Get Zelle and a debit card with GPS Pay: This is what you need to know

When looking for a fintech, the requirement seems to be one: exchange money from Zelle, PayPal and other payment gateways for local currency; and so far, GPS Pay ticks most of the boxes. It is a financial platform that, in addition to accepting Zelle from third parties, offers debit cards that can be used in Venezuela and any other part of the world, asking in exchange for monthly maintenance payment and commissions for each type of transaction. 

Is it worth trying its functions? We explain it to you in this note.

What is GPS Pay?

Global Payment Services, known as GPS Pay, is a financial platform that allows you to have a digital wallet to save, send and receive dollars anywhere in the world. Among its most outstanding functions is the possibility of using it to receive funds from Zelle.

The creators of GPS Pay, which has an alliance with Multibanco International LLC and is regulated by the Puerto Rican authorities, define it as a secure financial ecosystem where users can have full control of their money. 

In addition to the aforementioned services, with GPS Pay it is possible to make international transfers, withdraw PayPal balance and have a physical and virtual Mastercard debit card (the latter lasts 6 months), which can be used for face-to-face and online purchases in Venezuela and any other country in the world. 

Likewise, GPS Pay allows Venezuelans to exchange the balance they receive on the platform for bolivars (mobile payment). It is an operation that is credited instantly.

GPS Pay works in its web version or through the mobile application, but to register you must have a promotional code (referral) from another person who already uses the platform. The entry process can last 24 hours.

Who can use GPS Pay?

In addition to being of legal age, anyone interested in using GPS Pay must have a valid national identity document and a gas, electricity, telephone or RIF bill to prove their home address.

Since you are going to need a promotional code, you can ask someone who is already a GPS Pay customer, write to WhatsApp from the company or by mail customersupport@gpspay.me. 

How does GPS Pay work?

From the website or cell phone it is possible to carry out any operation in GPS Pay, a fintech that not only offers accounts to individuals, but also to companies. Follow this path to join the platform:

1. Go to the Android or iOS store and download it. If you don't want to use that route, open your browser and do it from your computer.

2. Start filling in the main information field. They will ask you for the promotional code, names and surnames, telephone, email, country of origin and type of document that you want to validate on the platform (ID, passport or license).

3. Once this is done, you will receive an SMS with a link that you must enter to provide the photos of your identity document and proof of residence.

4. In this way, your account will be sent for review and you will receive a response within 24 hours. 

At first, GPS Pay will give you an Access ID and a temporary PIN so you can sign in. Once inside the platform you will see the entire menu, which includes: loading funds at the bank, loading via ACH, transferring between GPS Pay accounts, making international transfers, transferring by mobile payment, etc.

How to recharge funds to GPS Pay in Venezuela?

Although it is not possible to load funds directly by affiliating a Venezuelan debit or credit card, it is possible to use bolivars and the support of other external platforms to achieve that goal.

GPS Pay recently enabled the option to recharge funds with USDT and Bitcoin cryptocurrencies, which you can buy with bolivars in the p2p trade of Binance, Remitano, OKX or any other exchange of your choice.

Once you have them in your crypto wallet, from the GPS Pay app you can choose the network in which they operate –TRON, in the case of USDT– and make the exchange. That way you will have funds in your GPS Pay wallet.

How to receive Zelle using GPS Pay?

Along with PayPal and Venmo, Zelle is the most used payment service in the United States. Due to its practicality – it works like a mobile payment – ​​and zero commissions, its use has increased in Venezuela, being common to make payments in businesses and receive funds from abroad, remittance style.

The limitation is that to use Zelle you need to have a bank account in the United States, which forces many people to join platforms that 'lend' their Zelle accounts to receive funds. That's exactly what GPS Pay does. 

So that you do not have any doubts about this procedure, we show you the step by step:

• In the main menu, select the "Load via ACH" section and then choose the Zelle option.

• GPS Pay will show you the conditions to carry out the operation, including the Zelle recipient email. 

• That email, which can change for other operations, is the one you should send to the person who will make the payment at Zelle. The payment reference that you must enter is “GPS”.

• Once the person makes the operation, you will have to validate it manually with a button called "CLICK HERE". 

• You will have to fill in some information: amount sent, name of the person sending, email or phone number of the person (from whom you made the payment) and Zelle reference number. 

• When GPS validates the information and confirms the operation, you will have the funds in your wallet.

The minimum amount to send Zelle transfers is $20, while the maximum is $500. The limit amount of weekly transfers is four.

The commission for this service is $2,95 for each operation.

Can I convert those dollars into bolivars?

All the dollars you receive through Zelle and any other platform can be exchanged for bolivars. You just have to choose the option “Transfer mobile payment” and enter the exact amount you want to change.

Then write the phone number associated with your mobile payment, the name of the bank and an identification message. At the end you will be able to see the amount of the commission that is taken from you and validate the operation by entering your PIN.

The amount will be reflected in your bank account instantly.

How to withdraw funds from PayPal with GPS Pay?

The process is very similar to Zelle's. You must still go to the option "Load via ACH" and choose PayPal. The next steps are these:

• Tap an option that says "Before proceeding, make a transfer from your PayPal Account."

• It will take you to a tab where you need to log into your PayPal account. 

• Once the operation is done, go back to GPS Pay and write the amount you transferred, the PayPal transaction ID and the associated email. 

• The commission amount is 7.5% + $0.3.

How to request a physical Mastercard GPS Pay card? (+ issue price)

This is a fairly easy process. You just have to press the "Request card" option, verify your names again and choose the type of card. 

• Choose the option “Plastic MC” and press continue.

• It will show you the application fee for the card, which is $14,5 for Venezuela. To that you must add another $5 per shipment to the interior of the country or, in this case, $3 if the shipment is to the city of Caracas.

• When you press continue, you must now enter the address of the room in which you live, city, state, zip code and telephone number.

• The last step is to corroborate the data provided and approve the operation with the PIN. You need to have the $14,5 in your GPS Pay wallet to apply.

• The GPS Pay company will send you an email with the instructions to receive the card. 

This financial instrument is useful for making purchases at the points of sale of Venezuelan businesses, paying in different apps, making purchases online and affiliate it to your PayPal account to validate it.

What are the GPS Pay fees?

You already know what the PayPal and Zelle commissions are on this platform, but they are not the only ones. Here we collect the main ones:

• Load funds via international transfer: $16,5.
• Transfers between GPS Pay accounts: $0,65
• Card replacement: $25
• Transfers to third parties: $10
• Virtual card issuance: $5
• Transfer to AirTM account: 1.5%
• Account transfer to mobile payment: 3,5%
• Monthly card maintenance: $2,8

Advantages and disadvantages

There are several attributes of GPS Pay, but also its points against it. These are the ones we can highlight:

Advantages

• Possibility to receive Zelle from third party account
• Useful for making purchases online with the Mastercard cards offered
• Facilitates the withdrawal of funds from PayPal
• Solution to receive remittances and payments from abroad
• user-friendly platform
• Funds can be reloaded with USDT and Bitcoin

Disadvantages

• Some commissions are usually high
• The issuance of the virtual card is paid
• The virtual card has a duration of six months.

You now have a clearer picture of GPS Pay and the way it works. Do not miss the publications of our section Fintech in which we show you news about exchanges and the different payment methods that can be used in Venezuela.

This article was prepared for informational purposes. It does not represent investment advice or an invitation to join the platform.