Mobile wallets, also called digital wallets, or e-wallets, are the next evolution in payments, helping to make global transactions quicker, easier and more secure. If you have a smartphone or PC access, you can use an e-wallet to make it easier to pay for items online, cash in and out of online gaming sites, fund your account for forex trades, send and receive money internationally and much more.
What are digital wallets?
At a simple level, e-wallet apps are a simple way to store your money, easily authorise payments with a single tap and transact online. They’re funded by (i.e. linked to) credit and debit cards. E-wallets are ever-evolving, offering a growing number of features that give you a seamless, fast and highly secure payment experience.
What makes digital wallets different?
One of the main things that makes e-wallets stand out is their ability to handle many different stores of value. You can store your money, in your choice of up to 40 currencies, in your Skrill wallet.
Now that we’ve covered some e-wallet basics, let’s have a look at their advantages.
Five advantages of digital wallets
1. An easy and straightforward online purchasing experience
Having an e-wallet helps you to minimise the number of cards you need to have. By linking the accounts that you need, you can enjoy a seamless buying experience that only takes a few seconds to complete.
2. Strong Security
Many people have lost a credit card, or even had one stolen. E-wallets help prevent the risk of fraud because of their strong encryption and password protection. That means that your data and money are more secure than ever – even if your phone falls into the wrong hands.
3. Helps online traders keep everything together
More and more people are getting involved with online forex or crypto trading. E-wallets are a great tool for online traders, as they keep everything in one place. With a single click, you can move money into or out of online trading platforms of every type.
Skrill’s digital crypto wallet is a custodian wallet (usually held by an exchange) and therefore a digital currency wallet is not in the user’s possession, but held on behalf by a third party. Records are held by the cryptocurrency exchange and allow us to show the cryptocurrency held on your behalf. Please read the Skrill Cryptocurrency Risk Statement for further information on the Cryptocurrency Service.
4. Lowered costs for moving money
E-wallets help simplify the experience and reduce costs with clear fees that are often less than those that other financial institutions charge. This is a great solution for anyone who needs to send money to friends and family at home, or for expats who need to receive money from elsewhere in the world.
5. Access to rewards
Many electronic wallets offer incentives and rewards programs. You may find discounts apply to certain purchases, such as fuel, food, or travel. Other e-wallets offer points systems that you can exchange for cash.
Trusted by millions of people around the world, a Skrill e-wallet is a great way to make transactions. For example, you can use your Skrill wallet to:
- Deposit in a variety of ways, including by bank transfer or credit card
- Pay easily with Skrill 1-Tap
- Access 40+ currencies
- Buy and sell more than 40 different cryptocurrencies instantly
So if you’re interested in an easy way to pay, sign up for an e-wallet today. It’s a great way to manage your money.