How to Use Your US Bank Account with Payza

US Bank Account

At the end of last year, we announced that Payza now supports bank transfers to and from any US bank account. This is a popular feature for our US customers because by connecting your US bank account to your Payza account, you can deposit and withdraw funds by bank transfer, a lower cost alternative to bank wire transactions.

To get started, connect your bank account to your Payza account and validate it:

How to Connect a US Bank Account

  1. In your Payza account, click “Wallet” in the left-hand column.
  2. Select “Bank Accounts”.
  3. Click “Add a Bank Account”.
  4. Select United States as your country, then select “Deposit and Withdraw funds in local currency”.
  5. Enter your bank account details and click “Next”.
  6. Review your bank account details and Payza’s terms and conditions, then click “I accept, add bank account”.

You may be asked to submit a recent bank statement and upload a recent, valid government-issued Photo ID such as a passport or a driver’s license. You may also be asked for your Social Security Number (SSN) to confirm your identity.


Once your bank account is connected to Payza, it’s time to validate it. Depending on which bank you use, you will have to perform one of two validation processes:

The Online Validation Process

If your bank account is compatible with our online validation process, you can validate your bank account online in your Payza account:

  1. In your Payza account, click “Wallet” in the left-hand column.
  2. Select “Bank Accounts”.
  3. Under the status of your bank account click on “Validate US Bank Account”.
  4. Enter your username and password associated with your online banking account, not your Payza account. You may need to answer an additional security question for your online banking account.
  5. Upload a recent, government issued Photo ID such as a passport or a driver’s license. You may also be asked for your Social Security Number (SSN) to confirm your identity.

The Micro Deposit Validation Process

If your bank account is not compatible with our online validation process, you will validate your bank account by micro deposit. Once you have successfully added your bank account to Payza, you will automatically receive two micro deposits within 5 business days. Confirm these micro deposit amounts to validate your US bank account:

  1. Check your bank account for the two micro deposits and take note of the deposit amounts.
  2. When logging in to your Payza account, a message will appear at the top asking you to confirm the micro deposits.
  3. Click the link to confirm your bank account.
  4. Enter the two micro deposit amounts and click “Submit”.

You can also confirm your micro deposits when you receive them by clicking “Wallet” in the left-hand column in your Payza account and selecting “Bank Accounts”. Locate the bank account you want to validate and click “Confirm micro deposits”. Enter the two micro deposit amounts and click “Submit”. You have a limited number of attempts to confirm your micro deposits. If the confirmation fails, your account may be locked.

Validating your bank account helps Payza ensure that all of the information is accurate so your transactions can be processed without any delays. Validation also lets Payza know that you are in control of the bank account and that it is not a third-party bank account. Third-party deposits and withdrawals are not permitted by Payza’s User Agreement.


Take advantage of Payza’s many great services and features today by connecting your US bank account to Payza! You can add up to four US bank accounts to your Payza account. To add additional bank accounts, you must contact Payza Customer Support to remove one of the existing bank accounts.

When you are ready to add or withdraw funds by bank transfer, our Reference Center provides you with good step by step instructions:

For all the latest Payza news and updates, be sure to subscribe to the Payza blog and follow us on Facebook and Twitter.

Going Cashless – Countries Becoming Cashless Societies

Cashless Societies

Cashless payments are the future, at least according to many experts. More and more societies are moving towards becoming cashless, some embracing a cashless culture more than others. Since cash can be lost and because it’s annoying to carry large amounts, fewer people hold cash today or use it for day-to-day payments. Citizens of the world’s most cashless countries prefer other types of payment methods, such as cards or even mobile payments.

While some countries, such as Canada and Sweden, are already close to being fully cashless societies, others are still struggling with or are opposed to becoming cashless. This can be due to many factors, including low credit card usage, low internet penetration, low merchant adoption, or simply the convenience factor that cash provides. However, new financial technologies are becoming more ubiquitous, so the question is how long will cash survive?

