Payiza DLTlatest release: 1.0 ( 2nd June 2021 ) last analysed 17th November 2021 Custodial: The provider holds the keys
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Do your own research!
Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.
The Analysis ¶
(Analysis from Android review)
Payiza, a Distributed Ledger Technology-based banking which aims to strengthen digital banking faster than ever before. Payiza is a platform for domestic and international multi-currency transfer, money exchange, bill payments It is the world’s renowned digital banking platform with multi-functionalities that promotes e-commerce through a user-friendly payment system.
Purportedly, users can use this as a cryptocurrency app.
Payiza connects crypto to fiat. It allows to buy, sell, convert and make payments using cryptocurrencies in the countries where crypto is legal.
★☆☆☆☆ September 16, 2021
Very bad experience….I have recharged through my mantrimall gaming account via payiza but 7 day finished my amount still no recived in my account…very very bad service
★☆☆☆☆ August 8, 2021
Complete scam!! Fraudster app!! Don’t use it…
There are many suspicious 5* reviews and it is possible that some of them were bought.
Another review says that the OTP never arrived.
★☆☆☆☆ March 26, 2021
Im not geting otp
However, Payiza claims to have a wallet. It is described as:
An eWallet system to store your funds and make payments to anyone in your network instantly and securely.
We tried to register. Although it asked to verify via SMS, we did not receive an OTP. We tried on multiple numbers.
With little information on this app and an inability to register, we classify this app as defunct.
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:Is the product self-custodial? If not, we tag it Custodial!
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
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