How to choose an electronic wallet in 2022: tips

How to choose an electronic wallet in 2022: tips

Electronic wallets are becoming increasingly popular. With their help, you can easily pay in online stores, instantly transfer money to another country, and conduct transactions. Each wallet has its own advantages and disadvantages, offering its own product in the face of stiff competition. Therefore, it is important to know all the nuances before you open an e-wallet in 2022.

Does the wallet work in the right jurisdiction

No matter how convenient an e-wallet is, it is not suitable if it does not work with users of your country (no possibility to put / withdraw money to the card). In this case, even if the client can register without identification, the possibilities are severely limited. If he/she manages to refill the account (e.g. by another user), he/she will only be able to make transactions within the system and make online purchases and not even in all stores.

Therefore, the first tip is to choose an electronic wallet, which can be tied to your card. If there is no such opportunity, and this payment service is necessary, you should find out whether you can make a transfer through special exchangers.

Find out if there is a service fee for the wallet

Payment systems do not usually charge individuals, but it is better to clarify this point. Business accounts are often serviced on a fee basis. When you link your card to your account, a certain amount is often deducted. If all is well, after some time it is returned to the card, but there are wallets, where the money goes irrevocably.

Another thing is identity verification, during which you need to submit documents. When a person passes the verification, they get additional opportunities, such as withdrawal to the card, increasing the limits of money transfers, the volume of the purse, etc. Some services offer paid verification, while others provide free verification.

Also, you ought to pay attention to the fees. For example, some platforms do not charge for transfers within the system between users, but there are also those that charge a fee. It may be fixed or as a percentage of the transfer amount.


Another important requirement for electronic wallets is security. You should fully trust the system and not worry that one day the money will disappear. Therefore, it’s crucial to ensure sure to check whether the payment system has a license.

Before opening an e-wallet, additionally consider such points:

  • The system must use SSL for secure connections. Make sure that the digital payment provider you choose uses HTTPS for all its services, for which check if there is an SSL certificate;
  • Preferably, the payment service should use tokenization, which minimizes the risk of payment fraud. This means that the service encrypts customers' financial data in a special way, converting it into tokens. They are decrypted not with keys, but with a special system when matched against real data that is stored in a secure server. Tokens can only be used inside the system, outside of it they are useless. The theft of tokens makes no sense, because they do not contain confidential information;
  • The payment system must have a PCI DSS certificate, which ensures the security of sensitive data during payment processing.

Additional nuances

When choosing an electronic wallet, pay extra attention to these nuances:

  • Whether it accepts payments from offline and online stores that you need;
  • Whether it is possible to connect cards of different banks to the wallet;
  • Reputation - it is better to entrust the money to a proven provider of digital services. Thus, such payment systems as PayPal, Payeer, Perfect Money and EPayments are trusted;
  • Simplicity of registration of an electronic wallet. Some services require a personal meeting with the customer through their representatives, and this service can be expensive;
  • Whether acquaintances use the system, which allows you to send money to your friends;
  • Whether there is a smartphone version;
  • Storage limits for money transactions.

How tech support works

To learn in more detail about the e-wallets that suit you best, reach out the IT-OFFSHORE specialists.

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