In this post, we look at the top cashless societies in the world right now, as well as a developed country that still loves physical cash:

Top 3 Cashless Countries

Canada

Studies suggest that Canada is becoming a cashless society faster than any other country. The vast majority of payments in Canada are made by cashless methods, with contactless payments being widely accepted by Canadian merchants.

Canadians love credit cards and Canada shows a usage of over 2 credit cards per person. Visa states that more than 70% of personal purchases in Canada are made by credit card, giving Canada one of the highest card-based payments ratio in the world.

A survey conducted by the Bank of Canada in 2013 found that 44% of all transactions were done using cash, and that number decreased by 10% from 2009 to 2013. Moneris predicts that by 2030, only 10% of Canadian transactions will be made in cash.

Sweden

Sweden is the most cashless country in Europe with a steadily decreasing rate of cash transactions. Cash payments in stores totaled 40% in 2010 and went down to just 15% in 2016! According to a study by the Riksbank, Sweden’s central bank, two-thirds of Swedes feel that they can live without physical cash entirely.

A report from Roubini Thoughtlab quantified the benefits of moving from cash to digital payment methods in 100 cities all over the world. The study showed Stockholm as a “digital leader” – a city leading adoption of digital payments. Stockholm boasts highly developed banking and digital payment systems, high usage and high readiness of mobile devices and networks, as well as a population that is nearly fully banked.

The mobile payments system Swish is now highly popular in Sweden and in Stockholm, cash is no longer accepted as a payment method for public transportation. Many other businesses in Stockholm have also stopped accepting cash, such as the ABBA museum. The Riksbank is also investigating the possibility of issuing e-kronas, a digital complement to cash. This could help solve problems that might arise in the future as the use of cash is declining fast.

Interestingly, in 1661, Sweden became the first European country to print banknotes, and now it may become the first European country to rid themselves of physical cash altogether.

UK

The UK is another country leading the way in becoming a cashless society. A survey conducted by MoneySupermarket shows that UK citizens now make 20% more payments by card than by cash and the usage of alternative payment methods such as e-wallets is also growing. The latest research shows that 55% of all transactions are now made by cashless methods and 75% of those surveyed say they withdraw cash less often today than they did a year ago. 53% claim they would be happy if the UK became increasingly cashless and 36% use contactless or traditional card payments whenever possible.

New research from global law firm Paul Hastings shows that the value of non-cash payments in the UK will reach £1.44 trillion by 2026, a 26% increase from 2016. The study also forecasts that by 2026, 82% of all transactions in the UK will be cashless, an increase from 55% in 2016.

Research by GalaCasino.com has predicted that 2043 is the year when the UK may become completely cashless. Cash usage in the UK dropped from 71% in 2004 to 53% in 2014, and the research claims that the number of cash transactions in the UK could be at 0% by 2043.

Honorable Mention: India

Official statistics indicate an 80% increase in the value of digital transactions in 2017-18 in India. This very much has to do with the demonetisation that took place in India at the end of 2016. In India, cash is disappearing but card usage is still low, which means that merchants must offer other payment methods. This is where alternative payment methods come in, especially digital transactions. Digital payment companies have seen an increase in business since the government decided to promote cashless transactions after the demonetisation.

However, the move towards becoming a cashless society is slow. Even though the Indian government has worked hard to push digital payment methods, cash is still very popular among Indian citizens. But things can change quickly in India, as they did in China previously: five years ago cash was king in China, but today mobile payments are dominating. It is believed that India will experience a similar trend in the not too distant future.

According to the Global Payments Report published in November 2017, India is the fastest growing m-commerce market in the world. At the end of 2017, a study from Kantar TNS also revealed that mobile payments are on the rise in India. 35% of connected Indian consumers are using mobile payments and 33% would prefer to use their mobile phones as their only method of payment in the future. 23% also state that they now use mobile payments at least once a week.

