The Washington Independent
The Washington Independent

The industries utilising e-wallet payment methods

The industries utilising e-wallet payment methods

An increasing amount of consumer transactions are taking place over the internet, last year over 779 billion digital payments took place across the world. This figure is expected to grow by around 13 percent each year and more people enjoy the convenience and accessibility of spending money online.

Elisa Mueller
Finance
Jul 27, 2021

An increasing amount of consumer transactions are taking place over the internet, last year over 779 billion digital payments took place across the world. This figure is expected to grow by around 13 percent each year and more people enjoy the convenience and accessibility of spending money online.

Digital wallets are financial accounts where users can store money or make payments. They can usually also view their transaction history and manage regular payments. Some wallets are also used for storing cryptocurrencies such as Bitcoin. 

One industry that utilizes e-wallet payment methods in a big way is the online gaming and casino industry. Many providers off e-wallets as a payment method alongside credit and debit cards. Sites like JackpotCity online casino offer players the payment options of debit and credit cards as well as web wallets and prepaid cards, as the site also operates in Canada they also offer an Interac payment option. Trustworthy casino providers ensure that players have a great amount of choice for how they would like to carry out secure transactions.

Around 12 percent of the worldwide population uses mobile payment applications and these range from well-known apps such as PayPal to more recently developed options like Google Pay and Apple Pay. There are also lesser-known digital wallets like Alipay and WeChat in the international market.

Ecommerce sites are some of the most well-known users of e-wallet transactions. Making payments for goods or services using this method is often quicker and less complicated than more traditional methods such as entering all your debit or credit card details each time you checkout.

Using a third-party provider e-wallet is often a more secure way of making transactions online and there is usually the often of opening a dispute with the payment provider if anything goes wrong with your purchase.

E-wallets are particularly great for online casinos as they allow players to quickly make deposits before getting back to playing the actual games, they are not disrupted by having to get up and go find their physical bank card.

Security is a priority when playing on internet casinos as these can involve large or frequent transactions. Luckily, e-wallets have extra layers of protection to help prevent financial fraud and theft.

This can include fingerprint or face ID verification or other multi-factor verification methods such as text codes or pre-set security questions. 

It is not only smartphones and computers that utilize these digital payment methods, they can also be set up on smart home speakers like the Amazon Alexa device. Using this method, customers can make fast payments using only their voice.

A small number of online casinos are also accepting cryptocurrency payments, which are popular due to their anonymity and lack of transaction fees. They can be used as an international payment method and users do not have to wait on bank verification.

E-wallets are fast, convenient ways of making transactions online and are likely to continue to grow in popularity as a secure payment method for businesses in a range of online industries.

Elisa Mueller | Elisa Mueller was born in Kansas City, Missouri, to a mother who taught reading and a father who taught film. As a result, she spent an excessive amount of her childhood reading books and watching movies. She went to the University of Kansas for college, where she earned bachelor's degrees in English and journalism. She moved to New York City and worked for Entertainment Weekly magazine for ten years, visiting film sets all over the world.

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