AlgoPay gives you a virtual card that you can use without a bank account
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AlgoPay Pros
- Instant Transactions – Other eWallets like PayPal, Payoneer, and Skrill require up to 5 days to complete financial transactions, while AlgoPay makes the transfers instantly!
- Zero fees – Many users do not like to use eWallet a lot due to their high fees. But AlgoPay solved this problem by abolishing all fees!
- Easy to use – AlgoPay service is available through a smartphone application that can be downloaded on Android or IOS devices, this application is secured with a fingerprint and face ID, and it offers you protection, security, and ease-of-use at the same time.
- Multiple uses – You can receive your salary on AlgoPay, paying for online services, purchasing goods from online stores, or transferring money to family and friends. You can do all of these options, quickly and easily, on your smartphone!
AlgoPay Cons
- ot available in all Arab countries yet – AlgoPay is currently working in Jordan and Iraq only, and it is planned to work in more countries soon. However, it still needs regulatory approval.
- Not available on iPhone – It is planned to launch the IOS AlgoPay app soon, but at the time of writing this article, the service application is only available on Android devices.
- No physical prepaid card provided – Algobay offers its users a virtual card (similar to FastPay), but it does not offer a real card like Payoneer and Skrill.
- The card can only be charged through service agents – since the AlgoPay card is virtual, it cannot be used at ATMs or physical stores to purchase various goods and services, also it cannot be used on some mobile applications like Uber, Careem, and Apple wallet.
What is the difference between AlgoPay and PayPal?
There are a lot of similarities between both methods, as they are used to make domestic and international money transfers, besides you can use any of them to get your salary and make online shopping. However, AlgoPay gives you a virtual card that you can use without having a bank account, and this card can be linked to your PayPal account also.
In the past decades, users had to deal with banks to make every financial operation, including deposits, withdrawals, checks-cashing, and other operations. In 1967, automatic teller machines were invented, which reduced the banks’ routine operations.
In the 1990s, the business magnate Elon Musk and his team launched PayPal, to be the first online eWallet. Then smartphones came to entice more companies to launch more financial wallets.
Now we have hundreds of eWallets that can be used on smartphones and tablets. Nevertheless, all of them are still linked to banks in one way or another. Thus, they are related to the routine banking operations that take place over long days and require a lot of verification procedures.
Therefore, the AlgoPay wallet was launched in 2017 in Los Angeles, California, to enable users who do not want to deal with banks or who do not have bank accounts to make their financial transactions online freely, including shopping, money transfer, and depositing/ withdrawing on online casinos.
This service provides you with a virtual Mastercard that you can charge at one of the service agents.
It focuses on areas that are deprived of banking services or whose residents do not have bank accounts. at the current time, this service works in Jordan and Iraq only, and it is planned to operate soon in Egypt, Turkey, Saudi Arabia, Iraq, Syria, Iraqi Kurdistan, Oman, UAE, Kuwait, Iran, and Lebanon.
It is known that these countries have much higher transfer fees than the rest of the world due to the large number of taxes imposed on banks. Also, the processing times of the transfers are very long due to the tight supervision of banks. for that, this service came to make transfers faster, easier, out of fees, and without the need to link them to your bank account.
How to create a new account on AlgoPay?
You can set up a new account by following these steps:
Go to the website.
Download the application on your phone.
The application will ask you to register by one of these ways (through Facebook, Google, or by filling out the registration form).
After that, you will be asked to enter your phone number, then the OTP code will be sent to your phone and you must enter it into the application.
The application will ask you to create a link for your wallet so that your friends and clients outside the Middle East can use it to send you money using bank cards or PayPal.
The application will ask you to verify your identity by sending your ID card, passport, or driver’s license.
Then the app will request you to take a selfie.
After that, you will get the Mastercard and you can link to PayPal, Amazon, Skrill, or any other US website.
Thereafter, you can charge this card or withdraw money from it through the nearest agent.
AlgoPay prepaid Card
AlgoPay offers its users a virtual Mastercard for free, and you can use it on all US websites, and sites that accept Mastercard cards in general. So, if you have a PayPal or Skrill account, you can withdraw your money directly to this card.
What are the fees?
At the current time, the fees of AgloPay is zero! But this is because they want to attract more clients, but we think that they will require fees in the future.
How to transfer money?
You can transfer money to any AlgoPay user by typing his registered phone number or Email. If you want to receive a transfer from a person who does not have an account on this service, you can give him your account link, so that he can send the money to you via PayPal.