Last updated on October 13th, 2018 at 01:01 pm
E-Wallets are currently one of the fastest growing markets in the UK and around the rest of the world. Currently, 14% of people use E-Wallets on a regular basis, but WorldPay predict that within the next 3 years this will grow to the point where 34% of all transactions will be carried out by E-Wallets.
There are two main reasons for the growth of E-Wallets. The first reason is that E-Commerce is a much more prevalent shopping method than it has ever been before. E-Wallets are intrinsically linked with E-Commerce which lends itself to increased growth of both markets as time passes. The second reason is that technology has become safer and more reliable over the last decade, leading to people being much more trusting of E-Wallets than they have ever been in the past.
The growth of E-Wallets is predicted to take them above debit cards, credit cards and cash as the leading payment method. The 34% of all transactions by 2021 prediction would take E-Wallets above every other form and lead to them being the most popular payment method in the world. While the increase in E-Commerce has been a factor the ability to link debit cards to an E-Wallet has also sped up the growth somewhat.
How to Use E-Wallets
For something that runs on such complex technology, it’s actually relatively simple to use an E-Wallet. All that you need to do to use one is to set up an account with an E-Wallet provider, someone like PayPal or Skrill. There are even some banks who offer E-Wallet services now so that may be an option also. Once you have signed up you will have to provide some personal information, usually your name and address and other pertinent information.
In order to make purchases you will need to attach a payment method, this can either be a bank account, a debit card linked to a bank account or a credit card. Once this has been done it’s a simple case of finding online stores who accept E-Wallets and you’re ready to use it.
Where to Use E-Wallets
Where to use E-Wallets is a difficult question to answer. Despite the increases in safety protocols over the last decade some financial institutions still aren’t completely sold on the use of E-Wallets. Despite this there are a still a large number of different places where E-Wallets can be used.
As has already been mentioned, E-Commerce is one of the main uses for E-Wallets. There are a variety of different online stores that allow E-Wallets to be used as a payment method.
Another common area is online casinos. Casinos as well as bookmakers allow for the use of E-Wallets in order to place wagers. This allows players to play the games that the casinos provide in a simple manner.
Most Popular E-Wallets
The most popular E-Wallets in the should be an easy choice. Most people would say PayPal. While this certainly is the case, it’s not as cut and dried as it used to be. Other E-Wallets are popping up that offer services of a similar quality. The most popular E-Wallets around are as follows.
PayPal. They have been around for 20 years in one form or another. This has lead to them becoming the market leader and the most well known E-Wallet out there. The interesting thing about Paypal is the extra security measures they take, especially in sensitive industries like the online casinos, which we already mentioned before. Every online casino must go through a special authorization process, to ensure its legality and safety to players money and details before they can accept Paypal. That's why online casinos that accept PayPal are not as common as you would expect.
Skrill. Skrill have been around almost as long as PayPal. During this time they have focused on offering a cheaper way to make international money transfers. This is especially useful when using online casinos.
Entropay. Entropay claim that they are the fastest money transfer app around. According to their own press releases they can carry out a money transfer in under 30 seconds, which is significantly faster than other E-Wallets.