Payeer review in 2024

Detailed review of Payeer

The main specialty of the Payeer wallet is its versatility. You can sign in to your user account through any browser on a PC or mobile device. Or you can download and install a special mobile app from the App Store or Google Market. User accounts on the website and the app are equally convenient, although it’s recommended to use the app because this way your wallet is always at hand, and you can see the basic data on your account and make any financial transaction with a few taps on the screen.

Also, Payeer is the only wallet that offers access to current quotations on global cryptocurrency exchanges. Yes, many platforms have built-in converters. But first, converters often have their own rates that are somewhat different from the market rates. Second, conversions are not for purchases or sales on an exchange. The conversion tool doesn’t allow you to earn on quotations, whereas on an exchange you can. For example, you may buy Bitcoin with Ethereum when Bitcoin starts to rise, and then sell Bitcoin when it reaches its peak, earning on the difference in rates.

Of course, Payeer is not a full-fledged crypto exchange. It doesn’t offer favorable fees, related conditions, or special instruments. Nevertheless, if you are not a professional trader and just considering this earning option as an additional source of income, then the Payeer payment system will suit you. Besides that, you can earn passive income by inviting other users. Practice shows that many customers of Payeer gain good profits from their referrals. Plus, there are competitive solutions for businesses.

Payeer by the numbers:

• 127 countries represent its current distribution;

• Over 4 million active users;

• 0 payment for registration and service;

• 3 available fiat currencies;

• 0.095% fee for most trading transactions.

Based on statistics, Payeer doesn’t have as many active users as PayPal or Skrill. However, these platforms are not entirely comparable because Payeer is not just a wallet or payment system. It’s also a platform for the conversion, exchange, purchase, and sale of crypto and fiat assets, which offers a ready-made technological stack for businesses, including the reception of cryptocurrency payments.

Payeer’s useful functions:

• Deposits of funds. You can add funds to your Payeer wallet in any convenient way such as with a Visa card or MasterCard, or with Perfect Money, AdvCash, or the QIWI system. Note that every payment service has its own deposit fees.

• Withdrawals of funds are made via the same systems, except for AdvCash. If you need to withdraw cryptocurrencies and not fiat money, you can use any crypto wallet, e.g., MetaMask.

• Exchange/conversion. You can exchange your crypto and fiat assets. For instance, USD for BTC or ETH for LTC. Remember that there are charges for exchanges involving fiat currencies.

• Purchase and sale. Payeer’s clients get access to cryptocurrency exchanges and can sell one asset for another. They are offered three fiat currencies (USD, EUR, and RUB) and most cryptocurrencies available on international exchanges.

• Transfers. You can transfer fiat money and cryptocurrencies to cards, crypto wallets, or accounts in payment systems. Also, you can receive transfers from the users of these systems.

• Payments. The Payeer wallet can be used to pay for goods and services online but only if the store works with Payeer. You can find that out from the manager or the corresponding section of the store’s website.

• Data aggregator. All data on your account is displayed on the home page of your Payeer profile on the website or the mobile app, which is available for iOS and Android.

• Transaction archives. No matter how long you have been using the Payeer payment system, you can access its archives that contain all of your transactions, including deposits and withdrawals of funds, exchanges, payments, and transfers.

• Payment set up. Using the API, you can connect Payeer to your internet store and receive payments in fiat money or cryptocurrencies under the set parameters.

• Other solutions for businesses include internal transfers, the purchase and sale of cryptocurrencies, and multicurrency accounts. In just a few clicks, the Payeer wallet will modernize your business to contemporary standards.

As you can see, the Payeer wallet offers private individuals everything they need for the convenient management of their finances and quick transactions like purchases or transfers. The features for businesses are also automated and optimized.

The advantages of the Payeer payment system:

• There are no territorial restrictions. This system can be used by residents of all developed countries.

• Registration is free and there are no hidden payments, subscriber fees, or paid tariffs.

• A user can manage his account in his user profile on the website or through the mobile app on his phone.

• Aggregation of account data and detailed archives of all transactions.

• It is possible to store three fiat currencies and most major cryptocurrencies.

• A user gets access to current quotations on cryptocurrency exchanges and can buy or sell any asset.

• Besides the purchase and sale on exchanges, clients can use the converter. For most currency pairs, the fee is 0%.

• Users can make and receive payments instantly or almost instantly.

• All major channels for deposits and withdrawals of funds are available, and there are no fees for deposits or withdrawals of cryptocurrencies.

