Neteller is an
e-money
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital cu ...
transfer service used to transfer money to and from merchants, such as
forex trading firms,
social networks
A social network is a social structure made up of a set of social actors (such as individuals or organizations), sets of dyadic ties, and other social interactions between actors. The social network perspective provides a set of methods for an ...
firms. Users in some locations can withdraw funds directly using the Net+ card or transfer the balance to their own bank accounts, others are restricted.
Neteller is owned and operated by
British
British may refer to:
Peoples, culture, and language
* British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies.
** Britishness, the British identity and common culture
* British English, ...
global payments company
Paysafe Group
Paysafe Limited (formerly known as Optimal Payments PLC) is a multinational online payments company. The group offers services both under the ''Paysafe'' brand and subsidiary brands that have become part of the group through several mergers an ...
, alongside former competitor
Skrill
Skrill (formerly Moneybookers) is a digital wallet provider established in 2001 which offers a multiple online payment and money transfer services.
Skrill operates in 131 countries with the digital wallet offered in 40 currencies. Customers can ...
and prepaid payment method
paysafecard
Paysafecard (as a brand stylized in lowercase) is a prepaid online payment method based on vouchers with a 16-digit PIN code, independent of bank account, credit card, or other personal information. Customers can purchase vouchers at local sales o ...
.
History
Neteller was created in 1999
in
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...
and moved to the Isle of Man in 2004.
Paysafe Group is listed as an "Authorised Electronic Money Institution".
In 2015, Optimal Payments Plc (now Paysafe Group) finalized a transformational transaction for the global payments industry – the acquisition of
Skrill
Skrill (formerly Moneybookers) is a digital wallet provider established in 2001 which offers a multiple online payment and money transfer services.
Skrill operates in 131 countries with the digital wallet offered in 40 currencies. Customers can ...
Group, one of Europe’s largest online payments systems and among the world’s largest independent digital wallet providers.
Neteller is not a bank and does not lend customers' funds. It is required under
FCA FCA may refer to:
Arts
* Federation of Canadian Artists
* Foundation for Contemporary Art, in Ghana
* Foundation for Contemporary Arts, in the United States
Business and economics
* False Claims Act, a United States federal law
* Federal Cus ...
e-money regulations to maintain customer funds in separate trust accounts, separate from its operating cash, sufficient to repay all customer balances at the same time.
Online gambling
Neteller began processing online gambling payments in July 2000, it was processing payments for 85% of the world's gambling merchants. 95% of the firm's revenue at that time was derived from fund transfers to online gaming firms, with many users being U.S. residents.
Accounts of U.S. users were restricted as the firm exited the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
, and funds were unrestricted after 30 July 2007. As a result of this enforced exit from the U.S. market, and the risks associated with online gambling, the firm has sought to diversify. Despite this, Neteller fee revenues fell from
US$
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
239 million in 2006 to about $61 million in 2010. In June, 2019 NETELLER quit the US market.
High-turnover customers are offered
premium
Premium may refer to:
Marketing
* Premium (marketing), a promotional item that can be received for a small fee when redeeming proofs of purchase that come with or on retail products
* Premium segment, high-price brands or services in marketing, ...
membership called "NETELLER VIP". It includes additional features and lower fees similar to premium membership of
Skrill
Skrill (formerly Moneybookers) is a digital wallet provider established in 2001 which offers a multiple online payment and money transfer services.
Skrill operates in 131 countries with the digital wallet offered in 40 currencies. Customers can ...
.
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.
Legal issues surrounding online gambling mean that customers in a range of countries (
Albania
Albania ( ; sq, Shqipëri or ), or , also or . officially the Republic of Albania ( sq, Republika e Shqipërisë), is a country in Southeastern Europe. It is located on the Adriatic and Ionian Seas within the Mediterranean Sea and shares ...
,
Cambodia
Cambodia (; also Kampuchea ; km, កម្ពុជា, UNGEGN: ), officially the Kingdom of Cambodia, is a country located in the southern portion of the Indochinese Peninsula in Southeast Asia, spanning an area of , bordered by Thailand t ...
,
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...
,
Hong Kong
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...
,
Israel
Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...
,
Laos
Laos (, ''Lāo'' )), officially the Lao People's Democratic Republic ( Lao: ສາທາລະນະລັດ ປະຊາທິປະໄຕ ປະຊາຊົນລາວ, French: République démocratique populaire lao), is a socialist ...
,
Lebanon
Lebanon ( , ar, لُبْنَان, translit=lubnān, ), officially the Republic of Lebanon () or the Lebanese Republic, is a country in Western Asia. It is located between Syria to the north and east and Israel to the south, while Cyprus li ...
,
Macau
Macau or Macao (; ; ; ), officially the Macao Special Administrative Region of the People's Republic of China (MSAR), is a city and special administrative region of China in the western Pearl River Delta by the South China Sea. With a pop ...
,
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...
, and
Turkey
Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with ...
) are not permitted to make transfers to gambling merchants.
Product capabilities
Consumers can sign up for a Neteller account on the company’s website. Accounts may be set up in 26 major
currencies
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general def ...
.
Money can be loaded into the account from a
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
,
credit/debit card or via about 40 other methods. These deposit types vary by country and some are instant.
Money in a Neteller account can be used to pay merchants, sent to other customers of the service, or spent at any retailer that accepts MasterCard using the Neteller prepaid card that is a part of the account. Money can also be received into the account directly from other merchants with Neteller accounts, merchants such as gambling winnings, insurance payouts or video-gaming trading proceeds. Customers can withdraw funds from their accounts by bank transfer, cheque, or using the company’s Net+ prepaid
MasterCard at
point-of-sale
The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice f ...
and
automated teller machine
An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fun ...
s.
Net+ card
![Neteller NET+ Card](https://upload.wikimedia.org/wikipedia/commons/9/91/Neteller_NET%2B_Card.jpg)
In 2003, the company launched the Neteller Card and a few years later in 2008 the card product line was later rebranded as Net+. Under the Net+ name the company offers MasterCard prepaid debit cards and merchant-brandable card programs, and formerly offered virtual cards. The Net+ virtual card generated a different
virtual card number for each transaction instead of having a fixed card number, preventing some forms of
fraud
In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compens ...
. If unauthorised users obtain and try to use card numbers, or if an otherwise legitimate merchant tries to take additional, unauthorised, payments, the transaction fails as the card number cannot be re-used. In November 2016, the Net+ prepaid is only available to residents of authorized European Economic Area and other countries was cancelled without refunding the card fees.
Sponsorship
Neteller's logo was displayed on the front of the
Crystal Palace Football Club
Crystal Palace Football Club is a professional Association football, football club based in Selhurst in the London Borough of Croydon, Borough of Croydon, South London, England, who compete in the Premier League, the highest level of English ...
according to the sponsorship deal signed by
Optimal Payments PLC (now
Paysafe Group
Paysafe Limited (formerly known as Optimal Payments PLC) is a multinational online payments company. The group offers services both under the ''Paysafe'' brand and subsidiary brands that have become part of the group through several mergers an ...
) for the
2014/15 and
2015/16 seasons of the English
Premier League
The Premier League (legal name: The Football Association Premier League Limited) is the highest level of the men's English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Foo ...
.
References
External links
*
{{Payment service providers
Financial services companies established in 1999
Digital currencies
Payment service providers
Online gambling
Electronic funds transfer
1999 establishments in Canada