The payment and money management application PayBox announced today (Sunday) that it will allow you to pay in stores and online directly from the personal balance and the group balances accumulated in the application.
This, without the need to transfer the money through the bank account and without the payment requiring the limit of the customer's credit card.
The Paybox application is the only one in Israel that operates as a "real digital wallet", which allows you to accumulate and manage money separately from the bank account.
The money can be held in the user's personal balance or within groups that he or she manages.
The new service will allow users - individuals, small businesses, freelancers and group managers - to pay directly from the money accumulated in the application in any physical store and on any online site.
"Pay anywhere"
Until now, in order to pay in stores with the balances in Paybox, the users were first required to withdraw the money to their bank account and from there pay with the credit card or any other means.
From today, users will be able to pay with the money accumulated in the application directly in stores - physical or online - without having to go through the bank.
In order to activate the service and start paying from balances, users are required to issue a free Paybox digital credit card (with no card fees for life).
The digital card is issued within minutes, directly from the application.
Since the payment from the money accumulated in Paybox is not charged from the credit card limit, it can be used without increasing the customer's credit limit, at no cost.
Paybox is a first step in Israel.
(Payment by cell phone - illustration), photo: GettyImages
In addition, payment directly from the group balance by the group managers will allow the managers to increase the transparency in the management of the group money and make the required separation between the group money and their personal money - since the manager will no longer have to withdraw the money to his account before each purchase from the group funds.
As soon as a payment is made from the group balance, all group members will receive an automatic update regarding charges made from the group balance - how much went out and in which store.
Eric Frishman, CEO of Paybox, said: "The possibility to pay at Paybox balance stores is another step in the development of Paybox from an application that is mainly intended for transfers and collecting money, to a real digital wallet, in which you can hold money and pay with it anywhere - easily and for free.
This is an ability that group managers and users who usually leave their money in the Paybox balance have been waiting for for a long time and we are happy that it is finally possible."
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