What is an electronic wallet (eWallet)

What is an electronic wallet (eWallet)

Have you encountered the term electronic wallet (or eWallet)? In today's world, full of the internet and technological innovations, it is a commonly used term and method of financial transactions. Who among us has not made an online purchase, whether on a discount website or an internet store or in the large chains like Amazon or AliExpress? Perhaps we could find a few individuals but these will probably be people born earlier.

What is an electronic wallet for?

What is it and what is an electronic wallet for? These questions are often asked by people that haven't come in contact with it. The following words will focus on the definition, use and main advantages of an e-wallet from the point of view of online casino players.

In layman’s terms, we could say that an electronic wallet is a mediator between your bank, credit or debit card on one side and the service providers on the other. In our case, the service provider is an online casino. In practice, this means that you put your funds into your e-wallet via a payment gateway or a bank transfer. Here, you can freely use them and, for example, transfer a part of these funds to your player account. A question appears - what is this good for?

The main advantages of an electronic wallet

An electronic wallet has multiple advantages. In many countries, banks charge fees for so-called transactions associated with gambling. For example, when you’re adding funds to your account in the casino or betting agency through a bank account or via a card, the bank may, in addition, charge you this fee. The same applies when withdrawing your wins.

When you apply an electronic wallet between the bank and the casino, the bank won’t know what is the final use of your funds. And well, some banks in some countries have started adding charges to transfers to eWallets.

But the main advantage is in something else. The main advantage is the safety of your electronic transactions. Although licensed casinos offer a guarantee of safety and companies are spending resources for keeping it safe, we people tend to be non-trusting. Even if we love gambling and fun, we have certain reservations when giving our credit card details to a gambling server. And that is the main reason why electronic wallets are so popular.

When paying through an electronic wallet at a casino, you are not sharing this sensitive data about your bank account and you don't have to log in to your online banking nor do you enter sensitive data about your credit card. What’s also important, is the fact that depositing money to your player account is immediate. The deposited funds appear in your player account within a few seconds. If you took the path of a bank transfer, it would take several hours and maybe even days.

And the final benefit is, for sure, the overview of your spendings on fun. If you play in multiple casinos and you’re using transfers via your electronic wallet, all of your spendings and payouts are visible in one spot. You can have your gambling budget absolutely under control which is an important attribute of safe playing and long-term fun.

PayPal

PayPal is probably the most wide-spread service for online payments in the world. According to published data in the USA, 72% of online shoppers have a PayPal account. Thanks to which, you can pay in online stores without adding your financial data. You can also send money to other PayPal accounts. This method of paying is only available in certain European casinos. Others use different methods of online payments such as the ones listed below.

Skrill

Some of you may remember the Skrill electronic wallet under the name Moneybookers. It is a leader and probably the biggest player in the European market in the field of gambling. Most top European casinos accept Skrill transactions.

Neteller

Neteller is a sibling of skrill – both e-wallets are owned by one company. Neteller has been on the market for decades and it is used by millions of people around the world.

Paysafecard

You may know Paysafecard as the absolutely safest form of payments on the internet. This service started in the form of pre-paid cards, that you could buy in the post office or at the kiosk and with only a single PIN code, you could pay for goods or services online. Thanks to the “my paysafecard” service, you can register your purchased cards into your online payment account like a type of eWallet and then pay without having to enter the 16-digit PIN.

Other eWallets

As the online age moves forward, there are several other types, for example, Webmoney and ecoPayz. Some work globally, others are only in local markets. They differ between each other in the height of the fees or their availability.

Should I use an electronic wallet when transferring funds to an online casino?

If you're thinking about getting an electronic wallet, we recommend it. Thanks to it, you will have an overview of your casino accounts, the payments are immediate and in real-time, and mainly, they are safe. This method of online payments will fulfill all of the financial safety standards.