What Is Payeer?

Features and Capabilities

Payeer combines the functions of a bank, an exchange, and a cryptocurrency wallet. Let's take a closer look at the features available in Ukraine:

Domestic and international transactions

Payeer allows you to transfer money within the system instantly. To do this, specify the currency, amount, and enter the details of another Payeer user who should receive the transfer.

International transactions are also fast and competitively priced, as the service works with popular currencies and has a wide partner network worldwide. The system automatically suggests the optimal route and helps reduce conversion costs. Swift transfers can also be made through Payeer.

Currency transactions

Payeer works with a wide range of currencies: from classic dollars and euros to popular cryptocurrencies, including Bitcoin, Ethereum, Ripple, and others. Each of them can be used to store funds, and conversion is performed directly in the wallet. The built-in exchange service allows you to perform transactions at a favorable rate, saving time and reducing commissions.

Integration with other systems

You can connect Visa and MasterCard bank cards to your Payeer profile for convenient deposits and withdrawals. However, this service is currently unavailable in Ukraine. You can only replenish your balance and withdraw funds using a bank account through intermediaries. For example, ObmenAT24 offers a convenient and fast way to replenish Payeer via MonoBank, PUMB, A-Bank, as well as from cards of other financial institutions in Ukraine. 

Moreover, the e-wallet integrates with the Volet service and cryptocurrency wallets, which simplifies the conversion of digital assets to fiat and vice versa. Thanks to this flexibility, Payeer is considered the best option for both private users and businesses.

Paying for goods and services online

With Payeer, you can pay for purchases and services on various online platforms worldwide. The wallet supports integration with popular e-commerce platforms, freelance platforms, gaming sites, and online services.

The payment process is straightforward: simply select Payeer as your payment method and confirm the transaction. You can pay with fiat and digital currencies.

Commissions and Fees

Payeer is a service that stands out for its transparent commission system. Opening and maintaining an account is completely free, so you can start using the wallet without extra costs.

• Internal transactions within the system are cost-effective: 
• Cryptocurrency transfers between Payeer accounts are commission-free.
• Transactions with fiat currencies such as USD or EUR are charged at only 0.5%. 

The commission for transactions on the built-in Payeer exchange is 0.095%, saving you money when exchanging assets and making the service competitive.

Currency conversion within an account is subject to a commission of 1.5%. It applies when exchanging one currency to another, for example, dollars to euros or cryptocurrencies to fiat.

Working through the API is a convenient option for users who make many transactions and want to automate them. In this case, the commission varies from 0.5% to 0.95%, depending on the volume and type of transaction.

Advantages and Disadvantages

Payeer combines convenience, speed, and extensive functionality, which is why many users have found this wallet to be a versatile tool for working with money online.

Let's first consider the service's advantages:

• Fast transfers. Internal transactions are completed in seconds, which is convenient for settlements between users.
• Low fees. Transfers within the system are charged at only 0.5%, and transfers in cryptocurrency are free of charge.
• Wide selection of currencies. More than 30 currencies are supported, including dollars, euros, and popular cryptocurrencies.
• Reliable protection. Data is encrypted, and two-factor authentication can be enabled to confirm transactions.
• Convenient ways to top up your balance. You can add money to your balance both using a card and in cash through partner locations. ObmenAT24 allows you to exchange dollars to Payeer USD in Kyiv, Zhytomyr, Odesa, and other cities in Ukraine.
• Mobile app. Available for iOS and Android, enabling you to manage your finances wherever you are.
• Round-the-clock support. Customers can get help 24/7.

In addition to its advantages, Payeer also has drawbacks. One of them is mandatory verification. To access the full functionality of the wallet, you must confirm your identity, which increases security but eliminates anonymity. Significant disadvantages for Ukrainians include the unavailability of UAH and the inability to link a card to a profile.

Is Payeer safe to use?

Now that we know what Payeer is, let's discuss the security measures that the wallet uses to protect its users.

The service's website states that all transactions and personal data are securely encrypted. This means that unauthorized persons cannot access your funds or account information. Even if someone tries to intercept the data, it will remain encrypted and useless to attackers.

Two-factor authentication (2FA) enhances account security. To log in, you need a password and a one-time code sent to your phone or generated by the app. Even if your password is compromised, it is impossible to access your account without the second code.

Moreover, the system monitors suspicious activity: when attempting to log in from a new device or an unusual IP address, the user receives a notification for confirmation. This reduces the risk of unauthorized access.

Registration: Step-by-step Instructions

You can create a Payeer account in just a few minutes:

Step 1. Go to the Website

Open the official website of the service and click the "Register" button in the upper-right corner. Select your language, and the system will automatically adjust the interface.

Step 2. Email confirmation

A form will appear on the screen where you need to enter your email address. A letter with a confirmation code and login details will be sent to this email address. Copy the code and paste it into the appropriate field on the website. 

Step 3. Save your confidential information

Information that you need to keep in a safe place will appear on the screen: your account name, password (can be changed), and a secret combination for restoring access.

Step 4. Complete registration

Select your country of residence from the list and click "Done." After that, you will receive a personal Payeer account and be able to use the wallet functions. 

Verification

To fully use Payeer, you need to confirm your identity by going through the verification (KYC) procedure. This is a generally accepted standard in payment services, which confirms that the account is registered to a real user.

How to pass verification?

• Log in to your personal account and select the "Identification" tab.
• Specify the type of account — 'Personal' or 'Business.'
• Enter your full name, date of birth, and country of residence.
• Add your mobile phone number.
• Upload scanned copies or photos of your passport and a document confirming your address.
• Submit your application and wait for it to be reviewed by moderators (usually 1–2 days).

Once confirmed, the account will receive verified status, which will open up full access to Payeer's features and remove most restrictions. For example, for an anonymous account, the maximum withdrawal amount is $999 per day, and after identity verification, it increases to $50,000. An identified profile also enhances trust from other participants in the system.

Who Is Payeer Suitable for?

The e-wallet is suitable for:

• Freelancers and remote specialists, as it offers fast internal transfers, acceptance of payments from foreign clients, and withdrawals in fiat and cryptocurrency.
• Online merchants and small businesses that want to accept payments from different countries and use APIs for automation.
• Traders and investors, as it provides storage and exchange of fiat and cryptocurrencies, fast transfers between accounts and trading platforms.
• Users with international settlements, thanks to minimized conversions and convenient methods of replenishment and withdrawal.
• Those who often pay online, as Payeer guarantees payment for subscriptions, games, services, and marketplaces without being tied to a single bank or place of residence.
• Users in countries with limited access to banking products. The service will be an alternative to cards and expensive international transfers.

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