PayRedeem is an online payment method often used for online shopping, but also popular as a funding method for forex brokers. The payment method works with so-called eCards, which are virtual cards that can be purchased via PayRedeem’s website. To buy the cards, PayRedeem accepts payment methods such as Visa, MasterCard, bank wire transfers and bitcoin.
As many other e-wallets, PayRedeem has a tier system that allows users on the lowest tiers to buy eCards for online payments without going through ID verification (KYC). For these users, the monthly spending limit stands at EUR 150. To get higher monthly spending limits, a valid government-issued ID must be presented along with proof of residency.