E-wallets have risen as the most popular payment options within the last five years. These digital wallets are reputed to provide simple transactions in a shorter time. Skrill is ranked as the top e-wallets because it has gained a very good reputation among the customers.
Started under the name of Moneybookers, the company is based in the United Kingdom and has over 2 million users to over 200 countries. The firm is regulated by the Financial Conduct Authority and is licensed to operate the European Union countries.
Skrill was established in London in 2001 by Daniel Klein and Benjamin Kullmannhich and it was the first business to get an electronic money license. In fact, Skrill is the short form of the slang word “skrilla” meaning money. In March 2007, the firm was bought by Investcorp and in March 2009, another company purchased it. Moneybookers changed the name to Skrill in September 2011 and the rebranding of the company wasn’t completed till 2013.
Then, Skrill and its former competitors Neteller and Paysafecard have belonged to the Paysafe Brand since 2015. The payment process using this payment option is quite simple with many transactions available including cash, credit cards, and email transactions. As this method’s target audience is people around the world, Skrill account holders are allowed to transact with over 30 currencies.
Industries that Use Skrill Payments
- Gambling. The online gambling industry has shown a significant increase in the past 15 years which has also boosted the growth of the online banking methods. Skrill is among the most used money transfer services in the online casino as it is reputed to be fast and reliable. Another reason that makes Skrill casino attractive is that it is available for both deposit and withdrawal.
- eCommerce. Today, e-commerce is a phenomenon and purchasing goods over the internet has become a worldwide lifestyle. Thanks to the internet, people can make online money transfers and payments. From trading to shopping, Skrill is the cheaper option which makes the online purchase in various currencies. This means online marketplaces are able to run their businesses thanks to this convenient banking method.
- Forex Trading. Due to the rise of online brokers and online trading platforms, Forex Trading (also known Foreign Exchange trading or FX trading), has gained a massive progression. Obviously, the traders must be careful about the broker they chose to prevent from a variety of scammers. Skrill has accepted by the global forex brokers around the years as it enables their clients to make fast deposits and withdraws from their trading accounts.
- Crypto Exchange. Cryptocurrencies symbolize the improvement of the payment solution and today they are utilized to pay for service and goods. Evidently, that is the reason why Skrill released new crypto to allow the users to buy and sell some widely-used cryptocurrencies such as Bitcoin, Litecoin, Ether, and BCH. Unfortunately, cryptocurrency exchanges in Skrill are limited but there are several platforms that work with this digital wallet.
Features of Skrill Payments
Skrill is one of the most trustworthy names in the money transfer sector and it has won a multitude of prestigious awards over the years. Here are the main features of this trusted payment service.
- Credit Card Transactions. The ability to use different types of credit and debit cards makes Skrill more attractive. This method gives its customers an option to request a prepaid MasterCard which is attached to their accounts. The users will receive the card within 7 to 10 days after their registration. This card allows them to make transactions where Mastercard is accepted as well as cashing out money in an automated teller machine (ATM).
- Free account. Opening a Skrill account is free and simple taking within a few minutes. The customer just goes to the website, enters an email address, and creates a new password. Then, fills out the personal information, chooses the currency, inserts the address details and telephone number, and completes the captcha challenge question. He should tick the box if he agrees with Skrill Terms and Conditions, and selects “Open Account”.
- Email transactions. Email address is required when singing-up in Skrill. You need this email address when making transactions because it is easy for Skrill to send and receive money. The fee is lower compared to other payment solutions as it is only 1.45%.
- Fast access. As stated above, it just takes a few minutes to access your account. Making payments using Skrill 1-Tap payment is also simple, quick, and secure. Additionally, thanks to the mobile application, you can make transactions from anywhere and at anytime.