Least Cashless Country: Germany

In Germany, cash still remains king. Germans tend to keep an average of €103 in physical cash on their person and many businesses in Germany, especially restaurants, still only accept cash. The German population are rather “old fashioned” when it comes to their payment preferences, although no one can seem to pinpoint why this is the case. According to research done by PYMNTS, Germany has a cash share of 20% as of 2016, which is higher than that of its neighbors.

History might be one of the reasons for the popularity of cash in Germany. The country faced repeated economic meltdowns in the 20th century, making its citizens wary of carrying debt. This could explain the low credit card usage in Germany and why cash is still the preferred payment method. In 2015, the level of card payments was at just 12% and is actually expected to fall to 8% by 2019! Also, only 25% of German shoppers use credit cards when they make an online purchase.

However, the younger population is opening up to the usage of alternative payment methods. Cash usage is still high but declined slightly from 2007 to 2016. By 2019, alternative payments are expected to dominate with a 92% transaction share.


With cash disappearing all around the world, other types of payment methods are filling the void. One alternative to using cash is using an e-wallet such as Payza. With an e-wallet, you can store your funds safely for payments and money transfers.

For more articles on the current state of payments, be sure to subscribe to the Payza blog and follow us on Facebook and Twitter for all the latest news from Payza.

Payza Wins E-commerce International Payment Processor Award from Stars of the Industry

Payza Press Release

Payza continues to gain international recognition, earning its third major award of 2017.

Mumbai, Maharashtra, India, December 4, 2017 – Payza was recognized as the best international payment processor at the 2017 Super Achievers Awards in Mumbai, India. The award is a third major win for Payza this year at international events, along with wins at the MPE Awards in Berlin, Germany, and the CNP Awards in Orlando, USA.

Payza is the first online payment platform in India capable of Inward, Outward, Domestic payments and Remittances with full support of exchanges. Payza members in India can instantly send and receive money, to and from over 190 countries worldwide. Members can use their desktops or mobile app to send & receive money using Payza’s easy and secure services.

Payza’s win at the 2017 Super Achievers Awards comes the same month as the company was nominated for Startup of the Year at the India FinTech Awards. The company was represented at both events by Payza India Director, Vineet Tewari.

“It is because of the contributions of every Payza India employee that we achieved this level of recognition. I am very proud of our team for all that we have accomplished,” said Vineet Tewari.

“Payza has many more exciting plans for India and the world, we hope to keep building on our success this year,” added Tewari. “Stay tuned for another brand-new product release: Outward Remittances. Absolutely hassle-free, seamless and completely online, a send money option across the Globe, available at one single click, one single platform, at the comfort of your home.”

 E-commerce - International Payment Processor Award

About Payza

Payza is an award-winning online payment processor. The highly secure platform provides businesses around the world practical solutions for processing online payments and disbursing payouts and remittances, both in traditional currencies and Bitcoin. Payza supports 26 currencies and serves over 14 million Business and Personal members in more than 190 countries.

Payza offers a wide range of built-in tools including: Online payment processing, online global money transfers, fraud screening, subscription billing, transaction dispute resolution, cryptocurrency exchange services, global payouts, and much more. Payza accounts can be managed through the desktop website or using the Payza App for Android and iOS.

More information is available about Payza on its website (http://www.payza.com), FacebookTwitterLinkedIn, and the company’s blog.

Payza Members Can Now Buy Altcoins Within Their Accounts

Payza Press Release

Verified Payza members can purchase over 30 altcoins using the money or Bitcoin in their Payza accounts.

LONDONDec. 4, 2017 – Payza, an award-winning payment processor, today announces the launch of its latest cryptocurrency service: Buy Altcoins. This new feature enables verified members to buy the most popular cryptocurrency alternatives to Bitcoin using funds in their Payza account, either fiat or Bitcoin.

