Most countries on the planet operate on a cashless basis. According to the study, only 3% of individuals in Sweden use cash, while 93% of the population in Belgium uses cashless transactions, 1/3 of the population in Denmark uses mobile banking, and several banks in Norway do not issue cash to customers. India is also making strides toward becoming a cashless society with the increased adaption of eWallets. With the advancement of digital India and the cashless economy, several banks have made the shift to online banking. Promising eWallets such as Neteller, Skrill, and ecoPayz have already started their journey in India to serve the people on this digital journey, and they have huge potential in various sectors.
The necessity of eWallets in the demonetization phase
After the Indian government’s bold decision to demonetize all old 500 and 1000-rupee currency notes, people’s shifting to eWallets and digital payment from cash-based payment has gained pace. This decision of demonetization has led to a crisis in which almost 70% of people’s spending capacity has been lowered, making it nearly impossible to meet basic needs such as medications, groceries, and vegetables. This changing scenario has prompted Indians to consider the use of eWallets such as Neteller and Skrill. As both of these eWallets are legal to use in India and there is a minimal processing time for depositing and withdrawing money, all walks of life can use them for their daily-life purposes. Creating a Neteller and Skrill account is also simple and can be accomplished in a few simple steps.
Growing demand of eWallets with cryptocurrency surge
India is ranked 2nd in terms of cryptocurrency adoption, which shows the huge attention given to cryptocurrency by the Indian people. With an increasing demand for cryptocurrency, eWallets to buy and sell it are also in high demand amongst people. It takes a matter of seconds to trade crypto with our recommended eWallets, namely Neteller and Skrill. From the fiat currency available in the wallet, users can trade Bitcoin, Ethereum, Litecoin, and many more with just a few clicks. It is super easy to deposit the fiat currency in Skrill or Neteller and use it to trade the preferred crypto by watching the live exchange rate. It is even possible to transfer a portion of the cryptocurrency balance to another eWallet user. The minimum amount of cryptocurrency users can buy or sell through Neteller is 10 EUR, and the maximum amount depends on the transaction limits of the account. The fees for transactions, deposits, and withdrawals through these eWallets are also relatively low. So, it is beyond description how much potential Neteller or Skrill have in the cryptocurrency market of India.
eWallets as the payment methods for gambling and online casinos in India
Years of financial difficulties preceded the rise of e-payment in the Indian gaming industry. It was difficult for casino players to deposit or withdraw money from their accounts. However, as the world of casino games evolved, so did the use of eWallets in India. Undoubtedly, the convenience and versatility of adopting eWallets for gambling is a major factor in the expansion and engagement of online casinos in India. Neteller was the first electronic payment system to be used in casino games. Neteller is a popular payment method at India’s online casinos. Neteller’s Net+ feature allows customers to deposit (without any fees) and withdraw money from their bank account. Skrill is also a convenient way for a casino player to fund his account and play games. It is used by casinos to allow players to withdraw funds from their bank accounts.
For a lot of reasons, ranging from daily-life transactions in this demonetization scheme to cryptocurrency trading and online gambling, eWallets are a growing need for the people of India.