ecoPayz

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This page describes a payment product. It contains no offers, no promotional links, and no sign-up prompts.

The wallet is real, current and widely used. Its name changed three years ago, and the previous version of this page got the single most important cost exactly backwards.

The name changed in 2023

Who holds your money

The company behind the brand, and what its licence does

Operating company	PSI-Pay Ltd, registered in England and Wales, based in Horsham, West Sussex
Authorisation	Financial Conduct Authority, reference 900011, as an electronic money institution under the Electronic Money Regulations 2011
Card scheme status	Principal member of Mastercard
Reach	Reported as available across a wide range of countries and currencies. Verify your own eligibility and currency at registration.

An e-money institution is not a bank

This distinction matters and almost no casino payment page makes it. Balances held with an authorised e-money institution are not covered by deposit guarantee schemes the way bank deposits are. Instead, the firm is required to safeguard customer funds under separate regulatory rules — holding them apart from its own money.

Safeguarding is real protection and it is not the same protection. The practical conclusion is the same one that applies to any wallet: pass money through, do not park it there.

The safeguarding rules have just been tightened

The FCA published a policy statement in August 2025 setting a 7 May 2026 implementation deadline for a supplementary regime imposing stricter reporting, audit and reconciliation requirements on payment and e-money firms. The rules governing this wallet in mid-2026 are materially tighter than those in force a year earlier.

The check worth making. The FCA register is public and searchable. Look up the entity name rather than the brand, confirm the authorisation is current, and note what permissions it actually covers. That takes about a minute and it is the only reliable version of the claim.

We have kept “ecoPayz” in this page’s title and address deliberately. Casino cashiers still print it, people still search for it, and someone typing the old name should land somewhere that explains the change rather than a dead end.

The cost the previous version denied

Reference sources

Regulator registers, legislation and consumer guidance used in this article. No link below goes to a gambling operator.

Financial Services Register
— UK Financial Conduct Authority, for verifying PSI-Pay Ltd’s authorisation and permissions
Payment services and electronic money: safeguarding requirements
— UK Financial Conduct Authority
Payz
— for the current fee schedule, conversion rates, country coverage and account tiers
Online Casino Gambling Regulations 2026
— New Zealand Legislation, including payment and harm-minimisation requirements
Online Casino Gambling Act 2026
— New Zealand Legislation
Information for online casino customers
— Department of Internal Affairs
Customer and Product Data Act 2025
— New Zealand Legislation, the basis for open banking here
Fair Trading Act
— Consumer Protection, New Zealand Government
Gambling Helpline Aotearoa New Zealand
— free, confidential support service

This correction matters more than it might look. The previous page listed “multi-currency support” as a benefit precisely because it meant transacting “without worrying about exchange fees.” The reality is the opposite: conversion is the wallet’s principal cost, and it applies in both directions.

A conversion charge near 3% is larger than the house edge on European roulette. Someone depositing and later withdrawing pays roughly 6% in total, before placing a single bet.

That is not an argument against the wallet. It is an argument for matching currencies, which costs nothing and removes the charge entirely.

Who actually holds your money

How it actually works

You enter your internet banking login on a third party’s page

The previous version listed this as a convenience: “requiring only online banking login credentials to authorise payments”, filed under “User-Friendly Interface”. It is the most important thing on the page and it belongs under a different heading.

What the operator itself states

That customers must enter their online banking credentials and correctly answer their bank’s security question in order to complete a transaction. Username, password and security answer, entered on a page that is not your bank’s.

What the operator says about handling them

That credentials are not stored or logged, that they stay between the customer and their bank, and that data is transmitted using encryption. Those are the company’s own assurances and we report them as such. They are also the standard assurances given by every service of this kind.

Why New Zealanders should care about this model specifically

Consumer NZ has published a warning about a comparable bank-transfer service on precisely this basis, and a major New Zealand bank has advised that using a service which requires your internet banking credentials may breach your banking terms and conditions.

That matters beyond the security question. If a dispute arises and your bank’s position is that you shared credentials contrary to its terms, your standing changes — regardless of how carefully the third party handled them.

The page’s privacy claim was half right. Your banking details genuinely are not shared with the casino. But that is the wrong comparison — the question is not whether the casino sees them, it is whether anyone other than your bank does.

The previous version said the platform “is licensed and regulated by the Financial Conduct Authority (FCA) in the UK” without naming the company holding that authorisation or its reference number.

That is the third page in this section to invoke a regulator without naming the regulated entity. It is also the first where the claim turned out to be straightforwardly true — PSI-Pay Ltd is FCA-authorised, reference 900011, and anyone can confirm it in a minute on the public register.

Naming the entity is the difference between a claim and a checkable fact. The information was available; the page simply did not include it.

What is genuinely good about it

Worth stating clearly, because this is one of the better-founded options catalogued on this site.