The initiative follows the company’s June release of the Sell Altcoins feature that allows members to sell altcoins to Payza, such as Ethereum, Ripple, Litecoin, Dash, Monero and Zcash. Currently, Bitcoin and over 30 altcoins can now be bought or sold directly through Payza’s online platform.

The Buy Altcoins and Sell Altcoins services both feature simple interfaces and instructions to make the experience as comfortable as possible for cryptocurrency neophytes.

“We’re excited about the potential of this new technology and want to share our excitement with as many people in as many places as possible by providing a service that’s easy to use even for those just getting started with cryptocurrencies,” said Firoz Patel, Payza’s CEO. “That doesn’t mean our services are just for beginners, I think that dedicated cryptocurrency enthusiasts will also appreciate our range of services, unique model, and competitive pricing.”

While verified Payza members are presently able to hold Bitcoin in their e-wallets, they will need their own external wallet to hold any altcoins bought through Payza. The company is already developing the next cryptocurrency feature that will enable members to hold altcoins (the first of which will be Dash) within their Payza e-wallets as well.

To learn more about Payza’s Buy Altcoins service, including steps, fees and processing times, visit: https://blog.payza.com/payza-updates/announcements/buy-altcoins-payza-introducing-altcoin-withdrawals/

To learn more about Payza’s other cryptocurrency services available to verified members, visit:

Exchange Ethereum, Ripple, Litecoin and More: Sell Altcoins to Payza
How to Use Payza’s New Bitcoin Features
Payza Now Lets You Accept Payments with Bitcoin

About Payza

Payza is an award-winning online payment processor. The highly secure platform provides businesses around the world practical solutions for processing online payments and disbursing payouts and remittances, both in traditional currencies and Bitcoin. Payza supports 26 currencies and serves over 14 million Business and Personal members in more than 190 countries.

Payza offers a wide range of built-in tools including: Online payment processing, online global money transfers, fraud screening, subscription billing, transaction dispute resolution, cryptocurrency exchange services, global payouts, and much more. Payza accounts can be managed through the desktop website or using the Payza App for Android and iOS.

More information is available about Payza on its website (http://www.payza.com), FacebookTwitterLinkedIn, and the company’s blog.

Buy Altcoins with Payza: Introducing Altcoin Withdrawals

Altcoin Withdrawals with Payza

Payza and cryptocurrencies have had an exciting ride together. Earlier this year, we unveiled new Bitcoin options including full Bitcoin e-wallet support, allowing you to send, receive and hold Bitcoins with Payza. We also introduced our first altcoin feature that allowed you to sell altcoins to Payza. Today we are excited to announce the next step on our journey by introducing our newest feature: Altcoin Withdrawals.

In June, we announced that members in most countries can sell dozens of altcoins to Payza, such as Ethereum, Ripple, Litecoin, Dash, Zcash, and many more. Now we are taking this one step further – you can now also buy altcoins with Payza, which completes the altcoin exchange. Dozens of different altcoins can be exchanged with Payza. Find the full list under the altcoin deposit option within your Payza Account.

This new option lets you use your Payza account as an intermediary when you want to exchange one altcoin for another. In this first release, you will still need to convert to USD when selling altcoins, but our team is already working on options that will allow you to convert directly from one cryptocurrency to another!

While Payza members are already able to hold Bitcoin in their e-wallet, you will need your own external wallet to hold your altcoins purchased through Payza. However, we are developing products to allow you to hold altcoins within your account. Our team of developers is already working on an option that will allow Payza members to hold the popular altcoin Dash within their Payza e-wallets.

Payza’s goal is to provide our members with a simple and affordable way to interact with cryptocurrencies. We’re excited about the potential of this new technology and want to share our excitement with as many people in as many places as possible, by providing a service that’s easy to use for people who are just getting started with cryptocurrencies. That doesn’t that mean our services are just for beginners though, experienced cryptocurrency enthusiasts will also appreciate our range of services and competitive pricing.

