Payz (ecoPayz)

Key Data

Company Name: Payz
Legal Entities: IPS Solutions Ltd, PSI-Pay Ltd
Activities: Online payment solutions
Location: Cyprus
Regulations: Regulated Electronic Money Institution (EMI)

Background:

Payz has been a prominent provider of payment solutions worldwide since 2000, offering instant, secure, and convenient services to customers and businesses. As part of its offerings, Payz provides online e-wallet services, physical and virtual cards, and supports transactions in over 50 currencies.

Ownership and Regulation:

Payz is owned by PSI-Pay Ltd, a UK company regulated by the UK Financial Conduct Authority (FCA) with reference number 900011. Additionally, IPS Solutions Ltd, incorporated in Cyprus and authorized by the Central Bank of Cyprus (CBC), operates as part of Payz’s regulatory framework.

Key Offerings:

Opening a Payz account is straightforward and free, allowing users to fund their accounts using various methods depending on their country of residence. Payz emphasizes flexibility and ease of use, enabling users to make deposits or purchases wherever Payz is accepted.

Customer Reviews:

Despite its extensive offerings and global reach, Payz has received mixed reviews on Trustpilot, with a 2.6-star rating and a “Poor” trust level. While some recent reviewers have given positive ratings, the overall sentiment indicates significant dissatisfaction among users, potentially impacting trust and credibility.

Compliance Assessment:

The negative feedback regarding Payz on various online platforms, particularly Trustpilot, raises concerns regarding customer satisfaction and service quality. As a result, Payz is flagged for further compliance scrutiny, warranting placement on the “Red Compliance Light” list. Continued monitoring and assessment are necessary to address potential compliance issues and mitigate associated risks.

Overall Conclusion:

Payz offers a range of payment solutions to customers and businesses globally, supported by its extensive experience and regulatory compliance. However, the presence of numerous negative reviews on Trustpilot highlights potential areas of concern, leading to its classification on the “Red Compliance Light” list. Vigilance and proactive measures are essential to ensure ongoing compliance and address customer satisfaction issues effectively.

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