A real regulator and a real entity. FCA authorisation under the Electronic Money Regulations, with safeguarding obligations and a public register entry. Several methods covered elsewhere in this section could not produce any of that.
Wide acceptance. It is among the more commonly listed wallets in gambling cashiers, which matters when your first choice is not offered.
Two-way. Unlike prepaid vouchers, you can be paid out to it — so the withdrawal method problem covered on our fast payout casinos page does not arise.
Tiered verification. Completing more identity checks raises limits. Doing that at registration rather than at your first withdrawal removes the delay people most often complain about.

And what to weigh against it

The conversion cost, unless all three currencies match — your bank, the wallet, and the casino account.
Balances are not bank deposits. Safeguarding rules apply, deposit guarantee schemes do not. Move money through rather than leaving it.
A rewards programme tied to transaction volume. The previous page listed the loyalty scheme as a plain benefit. Lower conversion rates unlocked by higher quarterly deposit volume is a discount for depositing more, on a gambling funding page. Understand it rather than bank it.
An extra party. A wallet adds a company between your bank and the casino, with its own terms, fees and dormancy rules.

Where the New Zealand rules are going

For operators licensed here, credit card and buy-now-pay-later deposits will be prohibited, and daily, weekly and monthly deposit, spend and session limits become mandatory.

The prohibition targets the funding source, which is the point worth carrying: a wallet topped up from a credit card is credit-funded gambling with a step in between.

None of this binds operators serving New Zealand from overseas yet. Those obligations attach to New Zealand licences, and no operator holds one — the Department of Internal Affairs register opens from early 2027. Our New Zealand gambling laws guide sets out the timeline, and our casino deposit methods page covers the routes that work from here.

Several New Zealand banks also offer a free gambling block, applied at source and covering all operators at once. Note that blocks rely on merchant category codes, so a payment routed through a wallet may not be caught. Our responsible gaming page lists the free support services available here.

This page is general information about casino payments in New Zealand, not financial, legal or gambling advice. Fees, limits and availability change; confirm them with the operator and your provider before you deposit. Some links on this site earn CasinoChecking.nz a commission, which never affects what we publish. If gambling is causing harm, the Gambling Helpline is free and confidential on 0800 654 655.

Claim corrected

The operator says Canada. This page said New Zealand.

What the previous version claimed

That although the service originated in Canada, it “has expanded its reach and now supports many international players, including those in New Zealand, through partnerships with banks and casinos”.

That is not a hedge or an inference. It is a specific factual assertion about New Zealand availability, and we could find nothing to support it.

What the operator’s own site says

That it is an online-banking-based payment method available to consumers in Canada. Its merchant and consumer pages both use that formulation.

Company	iDebit Payments, Inc., headquartered in Toronto, Ontario
Established	2013
Bank integrations	Canada’s five largest banks and a number of credit unions — all Canadian institutions
New Zealand banks	None. The service requires an account at a partnering bank, and no New Zealand bank is one.

The page’s own disadvantages table said “more common in Canada; less widespread in NZ”. As on every other payment page reviewed here, the table was closer to the truth than the article around it — though the accurate word is unavailable, not less widespread.

Frequently Asked Questions

Is ecoPayz still called ecoPayz?

No. It was renamed Payz on 11 May 2023. The operating company, the FCA authorisation, account numbers, balances, transaction history and verification status all carried over automatically. Many casino cashiers still display the old name.

Who operates it?

PSI-Pay Ltd, registered in England and Wales and based in Horsham, West Sussex. It is authorised by the Financial Conduct Authority under reference 900011 as an electronic money institution, and is a principal member of Mastercard.

Is it free to use?

No. Currency conversion is the principal cost, reported at around 2.99% on the standard account, applying in both directions. On a NZ$200 deposit and later withdrawal that is roughly NZ$12. Lower rates require substantial quarterly volume.

How do I avoid the conversion charge?

Match the currency across your bank account, your wallet and your casino account. Conversion only applies where they differ.

Is my balance protected like money in a bank?

No. Electronic money institutions are not banks, and balances are not covered by deposit guarantee schemes. The firm must instead safeguard customer funds under separate FCA rules, holding them apart from its own money. The practical advice is to pass money through rather than leave it sitting.

Have the rules changed recently?

Yes. The FCA set a 7 May 2026 deadline for a supplementary regime imposing stricter reporting, audit and reconciliation requirements on payment and e-money firms.

Can I withdraw winnings to it?

Yes. Unlike prepaid vouchers, it works in both directions, which avoids having to nominate and verify a separate payout method.

Where can I get help if gambling is causing problems?

The Gambling Helpline is free and available 24 hours a day on 0800 654 655, or by free text to 8006. PGF Services offers free counselling on 0800 664 262. Support is also available to whānau and friends.