Neteller
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Type of site
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Online payments/money transfer |
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| Available in | 15 languages |
| Owner | Paysafe Group |
| Revenue |
 $89.6 million (2014) |
| Website | neteller |
| Launched | 1999 |
NETELLER is an e-money/e-wallet service owned and operated by publicly traded British global payments company Paysafe Group Plc. The NETELLER service is used to transfer money to and from merchants, such as forex trading firms, social networks firms, and can withdraw funds directly using the Net+ card or transfer the balance to their own bank accounts.
NETELLER was created in 1999 in Canada and moved to the Isle of Man in 2004. Paysafe Group Plc is listed as an "Authorised Electronic Money Institution".
In 2015, Optimal Payments Plc (now Paysafe Group Plc) finalized a transformational transaction for the global payments industry – the acquisition of Skrill Group, one of Europe’s largest online payments systems and among the world’s largest independent digital wallet providers.
NETELLER is not a bank and does not lend customers' funds. It is required under FCA e-money regulations to maintain customer funds in separate trust accounts, separate from its operating cash, sufficient to repay all customer balances at the same time.
NETELLER began processing online gambling payments in July 2000, it was processing payments for 80% of the world's gambling merchants. 95% of the firm's revenue at that time was derived from fund transfers to online gaming firms, with most users being U.S. residents.
Accounts of U.S. users were frozen as the firm exited the United States, and funds were eventually returned after 30 July 2007. As a result of this enforced exit from the U.S. market, and the risks associated with online gambling, the firm has sought to diversify. Despite this, NETELLER fee revenues fell from US$ 239 million in 2006 to about $61 million in 2010.
High-turnover customers are offered premium membership called "NETELLER VIP". It includes additional features and lower fees similar to premium membership of biggest competitor Skrill.
Legal issues surrounding online gambling mean that customers in a range of countries (Albania, Cambodia, Canada, Hong Kong, Israel, Laos, Lebanon, Macau, Singapore, and Turkey) are not permitted to make transfers to gambling merchants.
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Wikipedia