If you’re ready to buy altcoins with Payza, here are the instructions to help you get started:

Using Payza to Buy Altcoins

First of all, you must have a verified account to buy altcoins using Payza. If your account is not yet verified, this Reference Center article can help: Personal Verification.

How to buy altcoins with Payza

  1. In your Payza account, click “Withdraw Funds” in the top menu.
  2. Select “Altcoin”.
  3. Select the currency balance to withdraw from, and select the altcoin you’d like to buy.
  4. Enter the amount to withdraw and the Altcoin Wallet address in the appropriate fields.
  5. Click “Next”.
  6. Enter your Transaction PIN, review the transaction details, and click “Withdraw”.

Note: Because of the irreversible nature of cryptocurrency transactions, it is very important to ensure that you have entered the correct wallet address. It may not be possible to recover altcoins sent to an incorrect wallet address.

If you enter an invalid address, our system will detect it and an error message will appear.

There is no extra fee to make an altcoin withdrawal. The exchange rate we show is an estimate and the final price will be settled once the withdrawal is completed. These withdrawals may take up to 3 business days to process, but in many cases, they will be completed in less than an hour.

Note that you cannot buy altcoins with funds added directly to your Payza account by credit card, as this would equal a cash advance which is against Payza’s User Agreement.

Here is the current list of altcoins available to buy and sell using Payza:

*This list has been updated on February 20, 2018.

Altcoins Available for Payza Exchange

Bitcoin Cash Ethereum Ripple
Dash Litecoin Zcash
Bitcoin Gold Gulden Stratis
Bytecoin Lisk Synereo
DigiByte NAVCoin Syscoin
Dogecoin Nxt Tether USD (NEW)
Ethereum Classic PotCoin Verge
Expanse (NEW) Steem (NEW) Viberate (NEW)
GameCredits Stellar (XLM) Waves


As the popularity of cryptocurrencies grows, so are Payza’s cryptocurrency features and services. At Payza, we are committed to giving our members a complete online payments solution, which means incorporating Bitcoin and other popular cryptocurrencies into our platform.

By providing our members with a way to not only sell but also buy altcoins with Payza, we’ve taken one more step in the direction of complete Bitcoin and altcoin support within the Payza platform.

Here are the other cryptocurrency services and features already offered by Payza:

For all the latest Payza news and updates, be sure to subscribe to the Payza blog and follow us on Facebook and Twitter as well.

The Crypt’ o’ Currencies – Dead and (Potentially) Dying Altcoins

Dead Cryptocurrencies

The cryptocurrency universe (often dubbed the “cryptosphere”) is a fascinating new ecosystem that holds many promises for investors, tech enthusiasts, entrepreneurs and many others. Since the inception of Bitcoin, it has slowly gained attention from the media, gathered early adopters, and attracted significant capital from all over the world.

Today, new projects are gathering the attention of banks, governments, and venture capitalists. While this extraordinary growth has some communities very excited for the development of decentralized currencies, smart contracts and even an upgraded web experience, others see the cryptosphere as bloated and they think that the bubble will burst eventually.

Looking back, since the beginning of Bitcoin alternatives (or altcoins) many have already failed or are at risk of failure in the near future. Vitalik Buterin, Ethereum’s founder and chief scientist, predicts that 90% of token startups will fail, a number that isn’t very far from the rate at which firms tend to fail in other industries. This grim message comes after a string of negative remarks on Bitcoin by people all over the world, including Jamie Dimon, Warren Buffett and Jordan Belfort. Bitcoin’s price has kept increasing steadily, but these dire warnings have prompted the creation of satirical Bitcoin Obituaries.

