Paysafe stock noted: what changes can we expect?

In March of 2021, there was a merger between Foley Trasimene Acquisition Corp and Paysafe Group Holdings, which owns the payment processing services of Skrill and Neteller. The new company of Paysafe Limited was open to trading on the New York Stock Exchange on March 31 and it did not take long for the company to start making changes to the eWallets in their fold.

You can expect a lot more changes from Paysafe, as after the merger they already made two changes to Neteller, which is one of the biggest eWallets in the world. With those new changes, we can expect more to come.

Two recent Neteller additions

One of the changes to Neteller was adding a new level to the VIP program. The Ewallet portal EwalletVIP announced earlier that a new VIP level has been added, called Neteller True. The news of the new level of the VIP program has been anxiously awaited since the Skrill Verified level was added to its VIP program.

It is quick and simple to receive Neteller True status as all you have to do is download the app, deposit into your account and verify your identity.

This new VIP level allows customers to bypass the 1.45% fee imposed on transfers from one Neteller account to another True level of the Neteller VIP program allows customers to easily receive money transfers, free of charge, which is something that was not attainable for a rather long time, and lets customers transfer money between accounts for free.

Not only are Neteller customer transfers free in the True level but you can also receive a free Neteller prepaid Mastercard since the €10 shipping and handling fee is a thing of the past.

One of the changes that Paysafe made to Neteller right after the merger was the addition of the Konect program that rewarded loyal customers. This program gives Loyalty Points for such things as withdrawals, transfers to qualified merchants, and NET+ Prepaid Mastercard transactions to just name a few.

Customers can redeem their Loyalty Points accumulated for such things as Neteller cash, merchant vouchers, gift cards, and cryptocurrency.

What to expect in the future?

Just looking at the two recent changes that Paysafe made after their big merger it is safe to assume there will be other changes to their eWallets in the not too distant future. On April 29th it was also announced that Paysafe partnered up with Amazon Web Services (AWS) to become a totally cloud-based provider.

The partnership migrates the extensive Paysafe portfolio, including Skrill and Neteller, to ATS for the goal of coming up with innovative cloud-based digital wallet products and merchant payment solutions to its base of both consumer and business customers.

Research released on the Paysafe website on May 5th, 2021 simply points to changes on the horizon due to consumer spending habits. The Lost in Transaction survey showed that in the last 12 months nearly 60% of North Americans and Europeans attempted a new method of payment. Because of this, digital wallets such as Skrill and Neteller will be making changes to keep up with the demand of many new customers.

While the buying and selling of cryptocurrency has been a staple of Neteller and Skrill services it is expected that there will be more changes in the eWallets, as those currencies have become more popular. There are now many cryptocurrencies available these days and while Bitcoin is still the most popular digital wallets are incorporating more of them to be bought and sold.

The crypto boom can be seen in the online gambling sector as well. Not only are there many online casinos that accept the currency but there are also many that only accept cryptocurrencies as a form of deposit and withdrawals. This fact goes hand-in-hand with innovations to be expected in the eWallets of Neteller and Skrill considering they are two of the leading methods accepted at online gaming sites. 

Safety features to cool concerns

There are always eWallet security concerns and this is even more so if your phone is with another person. Biometric authentication tackles this issue using it for logging in to your eWallets and for makings payments.

Rather than passwords that are PIN-based biometric authentication will use other user-unique identifying processes such as voice recognition, retinal or iris scans, fingerprints, and faceprints. In the digital world, these authentication processes can give people another blanket of security.

Voice commands are being used these days for more and more things. eWallets may start to use the technology as well for things such as bill payments and transfers and users will not have to tap their phone to take care of such things.

AI already in the eCommerce field and AI eWallets can help people make regular payments and recurring transfers. The AI technology can also be provided to help in spending analysis and expense tracking. AI bots can be deployed to aid users to take care of financial issues through their eWallet and that can then lead to big savings.

These days the phone is also an entertainment device with users flocking to such outlets as YouTube, TikTok, Instagram, and Snapchat. Social media users are more inclined to use eWallet solutions that they have linked to their accounts when they discover a product or service on a platform. That way they do not have to leave the social media application to make a purchase.