Digital Wallet, also known as e-wallet or mobile wallet, is a virtual wallet that is operated online through internet. It is also known as online payment gateway. In fact, this is a virtual storage similar to a bank account. For some, such a wallet is very convenient, because to open it, you just need to register on the site. People use them because of such advantages as security, low fees, high mobility and speed for seamless transactions around the world. Digital wallets are gaining more and more attention today due to features such as simplicity, intuitive interface, speed and reliability.
Developers trying to meet the growing demand for digital wallets have presented a number of options for consumers looking to find the system that works best for them. What all these applications have in common is that they are all designed specifically for processing payments between individuals (P2P), customers and businesses. We have selected the best e-wallet apps that have been tested and proven to be valuable and useful.
About the Revolut
Revolut is a financial services company launched in 2015 that specializes in mobile banking, card payments, money transfers and currency exchange. Revolut has over 8 million customers who, according to Revolut, have made over 350 million transactions totaling over £40 billion. The company has more than 2,000 employees serving more than 10 million clients in 20 offices around the world: in London, Krakow, New York, Port, Vilnius, Moscow, Singapore, Bucharest, Toronto and others. It is on a mission to build a fair and frictionless platform to use and manage money around the world. This digital bank is insured and your money is protected up to 100,000 euros, just like in your traditional bank.
About the ePayments
ePayments is a UK payment system established in 2011. ePayments allows you to make transfers, SWIFT and SEPA payments, pay for purchases and use funds around the world. In addition, the company regularly undergoes PCI DSS Level 1 certification. ePayments is regulated by the Financial Conduct Authority (FCA). ePayments partners with online earning professionals and companies in over 100 countries. Today, over 500,000 clients around the world work with the digital wallet.
About the Stripe
Stripe is a global technology company that builds economic infrastructure for the internet. The startup was founded in 2011 by brothers from Ireland, John and Patrick Collison. The company is headquartered in San Francisco. Businesses of every size from new startups to public companies like Salesforce and Facebook use the company’s software to accept online payments and run complex global operations.
About the TransferWise
TransferWise is a P2P (Peer-to-Peer) money transfer service launched in January 2011 by Christo Karmann and Taavet Hinricus in the UK. The service allows users to transfer money between countries and make foreign payments at the average market or interbank exchange rate. The company supports over 750 currency routes worldwide, including GBP, USD, EUR, AUD and CAD, and provides multi-currency accounts. Security and privacy is regulated by the British FCA (Financial Conduct Authority). With TransferWise and the mobile apps, you can easily convert money at the real exchange rate and send money to over 70 countries.
About the WorldFirst
WorldFirst is an international money transfer and payments provider that began operations in the UK in 2004 and has since expanded to Hong Kong, Singapore, Australia and the United States. Its prices are transparent and exchange rates depend on the amount of the transaction. WorldFirst charges a fee for same currency transactions while every other service offered is free. WorldFirst employs over 500 people across seven international offices of London, Amsterdam, Sydney, Austin, Singapore, Hong Kong and Japan.
About the Paysera
Paysera is one of the very first European payment systems that started its work back in 2004. Basically, it is a virtual bank offering an online account for both individuals and legal entities, which is completely free of account maintenance fees. The service can also be used by online stores to process payments online. The company offers an easy and convenient way to accept payments online, via SMS or in the application, as well as other services. Over the years, it has established itself on the market as a stable financial instrument and has offices in Latvia, Estonia, Poland, Bulgaria, Romania.
About the Bilderlings
Bilderlings Pay Ltd is an electronic money organization specializing in providing banking services since 2015. You can make online payments in popular currencies, including euros and US dollars, transfers via SWIFT, SEPA, currency conversion in real time. Individual IBAN, payment card – all in one place. Bilderlings is annually certified in accordance with PCI DSS security standards, and security and privacy are regulated by the British FCA. According to the requirements of the regulator, all customer funds are kept in segregated accounts with European banks and are not used for investments or reinvestments.
About the VIALET
VIALET is located in Lithuania, authorized and regulated by the Bank of Lithuania. VIALET is an online bank that allows cross-border transfers in Europe without fees. The main benefits of using VIALET is that you can spend and earn money anywhere in Europe without any fees. Furthermore, you can transfer money abroad for free. It is possible to create a fully functional VIALET account in less than 3 minutes. This will give you an IBAN account and the possibility to get the contactless Mastercard.
About the Payoneer
Payoneer is a payment system created in 2005 that provides financial services and online money transfers. The company is headquartered in New York. Payoneer connects entrepreneurs and professionals in 200 countries with their international money transfers, online payments, and rechargeable debit cards. The company enables millions of entrepreneurs and professionals to enter new markets by facilitating seamless payments. Payoneer users have the ability to receive funds to their local bank account or e-wallet, or through a prepaid MasterCard debit card that can be used at ATMs or at a point of sale.
About the Ecopayz
EcoPayz (formerly EcoCard) is one of the oldest, longest-lasting online payment solutions in the business, established in 2000. EcoCard is a third party online payment processor which works more or less like the other e-wallet options. It is opened on EcoPayz website you need to enter certain personal details. Afterword’s, you need to activate your account by responding to the account activation e-mail, via this operation you can activate a classic Eco account which has limited possibilities for usage. The other account levels are Silver, Gold, Platinum and VIP and the higher the level, the lower the fees, the more functions you can use and the higher the payment limits. To use the full range of possibilities of Ecopayz, upgrade to Silver account. For this, you need to provide a copy of passport or ID, utility bill etc.
