e-Wallets & Alternatives
If you are familiar with PayPal, Skrill or Apple Pay, then you know what an e-wallet is; an online application that allows you to deposit, withdraw, send, receive and manage money for financial transactions online. The best e-wallets will provide you with similar services to a bank account, with some restrictions (due to AML concerns) and somewhat less legal protections as they are not true banks.
They allow people and businesses to transact 24/7 conveniently and instantly, while also providing you with the option of connecting all your payment instruments (such as credit/debit cards, bank accounts, cryptocurrencies and others) on one seamless platform. They are faster, easier and often cheaper than traditional bank transactions.
e-Wallets for Cryptocurrency
Another category of e-wallets has become very popular over the past few years, and these are cryptocurrency e-wallets. They allow you to hold and transfer money instantly using cryptocurrencies, without involving the traditional banking system at all (except when converting to/from fiat currency). This means that they are super cheap and, because of the decentralized nature of blockchain, are also extremely reliable and secure. Bitcoin for example, has a 99.985% uptime which is higher than Apple, Google and other payment services providers.
Drawbacks of e-Wallets & Alternatives
High fees and lack of interoperability are the main drawbacks of e-wallets. For example, you cannot send money from Paypal to Skrill, or vice versa, without jumping through a series of complicated hoops, which are expensive and often insecure. Especially for SMEs, this means needing to maintain and fund multiple wallets and or incur huge fees, while still facing issues with currency conversion and other impediments to seamless international transactions.
This is where global payments platforms such as Exim Wave from Euro Exim Bank, shine. Exim Wave allows SMEs to transact instantly in over 150 global currencies, while being able to send and receive money through any globally recognized e-wallet, including cryptocurrency wallets and traditional wire transfers.
Through Exim Wave and our partnership with RippleNet, we provide SMEs around the world with cheap, frictionless and secure all-in-one global payments solutions, allowing your business to be as agile and adaptable as possible. Enjoy 24/7 access and customer support with no monthly fees or hidden costs, along with the ability to optimize your payment processes according to your needs. Speak to one of our experts to get started today!
For more info: www.euroeximbank.com