Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Paycent Card Review 2023: Benefits, Pros & Cons

    paycent card review south africa

    Paycent Card Review: Our Opinion

    Paycent Card is a cryptocurrency debit card available in virtual and physical forms for online and offline transactions, including payments and withdrawals. The card is built for crypto enthusiasts who want seamless access and instant conversion of their crypto assets to fiat for bill payments and other expenses.

    Apart from payment, the Paycent Debit Card allows users to store, and hold cryptocurrencies, convert them to their local currencies, and spend via the Paycent mobile app. Paycent also supports crypto staking with up to 10% staking reward.

    However, the platform needs to provide more information about its cashback and reward service, which may be a deterrence to interested investors.

    An Overview of Paycent Card

    paycent card south africa

    Paycent is a crypto wallet service provider founded in 2016 by the payment services provider, Techcent, and blockchain architecture solutions provider, BlockCypher. The company is known for its mobile app, digital wallet (mobile wallet), and crypto card, allowing users to transfer, and make payments using digital assets.

    The company has its headquarters in the United Kingdom but offers services to countries worldwide, including South Africa. As such, the Paycent cryptocurrency card is available to South Africans, with over 94,000 cardholders worldwide.

    Just like other cryptocurrency debit cards, the Paycent crypto card features strong functionalities that make it versatile and also has some downtrends that contribute to its weakness.

    Pros

    Cons

    Paycent Card: What is it?

    what is paycent card

    The Paycent Card is a cryptocurrency debit card that allows users to store, manage, and convert their crypto holdings to fiat currency. The card allows crypto investors to spend their assets on everyday shopping, groceries, and bill payments. 

    Paycent cards are powered by Mastercard and come in physical and virtual forms. Both card types have the same features, including point of sales (POS) payments, but only the physical can be used for ATM withdrawals.

    The card is available only to Paycent account holders who want instant crypto-to-fiat conversions at merchant stores and online. However, Paycent provides no information about the card’s cashback, rewards, and benefits.

    Paycent Card: How does it work?

    Since its a crypto debit card, the Paycent card is prepaid and can be funded using cryptocurrencies and fiat currencies. The card supports 13 different cryptocurrency options, some of which include Bitcoin (BTC), Binance Coin (BNB), and Litecoin (LTC), as well as three fiat currencies, which are EUR, USD, and GBP.

    Paycent offers three different cards that users can choose from. Each card has its minimum requirement, issuance fee, and spending limits. The card options include the following:

    • The Paycent Ruby Card – with a physical card issuance fee of $49 (839.07 ZAR), a maximum daily spend of $5,000 (85,619.25 ZAR), and an initial/minimum load amount of $25 (429.42 ZAR).
    • The Sapphire Card – with a card issuance fee of $0 and a maximum daily spend of $5,600 (96,285.28 ZAR).
    • The Solitaire Card – with a physical card issuance order fee of $49 (839.07 ZAR) and a maximum daily spend limit of $13,000 (222,610.05 ZAR), and a maximum monthly load amount of $20,000 (343,876 ZAR).  

    The Paycent card attract no monthly fees, making it a friendly option for users, but other fees are applicable. The associated fees include a 1.25%, 1.5%, and 1% foreign transaction fee for the Sapphire, Solitaire and Paycent Ruby cards, respectively. There is also a deposit fee of 1.5% of the top up amount or $2.50 (whichever is higher), and ATM withdrawal fees of 2.5%.

    Benefits & Perks

    In our Paycent card review, we found some core benefits that make this platform and card exciting to use:

    • Payment Transfer: This  feature enables users to transparently transfer and receive cryptocurrency and digital assets from other Paycent users at any time and anywhere.
    • Cash In: Merchants and investors can deposit funds/cryptos to their Paycent account through Paycent debit cards and other online payment processors.
    • Cash Out: When investors are ready to withdraw cash, they can do so via the Paycent crypto currency debit card. Profits made on the Paycent platforms can be withdrawn at any time.
    • Global Debit Card: Paycent debit cards come in three types; each type caters to different regions and features different spending and withdrawal limits – appealing to all types of merchants, traders, and investors.
    • Discounts and Rewards: Users who HODL Paycent tokens (PYN-C37) are eligible for discounts on Paycent cryptocurrency card transactions for international exchange and cash out fees. These discounts are structured in tiers- based on the PYN-C37 tokens held on the Paycent app. 

    Cryptocurrencies Supported

    In our research, we discovered that the Paycent Unionpay International card supports 13 cryptocurrencies which is little compared to other cryptocurrency cards. However, most of the cryptocurrency supported are popular and regarded as “big-movers” in the crypto market due to their market cap and daily trading volumes. Here is the full list of supported cryptocurrencies:

    • Bitcoin (BTC)
    • Litecoin (LTC)
    • Ethereum (ETH)
    • DASH
    • XRP
    • DigiByte (DGB)
    • Verge (XVG)
    • Dragonchain (DRGN)
    • Binance Coin (BNB)
    • Steem (STEEM)
    • Groestcoin (GRS)
    • Ontology (ONT)
    • Paycent’s native token (PYN) currency 

    Fees Explained

    The Paycent fees and pricing structure is steep but still, this Paycent cryptocurrency debit card review aims to break it down in a simplified format, yet retaining comprehensive information.

    Card Fee Types Fees (in USD)
    Physical Card Free
    Physical Card Order (including DHL/FedEx delivery) $49.00
    Card Activation Free
    First PIN Generation Free
    Domestic/International ATM Withdrawal $4.00
    Foreign Transaction Fee – Network $1.25
    Monthly Card Residency Fee Free
    Annual Card Account Renewal Free
    Card Inactivity Fee per Month (after 90 days of inactivity) Free
    Card Inactivity Fee per Month (after 90 days of inactivity) 1.5% of top-up amount or $ 2.50 (whichever is higher)

    Different Card Holder Tiers

    Paycent platform currently has three cards that tends to its global users. There is the Paycent Ruby, the Paycent Sapphire, and the Paycent Solitaire. These cards can be ordered through Paycent App and can also work as a virtual card.

    The main difference between the three cards is the spending limits and withdrawal limits attached to them. These limits help users decide which type of card will best fit their purchasing needs.

    The spending and withdrawal limit of the different cards are as follows:

    • Paycent Ruby: $5,000 daily spending and withdrawal limit.
    • Paycent Sapphire: $5,600 daily spending limit and a withdrawal limit of $1,650.
    • Paycent Solitaire: $13,000 daily spending limit and a withdrawal limit of $10,000

    Opening an Account

    Ready to open a Paycent account and enjoy seamless transactions via its cryptocurrency debit cards? Here are the detailed steps to guide you:

    Create Account

    Traders and merchants can easily sign up on the website or Paycent mobile application (Android or iOS). To start, traders must enter their details which entail their name, local fiat currency, email, and mobile number.

    Verify

    After submitting basic personal information, traders will be required to confirm their mobile number. A one-time confirmation message will be sent to the mobile number submitted. Traders will then need to enter the password that was sent via SMS and proceed to tap on the ‘Next’ button.

    Further verification will be required- email. Merchants should check their email spam folder for an email with the subject line: “Welcome to Paycent” and proceed to click the link to verify their email address.

    Order for Card

    Once all verification has been completed, users can instantly order a physician or a virtual card and convert and exchange cryptocurrencies of their choice.

    Paycent Card App

    paycent app south africa

    We did extensive research on the Paycent app, this is what we found.

    Paycent features an innovative, versatile, and fintech application deployed on a decentralised platform that facilitates simplified exchange and convert digital assets and cryptocurrency between users and businesses. Merchants and traders can convert all their assets into Paycent tokens, BTC, and many more. The conversion of digital assets to fiat currencies is automatic and happens in real time.

    Users on the platform can also use the Paycent app to create the virtual card and order the physical one automatically.  With the Paycent wallet, a user can send their digital assets via the Paycent app to other Paycent app users with zero costs.

    Customer Satisfaction

    Merchants and traders worldwide anticipated the launch of Paycent cryptocurrency debit cards which finally came in October 2019; they were shipped to users in diverse global regions. We dived into reviews on trusted review websites like Reddit and Trustpilot; we discovered that customer satisfaction is slightly above average. However, some prevalent complaints were regarding the slow sign-up process, faulty cards, security breaches, and slow customer support.

    Is Paycent Card Right for You?

    Paycent Card can be a good choice for South African cryptocurrency traders and investors who want to store, manage, and spend their assets in one place. The Paycent mobile app is convenient for payments and other services, including staking cryptocurrencies on the platform for up to 10% rewards.

    However, there is a long list of fees – from a $49 card issuance fee to ATM withdrawal fees, foreign transaction fees, and more. The card fees are substantial when converted to South African Rands, making the card an expensive choice.

    Final Thoughts

    There are numerous crypto debit cards available to South Africans, and Paycent is one of the popular options. The Paycent Mastercard is a decent option for crypto purchases and everyday spending. Paycent cards have high spend limits, making them suitable for high-volume investors who want to shop in millions of online and brick and mortar stores worldwide.

    However, with no information about the cards’ cashback features, rewards, discounts, and benefits, as well as the diverse card fees, Paycent cards do not come highly recommended. Investors looking for crypto debit cards can consider more affordable options like the Binance Visa Card or Coinbase Card for transactions.

    Our extensive analysis of the South African Crypto Cards doesn’t stop here. You can also read about our Uquid Card Review as an alternative to Paycent or you can check out our list of best crypto cards in South Africa.

    FAQ

    Most frequent questions and answers

    There are over a hundred crypto cards that can be used to purchase Bitcoin, however; not all are reliable and secure. Merchants and traders keen on transparent and instant transactions should opt for Paycent cards. They also get to enjoy perks like discounts and cashback rewards on every purchase.

    Yes, South African users can access and use the Crypto.com card to purchase goods and services as they would with traditional bank cards. This is made possible through Crypto.com’s partnership with a local bank (Foris DAX SA) — enabling Crypto.com to offer financial services and products to South Africans.

    Revolut is arguably the best Bitcoin bank with over 18 million accounts recorded. Traders and investors can safely store large amounts of Bitcoins and other cryptocurrencies seamlessly — without hassles through its digitized mobile app.

    Many crypto visa cards are available;  however; the most popular and reputable cards are Coinbase Visa card, Crypto.com Visa card, Wirex Visa card, and many more.

    Traders keen on affordable prepaid cards with cost-effective features should consider Bluebird by American Express. The Bluebird prepaid card features fee-free maintenance, activation, purchases, and more. Users also enjoy access to over 30,000 fee-free ATMs worldwide.

    We always try to provide the most accurate information available, and make sure our team follow through.
    If you want to know more about our Crypto Exchanges Review Methodology follow the link below

    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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