The different types of e-wallet

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In today's increasingly advanced technological world, more people are completing online transactions than ever before. One drawback is that it led to individuals and establishments misusing or stealing financial data. E-wallets were designed to overcome this disadvantage and now many stores and the best UK casinos accept and promote e-wallet payments.

What does the term “e-wallet” mean?

An e-wallet is an electronic service you can use online via a desktop, laptop, or other mobile devices. It secures the owner’s payment details and passwords and permits them to initiate in and out electronic payments. As well as stand-alone tools, e-wallets can also be linked to the user’s bank account. In some countries, where online gambling is still a grey area, e-wallets provide anonymity, further increasing security, and it is why many more Australian online casino sites are promoting their use.

The most popular e-wallets on the market today

There are a wide range of e-wallets available, and the services each offer varies. It’s therefore important to decide which features will work best for you. Here are a selection of the wallets available today and the services they provide.

Samsung Pay

Samsung Pay is a mobile payment system that lets you use your smartphone to shop at retail stores across the planet. Once installed, providing you have your smartphone with you, you can leave your credit cards at home.

The black magnetic strip on the back of your credit or debit card transfers financial details from the card to the pay terminal. Samsung uses MST embedded in the back of their smartphones to mimic the black strip. In addition, Samsung Pay also incorporates NFC, or Near Field Communication. The big drawback however with this e-wallet, from a gambler’s viewpoint, is that no casinos accept it.

PayPal

The PayPal e-wallet has been around since 2002 with many people using it for online purchases. It was originally a subsidiary of eBay until they sold it in 2015. Because it quickly identified a gap in the marketplace when it was launched, the PayPal e-wallet became very popular, especially given that it was eBay’s default payment of choice. As far as online casino players and sports bets gamblers are concerned, using PayPal is advantageous. Many credit and debit cards are simply not accepted by online casinos whereas PayPal transactions are.

BigPay

BigPay is seen by many to be the future of online and transactions in Asia. In their own words, they have combined the convenience of using an e-wallet with the overall flexibility of using a prepaid MasterCard. The difference with BigPay is that you get a physical card as well as an e-wallet. If the online location you are accessing doesn’t accept e-wallet payments, you can use your card instead. The only potential difficulty is that the BigPay card is prepaid which limits the amount you can spend. Although big in Malaysia, BigPay is not accepted by the majority of online casinos at this point in time.

Neteller

Neteller is owned by Paysafe Financial Services Ltd and is one of the most popular e-wallets on the market today. Paysafe also owns Skrill. Neteller is used by millions of people to enact transactions on thousands of websites globally.  The Neteller e-wallet allows you to make immediate deposits on the best online casinos and sports betting sites (as well as other merchants) and fast withdrawals. Withdrawals normally take between 12 and 24 hours to complete.

Skrill

Skrill (initially known as Moneybookers) is a UK-based e-wallet service. It is one of the most frequently used and fastest payment methods that players use to transfer money to and from online casinos. With a 36 million worldwide membership and more than 500 participating casinos, Skrill is one of the leaders in the global online casino community payment arena. It’s convenience and global availability has made Skrill the ideal e-wallet partner for many online gamblers.

A more secure option

Whether you are playing at an online casino or sports betting site, financial security is always a key concern. The use of e-wallets reduces such concerns significantly.



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