like PayPal? Ultimately, it comes down to your own priorities. PayPal offers an enormous amount of additional functionality, but if you don’t need this, you might find the relative simplicity of Payz an attractive proposition. Its mobile app is particularly well-crafted and is a solid option for managing your budget on the go. And at some sites, Payz may be available where alternative e-wallets are not. 

Of course, another key Payz feature is its support for global payments in different currencies. If this is useful to you, signing up could be a no-brainer.

What We Like about Payz

Payz ticks plenty of boxes when it comes to casino payments. Some of the things we like about the service include:

• Fantastic security – Keep your bank details private when making casino payments, and lock your account safely behind two-factor authentication;
• Fast payments – This is a priority for many of our players, and we love to see services that excel in this area;
• The Payz Mastercard – Flexibility in how you spend your e-wallet balance is always welcome;
• The mobile app – Payz has gone all-out with its new, redesigned branding. This extends to its fantastic mobile app, which makes it a breeze to manage your account;
• Simplicity and ease of use – Payz isn’t bogged down by features and functionality you’ll never touch. If you’re looking for an e-wallet that gets the job done efficiently, this one ticks the box.

What We Dislike about Payz

Of course, no payment method is perfect. Our biggest complaint is the account tiers and fee structure. We’re not big fans of fees for any casino payment method — especially not when PayPal and other services are pretty much entirely free to use. 

Moving money between Payz and your bank account is the main area of frustration here. And although higher account tiers get access to preferential rates, you’ll need to spend a vast amount of money through Payz to receive the upgrade. 

Overall Thoughts on Payz

Payz ticks many of the same boxes as rival e-wallets and even services like Trustly: fast withdrawals, tip-top security, and a convenient payments flow, to name a few. The Payz Mastercard is a particularly handy feature when it comes to spending your account balance.

Yes, the fees are a bit of a nuisance, but other than that, there’s not a lot to fault Payz on. And considering other big players like Neteller and Skrill also come with similar charges, this isn’t make or break.

Of course, we could complain about the lack of additional features — while this is sure to be a drawback for some, we think the narrower focus of this e-wallet is one of its key selling points.

More Information

Want a little more background on Payz? We have all the details as part of our comprehensive payment review.

History of Payz

Payz has been on the scene for a while. It was founded in 2000, originally going by the name of ecoCard. It’s maintained a small but stable presence in the world of online payments ever since, rebranding to ecoPayz in 2013. 

The service went by this name until April 2023, when Payz adopted an entirely fresh look and feel, shedding its previous ecoPayz mantel in favour of its new title. The company insists its mission remains the same — ‘one wallet, no borders’ — with users able to make global payments in over 50 different currencies.

General Information

HQ Location	New York, United States
CEO	Damion Hankejh
Number of Employees	17–50

Looking Ahead

One noteworthy addition to the Payz product came in 2023, when support for personal virtual IBANs and UK sort codes was added. These allow customers to make faster and cheaper transfers between Payz and their bank account. 

Evidenced further by its recent brand refresh, it’s clear the service is keen to shift with the times and adapt to its users’ ever-changing needs, so we can expect to see the Payz payment platform continue to evolve as time goes on.