- Skrill has recently emerged as one of the major online platforms for money transfers and online payment processing.
- If you are unfamiliar with the concept of e-wallets, let us first define what an e-wallet is. E-wallets, also known as digital wallets
- Skrill to improve the efficiency of transferring funds from one account to another, making life easier.
Skrill has recently emerged as one of the major online platforms for money transfers and online payment processing. Its convenience and speed are just two of the main reasons that more users are signing up to e-wallet services like Skrill to improve the efficiency of transferring funds from one account to another, making life easier, such as what happens with sites like oddschecker, which have been offering bonuses and information in gaming, giving a plus to this online world in which we are becoming more involved every day.
The Skrill platform’s overarching goal is to become the go-to portal for low-cost international money transfers – the Western Union of the digital world, if you will.
In this post, we’ll look at the advantages of e-wallets in general, Skrill’s rise, and the industries it’s most suited to in 2022 and beyond.
Table of Contents
What exactly is an e-wallet?
If you are unfamiliar with the concept of e-wallets, let us first define what an e-wallet is.
E-wallets, also known as digital wallets, are software-based platforms that allow account
holders to securely store payment information for numerous payment methods,
such as debit and credit cards, allowing for faster and easier digital transactions.
E-wallets are becoming more interoperable with mobile payment systems like Apple Pay and Google Pay,
allowing customers to make instant payments for goods and services using their smartphone devices.
Digital wallets can also store information on corporate loyalty or VIP cards, as well as online coupons for savings.
The true benefit of a digital wallet is that it does not require users
to have a bank account with a traditional bank or branch to get started.
As a result, users without traditional bank accounts can connect and move money more quickly and securely.
Skrill’s story thus far
Skrill was originally known as Moneybookers and was founded in London in 2001.
Moneybookers was bought out by Investcorp for €105 million just six years later.
Moneybookers and other digital wallet services were on the increase during this time,
and just two years later, Investcorp placed the company up for sale for around £365 million.
Moneybookers announced it has a customer base of over 25 million,
as well as 120,000 accounts from online and offline retailers,
expediting B2B transactions as well as consumer payments, only ten years after its inception.
Integration with prominent tech behemoths like Facebook and eBay almost likely aided.
Moneybookers confirmed its rebranding to Skrill near the end of 2011, which was completed in 2013.
Skrill was purchased by CVC Capital Partners in August 2013 for a whopping €600 million.
PaySafeCard, a European prepaid payment provider, was also acquired by the same corporation, and Skrill is now a subsidiary of the Paysafe Group.
Skrill is appropriate for what?
In general, there are numerous excellent applications for a Skrill account.
To begin with, it makes it incredibly simple to send payments to relatives or friends at the touch of a button.
Some sole proprietors and freelancers prefer to request and
accept payments for their services through their Skrill account.
In a manner similar to PayPal, users simply submit their email addresses associated with their Skrill account to get paid.
Skrill has recently emerged as a preferred payment method for online casino players seeking quick payments and withdrawals of wins.
Everything You Need to Know About Skrill
Skrill has also been quick to recognize an opportunity in the bitcoin market.
Skrill account members can now buy various cryptocurrencies with their fiat cash balances as of June 2018.
Even better, the new coins can be stored in their Skrill wallet instead of a local cryptocurrency wallet.
What Skrill is not so great for
Skrill is probably not for you if you’re looking for a prepaid debit or
travel card provider, even though it does offer this service.
The costs are relatively expensive compared with other big prepaid card providers.
You will be charged £4.65 regardless of the size of your withdrawal and up to 7.5% if you withdraw directly to another Visa card.
If your transaction requires a conversion from one fiat currency into another,
you will also suffer another 3.99% exchange fee.
When you put all of these prices up, you’ll soon find there are cheaper choices out there.
Interestingly, there is a technique to sidestep the 3.99% FX markup.
Instead of using the “Skrill to Skrill” option, you can use the “Skrill Money Transfer” gateway which gives a 0% markup on all currency conversions.
Can you trust Skrill with your funds?
If you like the sound of the Skrill platform, but you want even more
reassurance that the business is legitimate and respectable, go no further.
First and foremost, the Skrill platform is completely licensed and regulated by the Financial Conduct Authority (FCA) (FCA).
This means that all UK-based users may be sure that their funds
and sensitive data are given the greatest possible levels of protection at all times.
It is also allowed for US-based customers, with the US Department of Treasure
Financial Crimes Enforcement Network (FinCEN) also fully licenses its services on the other side of the Atlantic.
For your own personal safety, Skrill accounts are also appropriately
safeguarded with two-factor authentication (2FA) (2FA).
This provides an additional degree of security, forcing users to input a random six-digit code which changes every 60 seconds, as well as their password.
Furthermore, all connections to Skrill accounts online are encrypted using 128-bit Secure Socket Layer (SSL)
technology, guaranteeing all sensitive data and your cash are guarded against the prying eyes of cyber-criminals.
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What’s the verdict?
Does the Skrill platform gain the green light as a general service?
It’s fair to say that when you go deeper into the entire costs connected with exchanging currencies,
the Skrill service is more aimed towards efficiency than putting a lid on fees.
Nevertheless, as a speedy and secure digital wallet and online payment service,
Skrill clearly competes favorably as a competitor to well-established portals such as PayPal.
