The World Wide Web and Digital Wallets
The idea of a digital version of a physical wallet began back in 1983 when David Chaum, an American cryptographer, created digital cash. This bold move was to herald the beginning of cryptocurrencies. it wasn’t until 1991, when the world wide web was launched, that the first Digital Wallet was launched called PayPal.
By 2003, mobile devices started picking up momentum. This was followed by developments like the invention of bitcoin in 2008. The introduction of Google Wallet in 2011 and Apple Pay in 2014.
Business Insider is forecasting that in the U.S. alone mobile payments volume will increase to $503 billion by 2020. It’s expected to be used by 56 percent of the consumer population during that year. Meanwhile, Sweden, Singapore, the Netherlands, France, Canada, Belgium and the U.K. are on their way to becoming cashless societies. While Australia, Brazil, India and much of Africa are following suit.
What is a Digital Wallet?
An e-wallet, electronic wallet or digital wallet, is an online prepaid account where you can load money to use as and when you want to. It allows payments and money transfers to be made through the internet. You can store your credit cards and debit cards, as well as numerous bank accounts, in a secure environment. When used, an e-wallet eliminates the need to keep typing in your financial details, as they’re stored in your account. E-wallets have grown increasingly popular within the gambling industry for players to use. They’re the most convenient way to withdraw and deposit your money.
Digital Wallet Technology; The Big Players
1. Big Corp Digital Wallet Technology includes Apple Pay, Google bank, PayPal and Amazon Pay.
2. Square, a smartphone appendage that plugs into the headphone jack allowing merchants that do not have a digital setup to accept all types of card payment on their device.
3. Bitcoin, the grandfather of cryptocurrency, uses technology that allows people to surpass government regulated banks.
The Worldwide Phenomenon – Bitcoin
The most modern trend among players in the online gaming industry is using the anonymity offered by a cryptocurrency such as Bitcoin. Bitcoin is becoming more and more popular because of the lack of a central regulating authority that may impose restrictions. In simple terms, Bitcoin makes it easier and safer to deposit and withdraw funds compared to other payment methods. Unlike other currencies, Bitcoin doesn’t have a central regulating authority and functions solely through the peer-to-peer marketplace. The advantages to Bitcoin are phenomenal. There are no third parties involved when transacting online and your transactions are more secured thanks to anonymous play. In addition, there are also next to no fees involved, which together with the supreme security offered by its blockchain transacting makes it to many as the payment method of the future.
How to get an e-Wallet
Getting an e-Wallet is as simple as filling out a form. Once signed up you can link an account or payment method to fund your e-Wallet and depending on which funding method you used your funds will be processed accordingly and you will be ready to deposit at your preferred online casino.
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