Even with a growing cryptocurrency market cap, list of projects, and number communities forming around digital currencies, the cryptosphere have already seen its fair share of victims. For Halloween, we’re taking a look at prominent coins that have either already been discontinued or are expected to by experts and members of the crypto community. Each coin is assigned a score from 1 to 5 (in spooky pumpkins), based on their potential to separate you from your funds. These are our picks for 2017’s dead coins:

Feathercoin (FTC)

A currency based on NeoScrypt, Feathercoin soared over $1 in late 2013, but is now hovering around the $0.05 mark. Without any news hinting at adoption, significant use cases or clear value proposition, the coin has been stagnating. With a few bumps in price since its surge and subsequent price, a very small community and little coverage, FTC is rated 3/5 spooky pumpkins.

Bitconnect (BCC)

Widely suspected within the cryptocurrency community to be a pyramid scheme, Bitconnect’s model relies on users ‘lending’ Bitcoin on the Bitconnect platform, which are then used by a trading bot. The proceeds from these trades are then redistributed to the community. On top of too-good-to-be-true guaranteed returns, the site offers a generous referral program that encourages a growing user-base and relies on influencers heavily promoting the business through platforms like YouTube. Bitconnect is a top-10 cryptocoin in terms of market capitalization, but because of the project’s lack of transparency, the unknown identity of founders, shady business model and inflated trading volume (95% of all Bitconnect trades are completed on Bitconnect’s own exchange), BCC is rated a full 5/5 spooky pumpkins!

Nyancoin

One of the first coins, along with Dogecoin and other meme-based altcoins, Nyancoin was not meant to solve any current problems or even be considered a serious token. This coin was based on the Nyan Cat meme, the animated cat stuck in a pop-tart riding through space that seduced the internet in 2011. It has since then been discontinued and, while some users may still hold the coin on their own machine, it is a relic. Because of its harmless nature, we rate Nyancoin 1/5 spooky pumpkins.

Monaco (MCO)

A coin that gained some fame based on rumors of a deal with Visa that never happened, and it has been on the decline ever since. With competitors like TenX, Metal and Bitpay, Monaco’s time has already passed as far as many crypto enthusiasts are concerned. In addition to this resistance, users who backed the project by ordering a Monaco card are still wondering when it will be sent. Monaco is rated at 4/5 spooky pumpkins.

Blockshares

Not to be confused with Bitshares, Blockshares was a first attempt by the developers of the B&C exchange to create a coin. It has since been discontinued and spawned NuBits, a cryptocurrency with a market cap under 1 million USD. While the team of developers and community is still active, the original coin, Blockshares, is very much dead. This is a different approach than the more popular practice of re-branding current technology to better reflect its value. We rate Blockshares, as it has already been discontinued, at 1/5 spooky pumpkins.

1/5 Spooky Pumpkins


As with any investment, it is important to be critical and conduct extensive research before investing in any project, cryptocurrency or not. This article is not intended as investment advice, but we believe that they may be of interest to you if you are passionate (just like we are) about the ‘Cryptosphere.’

For the latest updates and industry insights about Bitcoin and cryptocurrencies, be sure to subscribe to our blog and follow us on Facebook and Twitter.

Payza Launches Global ISO Reward Program for Online Businesses

Payza Press Release

Independent sales representatives and organizations in over 190 countries can now earn lucrative commissions by promoting Payza’s services to online businesses.

LONDONOct. 19, 2017 – Payza, an award-winning payments technology company, is proud to announce the launch of its Global ISO Program to allow independent sales representatives and organizations in over 190 countries earn lucrative commissions by promoting Payza’s services to online businesses.

With this new program, Independent Sales Organizations can generate funds and promote Payza’s add-on services to a merchant’s existing payment options. The company is one of the few online payment options available for businesses and freelancers in regions such as BangladeshIndiaPakistanNepal, and many other developing and emerging markets.

“We have so much more to offer than just credit card processing, Payza is a great all-in-one online payment solution or a fantastic add-on to a merchant’s existing payment options,” said Firoz Patel, Payza’s CEO. “This program will mutually benefit Payza ISOs who will work towards getting more merchants that accept Payza e-wallet payments, giving members more options with their Payza funds.”

