Electronic wallet, internet purse, e-wallet – new words in your dictionary

More and more modern and comfortable payment methods grow by leaps and bounds. This is due to the dynamic development of the online transaction market, including m-commerce (sales via mobile devices). Online shoppers want them to be easy, convenient and also quick. In addition, the less information required to finalize payments, the better. Hence the growing popularity of electronic wallets, also in the polish industry. What is an e-wallet and what does it have to do with the wallet you keep in your pocket? What distinguishes it from an ordinary payment card?

Electronic wallet versus a wallet in your pocket

An electronic wallet is no different than an ordinary wallet, except that you don’t keep it in your pocket but on the web – in an online service. Similar to a physical wallet you put in and take out money from it by deposits and withdrawals, you can transfer funds to other people’s e-wallets and you can also pay for purchases – especially on the web. Last but not least, how much money you put on it (the amount of your deposit), is how much you can spend. No more.

Internet wallet or a prepaid card

Put simply, an electronic wallet is a method which enables buyers to deposit money and make quick payments. Is is a kind of a prepaid card (virtual, but often also physical) topped up by us with a certain amount. Your funds are deposited on a account number assigned to your wallet. It is a technical account, with limited functionalities. It is usually used to transfer a specific sum of money to it, which will be available to use by the e-purse, check the account balance and transaction history. Not all electronic wallets can be topped up. Paysafecard for example, after the balance is cleared, has to be exchanged for a new coupon with the functions of a e-wallet. Similar to when paying by cash taken out from a leather purse, you won’t spend more than you have in your wallet. It is a protection from an unwanted overdraft which can be found on debit cards. The exception to it, is when you can attach payment cards to your e-wallet. You can then choose the payment for your shopping by charging the card, not the money that you have deposited on the online wallet. If you feel like it, of course.

E-wallet as a simplification for online players

Electronic wallets are known for facilitating the use of the services of casinos, poker rooms and bookmakers. They are also necessary for people that make money online, eg. from blogs or RevShares (commercial programs). As an example, the Paymenticon electronic wallet supports one of the few legal bookmakers LV BET Zakłady Bukmacherskie. As a result, a user with a registered account in Paymenticon is automatically registered on the LVBet.pl platform. This gives the possibility to bet, deposit and withdraw funds in real time. Not only between Paymenticon and LVBet accounts, but you can also use Paymenticon as a payment gateway and deposit and withdraw electronic money into a bank account.

The main advantages of an e-wallet: convenience, speed and security

Why is an electronic wallet often a better solution than a simple transfer from account to account or payment with a debit card? The main reasons are: convenience, speed and security. And often savings, because a lot of the time transfers of funds between e-wallets are cheaper than ordinary bank transfers, especially foreign ones.

Faster and more convenient with the electronic wallet

Transfer order of funds from an e-wallet is much simpler and convenient than a traditional bank transfer. The process of a transfer order in a bank is an operation that can take a long time and can be complicated. You have to log in to your bank using a long identification number, enter all the recipient’s data, wait for an SMS with a password, enter the password from the user panel… Also uncomfortable and time consuming is entering the payment card details for the transfer, especially when you want to carry out a transaction on a mobile website or via an application. When making a transfer using an electronic wallet, you shorten the time of the transaction to a minimum – to make a transfer to another e-wallet you simply log in to your e-wallet account and enter the name, surname and e-mail address or telephone number of the recipient. The transaction takes effect in real time (immediately). You can also make a transfer to your bank account easily and quickly. All you have to do is log in to your e-wallet account, enter the name of the recipient and the bank account number.

E-wallet fees

Transactions by the e-wallet are therefore much easier and convenient than any other method. How much do you have to pay for it? It all depends on the online wallet. Most collect lower or higher fees. One of the few exceptions is the Paymenticon electronic wallet, which does not charge any fees for internal or external domestic transfers. A foreign transfer can also be made easier and cheaper using the e-wallet than a normal bank transfer. If the receiver has an account in the same electronic wallet as you, then the transfer is immediate and nearly or – like in Paymenticon – completely free. It is worth pointing out that in Paymenticon you get bank accounts in three currencies: PLN, GBP, and EUR for free for a start.

Security of electronic wallets

Last but not least – electronic wallets are not linked to the owner’s bank accounts. This feature of online purses protects from possible abuse, money fraud and fraudulent sellers on the Internet. It is also useful for minors and those who happen to spend more than their budget assumes. Defrauding funds above the amount that is on the account of our e-wallet is simply not possible.

What wallet to choose?

There are a lot of electronic wallets on the market, but the main world players are PayPal, NETELLER, Skrill and Revolut. Electronic purses with which you can pay for public transport, small purchases and public services are becoming more and more popular. The operating principles of all e-wallets are very similar, although they may differ from each other by its scale of operation, the width of the offer, and its functionalities. It is worth mentioning that the Paymenticon electronic wallet is the only one with its own multi-functional ATMs, also known as DTMs (Distributor Teller Machine), with which you can deposit and withdraw cash without using a plastic card, and create and/or register your electronic Paymenticon wallet. This functionality, which strongly differentiates Paymenticon from other Internet wallets, is particularly important for people who still use cash or do not have a bank account.

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