With the advent of cryptocurrencies, mobile wallets and contactless payments, Fintech came into its own in the 2010s. So what will the 2020s bring? Read on for our predictions.
Wednesday, February 19th, 2020, 12:41:48 PM
PayPal may be the most established ewallet on the web with widespread usage all over the world, but Skrill is definitely the default epayment gateway for all users who also like to live life to the fullest and feel some gold old adrenaline rush, from time to time.
Indeed, most online casino players use Skrill to both make a deposit on their favorite gaming platform & cash out their big-time winnings. The eWallet is accepted by countless online casinos, plus hundreds of thousands of online merchants, from all six habitable continents. With Skrill, you simply can’t go wrong.
The roots of Skrill go way back in the early 2000s when Moneybookers Limited was founded, in the UK. That’s right, that was the company’s initial name: Moneybookers.
In 2007, investment firm Investcorp bought the ewallet for just 105 million EUR. Soon enough, with the Internet taking over our lives, the payment gateway went on an exponential growth frenzy with all popular online companies integrating the service, including Facebook, Skype, and eBay. And why wouldn’t they since Moneybookers had 25 million users, including 120,000 merchants, as per 2011 official data.
Between 2011 and 2013, Moneybooker rebranded to Skrill and right after the rebrand completion, the company bought prepaid voucher-based payment system, paysafecard. In the same year, leading British private equity firm CVC Capital Partners bought Skrill for 600 million EUR.
In 2015, Optimal Payments - the company behind rival ewallet Neteller - bought Skrill Group for 1.1 billion EUR. After that, Optimal Payments changed its name to Paysafe Group, controlling two of the most popular ewallets on the web, plus probably the most popular prepaid voucher-based online payment method out there.
Just like any other ewallet, you first have to sign up and create a Skrill account. The registration is just a simple form where you have to type in your name, e-mail address, and password. To fully enjoy the Skrill features though and get rid of all those nagging limitations, you will have to verify your account. No need to get too excited though, it will only take around 5 minutes; just have your national ID or driving license within your reach. You can also verify your Skrill account via the mobile (Android & iOS) app.
Having been verified, you will have the option to immediately order the prepaid Skrill Mastercard - if you live in the European Economic Area (EEA) - and add to your toolbox a very reliable way of spending your Skrill funds anywhere, online & offline. Plus you will be able to turn your Skrill funds to real cash, by just visiting a nearby ATM. You can also withdraw using the traditional ways, via a bank account or credit/debit card.
What about deposits? You can top-up the account with a VISA or Mastercard you own, or you can just transfer your online casino winnings directly to your Skrill wallet, in a matter of minutes. The choice is yours.
Why would you use Skrill instead of PayPal?
Yes, PayPal is definitely the more popular choice, still, what about the egaming industry? Skrill is definitely the winner in this category and it’s not even close.
Given the current online gambling legislation around the world, PayPal is reluctant to do business with most online casinos. Unless you live in the UK, Ireland, or Northern Europe, you won’t find many online casinos accepting PayPal as both a viable deposit & withdrawal method. On the other hand, most of them will accept Skrill without even blinking and it won’t really matter where you are located.
Moreover, with Skrill, you have the possibility to become a VIP and enjoy lower fees. Depending on how much you spend on a quarterly basis, you can become a Bronze, Silver, Gold, or Diamond member with ultimate protection (100% money back guarantee offers) and a 24/7 dedicated support. You will also have basically a free Skrill Mastercard to use however you like. Check this page for more information about Skrill’s VIP Programme.
There is also a very important difference between PayPal and Skrill. To exchange PayPal funds to Bitcoin and vice versa, you will have to use an emoney exchange that, more often than not, operates in a grey area. There is no official way to do that.
With Skrill, however, everything is legit and right in your face. No need to use shady exchanges anymore. All you have to do is create an account and you can exchange Bitcoin to Skrill money in no time. You can also use their exchange to buy Bitcoin with your funds, no questions asked.
There’s more though. Skrill now offers a variety of other cryptocurrencies besides Bitcoin, including Ethereum, Bitcoin Cash, EOS, Ethereum Classic, Litecoin, Stellar, or Ripple. No additional verification is required. Check this page for more information about their cryptocurrency offer & about the fees applied.
With Skrill, you can’t ever go wrong, when it comes to online casinos.
It doesn’t matter where you are from or what language do you speak, most online casinos accept Skrill for both depositing & cashing out. And why wouldn’t they? When it was founded, in 2001, Skrill (former Moneybookers) targeted the online gambling niche, in an attempt to facilitate the money transfers between the casino operators and players.
Obviously, the company has extended its business to many other niches, since then, but online casinos are still primary customers. The online casino accepting Skrill offer is unequal, no matter what its competitors will say.
To deposit and top up your online casino account, all you have to do is choose Skrill as the payment method, type in the login credentials, and use your Skrill money to make the transfer. No need for you to type sensitive information like your credit/debit card number and CVV & no need for additional steps like filling in personal information.
For online casino withdrawals, the process is even simpler: just type in the sum you want to withdraw, click the Skrill options, and if you deposited with Skrill before, all you have to do is click the Withdraw button. The casino operator only needs the e-mail account associated with the ewallet, so you won’t need to type in the password.
Withdrawing with Skrill is one of the fastest methods you will find. In many cases, it will take several minutes, up to several hours to have your casino winnings in your Skrill account.
If you are still unsure about whether to use Skrill or not, you can still check our FAQ section below. Who knows, maybe you will find the answer you need to make the plunge and start using the popular ewallet.
As safe as you will ever find. Skrill was the first emoney issuer in the UK and is currently authorized by the Financial Conduct Authority (FCA). Furthermore, in 2014, Skrill has been approved by the New Jersey Division of Gaming Enforcement (NJDGE) as the only sanctioned ewallet for New Jersey online gambling. Not to mention all data is encrypted and unreadable by any third party that may try to hack into the system.
To upload funds with any of the options available, the fee is 1%. To withdraw via VISA card, the fee is 7.5%, while a direct bank transfer costs you 5.5 EUR per every transaction. To send money to another Skrill account, you will have to pay a 1.45% fee from the get-go. There is also a currency conversion fee of 3.99%. Check this page for more information.
The fees may be lower if you are eligible and an active VIP member. Check this page for changes applied to different Skrill membership tiers.
Unfortunately, you can’t. The only way is to use an emoney exchange, but be sure to check the site for reviews before trying it out.
Since both ewallets are part of the same company, you can officially transfer your Skrill money to Neteller as easy as you would upload funds via a credit/debit card. Just be sure to choose Neteller in the Money Out section & type the correct e-mail address associated with Neteller.
Yes, you can. You can always transfer your Skrill money to any M-PESA account at a click of a button. Moreover, you can also withdraw M-PESA funds to Skrill if you link the two accounts together. Your first transaction is always free.
Unfortunately, there is no direct & official way to do such a transfer. You can try out an emoney exchange, though, yet the fees aren’t that user-friendly and there is a legitimate risk of scam if you don’t pay attention.
Skrill may not be as popular as PayPal for buying general goods & services, but it is definitely the most established and widely-used ewallet by online casino players.
You will find countless online casinos accepting Skrill and you will be able to enjoy the various features the ewallet has to offer its customers, including a prepaid ready-to-use Mastercard, a rich VIP membership for all the high-rollers out there, plus a Bitcoin & cryptocurrency exchange for all the millennials & libertarians in the world. Satisfaction guaranteed!