The world of commerce is diverse and dynamic. With the rise of online transactions, there was a need to find a payment method that provided for more utility than the conventional bank transactions and cash payment systems. Although many methods have since been devised, none has been as effortless in its work as the E-wallet.
An E-wallet is essentially a digital credit card. It allows the user to store multiple number of credit cards and bank accounts and eliminates the need to enter account details in the course of every transaction. Also called a digital wallet, the E-wallet is well adapted for electronic payments. It also ensures the safety of the user’s data through thorough encryption.
In a bid to make payments easier, online casinos have widely adopted the use of E-wallets. E-wallets combine the indomitable utility of convenience and safety of transactions. It is this utility that makes it especially attractive to online casino operators. While not all brands of E-wallets are accepted at these establishments, here are five of the most popular ones:
Skrill
Skrill was formerly known as Moneybookers and is owned by a limited company based in the United Kingdom. Skrill Limited is registered with Her Majesty’s Revenue and Customs and regulated by the Financial Conduct Authority. Its popularity among online casinos is founded on the fact that it has been licensed to operate within the European Union.
A customer can open an account with Skrill in any of the major currencies. They can then purchase a Skrill-branded prepaid card linked to that account and use the card to effect online payments. Premium customers are inducted into a V.I.P program that avails additional security feature and allows higher amounts to be transacted.
There are a number of Skrill online casinos available to play anytime. Some of these include Slotty Vegas, BetAt, Royal Panda, All British Casino, Casumo and many others.
Neteller
Being one of the oldest providers of the E-wallet services, most casinos have adopted the use of this brand. It was launched in 1999 by the Paysafe Group of Companies and began its association with gambling in 2000.
Customers on Neteller can create accounts on the company’s website in any of the 26 listed currencies. The customers can then credit their Neteller accounts from their credit cards, debit cards, bank accounts or 40 other approved methods. The customer will be issued with a Neteller debit card once they open an account.
Neteller charges a slightly lower fee than its competitor Skrill. Customers with high turnover, common with gamblers, are given V.I.P membership with additional features and a much lower fee levy. An improved version of the original prepaid card was released in 2008. This new card has enhanced security measures that can help prevent some forms of fraud.
However, this wallet is not accessible to U.S nationals following an inadvertent exit from the USA market. Some countries with strict gambling laws also prohibit the transfer of funds to Neteller, which is considered a gambling merchant. Casumo, Royal Panda, Slotty Vegas and Jackpot City are some casinos that accept Neteller payments.
Entropay
This wallet is prevalent in Asia but also widely accepted around the world. It is a virtual Visa card that typically works like any other E-wallet. Funds can be loaded into the Entropay account using a debit card, credit card or local bank transfer. However, Entropay is limited to only places where Visa is accepted.
Eight fraud experts sat on the development team of this product. It was tried and tested using anti-fraud software called Sift Science, which anticipates fraud and stops it before it happens. Entropay, therefore, guarantees the safety of online payments, a feature that is unique to only them.
However, Entropay charges 4.95% on all deposits to the Virtual Visa card and 1.95% for any funding by third parties such as casino withdrawals.
PayPal
PayPal is everybody’s favorite E-wallet. It has enjoyed wide use over all online transactions. PayPal has built a solid reputation over the years for premier service delivery in bank-less transactions.
PayPal is also easy to use and operate. Once an account is opened, the user can easily link the account to a bank account or buy prepaid cards. But despite the good reputation it enjoys, PayPal is not popular among online casinos. This is because when approached, PayPal resisted any attempts to transact with gambling establishments. Further, many states in the USA have imposed restrictions on players.
However, a few casinos still accept PayPal, Some of these are 777 Casino, 888 Casino, Spin Palace, Jackpot City, Slots Magic and Pots of Luck.
Ecocard
This E-wallet can be used in 31 member states of the E.U. The service can be accessed through the company’s website. It allows users to load funds using bank and wire transfers. Ecocard also levies nominal fees for transactions, making it a popular choice for online punters. Ecocard is supported in a number of casinos including; BetAt, Casino Action, Casino Cooks, JetBull Casino, Videoslots Casino, BitStarz Casino, Blackjack Ballroom Casino and many more.
Online Casinos are always looking for ways to make it easier to transact money with their clients. E-wallets are a good break in that search. Even so, the world of commerce is still diverse and dynamic and is bound to change soon. When it does, your favorite casino will embrace the change and adapt to the conditions of commerce to make it easier for you to transact with them. For now, E-wallets are that change.