E-Wallets or digital wallets has become the forefront of the banking industry. It has never been easier before to transfer money, pay online, or split bills. Let’s start with the basics and understand an e-wallet.
It is a desktop or mobile app that allow a user to manage money electronically and make commerce transactions. An e-wallet requires some necessary functions including:
- It should enable users to transfer money to other accounts, i.e. peer-to-peer transfer.
- It should be able to store money in the account like a bank account.
- Ability to withdraw funds (this is however not true for the Cryptocurrency wallets).
All the e-wallets have some specific features in common like transferring money between person p2p, payment by an individual to a business c2b, or payments across Worldwide B2B marketplace. It makes withdrawing and depositing extremely easy. Some are connected directly to the bank accounts, and some are connected via credit cards.
Now, let’s see the top 10 e-wallets and how are they changing the payment landscape.
It is an American based company working worldwide. This online payment system supports online money transfer for online vendors, auction sites, and several other commercial users. It charges a fee in exchange for the benefits it provides — the payment system Paypal is considered as a payment rail.
The company was established in Russia to transfer American currency online. The funds of the users are stored in a purse holding an underlying asset. These assets are owned by a global network of companies acting as guarantors. These guarantors deposit the underlying assets and issue corresponding WebMoney units.
It is a UK based company. The Skrill account can be held in any currency (major), but after the first transaction, it is not possible to change the currency. A prepaid card can be purchased which is linked directly to the account for use.
This service is used to transfer money to and from merchants. The funds can be withdrawn by using a net+ card, or else balance can even be transferred to the bank accounts. Money can be deposited in Neteller by a bank account or by 40 other methods.
It allows a secure way to move money worldwide. No credit checks or bank accounts are required which means ecoPayz can be used even if you don’t have a bank account as it is independent and not connected to other accounts.
It has a strong presence in Europe, but it works well globally also. It provides services brands, medium-sized organisations, and online stores. It was founded in 2005.
It is a gift card space but obviously an online one. Users can buy, send, and redeem gift cards from more than 300 retailers through a mobile app.
It was initially an SMS service which allowed users to pay via messages. It charges a small fee from the users to use Venmo to pay.
This is one of the few apps which requires a downloading fee. The users can encrypt and store sensitive data and account numbers. It can save everything from insurance cards to passports.
10. Google Wallet
Google tries weird things prior to anyone else, and then these odd concepts start making sense. This is the simplest e-wallet ever it works through NFC. Users can wave their smartphones over the NFC machines, and the device will process the payment.