ecoPayz has been around for almost two decades, and the company behind the payment system is pretty much well-versed in catering to the ever-changing requirements of online users. ecoPayz started as a card-based online payment interface but transitioned into a global payments solution provider to support safe and instant payment to users in more than 173 countries around the world.
Over the years, ecoPayz has turned out to be a reliable method for depositing and withdrawing funds at an online sportsbook, especially for Indian punters who prefer sports betting in India through the online channel. Therefore, our primary aim with this ecoPayz review is to understand the different account options that are offered by the payment processor, and how bettors from India can use this e-wallet for making secure and instant payments to their international sports betting accounts.
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ecoPayz Regulation & Company Information
ecoPayz was launched in 2000 under the EcoCard brand name and was one of the very first online payment systems in the market to take advantage of the rising popularity of the internet and e-wallets. By 2008, the company grew its market share exponentially, and it received its FCA license to issue electronic money under the Financial Conduct Authority’s Electronic Money Regulations of 2011 and the EU Directives. The service is entirely owned and operated by PSI-Pay Ltd., with the corporate office located in West Sussex, UK. The e-wallet’s current brand name was derived by combining all the different services under a single entity, and the formal name change process was completed in 2013.
The company’s prepaid card services are compliant with the Payment Card Industry (PCI) standards, aside from being a member of the Prepaid International Forum (PIF). Users’ information is further protected through the Data Security Standards compliance and the Data Protection Act 1998, as the firm is registered with the Information Commissioners Office (ICO). Therefore, the e-wallet is one of the safest in the industry, especially while dealing with payments to bookmakers and sports betting websites.
ecoPayz Services & Account Options
The company offers different payment systems for online sports betting-related payments, namely, end-to-end money transfers, account-to-account payments, and MasterCard in virtual and physical card variants. Individual account holders can open up an ecoAccount for full e-wallet access, or you can also opt for the prepaid ecoCard that can be loaded with money from the e-wallet or via money transfer.
The ecoAccount options are divided into five different categories, each suited for a specific set of requirements. The very basic account category is the Classic account, which supports up to €1000 per day in transactions for a lifetime transaction limit of €2500. However, the Silver, Gold, Platinum, and VIP account options have no lifetime transaction limits, but they have daily limits of €15,000, €20,000, €25,000, and €30,000 per day, respectively. All accounts, apart from the Classic account, offer the user to manage an account in 10 different currency denominations and transact in more than 45 currencies. The withdrawal fees and the FX fees also see a reduction as per the choice of account, which starts from €5.9-10 withdrawal fees and 2.99% conversion fee for the Silver account to around €2.9-7 withdrawal fees and 1.25% FX conversion fees for a VIP account.
The other options include the ecoCard and the ecoVirtualCard options, which are available for all account holders, except for the Classic account. These cards are available in three different currency denominations, the GBP, the USD, and the EUR, and can be used at both online, as well as local establishments through the MasterCard partnership. Card issue and activation costs around €1.80, while the cash service charge is 4% of the transaction amount, subject to a minimum of €0.80. All other transactions are free of cost, but FX conversion fees of 2.99% apply. The maximum transaction limit for a single transaction is €700 for Silver and Gold accounts, while the transaction limit raises to €1000 for Platinum and VIP cardholders.
Withdrawing Money from your ecoAccount
You can withdraw money from your ecoAccount using their prepaid cards, or you can also ask for a transfer to your verified bank account or debit/credit card. On the other hand, withdrawing money from your bookmaker account to ecoAccount is instant, as ecoPayz payments are typically completed within the matter of a few seconds or minutes. All withdrawals are processed instantly or with a couple of hours delay, which is in line with our expectations. However, there have been some user complaints regarding the delay or failure of withdrawal from the ecoAccount to their bank account, which can be attributed to the users not completing their verification process before initiating a withdrawal request. Therefore, we do recommend all users to verify their accounts before depositing or withdrawing money, which will, in turn, lead to a far pleasant user experience.
ecoPayz Accessibility
ecoAccount is approved and accessible in India, but the ecoCard and ecoVirtualCard payment options are unfortunately blocked in the country. Due to the illegal currency transactions and Anti-Money Laundering laws in the country, prepaid or virtual debit card transactions are no longer possible. Nevertheless, Indian bettors can access the ecoAccount options to make payments or receive money from sports betting sites. ecoPayz is accepted in over 173 countries, with only a very few countries prohibiting transactions with an ecoAccount. ecoPayz is also an approved payment option at a majority of online bookmakers and sports betting websites, even though it does not enjoy the same popularity as other e-wallets such as Skrill or NETELLER.
Registration & Verification Procedure for an ecoAccount
An ecoAccount is available for all users that reside in countries that have approved the e-wallet as a valid online payment processor. The signup page offers all the information that is relevant to individual terms and conditions, and users can enter their personal details, including an email address, to register for an account and start using their services in an instant. You will be required to send your verification documents such as a copy of your passport and a recent utility bill to prove your identity, which is quite similar to the verification procedure stipulated by other mainstream e-wallets in the industry. If you are eligible for the ecoCard or the ecoVirtualCard accounts, you can sign up for these through your account dashboard, which can also be done at a later stage.
Using ecoPayz to Fund Your Sportsbook Account
ecoPayz India has only enabled their ecoAccount option for Indian punters since all other prepaid, and virtual card options are blocked in the country. The e-wallet allows you to add your existing credit/debit card or a bank account to your ecoAccount, which can then be used to fund the e-wallet and make payments to other merchant accounts. Once you have funded your ecoAccount wallet, you can select the ecoPayz payment option at your preferred bookmaker and make the necessary payments through their interface. You can also opt for the two-factor authentication for increased security of payments, and to prevent unauthorised transactions.
Head over to our recommended bookmakers list to find a sports betting operator that accepts ecoAccount or ecoCard as a valid payment option. You can also check for the ecoPayz seal at your favourite bookmaker website to check whether they accept the payment method for deposits and withdrawals. However, we must inform you that there are a few leading bookmakers that do not support ecoPayz payment, which is a significant disadvantage with using the service for online sports betting payments.
Are ecoPayz Payments Expensive?
In our experience, we did find the e-wallet to be slightly more expensive than the more popular payment systems in the market. Regardless, the company does tend to provide some remarkable offers and promotions to attract more users to their service. The promotional offers range from deposit bonuses, cashback rewards, and other promos that will generally allow you to get more for your deposits or withdrawals.
The Launch of the Mobile App
The company had launched a dedicated ecoAccount app for both Android and iOS devices in 2014, which provides excellent mobile support for almost all supported smartphones and tablets. The mobile versions also support online payments through their payment interface, along with the option to purchase a prepaid card, transfer money to other accounts, and send money to merchant accounts.
ecoPayz Review Conclusion
ecoPayz is a dependable funding choice for punters in India and abroad, especially for making payments to overseas bookmakers and international sports betting accounts. There are several restrictions when it comes to cross-boundary payments from Indian bank accounts to foreign companies, which is why e-wallets such as ecoAccount offer an excellent platform to deposit and withdraw funds with minimal hassle.
PSI-Pay Ltd. is not as famous as its immediate competitors, which may be down to the slightly more expensive services and the comparatively lower penetration among online bookies. Regardless, the company does have a highly secure, convenient, and reliable payment platform that can be used for all types of betting operations.