eWallet payments are fast, straightforward and extremely secure. Thanks to advancements in technology over the past decade as well as the number of UK citizens who have access to high-speed internet, making a payment with an eWallet can now be done at a variety of different online outlets.
If you are unfamiliar with e-wallets, the name is essentially a broad term for online wallets which you can use to store your money online. The most famous eWallet is currently PayPal, but there are others which are becoming more well known due to their ease of use and many benefits in comparison to online banks. One of the main advantages of eWallets is the fact that you can open multi-currency accounts. You will then receive much more favourable exchange rates too in comparison with online banks. For example, if you are an online business and you need to make payments using various currencies, eWallets are a fantastic way for you to make transactions seamlessly.
Let’s take a look at the top six eWallets offering their services to UK customers
The daddy of all eWallets, PayPal is one of the most recognisable online brands in the world and has gone from strength to strength since it was launched in the late 1990s by the group which has now become known as the PayPal Mafia. Peter Thiel, Luke Nosek and Max Levchin founded the company whilst Tesla founder Elon Musk later joined. PayPal is now a multibillion-pound company with one of the biggest customers bases online.
PayPal remains the major payment options used on the eBay online marketplace. In fact, almost all online businesses accept payments made using PayPal. PayPal is one of the safest and most secure online payment options. Interestingly, there are plenty of UK based online casinos which prefer their players to deposit using PayPal due to the heightened safety of using the eWallet. PayPal slots can be played simply by making a deposit with PayPal.
If you are deciding which eWallet to use, PayPal will always be one of the best and highest recommended options.
Skrill actually began its life as an online payment service for online gambling sites. Like PayPal, Skrill guaranteed security and privacy for online gamblers who were searching for a place to make transactions without having to give any of their financial details to the gambling sites themselves. This is where Skrill stepped in. Skrill acted as the middleman between gamblers and the gambling operators.
However, since those early days Skrill has gone on to become one of the top eWallets. Signing up with Skrill is easy and there are plenty of different marketplaces which can accept monetary transfers made using Skrill. There are some cons though. For example, there are some fees depending on the type of transaction you make. In addition, there are some reviews which cast doubt on the quality of Skrill’s fraud protection service.
Founded shortly after PayPal in 2000, ecoPayz is one of the oldest eWallets around. A hugely experienced team ensure that the ecoPayz eWallet is one of the best around. One of the main positives regarding this eWallet is the fact that you do not need to link it with a bank account. Once you have made your way through the quick and easy registration process (which doesn’t require a credit check), you can add money to your account through using a credit card or any other form of transaction.
Unfortunately, ecoPayz does not yet have its own mobile app. This means that you will have to manage your account using an internet browser.
Like Skrill, Neteller was originally built to cater to online gambling sites and their customers. However, unlike Skrill, Neteller has now moved on since then and is probably the second most successful eWallet (behind PayPal) for online transactions in the United Kingdom.
The Neteller app is a fantastic tool in which you can track your account and payments with ease. In addition, money transfers are instant – this is a big plus from us as even PayPal often has delays when making payments.
Apple Pay is one of the most well-known and largest eWallets. Apple is looking to establish Apple Pay as the number one eWallet ahead of PayPal and who’s to say they wont soon get there? Apple Pay is easy to use, especially if you have an iPhone. You can even make contactless transactions with Apple Pay using an Apple device.
Apple Pay is one of the most trusted eWallets and is supported by most major credit cards and debit cards. Users can also manage boarding passes and flight tickets, movie tickets, gift cards and lots more on their Apple Pay account. Of course, the downside to Apple Pay is that you can only it if you have an Apple device (although if you download the Safari web browser you can use Apple Pay on non-Apple devices).
Similar to Apple Pay, Google Pay is a hugely respected eWallet catering to customers from around the world and in the UK. Google Pay is essentially the same as Apple Pay. Both Google and Apple Pay are backed by two of the biggest global brands in the world, don’t expect these guys to go anywhere anytime soon.
Google Pay customers do not have to pay any fees on transfers or on payments and the set-up process is smooth and simple. However, Google Pay take their security and fraud efforts seriously, if there is any sign of suspicious activity on your account, the Google Pay team will withhold your funds.
Which eWallet will you choose?
All of the eWallets mentioned on this page are available to UK customers. Each of them has their positives and negatives, so LondonLovesBusiness recommend researching all of them thoroughly before making any permanent decisions.