Whether used for convenience or security, e-wallets have become a driving force behind how millions of consumers transact. The widescale adoption of these e-wallets has also contributed to their success.
As e-wallets become more popular among end-users, more are being launched, offering newer features, better rewards, and more accessibility to those looking to move away from traditional payments. This has led to intense competition in the market.
While most e-wallets function similarly, some offer unique features that their competitors simply can’t match. The most notable differences can be found between the market leaders in the industry who are constantly offering innovations.
Below, we’ve listed all the most popular e-wallet providers and what makes them unique. We’ve also listed the slight differences that can be found among these providers to help you uncover which one would be best suited for you.
PayPal
PayPal is often credited with being the first e-wallet in existence. It was launched in 1998 under the name Confinity. However, after a merger in 2001, the company rebranded to the brand that is now a household name in over 200 countries.
The most notable transactional features of this popular e-wallet are the ability to send and receive money, load credit into your account to use when shopping online, a reward program for spending, and a user protection program with resolution services.
Neteller
Founded in 1999, Neteller has been a popular e-wallet provider for millions over the last two decades. It operates in over 200 countries and offers more than just a digital e-wallet. You can also receive a physical card (issued by Mastercard) that allows you to withdraw money at an ATM.
Like PayPal, this popular wallet also provides a reward program called Knect that gives you back perks each time you spend, transaction dispute services with purchase protection, and the ability to transact in multiple currencies. Included in these are various cryptocurrencies.
Revolut
Compared to others, Revolut is a newer e-wallet only available starting in 2015. However, it closely monitored the experiences of established platforms prior to launching and now supports over 30 currencies and can be found in as many countries.
Although newer, Revolut has an astounding number of features. These include access to a card (Visa or Mastercard), the ability to transact in crypto, purchase insurance, daily interest on savings, and a cashback program to reward users.
MuchBetter
Launched in 2017, MuchBetter is one of the more limited e-wallets, as it operates mainly in only three currencies. However, it has a wide variety of features and is available in more than 100 countries.
Among these are access to a prepaid card powered by Mastercard, multi-currency accounts, and an affiliate program. It also used to hold a MegaDraw annually to reward customers with large lump sums—which will hopefully return soon.
The Differences in E-Wallets
The five e-wallets listed above are among the most popular available today. Considering each offers incredible features and makes transacting straightforward and secure, it is clear why.
However, there are distinct differences among them, including how they operate (particularly in terms of costs) and the features they offer. Some features are offered by several e-wallets, while others are unique to only a few.
Below are the main differences between the e-wallets mentioned above and other popular options available on the market.
Fees
One of the most significant markers of an e-wallet is the fees they charge. These are not just transactional fees each time you send money but also fees for having an account, requesting a physical card, or exchanging from one currency to another.
Of all features, fees are the thing that differs most from one e-wallet to another. While the likes of PayPal charge a 2.5% fee for transactions on your credit or debit card and bank transfers, Revolut only charges 0.5%. This is also only charged after you have passed the £1,000 mark for monthly transactions.
Insurance
One of the hallmarks of e-wallets is their security. Transacting digitally can help keep your information secure, as it is fully encrypted and ensures you have a digital trace of all your payments. Purchaser insurance offered by e-wallets adds to this security.
This insurance, however, is not offered by all e-wallets. The most notable that support it are PayPal and Revolut. To protect you, these providers allow you to dispute payment should you not receive the goods or services you’ve paid for. Their resolution teams will conduct an investigation, and should your claim be valid, you’ll get your money back.
Rewards
Getting something back simply for transacting is one of the best features of e-wallets. Those like PayPal, Skrill, Neteller, and others found on Portfel Internetowy can give you cashback, coupons, and discounts simply for spending.
Cards
While most e-wallets (including those above) have come to agreements with Visa or Mastercard to issue physical prepaid cards, not all offer this. In addition, some, like PayPal, allow users to create and delete virtual cards that provide increased protection when shopping online.
Currencies
Although most e-wallets strive to support as many currencies as possible, others are better at offering a more comprehensive range. Among these currencies are cryptocurrencies, which only specific wallets support.
Convenience
Another way that some e-wallets differ is support for various applications. Most e-wallets have a dedicated mobile app for both Android and iOS. However, some can also integrate with or be added to mobile wallets like Google Pay and Apple Pay.
