Asma Ahmed
Asma Ahmed
Asma is a fintech writer at AskWallet

Payeer — an attraction or deception?

The Payeer payment system gives you the ability to make online purchases, send, and receive money. Also, there is no need to use your main bank account and give your bank details when paying on partner sites and receive payments directly, from your e-commerce or iGaming site. Payeer’s main advantage is its multi-currency wallet which offers numerous possibilities to operate on various websites (online businesses). Also, many forex and online gaming sites now offer Payeer as a payment method.

3 min read 24.01.2021

What is Payeer?

Payeer has been around since 2012 in the online payment systems market; it grew out of an electronic currency exchange service. Personal as well as business users can access the services of this full-fledged payment system in over 200 countries, and it also works with many merchants and crypto-services. The Payeer’s e-wallet offers many ways to pay and be paid online, and supports over 25 international payment methods.

Pros & Cons

  • Currencies such as EUR, USD, RUB as well as cryptocurrencies (BTC, LTC, ETH, etc) can be managed independently on the same account
  • Competitive charges
  • Users can earn additional money with the affiliate program
  • Opportunity to trade and exchange cryptocurrencies
  • Users can create anonymous and verified accounts. Usually, businesses use the verified accounts when using Payeer on their websites
  • All transactions are irreversible
  • Lack of transparency in fees.
  • Paid SMS validation, around 0.05 USD

Payeer Services

Payeer offers the services to make and receive payments in many countries with several options. It also supports many online currency exchange services and lets its users operate on different systems, bank cards, and institutions. You can sign-up with the service just by entering your email ID, a verification code sent to your email, and your name and country. Payeer lets users register an unverified account with a daily withdrawal limit of 999 USD. 

 

 

The service offers to order a free MasterCard debit card (plastic as well as virtual). 

 

However, the issuance of new MasterCards is suspended currently, and previously issued cards are blocked too. Therefore, you are not able to use the Payeer MasterCard at all. 

 

Payeer supports the investment and trading of cryptocurrencies and allows users to buy these currencies by depositing funds in USD, EUR, and RUB. If you already hold a Payeer supported cryptocurrency, you can use it to fund your account. It also supports seven types of cryptocurrencies, AdvCash, Perfect Money for funds transfer. When it comes to adding money, users can choose among many options — bank cards (Visa, MasterCard, and Maestro), Bitcoin, Ethereum, Tether, Litecoin, QIWI, AdvCash, and Perfect Money.

 

Is Payeer Safe?

Payeer offers its financial services in the EU through Financa Private Limited Company. It has received its activity license Virtual Currency Service from the Ministry of Economic Affairs and Communications (MEAC) Estonia. It means that Payeer is a reliable processor, and your funds are safe with them.

 

Payeer has received an average score on various user review platforms. The main concern of the users is the problem of withdrawing their funds. Many users had complained that they were unable to withdraw funds via Visa/MasterCard. Another issue is that Payeer is currently not issuing new MasterCards for all countries, and the previously issued MasterCards have been blocked too. 

 

Payeer is safe and legit, but it's withdrawal option has annoyed many users.

Payeer Questions & Answers

AskWallet only offers actual information to our users. We attempted to clarify a few users’ issues with Payeer.

 

AskWallet: Would you kindly confirm that Payeer has stopped issuing new Mastercard cards to both EU and non-EU users, and it applies to both plastic and virtual Mastercards?

Is it temporary or permanent? 

Payeer: It's temporary.

 

AskWallet: If you are not issuing new Mastercards, then what about the previously issued Mastercards? Are they blocked too?

Payeer: Yes, these cards have been blocked, money has been returned to users.

 

AskWallet: Who is the issuer of your MasterCard and Visa cards currently?

Payeer: Cards are not issued at the moment.

 

AskWallet: It would be great if you can also confirm that we can use Visa, Maestro/Cirrus cards online and for deposits/withdrawals?

Payeer: Yes, maybe MasterCard, Maestro or Visa.

 

AskWallet: Could you please tell us under which license Payeer is operating?

Payeer: Estonian

 

Conclusion

Payeer has attracted many users within and outside the EU because it offers many ways to pay and supports other systems. To check whether it is a reliable payment service, I reviewed numerous user testimonials and researched the website. Currently, Payeer has no dedicated FAQ section, nor can you contact the support directly through a phone number. 

 

Apart from the withdrawal issue, many users have complained about the lack of transparency in fees. You may not be able to get complete information on Payeer’s commissions if you are not a registered user. Payeer is a multi-currency e-wallet, and I could not understand why the fees were not clear from the start. You can only reach the support department through a message form; there seems no other way to contact a representative via chat or phone number. 

 

Only users can decide whether to use this service or not, but we recommend using our listings. You will be able to review and compare other e-wallets to send and receive funds in many currencies with fairly decent charges.

Payeer FAQ

Where can I use Payeer MasterCard?

Please note that currently the issuance of Payeer MasterCards is suspended for all countries, and the previously issued cards have been already blocked. We recommend using secure services such as Skrill wallet or Payoneer, and use their cards anywhere in the world conveniently.

How to fund the payeer account?

From your Payeer account, you will see all account balances: cryptocurrency and fiat currencies. Click the “Add” option from the main menu, choose your account (USD/RUB/EUR balances or crypto balances), and system (bank cards, payment methods such as BTC, Perfect Money, QIWI, AdvCash, etc.). Then enter the amount, and click on the “Add” option. Review the information and Payeer fees, and confirm the transaction.

How to delete Payeer account?

If you want to delete your Payeer account, you need to send an email to support@payeer.com and ask them to delete your account.

Where can I use Payeer MasterCard?

Please note that currently the issuance of Payeer MasterCards is suspended for all countries, and the previously issued cards have been already blocked. We recommend using secure services such as Skrill wallet or Payoneer, and use their cards anywhere in the world conveniently.

How to delete Payeer account?

If you want to delete your Payeer account, you need to send an email to support@payeer.com and ask them to delete your account.

How to fund the payeer account?

From your Payeer account, you will see all account balances: cryptocurrency and fiat currencies. Click the “Add” option from the main menu, choose your account (USD/RUB/EUR balances or crypto balances), and system (bank cards, payment methods such as BTC, Perfect Money, QIWI, AdvCash, etc.). Then enter the amount, and click on the “Add” option. Review the information and Payeer fees, and confirm the transaction.

2.60 How do we count the overall Askwallet star rating? It's all based on a combination of reviewer’s feedback and our expertise.
Asma Ahmed
Asma Ahmed
As a fintech researcher and writer, she enriches AskWallet website with new posts and articles. Asma is an MBA graduate from IoBM, Karachi and has been working in the financial services industry since 2013. She loves traveling, listening to music, and watching Netflix.