Skrill is a UK based e-commerce company which enables payments to be made over the internet. It is regulated and licenced via the UK Government and its agency the Financial Conduct Authority (FCA). This means that it is considered safe to use this service, and that your funds are secure. It was formed in 2001 as Moneybookers, and is still probably better known by that name. It grew rapidly, so that it was valued at over €100 million when it was acquired by Investcorp Technology Partners in 2007. By 2011, it boasted of having 25 million customers and of operating in over 200 countries across the world. It was also in 2011 that the decision was made to re-brand Moneybookers as “Skrill”. What is it with these marketing types? You have a well-known and trusted name, and then you change it to something “modern” (silly). Remember when Royal Mail became “Consignia”? That went well. Anyway, in 2013, Skrill was sold on again – this time to CVC Capital Partners, for €600 million.
The big advantage of services like Skrill is that you can make internet and money transfer payments without having to disclose any of your personal financial details. This service is particularly valued by people concerned over the security of their bank details when buying goods and services over the internet. “Identity theft” is a growing problem which the banks and law enforcement agencies are struggling to contain. With Skrill, you can set up a separate holding account (or as they call it, a “digital wallet”), so that your personal bank or credit card details are not required for making payments. You can deposit money you’re your Skrill account by any of the usual banking, credit or money transfer methods. Making or receiving payments is usually free, but various fees or charges are made on other transactions, such as when withdrawing money from your Skrill account at a cash machine (ATM). Customers register for the service via an e-mail address, verified by a limited range of personal details. A pre-payment card can be provided for convenience (and a fee) for real world use. This can be in any of the major western currencies, such as the Dollar, Euro or Pound.
The corporate level shenanigans in financial companies are continuing, with Skrill reporting that they have acquired its rival Ukash in the spring of 2015. Meanwhile, the biter has been bit. Krill’s major and most direct competitor has always been seen as Neteller, but in March 2015 it was announced that Neteller’s owners Optimal Payments had offered €1.1 billion to buy the company. The deal is expected to be completed later in the year.
So there you have it. Another way of making your online bingo deposits, with the added advantage that you do not have to risk giving your bank or credit card details to third parties over the internet. A safe payment method made with security in mind. Reminds me of the old days, when “careless talk costs lives”. Nowadays, if you’re worried about identity theft or internet fraud, there is a practical solution.