One of the most popular ways for people to pay for things at the virtual checkout on their favourite websites is to use a digital wallet, which is also commonly referred to as a mobile wallet, electronic wallet, eWallet or web wallet.
Digital wallets have become the preferred online payment choice for millions of real money gamblers worldwide on today’s safest and most secure iGaming sites, such as dedicated poker sites, online sportsbooks, bingo & lottery websites, and online casinos.
When deciding which digital wallet to use at the virtual checkout on your favourite websites, here are the main qualities to consider above all others
What is a Digital Wallet?
A digital wallet is essentially a modern APM (alternative payment method) that can now be used to purchase goods, services or content on millions of websites.
Digital wallets like PayPal, Neteller, and Skrill (and all others) can also be described as digital financial services or applications, and they basically eliminate the need to use slower and less secure traditional online payment methods, such as bank transfers, credit and debit cards, or cryptocurrencies.
One of the most famous digital wallets that most of you will already be familiar with by now is PayPal. Others include Skrill, Neteller, and Much Better. You may also have heard of Apple Pay, Trustly, Payz, Jeton, MiFinity, eZeeWallet, Samsung Pay, Google Pay, and WebMoney, to name just a few.
Depending on where you live and which websites you are trying to deposit/withdraw or purchase goods/services from will often determine exactly which online payment methods (and, therefore, which digital wallets) you will be able to use at the checkout on that site.
In the iGaming industry, real money gamblers can use digital wallets to top up their gaming accounts in the blink of an eye and then use that same payment method to cash out their winnings.
Although deposits are instant, most digital wallet withdrawals can take anywhere from as little as ten minutes up to around two to three hours to process your withdrawals.
Gamers and consumers now have a huge selection of casinos in the UK that currently accept one or more of today’s most popular digital wallets in their virtual cashier/banking sections, and they are free to sign up for.
The minimum deposit amount when using digital wallets might be $/€/£5, $/€/£10 or $/€/£20, depending on the iGaming site’s minimum deposit amount, and the maximum deposit amount can be anywhere from $/€/£1,000 to $/€/£10,000 or more (depending on your digital wallet account settings/preferences).
What Are the Key Qualities to Look for in a Good Digital Wallet?
If you are currently thinking about using a digital wallet to top up your new online casino account instead of using your debit or credit card, prepaid gift card/voucher, bank transfer, or any other online payment method, here are the key qualities to consider above all others:
- Security
- Compatibility
- Accessibility
- Convenience
- Transaction fees
- Promotional offers/rewards/loyalty programs
- Additional services (crypto trading/virtual prepaid cards/physical prepaid cards)
- Customer support
Let’s now take a quick look at what some of this actually means. For example, when it comes to security, you want to choose a reliable digital wallet brand that’s well known for using high levels of encryption and other top-notch cybersecurity measures to protect your transactions and prevent your personal details and money from being hijacked by cybercriminals and falling into the wrong hands.
When it comes to accessibility and compatibility, you want to find out if the digital wallet you are considering registering an account with can be used in your preferred web browser and on your preferred Wi-Fi/internet-connected smartphone, tablet, laptop, or desktop computer because some digital wallets, such as Apple Pay, can only be used on specific devices and operating systems, such as Apple iOS PC and mobile devices.
If you prefer using mobile apps to keep track of your payments, etc., then you want to make sure that the app you are considering using has a decent mobile app.
Suppose you want to get rewarded for using an app and receive regular promotional offers and redeemable rewards points. In that case, you want to look for a digital wallet that runs an excellent loyalty program.
The best thing to do is stick to globally renowned brands, like PayPal, Neteller, Skrill, Apple Pay, Trustly, and Interac, because they are accepted almost everywhere, have excellent cybersecurity measures, and have a range of other online services. In other words, they can be used for more than just depositing and withdrawing on your favourite iGaming sites.
These market-leading digital wallets are easy to use, and they are typically free to use. However, if a slight fee is attached to your transactions (deposits or withdrawals), it will be a tiny fee that’s hardly noticeable.
Don’t forget that the online casino or sports betting sites you join will rarely charge you for depositing or withdrawing on their site. If a fee has been attached to your transaction, it will be your payment provider.
Final Thoughts
Before signing up to an iGaming site to place real money online bets, head straight to the cashier/banking section on that site to see if your preferred digital wallet is accepted. For example, you don’t want to join a new site only to find out that your chosen digital wallet isn’t accepted.
Finally, remember to gamble responsibly when placing real money bets online, and don’t forget to set your limits (e.g., deposit, spending, win/loss limits, and/or session time reminders), which will always help ensure you remain well within your spending budget.