Last year, Payza saw impressive year-over-year growth in many markets around the world. New merchant signups in 2016 grew by over 300% in Turkey compared to 2015, by over 150% in Brazil, over 125% in the UK, over 100% in Nigeria, and over 75% in both Bangladesh and South Africa. In total, new merchant signups in 2016 grew by approximately 50% compared with 2015.

“Our foundational partnerships around the globe have opened up opportunities for brick-and-mortar merchants to springboard into modern day global e-commerce,” said Patel. “In India, for instance, the option to make online transactions in Rupees and foreign currencies through Payza has had a great impact on online businesses. We designed this ISO program to help build global awareness about our unique merchant services.”

Becoming a Payza ISO is simple. For details on how to get started, contact Payza’s Business Development Team by sending an email to iso@payza.com. All interested candidates must complete an NDA (non-disclosure agreement) and an ISO Agreement.

About Payza

Payza is an award-winning payments technology company. The highly secure platform provides businesses and consumers around the world with practical solutions for processing online payments. Payza supports 26 currencies and serves over 14 million members in more than 190 countries.

Payza serves traditional and emerging markets, providing a wide range of built-in tools including: Online payment processing, online global money transfers, fraud screening, subscription billing, transaction dispute resolution, cryptocurrency exchange services, and global payouts.

More information is available about Payza on its website (http://www.payza.com), FacebookTwitterLinkedIn, and the company’s blog.

Payza – A High-ranking Payments Platform

Payza is ranked 3rd among over 70 payment processors in PYMNTS’ Payments Powering Platforms Tracker for October. This tracker “serves as a monthly framework for the space, providing coverage of the most recent news and trends along with a provider directory highlighting the key players contributing across the segments that comprise the payments-integrated platform ecosystem.”

The October edition features “the latest headlines on how payment platforms are adapting to a changing space by adopting new technologies and business models,” which is especially referring to Bitcoin and cryptocurrencies.

PYMNTS highlighted Payza’s work with Bitcoin in the latest edition: “Payza wants Bitcoin spenders to use its platform to make their transactions and, the company recently debuted an update to its Bitcoin wallet to win over more users.” This update refers to Payza’s new feature – the Cryptocurrency Address Manager.

Find the full rankings from PYMNTS and read about what puts Payza ahead of the pack in the October issue here: Payments Powering Platforms Archives


“The Top 20 rankings are the highest scoring companies in the Tracker’s Scorecard based on PYMNTS.com’s proprietary methodology. The methodology evaluates providers based on the speed, flexibility, processing, security, risk management, compliance, enablement and value added services offered.”

 
PYMNTS also included Payza in a recent round-up of payments industry headlines. Bitcoin and cryptocurrencies are leading the way in the payments industry today and payments platforms must keep up. Payza is not only keeping up but is leading the way by offering many Bitcoin and cryptocurrency features for our customers, such as our Cryptocurrency Address Manager.

Read the full article from PYMNTS here: New Report: Keeping Up With the ‘Nitty-Gritty’ Of Subscription Payments

Fear and Mining in Venezuela: Citizens Turn to Bitcoin to Survive

Fear and Mining in Venezuela: Citizens Turn to Bitcoin to Survive

The current situation in Venezuela is far from ideal. Economic uncertainty and political turmoil have led to protests. Many citizens can no longer afford food, medicine, and other basic goods.

Unemployment in Venezuela is expected to hit 25% by the end of the year. The Bolivar’s value is gradually becoming null as yearly inflation rate soars over 1600%. Carts full of notes are hauled into stores as the largest bill denomination gradually increases. Thankfully, an orange sun has risen over the country and was promptly adopted by many citizens: Bitcoin.

Venezuelan inflation

What makes Venezuela different?

