The advancements in technology over the last 20 years has meant a significant shift into how 21st century people purchase goods and services. Whereas any of us over 30 years old can easily recall a world in which we were required to leave our homes and visit a store in order to purchase a product, there will soon be a crossover point where the norm is to purchase all of your goods, from electronic devices and your weekly food shop, online. In fact, we may have already reached this crossover point, and this is one of the reasons why an ever-increasing number of digital E-wallets are being created.
An eWallet is simply an online financial account which allows you to make financial transactions online. EWallets also allow users to store funds and track their payment histories via computer. These banking tools guarantee both safety and privacy, which is why many of their users include online gamblers who want to always ensure their privacy. The transaction value for the digital payments market is expected to top £8 trillion by 2026, so it is no surprise to see numerous tech startups launching digital wallets.
We will now use our expertise to compare the different digital eWallets which are available to you.
Neteller
Neteller allows its users to pay online in a safe and secure manner. Users can make transfers from their online bank account to their Neteller account for free. This then allows you to use your Neteller eWallet to make purchases online. Although Neteller is not as widely accepted as PayPal, it does trump its rivals when it comes to transfers. Neteller does not charge senders when money is transferred which is a big plus.
Here are the advantages of using Neteller
- No charges to senders or receivers when money is transferred.
- Easy and simple to open an account.
- Extremely fast.
- Downloadable app is available.
Disadvantages of Neteller
- 95% foreign exchange fee when converting currency.
- Not as widely accepted as other eWallets.
Neteller offers 100% safe and secure transactions. One of the only downsides is that it is not yet widely accepted. However, Neteller remains one of the best eWallets and we foresee that in the next 3-5 years, it will become the best eWallet.
We highly recommend Neteller.
Google Pay
Google Pay aka Google Wallet acts as a virtual wallet and is a form of mobile payment system. Google Pay is excellent for users who are in a store and want to use their mobile phone as their virtual debit or credit card. In addition, Google Wallet works in a similar fashion to other e-Wallets.
Here are the advantages to using Google Pay (Wallet)
- No fees are charged.
- Extremely fast.
- Utilises near field communications for in-store purchases.
- Downloadable app is available.
- Widely accepted.
Disadvantages of Google Pay (Wallet)
- The purchasing of digital goods such as e-books, online games, music and subscriptions is set to be discontinued.
Overall, Google Pay is a fantastic substitute for a physical debit or credit card. However, it is still some way behind the likes of PayPal and Neteller due to its discontinuation of being able to purchase online games and e-books.
Apple Pay
Apple Pay is very similar to Google Pay apart from the company behind it is, you guessed it, Apple. Perfect for Apple product users, Apple Pay is a mobile payment system and digital wallet which acts as a form of digital debit card. It is supported on all iPhone devices. It is an extremely convenient e-wallet and requires no internet service for you to use. You can even use Apple Pay when your mobile device is in aeroplane mode.
Here are the advantages to using Apple Pay
- No internet required.
- Secure
- No extra fees.
- Downloadable app.
- Convenient
Disadvantages of using Apple Pay
- Frequent software failure.
- iPhone 6 model and above required.
- Limited transactions.
One of the biggest downsides to Apple Pay is that it does not support online shopping. With any luck, this will change in the future, but for now, this is a severe limit to the digital wallet.
Boku
Boku is another digital payment company headquartered in Silicon Valley and is one of the safest payment methods in the world. Like PayPal, Boku does not require your bank details when making transactions which ensures that it’s far less likely for your account to be hacked into. Boku can be used in a variety of countries including the United Kingdom.
Here are the advantages to using Boku
- Safe and secure.
- Downloadable app.
Disadvantages of Boku
- Extremely tight transfer limits for certain transactions.
- Not widely accepted by UK businesses.
Skrill
Skrill is one of the very best eWallets available. In fact, alongside PayPal (which we will come to later) we regard Skrill as the very best digital wallet. Although it still remains relatively unknown compared to other e-wallets, Skrill is gaining greater traction thanks to all of the benefits it offers users, some of which we have detailed below.
Here are the advantages of using Skrill
- Multiple currencies available.
- Many different payment options can be used to top up your Skrill account.
- Great conversion rates.
- Chargeback protection.
- Extremely fast.
Disadvantages of Skrill
- Support sometimes slow and unhelpful.
- High fees.
Some users have reported that fees for using Skrill can be high but this often depends on how often you use the e-wallet.
PayPal
The most famous eWallet of them all, PayPal was the very first digital wallet which hit the mainstream. Established in 1998, PayPal was originally known as Confinity before it was renamed PayPal in 2001. PayPal remains one of the very best digital transaction tools. It is certainly the most well-known and widely used.
Here are the advantages of using PayPal
- The safest and most reliable e-wallet.
- Extremely fast.
- Simple to make recurring payments.
- Guaranteed privacy and security.
- Make deposits to online casinos.
- Signup is free and you can send money to friend and family for free.
- Buyer and seller protection.
- Downloadable app is available.
Disadvantages of PayPal
- Fees on business transactions.
- Fees when converting currency.
PayPal is one of the most used eWallets for gambling transactions. Due to its excellent levels of privacy and safety, online gamblers regularly use PayPal to make deposits and withdrawals with online casinos. In fact, PayPal remains the most widely used digital transaction tool in the world, used by millions of people worldwide.
We regard PayPal as the best digital eWallet currently available.
Sources
https://www.slotshawk.com/banking/paypal-slot-sites/
https://www.paypal.com/uk/webapps/mpp/paypal-safety-and-security