Payz is a popular online payment provider with hundreds of thousands of active users spread across the globe. A majority of online businesses also offer it as a payment method option to capitalize on its popularity.
History of Payz
Payz was founded back in 2000 under the name EcoCard. Then company was renamed to Payz. Over the years, Payz continued to provide and improve its services. In 2009, PSI-Pay, the UK-based company that owns Payz, became a principal member of Mastercard Company and began issuing cards. The same year also saw the release of their iPhone app.
In 2013, after the company rebranded to Payz, it launched the site's mobile version. In 2016, it introduced extra security features to the website, including the 2-step verification process. All those came with a new ecoAccount design.
Users need to deposit funds into their Payz accounts before they can make any transactions from the account. There are several ways of making deposits. The most popular options involve using credit cards, debit cards, direct bank transfers, and local deposit options.
Users can then make payments from their accounts directly to the recipients' accounts, including online businesses. The payments can also be initiated by the business, prompting the users only to do confirmations. That is usually the case with online bookies, where the punter's betting account initiates the transactions. Another way of paying is using the Payz Mastercard. For that, users need to find outlets that accept the card.