Payza is an online payment platform that provides find transfer solutions across the globe. Just like PayPal in online transaction solutions, Payza provides a fully internet based fund transaction solutions across over 197 countries in the world and supporting over 25 major currencies in the world. They allow individuals and businesses make easy payment to a third party and also receive funds.
Payza was founded in 2002 as a private firm but in 2012 became a subsidiary to MH pillars, a company in the United Kingdom. Payza’s popularity might not be on the edge like that of PayPal but most people actually know the platform as one of the best that offers remittance payment. And just like fin-tech companies, Payza offers its users with a mobile application to be installed on hardware devices for androids and iOS.
The platform provides fund deposit services for their customers such that the balance can be made use of from the e-wallet systems. Making deposit can be done in various ways, the bottom line is to choose what suits the user best. The various deposit means include, wire transfer, credit card and major Cryptocurrencies. Because the Payza platform is connected to so many utility services, settling bills becomes a very easy task with just a few punch in the mobile device. Withdrawals can be made in a similar form like deposit. As a business, receiving payments becomes sleek and easy. Payza particularly offered a part of their platform to small e-commerce businesses with a payment link that makes payment directly into the e-wallet of the business. The link can be embedded into a “Pay Now” button on the website.
Payza takes pride in the fact that they operate a free transaction fee system but then, the system is not completely free. There are a lot of hidden fees and users must be careful not to fall prey. The only free movement of fund in the platform is when you make a fund transfer from one Payza account to another Payza account. Every other fund transfer has a charge attached to it. This method was introduced to serve as a marketing method for the platform, hoping that when users find that Payza to Payza is free, they urge whoever they are sending funds to create a Payza account too. While the users try to take advantage of the the free movement of fund for Payza to payza accounts, the user base if the platform gets to enlarge. On the other side, to receive and and withdraw funds without an end to end Payza account transaction, there are fees to be payed. Also, loading your e-wallet on Payza comes at a cost.
In 2013, some users complained that Payza withheld their funds and denied them access to their account. The company however blamed the hitch on third party providers. Though there has been a decrease in the rate of delayed transaction and closing of accounts, occurrence of such problems can affect the effective functionality of a lot of business that depends on their payment service.