It’s no accident that the general public trust e-wallets today more than they ever have in the past. These alternative accounts and ways of managing money are gaining popularity through several revelations and external factors. Discover what they are here.
What Is an E-Wallet?
An e-wallet, also known as a digital wallet, is a type of online platform where users can privately store money and send and receive funds. The most well-known is arguably PayPal; this company has a reported 280 million active users and is typically an accepted method of payments for businesses.
There are many other providers, and the list keeps on growing due to the emergence of cryptocurrencies. Because crypto is exclusively kept in a digital environment dubbed a crypto wallet, anyone who owns crypto must use an e-wallet.
Who Uses This Service?
Aside from crypto enthusiasts, there are scores of other people who use e-wallets. Most people use them for everyday purchases and make transactions online without entering their bank details.
Online gamers who frequent online casino sites are known to use e-wallets to make deposits and withdraw winnings. For example, depositing with Neteller at online casinos has never been more straightforward. It keeps the gamer’s personal information safe and saves them time. Moreover, it prevents the gamer from having to keep personal bank details stores on their casino account.
How Have E-Wallets Gained Public Trust?
There are multiple ways this highly technical service has gained public trust over the last decade. The first and arguably, the most crucial is the success of PayPal. This service has grown into a mainstream payment method, which then impacts the trust in other e-wallets. You might hear someone describe the competition as “it’s just like PayPal”.
Another trend that has increased trust in e-wallets was already briefly mentioned. Cryptocurrencies which were once in the shadows and only toyed with by savvy tech types and investors, are fast becoming mainstream. Now everyday people use crypto to book holidays, buy chicken from KFC and pay for coffee on the way to work. And if more people are using crypto and enjoying it, then they quickly realise the benefits and safety of using reputable company – inside and outside of crypto.
How Have Banks Responded?
The emergence of more digital options and increased crypto use is not a threat to the big banks right now. However, banks have started to develop and trial their own digital currencies. These are to be stored in online accounts somewhat similar to e-wallets. For example, Italy is currently discussing a digitalised Euro and India has started talks on a digital Rupee – and they’re not alone. A transfer from physical fiat currencies to a digitalised version may take place in the not-so-distant future.
