If you have made a payment online in the last 10 years, there is a very good chance that you made it through one of a number of different eWallets, even if you did not consciously realize that was what you were doing at the time.
The fintech space is continually innovating and updating because, simply put, there is a lot of money to be made in fintech. Regardless of the innovation in the sector however, eWallets have remained some of the most popular online payment technologies around the world.
As eWallet use increases, one is led to wonder – will there be a time in the future when all online payments must be made through eWallets?
What are eWallets and why are they so popular?
In simple terms, eWallets are essentially digital wallets that allow you to store financial information to purchase goods and services online. The wallets are often electronic devices, online services or software applications which allow the user to make online purchases and transfer currency.
eWallets are incredibly popular because they are a safer and more convenient way to make purchases online. Instead of having to input your card’s information every time you pay for something online, you can instead just connect with the eWallet and pay through that application.
Your financial information is safer because there are fewer opportunities for the information to be leaked or sent to vulnerable platforms. The process of making payments online is also much faster because you do not need to enter information and can instead click a button.
There are downsides to eWallets however. One of the downsides is that your eWallet may not be accepted everywhere you go, as not all platforms or online businesses will necessarily accept eWallet payments.
Some people have also argued that eWallets distance us from the reality of spending money by making it easier to pay. This has the additional result of making it more difficult to budget properly. However, as most of us are paying via online banks and tap payments, this argument is becoming increasingly irrelevant.
PayPal: A living dinosaur?
When PayPal was launched about 20 years ago, it was seen as an incredibly innovative and disruptive company in the tech space. However, now PayPal is seen as something of a dinosaur in the industry because of how expensive its fees are, how awkward its interface is and how outsized it seems to be.
That being said, PayPal remains one of the most popular eWallets in the industry and many online shopping platforms accept PayPal rather than other, smaller eWallets. PayPal arguably walked so that other eWallets such as Google Pay, Apple Pay and Venmo could run, yet PayPal remains incredibly popular around the world.
One sector which has adapted to the popularity of eWallets incredibly well is the online gambling and sports betting industry. The top online casinos have recognized that people want a safe, secure, and convenient way to transfer their money online and they have optimized their platforms to include eWallet payments.
Many of the top PayPal casinos offer PayPal in addition to a number of other eWallets, online banks and even crypto payments. This is one industry which is continually innovating and keeping up with changes in technology.
Another form of digital wallet which is growing in popularity is the crypto wallet. These wallets are essential for anyone who wants to buy, sell or trade crypto, and they are increasingly being used to hold crypto for buying goods and services online.
Crypto wallets come in many different varieties, including hardware and software wallets (otherwise known in crypto lingo as hot storage and cold storage). Some wallets also offer special technology solutions to the holder. Some of the top crypto wallets include the Coinbase Wallet, MetaMask, Trust Wallet, Ledger Nano S Plus, Electrum and Exodus, although there are many more in the industry.
While most online casinos do not yet offer crypto wallet capabilities, many casinos do accept crypto payments. The crypto market in the online gambling sector is growing and we are likely to see even more crypto wallet connections and possibilities on online gambling platforms soon.