An electronic wallet (e-Wallet) is a tool for paying for goods and services. It is a way of storing, moving money, and exchanging currency on the Internet.

In other words, it’s a simplified and convenient analog of a bank account. At the same time, electronic payment systems (EPS) provide high reliability and security of accounts. You can register and work with an electronic wallet through a mobile application or using a computer. They are suitable for everyone: from online stores to cryptocurrency users.

Why you need an online wallet

A web wallet, like a bank card, is used for debit and credit transactions. You can also pay for goods/services, money transfers, money deposits, etc.

What are the benefits of using e-wallets?

1. Ease of use. An e-wallet can be used without opening a bank account. And you can even start an e-wallet lying on the couch. Besides, all processes are carried out on the Internet. You will not be charged for its creation and maintenance;

2. Withdrawal of funds. Basically, all electronic payment systems have the ability to withdraw money only through the e-wallet. At the same time, you do not have to indicate your card number, expiration date, and secret code, which means that fraudsters will not be able to access your account;

3. Shopping convenience. When shopping with a banking card, a lot of data is required – your card number, expiration period, etc. To pay with an e-wallet, you only need a password and a mobile phone number;

4. Card issue. Many e-wallet operators issue plastic cards with free service at a low cost. You can choose it with the required period and the necessary functions – for purchases, cash withdrawals, payments in a cafe, etc.;

5. Card terms. The wallet card may be more profitable in terms of terms and conditions. So, often e-wallet operators offer discounts, bonuses, and cashback. Therefore, you can compare these offers with your bank’s loyalty program. Perhaps in some cases, you will get more benefits using an online wallet;

6. Permanent access. Electronic systems are not tied to a specific country and can be used from anywhere in the world;

7. Fast enrollment. Funds will come instantly, whether it is a withdrawal or a transfer to another e-wallet, and it doesn’t matter whether it is on weekdays or weekends;

8. Safety. It is much safer to create an e-wallet specifically for settlements on the Internet and put the required amount on it before transferring. In this case, you do not have to indicate your card number, expiration date, and secret code – and fraudsters will not be able to access your bank account.

Which online wallet is better

First of all, you need to determine what purpose you need an e-wallet: for business or for private use. Depending on the goal, the selection criteria are also determined.

The conditions are constantly changing, so when you decide to connect the service, go to the official sites and clarify the nuances. Below are the main criteria for choosing an e-wallet.


  • Geography. The system must work in the countries/regions where your customers live;
  • Commission size. You need to calculate commission for each transaction, to fully iunderstand the costs of the system connection;
  • Withdrawal of funds. What are the withdrawal methods, and to which banks an e-wallet offers;
  • Specifications. What are the features of the installation? Do you need to connect something additionally;
  • Terms of connection to the company’s website.

Private user:

  • Ways to move funds. Whether it’s possible to transfer funds from banks and other wallets;
  • Commission size. For withdrawal of funds, transfers, and other operations;
  • Paying for goods/services. What trading platforms you can work with;
  • Ease of opening a wallet. What personal data is needed and how long it take to connect;
  • Restrictions without verification. What operations can be performed without account verification;
  • Support for the desired currency. For freelancers, for example, if they accept payments in foreign currencies.

Types of electronic wallets

Web wallets are divided into 2 types: anonymous and non-anonymous. Let’s look at each of them in more detail.

– Non-anonymous

Here are the best options that will solve many problems at once. All the distinguishing features are listed in the table – cards, currencies, referral programs, etc., so you can compare and choose the best one for yourself.

Payeer0.5-5%– Virtual
– Plastic
USD, EUR, RUB, Crypto
Capitalist2-7%– VirtualUSD, EUR, RUB
ADVcash0.5-3%– Virtual
– Plastic
USD, EUR, GBP, RUB, digital currencies
Perfect Money0.5-3%– Virtual
– Plastic
Qiwi0-2%– Virtual
– Plastic
Yoomoney0.5-3%– Virtual
– Plastic
ePayments0.5-3%– PlasticUSD, EUR, RUB, Crypto
Wallet One4-5%– PlasticMulticurrency
Skrill1.45-2%– Virtual
– Plastic

– Anonymous

An option that no bank will offer: is an account without identification. And if it’s important to you to have an anonymous wallet, then feel free to choose any from the list below.

