E-wallets are secure digital wallets used to process online transactions. They are linked to your bank account or your debit or credit card and allow you to fund various online activities. In the past, the only two ways of funding an online casino account were via a bank transfer or credit/debit card. However, in recent years e-wallets have become increasingly popular among players, and almost all online casinos support a variety of them.
Unlike bank transfers and debit/credit card payments, e-wallets allow a user to store information from multiple bank accounts in one place.
They offer more security as authorization is required after each transaction. And if your smartphone has biometrics, you can add it t, increasing an extra layer of protection to your information.
As at now, there are many different e-wallets solutions for UK casino players. They include:
PayPal is by far the most popular e-wallet among people and especially gamblers. It is widely used for transactions in the gambling industry. This is because it offers high-quality services such as multiple deposit options, convenience, safety and speed — all at the lowest prices.
Opening a PayPal account is free. Unlike using a debit/credit card when providing payment information, only a PayPal account number is given and effectively securing all your credit/debit, bank and other sensitive information. Most transactions happen instantaneously and the cost of transaction especially for smaller amounts is cheaper and depending on the Casino client you use, completely free when using PayPal.
PayPal charges fees on credit/or debit card deposits but at a smaller percentage of 2.9% which is lower than most e-wallet clients
PayPal charges no withdrawal fees when transferring winnings from most Casino platform accounts to your account. It also doesn’t charge any amount for bank transfers to and from PayPal account. This means that one can efficiently transfer winnings to their respective bank account with no charges at all. This saves the client a lot of time and money
Originally known as money brokers, Skrill has become the go-to e-wallet for most online gambling platforms, especially in the UK. Unlike PayPal that offers 25 currencies only, the e-wallet offers up to 41 currencies, which enable many UK based gambling platforms to attract clients from all over the world. When it comes to speed, Skrill takes at least 24 hours to process a withdrawal into your account while PayPal processes transactions way faster ranging from immediately to 2 hours time.
While both PayPal and Skrill have zero deposit fees, the latter has higher rates when it comes to withdrawal fees especially of small amounts as compared to PayPal
Skrill also allows users to link multiple credit and bank accounts to one account saving you from the hassle of having to type long strings of account numbers every time you deposit money.
This is a British owned company that offers e-money transfer services. Just like PayPal and Skrill, Neteller does not disclose any of your personal information to the Casino platform. They provide free deposits from Neteller account to casino platforms which happen almost instantaneously. They also do not charge for electronic transfer of money to your bank account but charge a 3.9% interest for credit and debit card deposits.
Neteller, founded in 1999, is accessible to more than 200 countries, which allows the many UK based gambling platforms to reach a wide audience. It also makes use of the 128-bit encryption standard to secure clients’ information. They offer clients regular promotions which come with discounts and bonuses that clients, at times, find quite lucrative.
Arthur is the editor of PayByPhoneCasino.uk and is currently residing in Leeds. Arthur is an expert in all things online casino related, specialising in payment options. Having previously worked for online payment processing companies, he now manages the content across the website. A business economics graduate (BCs) at the University of Leeds, he spends his spare time reading business news and following his beloved Leeds United FC.