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Wednesday, June 17, 2020

Skrill digital wallet adds features, reduces fees

As digital wallet growth continues to dominate headlines during the coronavirus pandemic, Skrill, a Paysafe company and digital wallet provider, rolled out a series of enhancements designed to make transactions easy, simple and fast. The company launched the Skrill Visa Prepaid Card in January 2020, followed by Skrill Money Transfer and an expanded version of the Knect loyalty app in June that enables U.S. consumers to participate in the loyalty program. These solutions are all part of the company’s plan to help consumers embrace alternative payment behaviors, stated Lorenzo Pellegrino, CEO at Skrill.

Pellegrino pointed out that not all digital wallets are equal. In addition to pricing and usage fee concerns, consumers want to know which merchants will accept their digital wallet and if the wallet serves any specific verticals. Consumers are also accustomed to an omnichannel shopping experience and want to install their wallet on their phone or tablet, which they can take with them to pay in-store or withdraw funds from an ATM, he added.

"At Skrill, all these consumer considerations have driven our product development," Pellegrino said. "Users of our digital wallet don't currently pay fees to use the solution. We're also integrated with a wide range of merchants. Skrill is the number-one eWallet accepted with gaming merchants and one of the fastest growing solutions for eCommerce in general. We're also strongly focused on omnichannel commerce, with the Skrill mobile app and the Skrill Visa Prepaid Card we launched in the U.S. in January."

Digital wallet trends

New research by Paysafe Group shows consumers have implemented mobile and digital payments schemes, many for the first time. Reports indicate global mobile wallet usage is on the rise, even in the United States, where researchers found 36 percent U.S. consumers used a digital wallet for online payments, 18 percent of whom were new to the process.

Pellegrino noted that Skrill is committed to connecting consumers and merchant partners, and the newly expanded Knect loyalty program will enable U.S. consumers to earn points each time they use their Skrill Visa or digital wallet. Consumers will be able to redeem points for a cash value added to their Skrill account balance and will soon have even more capabilities, he stated, alluding to additional features and benefits on the company’s near-term roadmap.

In an interview with The Green Sheet, Pellegrino emphasized that the Skrill solution is free of charge and has no setup fees, monthly subscription charges or hidden costs. Unbanked and underbanked consumers can confidently use the digital wallet and Skrill Money Transfer service to send financial support overseas without being burdened by ancillary fees, he added. "Service providers can also better serve less financially secure consumers with rewards programs," Pellegrino said. "Underbanked and unbanked consumers need ready access to their funds, and a streamlined KYC process, with rapid and automated customer service support, without long phone calls, when there’s an issue to resolve." end of article

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