Venezuela is a unique case. Despite its many economic troubles, electricity is nearly free, thanks to government subsidies. With the country’s instability coinciding with a spectacular boom in the cryptocurrency market, it’s no surprise that many Venezuelans have become Bitcoin miners in an effort to support their families. Bitcoin mining can generate up to $500 US a month, a sum large enough to feed a family of four and purchase vital goods like diapers.

Sadly, despite the absence of laws and regulations banning digital currencies, individuals are still getting arrested by law enforcement on spurious consumption charges. To circumvent these charges, some miners have opted to switch from Bitcoin to Ethereum and Zcash, two currencies that are easier to mine, but also easier to disguise. Regular desktop computers fitted with high-performance graphic cards can be used instead of dedicated mining machines for these cryptocurrencies.

By the people, for the people

Some investors, regulators and bankers still fail to see the value of Bitcoin and a blockchain – that is, a constantly updated and audited public ledger that contains the proof of cryptocurrency transactions. Nevertheless, the Venezuelan phenomenon comes as a strong confirmation of the original goal of Bitcoin: the ability to hold and transact currency without having to rely on trust in third parties.

Bitcoin’s use in Venezuela doesn’t stop at mining. Because of its anonymity, Bitcoin can be sent by anyone who wants to help Venezuelans in need. The digital currency can then be used to pay online retailers such as Amazon or other companies that deliver badly needed items to Venezuela.

Cryptocurrencies are seen as the superior choice by many tech-savvy citizens, not only because of the ability to mine some of them, but also because of decentralization: no single entity can control its value. This aspect makes them tools that are, in theory, perfectly reactive to the forces of the market, without any possibility of intervention from the government to manipulate price and availability.


Payza is closely following the development of Bitcoin and altcoins, and is committed to supporting all of the currencies and cryptocurrencies you are using. By using the Payza platform, you can buy, store, and sell Bitcoin and over 50 different altcoins right inside your Payza account. Are you interested in buying or selling Bitcoin? Check out our guide here: Buying and Selling Bitcoin.

For the latest updates and industry insights about Bitcoin and cryptocurrencies, be sure to subscribe to our blog and follow us on Facebook and Twitter.

Payza Introduces the Flexepin Deposit Feature

Payza Introduces the Flexepin Deposit Feature

Payza always works hard to provide the best access possible for e-commerce and online money transfers to all our members, all over the world. Today we are proud to present yet another deposit feature available for our Payza members: Add Funds by Flexepin. This feature is available everywhere and carries a 3-6% fee, depending on the chosen currency.

“A Flexepin Cash Top-Up Voucher is a prepaid voucher that lets you top-up your accounts to make secure, hassle-free online payments. Because Flexepin are prepaid, the risk of having your identity and banking information exposed online is eliminated. This makes it safer than conventional online payment methods. You can purchase Flexepin Cash Top-Up Vouchers at a variety of locations globally, in various currencies and pre-determined amounts.” (Source: Flexepin)

The Flexepin Deposit Feature is the fourth new funding option that Payza has introduced this year, the previous ones being the Add Funds by Boleto feature in February, the Add Funds by Oxxo feature in April, and the Add Funds by Paysafecard feature in April.

Add Funds by Flexepin – How it works

To load your Payza e-wallet using the Flexepin deposit feature is easy and the transaction is processed instantly, which means that your money is available to be sent or spent as soon as the transaction is completed.

Here’s how it works:

  1. Purchase your cash top-up voucher from a Flexepin Outlet.
  2. In your Payza Account, click “Add Funds” in the top menu.
  3. Select “Flexepin”.
  4. Select the balance in which you want to make the deposit.
  5. Enter the 16-digit PIN number from your Flexepin voucher, then click “Next”.
  6. Enter your Payza Transaction PIN to confirm the transaction.

Once the transaction is completed, your funds will be credited to your Payza balance and ready to use.