PayBox.me Reviews – Legit or Scam?

PayBox.me is a new website that is promoting itself as a newer and better PayPal, especially since they are currently paying their members for signing up.  Pay Box gives you $25 for signing up and an additional $10 for every person that you refer to sign up.  In addition, you can earn up to $20 a day for completing tasks that will help them better design their services.

That’s right.  ”Design their services.”  Because PayBox.me is not actually live yet, they are still in per-launch mode.  And the money they are putting into your PayBox.me account is not actually US money – it’s Pay Box money.  They call it dollars and cents, just like US currency, but it is actually a completely independent currency that only exists in a closed circuit, meaning within your Pay Box account.  Pay Box estimates that their money will be valued similarly to US money.

PayBox.me claims that once they go live – sometime in late 2011 – you will be able to make person-to-person transactions, as well as purchase things from both small and large scale businesses, as well as being able to purchase products internationally.  Eventually, Pay Box always wants to launch a service directly linking your debit card to your Pay Box account.

Pay Box is free to join, so many people feel there is little risk in trying it out and seeing what it has to offer, especially if some money can be made with it.  The problem with PayBox.me, as far as I can see, is there is no way of knowing that you can make money with it.  You may spend lots of time and effort completing the “tasks” they are giving you, without ever getting any sort of compensation.

In their Terms & Conditions, Pay Box clearly states that at any time, without warning, Pay Box can change the rate they are paying you or discontinue payments all together.  And ultimately, they still need to go live for you to be able to do anything with the money they’re giving you anyway.

Another concern about PayBox.me is the .me part.  This means PayBox is registered in Montenegro, which ultimately means that it is not subject to the rules and regulations that the United States places on financial institutions.  In the US, you must jump through a lot of hoops to get approved as a financial institution that can hold and transfer currency.  I’m not sure what the regulatory process is in Montenegro.

While PayBox.me does a lot of talking to get people to sign up and benefit from their Early Bird status, the reality is that there are far too many questions about this company to really recommend it.

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