Neteller
From Wikipedia the free encyclopedia
 | |
| Founded | 1999[1] |
|---|---|
| Area served | Worldwide |
| Key people | Bruce Lowthers (CEO)[2] |
| Industry | Online payments |
| Products | Payment gateway Digital wallet Prepaid card PSP Cryptocurrencies Money transfer |
| Parent | Paysafe |
| URL | neteller |
Neteller is a global payments platform and digital wallet used to transfer money to and from merchants, such as forex trading brokers, social networks, and gambling websites. Users in the European Economic Area (EEA) and the United Kingdom can add a Net+ Mastercard to their account to pay with their balance in stores or withdraw it as cash from ATMs. Regardless of their location, users can transfer their balance to their own bank accounts or cards if they need to withdraw the funds from their account.[3][4]
Neteller is owned and operated by the international payments company, Paysafe, alongside former competitor Skrill and the prepaid payment method paysafecard.
History
[edit]Neteller was launched in 1999[1] in Canada and moved to the Isle of Man in 2004.[5][6] Paysafe Group was listed as an "Authorised Electronic Money Institution".[7]
In 2015, Optimal Payments Plc (now Paysafe) finalized a transformational transaction for the global payments industry – the acquisition of Skrill Group, one of Europe’s largest online payments systems and among the world’s largest independent digital wallet providers.[8]
Neteller is not a bank and does not lend customers funds. It is required under FCA e-money regulations to maintain user funds in trust accounts, separate from its operating cash, sufficient to repay all user balances at the same time.[9]
Online gambling
[edit]
Neteller began processing online gambling payments in the year 2000, when it was processing payments for 85% of the world's gambling merchants. 95% of the company's revenue at that time was derived from fund transfers to online gaming platforms, with many users being U.S. residents.[10]
Accounts of U.S. users were restricted as the company exited the United States, and funds were unrestricted after 30 July 2007.[11] As a result of this enforced exit from the U.S. market, and the risks associated with online gambling, the company has sought to diversify.
High-value customers are offered a premium membership called "NETELLER VIP". It includes additional features and lower fees similar to premium membership of Skrill.[12]
NETELLER VIP membership benefits also include earning cashback on transfers made using a NETELLER account, increased transfer limits and a free prepaid Mastercard for members with Silver, Gold, Platinum and Diamond VIP status.[13]
Legal issues surrounding online gambling mean that users in certain countries are not permitted to make transfers to gambling merchants.[14][4]
Services
[edit]Neteller users can load money into their account from a bank, credit/debit card or via about 40 other payment options. Payment options vary by country, and some are instant.
Customers can use the funds in their Neteller account to pay online at merchants that accept Neteller. They can also receive payouts from merchants to their Neteller account, for instance gambling winnings or trading profits.
Other features of the service include money transfers,[15] cryptocurrency transactions,[16] and currency exchange.
In 2021, Neteller announced the launch of Knect, a new loyalty programme. The programme lets customers earn points for making transactions and using their Net+ Mastercard, which they can redeem for credit in their account.[17]
Net+ card
[edit]In 2003, the company launched the Neteller Card. A few years later in 2008, the card was rebranded as Net+.[citation needed] Under the Net+ name, the company offers Mastercard prepaid debit cards, virtual cards, and merchant-brandable card programs.
Customers can use their card to pay anywhere Mastercard is accepted and withdraw their balance as cash. The card is only available to customers residing in the UK and European Economic Area (EEA).
References
[edit]- ^ a b "Mobile payment methods players can use to play online slots". UKTN (UK Tech News). Retrieved 5 May 2020.
- ^ "Paysafe announces new CEO". www.businesswire.com (Press release). Retrieved 20 September 2023.
- ^ "Audited Results for the year ended 31 December 2014". 23 March 2015. Archived from the original on 28 March 2020. Retrieved 31 March 2015.
- ^ a b "Advantages and Disadvantages of Using Neteller in Forex Industry". ForexNewbies. Retrieved 31 March 2015.
- ^ "Neteller and Skrill popular among online gamblers". The Financial Express. 18 November 2015. Retrieved 5 May 2020.
- ^ Reynolds, Bill (1 October 2014). John Lefebvre, Neteller and the Revolution in Online Gambling. ECW Press. pp. 221, 353. ISBN 978-1770905726.
- ^ "Financial Services Register". Financial Conduct Authority. Archived from the original on 24 September 2011. Retrieved 17 September 2011.
- ^ "Optimal Payments closes Skrill acquisition". Finextra Research. 10 August 2015. Retrieved 20 October 2023.
- ^ "Safeguarding requirements". FCA. 29 July 2015. Retrieved 16 February 2018.
- ^ "U.S. Charges Two Founders Of Payment Services Company With Laundering Billions Of Dollars Of Internet Gambling Proceeds" (PDF). United States Attorney for the Southern District of New York. 16 January 2007. Archived from the original (PDF) on 13 August 2012. Retrieved 31 March 2015.
- ^ Hunt, Christopher (29 July 2007). "Poker News - NETELLER Begins Long-Awaited Payout Plan". PokerListings. Retrieved 31 March 2015.
- ^ "Terms and Conditions". 12 October 2023. Retrieved 23 October 2023.
- ^ "Terms and Conditions". 12 October 2023. Retrieved 23 October 2023.
- ^ Williams, Christopher (27 March 2007). "Canada sticks the boot into Neteller". The Register. Retrieved 4 November 2012.
- ^ Hawthorne, Oliver (13 August 2023). "Neteller Money Transfer: Sending and Receiving Funds with Neteller - eWalletsReview". ewalletsreview.com. Retrieved 23 October 2023.
- ^ "Paysafe's NETELLER launches fiat-to-crypto withdrawal service". ffnews.com. Retrieved 23 October 2023.
- ^ "Paysafe's NETELLER Launches Knect Customer Reward Programme". www.businesswire.com. 1 April 2021. Retrieved 23 October 2023.
