Arbusers

E-wallets aren't made of leather, and neither do we keep them squeezed in the pockets of our denims—this part is clear. So, what are e-wallets, and is it reasonable to use them for online poker? This article explores what a poker player should know about e-wallets, also known as digital wallets, to use them wisely.

What are e-wallets, and how do they work?

An e-wallet is an electronic payment system. It comes as a mobile app to be downloaded onto a smartphone, and it's available for all leading operating systems. Digital wallets store credit card and bank account information, enabling quick and safe online and in-store purchases, making deposits, and transferring funds. Isn't it tempting not having to carry around an actual wallet full of cash or credit cards? With this solution, you only need your smartphone, which you probably have constantly at hand anyway. Some popular digital wallets are Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay, Skrill, Revolut, PayPal, Neteller, and Venmo.

While our technology-driven world appreciates e-wallets for their convenience of use and the sense of security they provide, this solution, for now, comes with several disadvantages. For starters, only a limited number of merchants accept such payments, as many are still on their way to integrating these novel digital systems. Also, some digital wallets charge users for making purchases or adding or withdrawing funds. Since banks don't apply these fees for debit cards, this slight inconvenience may cause people to get discouraged from using the app.

Are digital wallets safe?

Understandably, any innovative money-related technology raises questions about its safety. But is it a valid concern with e-wallets? Experts claim digital wallets are not only more comfortable to use than cash, credit cards, and debit cards but are also more secure. In most cases, your payment information is encrypted, making the transmission of payment data more secure. So, your information remains safe even if a shop or company that sold you an item or service suffers a data breach or hack. Yet, users should be aware of the possibilities of rare cases of malware attacks, phishing, impersonation, and SIM swapping.

However, while leading brands in the e-wallet domain have high-quality security measures—such as two-factor authentication and PINs you use only once—this may not be the case with all the apps available on the market. Solution? Rely only on services by trustworthy providers. In general, your sensitive financial data will be more secure in a virtual wallet than in any other payment method. Given the recent global health crisis, it's also worth noting that digital wallets are contactless, which means they are risk-free when it comes to directly transmitted infections.

Are e-wallets any good for online poker?

It's known that while poker rooms have a few methods for bringing money in and taking it out, bank transfers and cards aren't the most common practice. Instead, a majority of experienced poker players use e-wallets. Let's see why.

1. Fast transactions

E-wallets allow you to deposit and withdraw money in a flash. Neteller Poker or Skrill Poker are the fastest transaction apps you can use to perform deposits (instantly) and withdrawals (within a couple of hours or days). With an abundance of promos and bonuses that online poker sites offer new depositors and those who are re-loading their deposits, it's a real game changer to move money around quickly. This way, you can take full advantage of the free value that poker sites offer. Furthermore, unlike banks, payment systems don't participate in international tax exchange. These apps become even more enticing to use for poker if you consider that credit cards won't work with many gaming sites and cheques are very slow to move money around.

2. Data protection

For the best online poker experience, it's critical to be certain that your personal and financial data are safe. You don't want any of your data sent to the poker site or affiliates. E-wallet ensures these details are protected so that you can enjoy your game and take risks only when you choose to. With digital wallets, you can rest easy—it's tough for hackers to steal an e-wallet. Your money is almost inaccessible to online criminals.

3. Security

The best digital wallets offer diverse ways to protect your finances, from two-factor authentication passwords and biometric options like fingerprints to encrypting information. Skrill Poker, EcoPayz Poker, and Neteller Poker give money-back guarantees if any unauthorized transactions occur. Moreover, since the Financial Services Authority (FSA) regulates these apps, they must comply with rigorous regulations to ensure security, making these electronic payment systems highly trustable.

Which one to choose?

There are e-wallets designed to satisfy poker necessities, such as Skrill Poker, Neteller Poker, or EcoPayz Poker. Well, there is no standard answer to this, as a lot of things depend on your circumstances, country of origin, skills etc. You will find detailed reviews of all ewallets here in arbusers, plus a vibrant community who will answer to all questions.

portal/skrill/
portal/neteller/
portal/ecopayz/
e-wallets-f97/