There is a caveat: if the EPS account is not verified, then be prepared to set restrictions. You will not be able to send money from such an EC to people and withdraw them. As for money depositing to an anonymous wallet, you yourself can do it from a bank account or mobile phone balance. But other people are prohibited from depositing your wallet – funds can only be transferred by a company or individual entrepreneur.

Payeer0.5-5%– Transactions with a Payeer Mastercard no more than $400;
– Withdrawal of funds no more than $1000 or €1000 for the entire period of time;
– Deposit limit no more than $2500;
– SWIFT does not work;
– Impossible to deposit the account with VISA cards.
ADVcash0.5-3%– Cannot issue a card;
– No SWIFT and SEPA;
– Limits: for deposits $1000 per day and $2500 per month; limits to withdraw money $500 per day and up to $2500 per month; to transfer to other users no more than $3, 000 per month.
Perfect Money0.5-2%– No access to SWIFT;
– Higher transaction fees.
Yoomoney0.5-3%Only a RUB account;
– Payments up to R15, 000 at a time;
– No deposit or withdraw cash.
ePayments0.5-3%no SWIFT

What else do you need to know

As you can see, an electronic wallet is based on the needs of the owner. After you have decided, what kind of online wallet you need, you have to choose the right one. To do this, pay attention to the following issues:

  • Withdrawal conditions. There can be significant differences in commissions, and withdrawal amounts. Choose the one where the limits and the size of the commission will meet your needs and will not “hit” the budget;
  • Deposit options. For example, you want to deposit money from your mobile phone balance. To do this, you need to select and create it with such an opportunity, but be sure to check the size of the commission, it can vary significantly for different systems;
  • The popularity of the payment system. Both in your country and abroad. If you are planning to work with customers or partners from other continents, then it is better to choose the other systems;
  • Personal data. Web wallets are generally quite easy to open, but there is a difference: somewhere a phone number is enough, and somewhere you need to indicate passport data or company data;
  • Application opportunities. If you want to use your e-wallet as a universal method of payment for goods and services, then it’s better to choose the one which you can make purchases on various online trading platforms with, go shopping, pay utility bills and taxes;
  • Presence/absence of a regulator. For example, the Yoomoney electronic wallet is fully regulated by the state. So if it bothers you, move on.
  • Disadvantages. Electronic money is not protected by the deposit insurance system, interest is not charged on the balance of the electronic wallet, the EMF operator does not lend electronic money to the client, and fraudsters can steal money from the electronic wallet.

How to protect yourself from fraud

Unfortunately, even unscrupulous people can get to the electronic wallet and get their money. But this is how you can protect yourself.

  • Check links. Do not follow suspicious links either on social mmedia, and in private messages. Check the URL when you visit a web page that requires you to enter personal information. The URL should not consist of a random combination of letters and numbers and look suspicious;
  • Take care of your personal data. Never enter personal data in pop-ups on unknown sites;
  • Encryption. Use an encrypted connection when you need to enter sensitive data. In a secure connection, the URL starts with the letters “https”. Better yet, use a VPN;
  • Personal device and internet. Use your personal computer and a secure internet connection. Use an application and software-based firewall;
  • Separate card for purchases. Get a card that you will use only to pay for purchases in online stores;
  • Reviews. Before shopping online, read other people’s reviews of their shopping experience on a particular site. Avoid shopping on sites registered on free hostings;
  • Vulnerabilities. Update your operating system and applications to fix their vulnerabilities. Use antivirus programs;

The bottom line

An electronic wallet is an extremely convenient tool. It is used for a wide variety of operations: fees for services, money transfer between different accounts, currency exchange, loans with a relatively small commission, as well as for storing money in electronic form.

You can deposit money in the following ways: from a bank card, from a mobile phone balance, in cash, through a mobile bank, or a quick payment system, from another wallet. Before depositing your wallet, always specify the size of the commission: it can be from 0 to 10% of the transfer amount.

If the conditions for using the wallet are violated, the EMF operator may suspend its use or close it altogether. Also, electronic money on a non-anonymous wallet can be arrested and written off by bailiffs to pay off debts.

There are a lot of Internet wallets. You will definitely find yours, even if you are engaged in cryptocurrency. Of course, businesses and ordinary users have different goals in using electronic wallets, but at their core, they all have the same capabilities, with the exception of certain options.