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.
You can set up a new account by following these steps:
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.
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.
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.