This is an online payment service which enables customers to pay for goods and services online using their own bank account or debit card, but without the need to disclose any personal banking information to the trader or merchant. The service is provided by a company which is based in Finland. This company was founded in 2003.
As a service, it effectively acts as an intermediary between the customer, the platform and the merchant. This allows the customer to make payments, and the seller to receive payment, without the need for any confidential banking details to be exchanged.
In practice, the customer selects Euteller as the method of payment when checking out online. Once at the Euteller site, the customer is invited to select his or her bank from the available list. He / she is then directed to their own bank’s website, where the usual online banking details are used to log on. The customer then authorises payment and the merchant or retailer then receives payment.
The advantage of using this “half way house” kind of arrangement is that it enables customers to make completely anonymous and secure payments, without needing to divulge any personal financial or banking information to the seller.
This increased level of confidentiality is becoming increasingly important as the perceived risks and dangers of online fraud, such as data and identity theft and unauthorised payments continues to rise.
The use of this type of service will no doubt continue to rise in popularity as both the level of online business and awareness of online fraud increases. Many casinos already accept Euteller as a method of payment and more are expected to do so over the next few years.