Neteller
Neteller is a global payments platform and digital wallet used to transfer money to and from merchants, such as forex trading brokers, social networks, and gambling websites. Users in the European Economic Area (EEA) and the United Kingdom can add a Net+ Mastercard to their account to pay with their balance in stores or withdraw it as cash from ATMs. Regardless of their location, users can transfer their balance to their own bank accounts or cards if they need to withdraw the funds from their account.[3][4]
Founded
1999[1]
Worldwide
Neteller is owned and operated by the international payments company, Paysafe, alongside former competitor Skrill and the prepaid payment method paysafecard.
History[edit]
Neteller was launched in 1999[1] in Canada and moved to the Isle of Man in 2004.[5][6] Paysafe Group was listed as an "Authorised Electronic Money Institution".[7]
In 2015, Optimal Payments Plc (now Paysafe) 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.[8]
Neteller is not a bank and does not lend customers funds. It is required under FCA e-money regulations to maintain user funds in trust accounts, separate from its operating cash, sufficient to repay all user balances at the same time.[9]
