Enhance accessibility and efficiency online when using an e-wallet

Digital wallets, or e-wallets, are a revelation in the financial world. Simply saying that they have streamlined online payments would be an understatement and wouldn’t do them any justice. Companies that have revolutionized e-wallet payment methods deserve a lot of credit for shaking the rigid framework and the monopolistic control of central, traditional finance to carve out their own area within the industry. E-wallets tie into traditional payment systems and will often act as a buffer to deposit and withdraw funds from your bank.

However, if you’re more of a traditionalist and are looking for information about how e-wallets can streamline the payment methods you use online, then today we’re going to try and cover the main points that people highlight as reasons for switching from traditional payment methods such as Visa, Mastercard and bank transfer to 21st century, digital alternatives. Some of the most notable new payment systems include PayPal, Neteller, Apple and Google Pay – all highly innovative e-wallet payment systems.

Neteller

Although PayPal, Apple Pay and Google Pay are the more visible and regularly used e-wallet payment systems, Neteller has a long history in digital finance – especially in specific areas of digital transactions, such as casino iGaming. You may hear iGaming referred to as digital casino gaming, but it’s a collective term that bettors use for the gambling sector.

At the turn of this century, Neteller dominated US gambling transactions –  processing somewhere in the region of 80 to 90% of payments. Although Neteller for iGaming may have lost some of its initial dominance, it maintains itself as the payment avenue of choice for millions of people online. At the same time, it might not have grown at the same rate as the market.

Current figures show that Neteller generates around 24 million active users per month. Once you register your Neteller account and link it to your card or bank account, you can connect it directly to your gambling provider. The Isle of Man-based company has a steady, loyal base. As one of the first pioneers and real use cases of e-wallets in digital casino gaming, it facilitated much of the accessibility and efficiency we see in the e-wallet industry today.

PayPal, Google and Apple Pay

The three most prominent names in e-wallets are PayPal, Google and Apple Pay, hands down. Collectively, they have a billion customers, with this number snowballing as more people begin using the contactless service on their mobile devices, turning their phones into debit cards. Despite Apple finding itself in hot water in 2022 due to hoarding information about the technology, the development of this technology has been such an innovative revelation that it has led to many merchants adjusting their platforms to facilitate transactions.

If you use prominent stores like Amazon or any of the larger grocery stores, all you need to do is select Apple or Google Pay as your transaction method. It’ll then connect to your iOS or Android ID – and if you use biometric security, that’s all you’ll need to complete the purchase or deposit. Until a few years ago, if we were going to make a purchase online, we would be scrambling around looking for our debit card and manually entering the details into the site.

Now, while it was hardly a task that would take up half your morning, the fact that you can make the same purchase or transaction simply by entering a PIN or biometric security and syncing it up to your mobile device is a totally new level to the accessibility and efficiency that is on offer.

Is crypto more efficient than e-wallet transactions?

Although new payment systems like cryptocurrency utilize the blockchain, offering instant withdrawals with no fees, e-wallets have risen to the challenge and offer a payment method equal in transaction speed.

It has the reputability and standing of these fintech giants behind it – it’s a hugely innovative time, and with so many companies chiming in, it’s the end user who benefits from the accessibility and efficiency these companies are bringing to the sector. Although cryptocurrency offers many unique features, it ultimately still suffers from a lack of mass adoption, and large portions of the general public are unaware of how it works, or believe it to be untrustworthy or prone to scams.

Why use an e-wallet?

You don’t necessarily need to use an e-wallet for your purchase, but more online merchants are gravitating toward the idea. With so many companies opening their eyes to the possibilities and efficiency for their business and their customers, they’re investing a lot more resources into fine-tuning it and turning it into the main avenue people use for their digital payments.

Ultimately, efficiency and accessibility drive many of our decisions. For something we use as often as our bank account, e-wallets offer an instant way to pay via our mobile phones. Gone are the days of having to rifle through our pockets and enter card numbers and expiry dates. Within a few seconds, we can optimize our e-wallet and use it for any online transaction, regardless of where in the world the merchant may be.

It doesn’t get much more efficient or accessible than using your e-wallet that’s synced to your phone. It’s challenging to see how much more efficient e-wallets can get, now that they’re working in tandem with smartphones and biometric IDs. Being able to use a selfie to pay for anything is about as convenient as it gets.

Perhaps you’re used to manually typing in your details, and you don’t like the idea of your card information being synced up to your mobile phone, Apple ID or Android wallet 24/7. All of these are valid concerns, especially if you’re not somebody who grew up in the digital age.

While nothing is 100% secure and foolproof, e-wallets have become such a profitable area of the industry that they’ve started to work together with prominent financial companies and mirror the same levels of encryption and security. Where they’ll go next is probably the most interesting question, but for now, e-wallets are the market leaders in digital payments.