So what is Entropay? Entropay’s own definition defines it as a smart online platform, which provides instant access to virtual cards for secure and private payments. Entropay also claims to be the fastest way to send and receive money. Specifically, Entropay is able to send money transfers, from one source to another, over 2880 times faster than a SEPA bank transfer. Moreover, Entropay money transfers up to 8600 times faster than other fintech products.
Entropay also markets itself as a global service. In fact, the website advertises that Entropay accounts can be created everywhere Visa is accepted, including on gambling websites. Entropay allows its users to “spend like a local” in over one-hundred and twenty different countries by using disposable Entropay cards. The website provides an encompassing list of every country that participates in the EntroPay payment system. In addition, Entropay also advertises that, using its services, its users can create virtual cards “on the fly” for secure online payments, that are private, and that are not bound by any particular country borders.
In July 2017, Entropay reevaluated its company and brand image and decided to strategically recreate their brand. Accordingly, Entropay added new features, lowered their fees, and revised their interface on their website. Entropay informed its users that it was easier to use and also maintained all of the features that the customers enjoyed previously. One of the major revisions on the website was to the dashboard, which now allowed the users to quickly view their own recent transactions and pending transactions with more detail. Another major change was that Entropay cards now had their very own home page, which allowed the user to create, “top up”, and delete cards with more expediency and ease.
Currency conversion fees are also a concern with Entropay. When a user sets up an Entropay account, the website will ask the user to select a currency. Once that currency is selected, the Entropay account exclusively operates in that particular currency, and any subsequent Entropay cards that are created to make online payments will also function in that selected currency. This selected currency cannot be changed later, so the website encourages the user to select the one that the user will be using the most. Entropay does notify that if the user spends money in a different form of currency, he or she may be charged a currency conversion fee of some kind.
No matter what market across the globe, Entropay has always allowed the customer to create an Entropay account or card for free. However, the top up fees may vary, depending on the country. As of April of 2018, Entropay reduced the costs associated with transactions from debit and credit cards issued in the European Union. Ultimately, the top up fees were lowered to just 1% in total. However, Entropay importantly noted that the top up fees in all other countries were still 4.95%. It did state that they were actively negotiating for lower fees in more countries and that they hoped the future would provide a more fair set of fees for users all over the world.
In terms of data security and consumer protection, Entropay’s website simply states that it is “as secure as your bank.” Specifically, Entropay explains that they are bound and are regulated by the same rigorous standards that banks are regulated by, while also simultaneously being backed by the latest forms of new technologies and security measures. Entropay does not expound as to what these regulations actually are nor, does it explain what forms of technology and security measures are actually being implemented to protect privacy and ensure data security. In terms of protecting against fraud, Entropay’s website does claim that it has an industry leading anti-fraud system which is designed to prevent almost all fraudulent activity in its entirety. Entropay informs its customers that purchases will never appear on his or her bank statement, and that Entropay’s prepaid cards protect the customer from fraud and/or suspicious charges. Moreover, the cards are disposable, so the user can create or cancel his or her Entropay cards at any time that they wish.
Entropay also has a section on its website that allows the users to report fake Entropay apps or websites so that Entropay can investigate it. Accordingly, Entropay provides a several helpful tips to its users to help identify and report fake apps online, such as looking at the logo or app icon, identifying typos or sloppy writing in the app description, and the app itself has an unbalanced and poorly formatted interface for the user. These tips for “fake” app reporting are seemingly a positive thing to add to the website. However, upon closer review and the overall presence of the “data security” section on the website, it seems that Entropay added this portion because fake Entropays were prevalent in the market space and that users were being taken advantage of too often.
The Entropay payment system does offer a rewards incentive to its users. If a customer uses the Entropay cards to pay on their partner websites, Entropay will refund the 1% EU-based top up fees. However, there are requirements to be eligible for this type of cash back offer. First, the user must be topping up from a EU-based debit or credit card. Secondly, the user must spend 10,000 pounds during the ninety-day Cashback Rewards window on the partner website, as previously referenced. Entropay does provide the users a list of the preferred partner websites on its own website.
If a user wishes to close his or her account on Entropay, I would recommend doing so in advance and to monitor it closely. The website only provides a single means of unilateral account termination for the user. Specifically, Entropay requires the user, that is trying to close out the account, to “contact them” and provide the username and email address that is associated with his or her account that is going to be terminated. This system does not allow for the user to have any say or control in this process, and ultimately allows for Entropay to be in charge of your accounts final life cycle.