When it comes to monetary transactions, a lot has changed since the invention of the internet. Until the late 1990s, people relied on their credit/debit cards to complete cashless transfers. However, in 1997, Coca-Cola ushered in a new era by launching the world’s first digital payment system. The global soft drink juggernaut created a processing scheme where people looking to quench their thirst could buy a Coke at vending machines using text messages.
A year later, Confinity got established, the company everyone now knows as PayPal Holdings, Inc. Its initial goal was to develop security software for handheld devices. Having little success in this field, in 1999, Confinity pivoted to creating its version of a digital wallet, which it launched that year (PayPal).
A digital wallet, or more popularly referred to as an eWallet, is a software-based system that securely stores payment information and facilitates quick purchases thanks to cloud and near-field communication technology. It offers instant processing, low commissions, and bank account integration. iGaming relies on fast withdrawal wallets to maintain a loyal user base, but this software most commonly gets utilized in e-commerce, where simple payments are of paramount importance. Below, we look at the five best wallets on the market today.
Despite popular belief, PayPal is still the world’s most used online money transfer system. Going by the latest available statistics, it has over 377 million active users. It accounts for 22% of all US internet transactions, and 87.5% of shoppers that use PayPal at checkout ultimately convert and buy, the best percentage in the game. For comparison, Visa checkouts have a buy rate of 51%.
PayPal supports twenty-five currencies in more than two hundred countries, and the service’s average users conduct at least forty annual transactions using this method. It is by far American’s favorite eWallet.
Payoneer is an American financial company founded in 2005. Its digital payment services are super popular with freelancers, publishers, and affiliate marketers. In many industries that utilize remote work, it is more or less the norm. That is so because Payoneer supports over one hundred and fifty currencies and is available in two hundred countries. People and companies can send and receive money internationally using this service at low fees. Account maintenance is free.
Payoneer also provides users with a physical card that they can use at ATMs. The downside of this service is that its exchange rates and fees are higher than PayPal, and users can only transfer funds to other Payoneer accounts. However, platforms such as Airbnb, Upwork, and MaxBounty, not only accept it but they encourage their customers to use Payoneer.
Skrill has been around for two decades, but not under this name. It launched in the UK in 2001 as Moneybookers. In only six years, it established itself as one of the top three European e-payment methods. In 2011, Investcorp acquired the brand and rebranded it as Skrill 2013. Nowadays, this eWallet operates under the umbrella of parent company Paysafe Group. It does so, along with its former rival Neteller.
Skrill is available for use in over one hundred and twenty countries and allows more than forty currencies. The benefits of using this software include that it accepts Bitcoin, makes fast payments possible via only an e-mail address, and has high security and fraud management. Cons are that VIP programs have a high entry barrier, and Skrill transfer fees are higher than those of other eWallets.
ecoPayz is a payment solution provider founded in 2000, making it one of the most established eWallets. It offers end-to-end, card and account-based payment solutions for individuals and businesses who desire a means of moving money safely and quickly internationally. ecoPayz accepts forty-six currencies and is available in over one hundred and seventy countries.
In general, this service’s rates are reasonably fair, and there is no maintenance cost associated with active accounts. If users do not make at least one transaction per year, ecoPayz charges them a monthly fee of $1.7. It offers quality features such as fraud screening, identity checks on all customers, chargeback protection, dispute mitigation, 24/7 support, and all transactions are 100% indemnifiable. In July of 2020, ecoPayz replaced its ecoCard with the ecoPayz Mastercard that provides contactless retail purchases.
To Wrap Up
The four options listed above are only a few in an ocean of fierce competitors. Other quality picks include Paxum, Neteller, Revolut, Payeer, WebMoney, TransferWise, Google Pay, Apple Pay, and Amazon Pay. When making a selection, users should pay attention to reception fees, what entity regulates the service, safety measures, and if the eWallet offers a prepaid card or not. Currently, PayPal still dominates the global market, but Google, Amazon, and Apple are all making strides in this sector and are etching closer month on month to this pioneer.
Laila Azzahra is a professional writer and blogger that loves to write about technology, business, entertainment, science, and health.