About the Paxum
Paxum is a Canadian payment system established in 2010. Paxum provides an e-wallet service with complete payment solutions for eCommerce. Experienced staff, state of the art banking technology, and strategic partners allow us to deliver professional, trustworthy service. Became popular thanks to the adult industry. It features low processing fees, money transfer, money withdrawal, payroll solution for businesses, and affiliate payment solution. Its objective is to facilitate payments for individuals and companies. The system has its own MasterCard class plastic card.
About the Monese
Monese is a UK-based company established in 2015 that offers current accounts and money transfer services as an alternative to traditional banks. The mobile-only service provides accounts in Pounds sterling, Euros and Romanian leu and is available in the European Economic Area. The company provides a wide range of services with low commissions, as well as an increased level of protection of data and customer funds. Although Monese is a mobile bank that operates exclusively online, their account is no different from a traditional bank account. As of January 2020, it has over 2 million customers.
About the TransferGo
TransferGo is an international company established in Great Britain that offers profitable money transfer services with minimal commissions. Founded in 2012, the company offers low-cost, fast and secure international money transfers. It charges a fixed fee for transferring money as well as a 0.6% to 1.5% fee for the currency conversion per transaction. Serves dozens of currencies in 55 countries of the world and has offices throughout Europe. As it is a licensed and authorized payment institution controlled by the FCA under the supervision of HMRC, the company is considered as a secure way of transferring money.
About the ConnectPay
ConnectPay was authorized by the Central Bank of Lithuania in January 2018. It is an online banking service provider for internet businesses, offering a wide range of payment solutions including SEPA and SWIFT payments, multi-currency IBAN accounts, online Mastercard payments and merchant accounts. ConnectPay is one of the fastest growing Electronic Money Institutions (EMI) in Lithuania – the leading fintech hub in continental Europe – providing banking services for internet based companies.
About the ePayService
The payment system was launched in 2007 and currently have offices in the USA and Malta. ePayService is the property of MTASS Incorporation and licensed by the FCA. ePayService is a multifunctional payment solution for individual businesses and IT-professionals. Its user friendly interface and stylish layout meet the highest standards of the new generation of electronic payment systems and make the funds management simple and effective.
About the Coindirect
Coindirect is based originally in South Africa, allowing people to use any local currency in order to trade cryptocurrencies for more than 42 cryptocurrencies. Coindirect’s customers are able to take cryptocurrency payments from users globally using credit card payments, bank transfers and mobile money solutions in key emerging markets. These range from the most popular ones such as Bitcoin (BTC), Ethereum (ETH) to lesser-known Dash, Litecoin (LTC), and Dogecoin (DOGE). Whether you’re looking to spend or save, convert your coins or build out an investment portfolio, there’s a currency waiting for you.
About the Xoom
Xoom Corporation, a PayPal Service is an electronic funds transfer or remittance provider that allows consumers to send money, pay bills and reload mobile phones from the United States and Canada to 131 countries. PayPal customers across Europe can also use their bank accounts linked to their PayPal accounts to transfer funds through Xoom. Money is sent securely through a desktop and mobile site, as well as a mobile app. The service employs a variety of methods to assure the integrity of user’s accounts, as well as to prevent fraud and money laundering. These methods include identity verification and limits on the amounts that can be transferred on per day, per month, and per 180-day period.
About the BigPay
BigPay launched in January 2018 and is growing rapidly in one of the fastest-growing markets in the world. BigPay is based in Malaysia and is a licensed electronic money issuer, regulated by Negara Malaysia Bank. Is a company that provides bank-grade smartphone-based financial services. It offers a mobile app with a card allowing users to spend, send, receive, and track money. In other words, you can manage your money with your own smartphone without addressing the banks.
About the TrustWallet
TrustWallet is a multi-coin wallet acquired by Binance in 2018. It will allow you to store, send, receive and exchange different cryptocurrencies with a single account. It supports many cryptocurrencies including Bitcoin, Ethereum, Ethereum Classic, Ravencoin or also Binance Coin. It provides provide a fully security audited system that makes it simple to store your cryptocurrency. Trust applications, designed for iOS and Android, provide the best possible experience and ease of use. The app supports about 30,000 tokens.
What are the fees for e-Wallets?
Digital wallets are mostly free and fairly easy to get started. Some wallet owners make sure that sellers pay them a percentage of each successful purchase made through their wallets. In other cases, digital wallet providers process transactions between cardholders and participating merchants and charge them a flat fee.
What are the benefits of e-Wallets?
- Multi-currency wallet and account in any currency;
- Convenient, intuitive website and applications;
- Anonymity of operations and calculations;
- High reliability and modern protection;
- Low commissions for goods and services;
- The speed of the exchange and transfer operations.
Is it safe to use e-Wallets?
Users who use e-wallet services are monitored by services that professionally deal with online payments. These types of companies use multi-layered and complex security measures. All users go through the verification process while registering and snapping their payment cards. All online transactions require confirmation via a PIN. Therefore, your trades are protected.
How to choose the best e-Wallet?
The key point when choosing one of them is the security standards of the payment service. When choosing an electronic wallet, you should pay attention to such characteristics as: functionality, commission size, available currencies, methods of depositing and withdrawing funds. Users should look for specific features and be wary of hidden fees.