A digital wallet is a financial application on your mobile device that allows you to pay for purchases using your mobile device. The application stores your payment information and passwords. This information can be from your bank account or credit/debit cards. Digital wallets can store a range of other things like event tickets, coupons, and loyalty cards.
Some well-known digital wallets include Paypal, Venmo, Google Wallet, and Apple Pay. They make life much easier and less bulky. They also eliminate the chance of you losing a bank card or not having the right card to pay with at a POS.
Setting up a digital wallet (E-wallet)
Opening up an account for an e-wallet is simple; you need to provide your details, such as ID, name, and address. You also need an active email address to link the account to. You can then add a bank account or bank card to fund your account.
Once the app has verified the details have been verified, you can link the e-wallet to the casino site.
How Are They Used in Online Casinos
When it comes to online casinos, not only are digital wallets more convenient, but they are safer than entering your card details on the site. We must mention that online casinos go to extra lengths to protect players’ financial information through encryption technology, so if you are still using other payment methods on your gambling site, it is safe to do so.
Digital wallet transactions are usually processed faster than other payment methods in online gambling. On some sites, bank transfers can take up to 72hours to reflect, while most e-wallet transactions are immediate or take only 24hrs to process. You can check the fastest payout online casinos for their payment methods.
E-wallet fees are also lower than conventional payment options. PayPal charges around 5% per transaction, whereas your credit card can charge anything over 8% per transaction. Digital wallets also simultaneously support different currencies, which is handy for playing slots.
Unlike other payment methods, e-wallets work both ways; you can use them to deposit and withdraw money at most casinos. That’s another reason you would be hard-pressed to find an online casino without e-wallets as a payment method.
With the development of mobile gambling and casino apps, having an e-wallet means you only need to carry your phone and maybe a charger. The point is all you need for gambling, shopping, and even a ride home are all on your mobile.
Below are some popular e-wallets accepted at most casinos. Some casinos offer extra bonuses when making your first deposit via a digital wallet.
- Paypal is undoubtedly the most popular and most used e-wallet worldwide. Payments made to online casino accounts are usually instantaneous. Some people say their fees are climbing at too rapid a pace; that is something you need to check before signing up for Paypal.
- Neteller has 11 different languages on their site for when you need support, and they also have a mobile platform where you can buy and sell cryptocurrency. Deposits and withdrawals can be made to most casino sites with this e-wallet.
- Skrill is used in more than 130 countries worldwide, and its app comes with a payment protection function designed to combat fraudulent transactions.
- WebMoney has low transactional fees; it accepts and uses different currencies, including crypto. There is two-factor authentication verification you have to go through before processing a transaction.
- Ecopayz has over 20 years of experience; you can register for different tiers on the app. There are fees attached to the transaction. You have an option between choosing a flat rate or a fixed percentage.
Cons of Digital Wallets
You could put yourself at risk if you use digital wallets from companies that have not been properly vetted. If your phone isn’t sufficiently protected, crucial personal data could be exposed to other people.
Hacking is a prevalent security concern everywhere, not just in online casinos or e-wallets. So the possibility of your e-wallet being hacked is slim, but it is a real threat. Ensure you have strong passwords and stay away from birth dates and addresses. Also, change those passwords periodically to reduce the risk of being hacked.
Cash payments have been dropping by 13% per year since 2018, and research shows that less than 1% of people make payments in cash in Canada, Sweden, and Australia. It is predicted that Sweden will be cashless by the year 2024.
Cashless payments are gaining popularity in every industry worldwide; even land casinos now accept payments from digital wallets. There are very few cons to using e-wallets and a lot of positives. If you have an e-wallet or are willing to register one, then rather do that and use it for your online gaming activities. It is a Yes from us.