E-wallets are one of the easier payment methods used for online transactions—most online websites like online gambling use of E-wallets. Most casinos online allow players to use varying payment methods suitable for them. It is worthy of note that E-wallet is the most commonly used of all the payment methods available, this is followed by card payments. When considering the choice of a desirable online casino, players usually research the number of payment methods available and how secure they are.
Definition of E-wallet
E-wallet is the abbreviation for an electronic wallet. It is an online wallet instead of a physical one where people can store their money to make transactions on online platforms like online casinos. Some of these transactions take the form of purchasing and selling items or, in the case of online games, making bets. Generally, most e-wallets allow users to link their bank accounts, credit and debit cards to the wallet. This would involve the user storing their personal information on the platform. Other e-wallets do not require users to store any information.
There are a plethora of e-wallet options. Any of the options you choose will depend on how much information you would have to release. E-wallets work on multiple devices like mobiles and PCs. E-wallets have many benefits, such as secure and faster transactions.
The most commonly used E-wallet used by online casinos includes the following.
PayPal allows its users to link their bank accounts and credit or debit cards to their PayPal accounts. As one of the most trusted payment platforms globally, PayPal has almost 200 million active users. The company services are available for use on both mobile and desktop devices. Paypal offers free account opening to users and a sight charge for any transaction.
Almost every well-known casino makes use of this E-wallet. It has retained a long-standing remarkable customer service history since its existence over a decade ago. Players can use the platform in about 15 different languages. The service assures players of the safety of their online transactions and their details.
While using Neteller, players must provide basic personal information, such as gender, email address, date of birth and so on. Players can also choose the currency they would like to carry out their transactions. To use Neteller for online casinos, players must first deposit money into their Neteller account and transfer it to the casino. For withdrawals, it works in direct opposites of deposits.
This e-wallet has been existing for over two decades. Users can open a free account with little information and make global payments. Most payments made through ecoPayz are without a charge except certain deductibles. These are usually at a flat rate of £7 or a specific percentage.
There are different tiers of plans on ecoPayz, each with its attendant benefits. While the classic plan has limited payment options, the highest plan, the VIP plan, has a wide list of options for its subscribers.
Skrill is a UK based E-wallet. It was established in 2001. It uses varying means to send money, such as email addresses, bank accounts, phone numbers, and so on
Unlike Neteller, which offers free services, Skrill has a fee-based system depending on the transactions users are carrying out. Usually, it costs between 1% and 5% of the amount in question for deposit or withdrawal. Like every platform, users must first insert their details when opening an account.
For users seeking to make direct payments from your bank account Trustly is a great E-wallet option. Trustly makes your online transactions more secure by acting as a middle man to the transaction. Users do not have to register or own an account to use the services, unlike other E-wallets. As such, the company do not hold on to user’s personal information
The primary benefit of using Trustly is the SSL encryption that all payments have. Another benefit is the fact that the service is completely free to use. Only the merchant pays a fee for the transaction. Therefore casino players are completely uncharged.
The company is known for its excellent customer service and detailed FAQ section for concerned customers. Also, players do not need to visit the website to use the service, and they can follow the Trustly link on the online casino website.
Why are E-Wallets Beneficial to Users?
Players would probably wonder why they should use e-wallets since online casinos offer various payment methods. Here are some reasons why:
Transactions are faster
With E-wallets, transactions are much faster than regular payment methods. The transactions will reflect instantly, unlike the traditional method that could take a while, sometimes even days, to reflect.
Transactions are secured
E-wallets use a layer of encryption when handling transactions with online casinos. Most e-wallets use standard SSL encryption. When players use an e-wallet, they do not have to share their banking details with the casino. Aside from this, some e-wallets like Trustly do not store users’ personal information, ensuring further security of the players.
Slight or no charge
Some e-wallets either do not or slightly charge for their services. The charge e-wallets ask for a flat percentage rate or a meagre amount. As a result, users find it cheaper to use e-wallets than traditional methods.
Valid for payments and withdrawals
E-wallets are useful for both deposit payments and withdrawals from online casinos. Interestingly, players can carry out secured transactions and get instant reflection on their accounts and be assured of its security.
E-wallets are a much easier and more secure method of handling online transactions. With the option of fast transactions and instant reflections, more players prefer them to the traditional methods. Furthermore, E-wallets are more affordable than regular methods with little or no charge on transactions. A comprehensive view of the promising features of e-wallet show why more casino players make use of them.