money falling into phone

28 Jul 2023

What is a digital wallet and how does it work?

Share this

What is a digital wallet?

A digital wallet is an online financial tool that securely stores your money and gives you easy access to the funds when making transactions. Most digital wallets let you add and save your bank card details to make depositing funds faster. Online wallets like Skrill also offer alternative deposit options, such as instant bank transfers and cash payments.

hand holding phone with Skrill app

Housing all the information needed to make a transaction, digital wallets are used by millions of people around the world to make quick and easy in-store and online payments. They are often seen as a convenient alternative to paying with a bank account.

Digital wallets are usually hosted by apps that can be downloaded to your iOS or Android phone but can also come in the form of an electronic device or software.

How does a digital wallet work?

Setting up a digital wallet is simple. Once you’ve chosen your provider, simply download the app and add funds by bank account, card or an alternative payment method.

You might be asked to verify your identity by taking a picture of your ID and proof of address. This is standard practice for digital wallet providers and lets them know you are who you say you are.

Once your registration is complete, you’re ready to send and spend wherever you go.

phone in hand showing successful payment

What are the benefits of using the Skrill wallet?

Many people like to use a digital wallet for its convenience and security. The benefits and advantages of using Skrill’s ewallet include:

  •  Privacy: There’s no need to enter card details or personal information when paying online.
  •  Speed: From gaming to trading, you can move money to and from a range of websites instantly.
  •  Control: As it’s separate to your bank account, it’s easy to set a budget and limit your spending without going overdrawn.
  •  Convenience: With Skrill, you can pay online, send money to friends, or buy goods and services in-store with a prepaid card.

Open a Skrill account

Are digital wallets safe?

If you’re yet to use an ewallet, you might have concerns about the safety and security of these apps. However, established digital wallets apply various measures to keep your money safe.

Some of the methods Skrill uses to protect your funds include:

shield icon with check in middle
  • Anti-fraud monitoring: Our systems are designed to detect unusual activity on your account and block suspicious transactions.
  • Two-factor authentication: Once you’ve connected your email address and phone number to your Skrill account, we can use a verification code to check that it’s you who’s logging in.
  • Encryption: Your account login, personal details and transaction details are secured using Secure Socket Layer (SSL) technology with high-security 128-bit encryption, certified by VeriSign.

Start using the Skrill digital wallet

Like the sound of taking your wallet online?

To start using the Skrill wallet, download the app today and sign up for an account.

Once you’re set up you can take your money on the move, with everything you need to make fast and secure payments with the one device in your pocket.

Get it on Google PlayDownload on the App Store

Back to news

Related articles