Electronic money is, in fact, real, dollars, euros and other currencies that have become virtual, since they were transferred to a special system for storage and circulation on the Internet. You will no longer be able to touch your hard-earned money, but it will be almost impossible to lose them, they will not tear like paper ones, and will always be at hand if you have access to the network. It will be very difficult to steal them from you too.
The main difference and advantage of electronic money from payment cards is that the client can open an electronic wallet and replenish it instantly without visiting the bank. This allows you to transfer funds between electronic wallets in the shortest possible time, as well as pay for goods and services from merchants who work with the system.
At the same time, e-wallets, although they have a smaller geography of use, make it easier to implement a connection between a merchant and a consumer, and also have no geographic boundaries.
If we talk about risks, then the wallets themselves do not carry risks. Their typical area of use is servicing financial settlements in electronic channels, including settlements of traders on the Olymp Trade trading platform. This is especially true for transnational transactions, where the use of traditional payment methods is difficult either through regulatory requirements and restrictions, or simply inconvenient.
What Are The Advantages Of Using An E-Wallet?
The main advantage of an e-wallet is the ability to carry out secure payments on the Internet. You can pay online without entering your main card details replenishing it in one of the available ways: by a payment card, through a terminal, a special card or through a bank. This will save yourself from fears that they will be stolen and used by Internet scammers.
But, the main reason why users choose e-wallets is perhaps not this, but one of the following:
Convenience of Online Payment
When paying with a card online, the user must each time enter its number and CVV code, and in some cases, also the date of issue and expiration of the card, the name of its owner. If at the right time the plastic is not at hand, and its owner forgets some of this data, then the operation may not take place at all.
Such problems are not familiar to the owners of electronic wallets: when paying, they do not need to enter a large amount of data, the main thing is to remember the password for their wallet and, in some cases, have a mobile phone at hand.
An additional convenience in this case is the ability to make transfers with a protection code. This function vaguely resembles a bank letter of credit: you send money to the seller, he sees it in his account, but cannot use it until he enters the protection code. You set this code when sending payment and inform the seller after receiving the goods. If the seller does not enter the code within a certain period, the money will be returned to your wallet.
With e-Wallet it Is Convenient To Make Money On The Internet
If you are trader, then one of the easiest and most suitable ways to receive profit is to create an e-wallet. Firstly, for the same security reasons: there can be many customers, and giving each of them a payment card number may not be very safe. In addition, if your customer has an account with another bank, then the transfer via Internet banking may be difficult or impossible, and replenishment of the card through the bank’s cash desk requires visiting a bank, which is not always nearby. The wallet can be topped up in any terminal, for this it is enough to know the phone number of its owner.
When paying with an e-wallet, you do not need to wait until the money is credited to the account of your counterparty – seller of goods, service provider. All transfers occur instantly – the money can be either in your wallet or at the seller, there are no transit accounts or freezing between accounts.
Money from e-Wallet Can Be Withdrawn
Another advantage of e-wallets that distinguishes them favorably from, say, virtual payment cards is the ability to cash out funds from an account. You can withdraw virtual currency in different ways: through a bank or payment card, money or postal order in your name, or through dealers, which are special centers for cashing electronic money.
What e-Wallets Are Suitable to Use With Olymp Trade?
That is why Olymp Trade considers e-wallets to be one of the most convenient options for traders and recommends using them when making deposits to the platform or when traders withdraw their money.
You may use one of follows e-wallet for mutual settlements with Olymp Trade: