Let’s start with what an eWallet is. Just as your store cash in your leather wallet, you can do the same digitally with an e-Wallet. It connects your bank account, debit and credit cards to your phone so you can make secure and swift transactions. Most eWallets are mobile apps you can download for free. An eWallet app on your smartphone is convenient to use, and some digital wallets can connect prepaid debit cards to a mobile app. Many of them utilize your checking account information or card numbers. They help to reduce dependency on paper money and bank cards. They are pushing technology into the digital territory and reducing fraud. There has been a noticeable increase in eWallet usage over the last couple of years due to its advantages. eWallets are convenient to use, secure, and supported by thousands of service providers, e-commerce websites, online casinos, and sportsbooks.
Fast Withdrawal Times for Online Gamblers
The most significant benefit is fast withdrawal times. Nothing is worse than having to wait for ages to get hold of your casino winnings. Many money transfer systems take a long to process transactions. When you win big, you want that money straightaway to celebrate. With an eWallet, you can access your prize quickly since processing times are a lot faster than bank cards and transfers. Traditional banking methods take 3-4 days to process payments.
Enhanced Security with Two Factor Authentication
Two-factor authentication provides an extra layer of enhanced security. The feature is available to sign in to Amazon, Facebook and eBay accounts and requires a six-digit number as a text message sent to your mobile phone. You then enter that code and gain access to your eWallet account. It ensures that your account doesn’t get hacked since you are the only one who can confirm the transaction after you have received the text on your mobile phone.
Restrictions for Welcome Bonuses
Some online casinos have welcome bonuses that you cannot claim if you deposit with an eWallet. You should check the bonus terms concerning that before signing up if you are going to deposit via eWallet. As a new player, you don’t want to miss out on signing up for bonuses or other promos, so ensure you check the acceptable deposit methods for rewards, along with the terms and conditions.
Security for Online Gamblers
Are eWallets entirely safe? Security is increasingly under the magnifying glass, especially for online gamblers who may need to transfer a sizeable sum. The appeal of eWallets is you don’t have to share your bank or card details online at a casino or offline. The data is encrypted with SSL (Secure Sockets Layer) while it is transmitted. That is the standard security level of technology to establish a secure encrypted link between servers and users. It covers all the data that passes between the two, and it remains private and integral. Additional security features include fingerprints, PIN codes or facial recognition. Online casinos benefit from fraud protection, while gamblers can lock their eWallet with a password.
eWallet Payment Apps for Gamblers
There are numerous eWallet apps suitable for gamblers to use at online betting sites. Top names include Zelle, Apple Pay, and Google Pay. Here we look at the most popular eWallets.
PayPal started in 1998, and over the last two decades, has established itself as a dominant force in the online payments industry. PayPal accounts for almost 75% of all eWallet transactions worldwide. Withdrawal times are less than 24hrs, the deposit limit is CA$15, and a mobile app is available. PayPal is widely accepted by online bookmakers and casinos; however, the bank account verification process takes some time.
Neteller is a leader in the eWallet industry, and it is supported by many online merchants like Spotify and Google. Most online betting sites accept Neteller, and it supports Bitcoin and cryptocurrency deposits. The withdrawal times are under 12 hours, and the minimum deposit is CA$20. There are no transaction fees or depositing charges at betting sites, and there is a mobile app on offer. Neteller is quick to set up, and the mobile interface is excellent. You also get enhanced security with passwords to access your account.
Skrill has built a name over the years and has a reliable and trustworthy service. Most bookmakers around the world accept Skrill, and withdrawal times are less than 24 hours. The minimum deposit is CA$15, and there are no transfer fees.
Zelle is the brainchild of two banks that joined forces to establish a more secure money exchange system. Once verified, users can transfer money using their registered bank account.
5. Apple Pay
Apple Pay was launched in 2014, and since then has become a household name and leading iPhone app to transfer funds. You can use Apple Pay at stores with your iPhone, in other apps, and at online casinos. You can send and receive money from an iPhone, and the fingerprint password system makes it a popular choice for high-street shopping, and more online casinos are starting to accept Apple Pay.
EcoPayz is a lesser-known eWallet, but it is already gaining momentum. Several well-known bookmakers and online casinos accept EcoPayz, and withdrawal times are 24-48 hours. The deposit limit is CA$15, and there aren’t any fees.
7. Google Pay
Google has several intuitive, integrated apps, with Gmail, Google Drive, and Google Docs leading the pack. Google Pay’s is swipe-to-pay feature is a winner, and the ultra-secure account encryption is winning customers, partners, stores and financial institutions, and online casinos.
Trustly is a brand that has been operating for almost ten years. In that time, it has managed to build a loyal following of over 14 million global users. Withdrawal times are 1-2 days, the deposit limit is CA$10, and there are no charges for transactions. The established brand is accepted by a large number of online casinos and bookmakers.
Qiwi is a leading mobile payment service in Russia, with over 20 million customers and accounts for almost 80% of eWallet transactions in the Russian digital payments service. We are likely to see more western bookmakers accept QiWi payments due to the Russian market’s sheer size and available opportunities.