• There is a convenient API, which can be easily integrated with any online resources, including internet stores.

• Businesses can use the ready-made solutions to set up this payment platform and its cryptocurrency converter.

• There is a favorable six-level referral program that offers up to 25% of the referral’s fees.

• The platform uses the modern instruments of cybersecurity and is effectively protected.

Another conceptual advantage of the Payeer wallet is its intuitiveness. When a user signs in to his account for the first time, it will only take him a few minutes to understand what he needs to do to get the desired result. The same goes for the mobile app, available for Android and iOS.

Types of accounts in the Payeer payment system

Technically, Payeer doesn’t have tariffs or different account types. However, upon registration, a new user decides whether he needs an account for private or business use. Of course, it’s not forbidden to register both account types to one person but these accounts are different and cannot be united because accounts for businesses have somewhat different functions and purposes.

A personal account for private individuals has all the aforementioned functions. It’s an easy-to-master account type, which offers to aggregate your financial flows in one place. Here you can store your fiat funds and cryptocurrencies, make and receive instant transfers, and pay for goods and services. Today, all large marketplaces and services accept payments via the Payeer system, which is nearly as popular as PayPal or Skrill.

Owners of businesses, primarily internet stores and online services, can use the corresponding account type called Business. It allows clients to connect the Payeer system and its cryptocurrency converter to various digital services. It may be convenient in many cases, e.g., when you launch your online cinema and want to receive subscription payments in an all-inclusive wallet.

Banking features

The Payeer payment system is not a digital bank and therefore doesn’t offer the corresponding functionality. Its only similarity to digital banks is the possibility to transfer funds instantly and make purchases online. Data aggregation is standard for wallets and payment systems but insufficient for neobanks. Payeer doesn’t grant loans or mortgages and doesn’t release proprietary payment platforms, although even online banks don’t often offer the latter. These are not Payeer’s drawbacks but characteristics designed for its purposes. After all, it’s a wallet and payment system, and not a neobank.

Social programs of Payeer

The Payeer wallet doesn’t participate in social programs. However, many organizations and individuals use this system to receive payments and raise funds for various needs, including the struggle to reduce emissions of carbon dioxide into the atmosphere and green up the planet.

How to open an account at Payeer

It is recommended to turn on all notifications in the cognominal section, as well as two-factor authentication in the “Security” section. For login confirmation, it is best to choose the “SMS” option but you can also choose email or Telegram.

• Go to the official website of the Payeer wallet. In the center of the home page, click the green “Create account” button. Next to it is the “Login” button for the registered users of this platform.

• On the next page, enter your email and click the green “Create account” button. In your email, you will receive a confirmation code. Enter it in the corresponding field and click “Create account” again.

• By clicking “Continue without confirmation”, you can move on to the next step without entering the code but later you will have to enter it anyway.

• The system will generate a username, password, and secret code for you. All of these positions can be changed. Click “Next” to move on to the next registration step.

• Provide your first and last names and country of residence. Click “Next” to complete the first stage of the registration of your Payeer user account.

• You have signed in to your user account but can’t use all of the functions, and there are considerable restrictions for you. The reason is that your personal data hasn’t been confirmed. Click “Not verified” in the “Balance” field of the main menu. 

• Navigate to the “Profile and verification” tab and enter the requested data in the “Verification” field. You only need to provide your date of birth and phone number.

• When you enter your phone number and click “OK”, you will need to make a free call at the number on the screen. After that, click “Continue”.

• Click “Next” in the “Verification” field and follow the on-screen instructions. You will need to provide a picture of a valid ID document, e.g., your passport.

• As soon as the company’s agents review the documents, the warning about the verification will be removed from your profile, and you will get full access to the features of the Payeer wallet.

Technical support

You can find the email address for tech support in the “Contacts” section on the website. An alternative is to go to the “Support” section and generate a ticket with a question but the answer will be sent to your email anyway.

If you already have a profile, there is the “Support” button in the top right corner of Payeer’s home page. This menu contains the list of your requests and the “New request” tab, which provides the most frequently asked questions and their answers. If you can’t find the solution to your problem, select a question closest to it and click on “The answer didn’t help me”. The system will direct you to the standard ticket menu.

Note that the Payeer payment system’s agents give equally quick answers to the questions asked by unregistered users, as well as users who have accounts for private individuals or legal entities. The platform doesn’t have VIP priorities.