ecoPayz India Review 2020

ecoPayz
Payment Methods

ecoPayz India is a payment solution that arrived into the industry with the promise of instant, safe, and quick ways to send and receive money. This payment option can be used by individuals and businesses alike. The whole ecosystem tries to simplify the process of sending money to other users at a fraction of the cost compared to a regular bank transfer across the border.

Pros

  • Excellent in terms of currency support
  • Easy and quick payments
  • Money transfers are almost instant within the platform
  • Accepted by many merchant sites

Cons

  • International transfer fees can be high
  • Several limitations to the account

History of EcoPayz

Established in 2008, ecoPayz has been providing payment solutions for more than a decade. The service, though, had its inception back in 2000 when it was known as EcoCard. The tech and ease of payment brought about by ecoPayz were a significant factor in creating a partnership with MasterCard in 2009. Meanwhile, the service happens to be operated by PSI-Pay Limited. After the collaboration with MasterCard, several prepaid debit cards have come into the market. After starting out as ecoPay service, the brand was renamed in 2013 to ecoPayz. By then, however, the platform is not just restricted to individuals as business accounts were brought into the picture in 2011.

After initially focusing on a few European countries, ecoPayz was made available across the European Union in 2008. Only two years later, ecoPayz has been in operation in many countries across the globe.

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FAQ

Is it safe to use ecoPayz in India?

Yes, ecoPayz India is a platform that can be used with a lot of confidence due to the security measures taken by the operators. The security measures are in place right from the money transfer process. There are several encryption techniques and fraud protection technologies used on the platform.

Can ecoPayz be used legally in India?

Yes, ecoPayz India is a legal entity and every user will be able to capitalise on the several features on offer. However, one cannot take advantage of the prepaid cards due to restrictions on the Indian account holders. The online platform can be used for making payments without any issues.

Is it necessary to verify new ecoPayz accounts?

All the new accounts have to be verified before the user gets access to the complete set of features.

Are there different account levels on the ecoPayz platform?

Yes, ecoPayz offers five different types of accounts for users who want to be part of the platform. These are classic, silver, gold, platinum, and VIP.

EcoPayz VIP Review

There is a VIP membership that can be availed at ecoPayz. Even though registration is free, this account level comes with the advantage of lower forex rates, free P2P transactions, better limits, reduced withdrawal fees, and more. For those dealing in Indian rupees, the big advantage would be the reduced transfer cost when making a bank transfer. The currency conversion fee also goes down drastically when the user has a VIP account. For example, this currency conversion fee stands at 2.99% for a silver account but it comes down to just 1.25% for a VIP account. This can result in massive savings for someone who has a lot of transactions. There are plenty of benefits that can make a VIP account worthwhile. A VIP user will also receive enhanced customer service should they run into any issues.

EcoPayz India Currency Options

The list of currencies supported by ecoPayz is enormous. This is largely due to the several sportsbooks and online casinos that support this payment option. Many of these gambling destinations are in different parts of the world and this requires a payment method to be quite flexible. Apart from the obvious support for Indian rupees, ecoPayz India goes one better by supporting several other currencies like United States Dollar, British Pound Sterling, Euro, and more. A good touch will be the support for many other currencies that are not so mainstream.

EcoPayz India Transfer Fees and Exchange Rates

The fees for using the ecoPayz India platform depend on the kind of transaction that is being performed on the account. On many instances, the fees charged by ecoPayz is very similar to the transaction charges found at other e-wallets like Skrill and NETELLER. However, the biggest advantage at ecoPayz would be the option of sending money across the world without any fees. This is possible even without a VIP account. For those who are making a bank transfer deposit, the fees would range from 0 to 7%. It differs between Rs.500 to around Rs.885. However, this figure drops down to just Rs.250 to Rs.620 for a VIP user.

There is once again a charge that users have to pay when making a credit card deposit. This ranges from 1.69 to 6% along with the addition of a Rs.22 charge. However, there is no drop in prices when making a credit card deposit irrespective of the account type.

EcoPayz Mobile App Review

The growing popularity of mobile payment platforms make it unavoidable to consider the ecoPayz in the app format. ecoPayz came out with an app back in 2014 and it has become a popular way to access the platform. The big advantage of this app would be the chance to send or receive money without being limited by location.

The ecoPayz can be secured from the Play Store or App Store depending on the platform on which the phone/tablet runs. It does not cost anything to get the app, which is available for free. The interface of the app turns out to be a huge delight. Just like on the desktop platform, the app also employs a great deal of security systems so that the valuable details stored on the platform do not fall in the wrong hands. One can also get the app and open an account. Just like on the desktop, the whole process should not take more than a few minutes.

EcoPayz e-Wallet Review

Money Transfer Options

  • Bank transfer
  • Credit card deposit
  • Merchant sites

Withdrawal Options

  • Bank withdrawal
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