- Neteller
-
Neteller, part of Optimal Payments PLC 
Type Public (LSE: OPAY) Industry Online Banking Founded 1996 Headquarters Douglas, Isle of Man Products Online Payments/Money Transfer Website neteller.com Neteller is an e-money/e-wallet stored-value service owned and operated by publicly traded British global payments company Optimal Payments PLC. Consumers in over 180 countries[1] use the Neteller service to pay at merchant sites, send and receive money from their banks to and from merchants.
Contents
Foundation and regulation
Neteller was founded in 1999 in Canada and moved to the UK in 2004[2]. The operation of the Neteller service has an e-money record with the UK government’s Financial Services Authority (FSA).[3] It is listed as an "Authorised Electronic Money Institution".[4]
Product capabilities
Consumers can sign up for a Neteller account on the company’s website[5]. Accounts may be set up in any major currency including: AUD, BGN, CAD, DKK, EUR, GBP, HUF, INR, JPY, LTL, LVL, MXN, NOK, PLN, RON, SEK, USD. Money can be loaded into the account from a bank, credit/debit card or via many other other methods including Giropay, iDEAL, Ukash, Direct e-Banking or POLi[6]. 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 debit card that is part of the account[7]. Money can also be received into the account directly from 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+ MasterCard debit card at point-of-sale and automated teller machines.
Arguably money held in the service is safer than in banks because the service is not susceptible to the run-on-the-bank issues that impacted most major banks during the 2008 global financial crisis. This is because, unlike banks, the company maintains over 100% of deposited funds in separate trust accounts, separate from its operating cash, i.e. all of the customers cash is on hand and available if they all wanted it at the same time [8].
Neteller Net+ card
In 2003 the company launched the Neteller Card[9]. In 2007 it replaced these cards with MasterCard debit cards and re-branded the card product line as Neteller Net+ in 2008[10]. Under the Neteller Net+ name the company offers both plastic and virtual MasterCard prepaid debit cards, and merchant-brandable card programs[11]. The Net+ virtual card helps prevent fraud as each card number is only used once. This means if a merchant’s site is hacked the consumer’s identity and money is protected as the card number cannot be used again.
The Neteller Net+ card is very cheap, with has zero welcome fees, no annual fees, and also has the possibility of free loading (top-up) from a bank account - making the cards among the very few prepaid plastic credit cards that can be used for shopping completely free of charge[12].
Awards and nominations
The Neteller e-wallet has won the iGB Award for "Best Payment System for Affiliates" 3 years in a row (2008, 2009, and 2010).[13]
The Neteller Net+ card has been nominated for and won many awards including:
- Best Prepaid Marketing Campaign (Prepaid Awards, October 2010) [14]
- Best Gaming Prepaid Card (Prepaid365 Prepaid Card Awards, February 2010) [15]
- Best New Prepaid Card Product Launch (Cards and Payment Europe, 2009) [16]
- Neteller Net+ card wins Best Prepaid Card Overall, Best Gaming Prepaid Card and Best Prepaid Card Innovation (Prepaid365, 2011) [17]
Use of social media
Neteller has shown a good history as one of the first users in the payments space of social media for communication. For consumer communication it has used YouTube since 2006 to post short-lifetime updates, product information, promotions and news targeted to its customers[18]. It also publishes via a frequently updated blog[19] on its website along with a Twitter feed[20] and Facebook group[21].
Notes
- ^ Isle of Man government: Neteller case study
- ^ Timeline/history
- ^ FSA authorisation record
- ^ E Money Register
- ^ neteller.com Account Sign up
- ^ Company Website: Funding and Fees
- ^ Predictem.com: Neteller Review
- ^ Consumer's funds held in trust
- ^ Timeline/history
- ^ Finextra: Net+ card launched
- ^ Net+ card review
- ^ Prepaid365 Neteller Net+ Card Review
- ^ iGB Awards Previous Winners
- ^ Best Prepaid Marketing Campaign, Prepaid awards, October 2010
- ^ Best Gaming Prepaid Card, Prepaid365 Prepaid Card Awards, February 2010
- ^ Best New Prepaid Card Product Launch, Cards and Payment Europe 2009
- ^ NETELLER Net+ Bags Three Awards at 2011 Prepaid365 Awards
- ^ Neteller YouTube channel
- ^ Neteller Blog
- ^ Neteller Twitter feed
- ^ Neteller Facebook Group
External links
Categories:- Electronic currencies
- Companies of the Isle of Man
- Payment systems
Wikimedia Foundation. 2010.
