Neteller - Wikipedia, the free encyclopedia

http://en.wikipedia.org/wiki/Neteller

Create account

Article Talk

Read Edit View hist

Log in

Go

Search

Neteller
From Wikipedia, the free encyclopedia

Main page

Contents

Parts of this article (those related to dissolution of the FSA)

Featured content

are outdated. Please update this article to reflect recent

Current events

events or newly available information. (February 2014)

Random article
Donate to Wikipedia
Wikimedia Shop

Neteller is an e-money/e-wallet stored-value

service owned and operated by publicly traded

Interaction

British global payments company Optimal

Help

Payments PLC. People in over 180 countries[1]

About Wikipedia
Community portal

use the Neteller service to transfer money to and

Recent changes

from merchants, almost exclusively online

Contact page

gambling firms, and can withdraw funds to their

own bank accounts.

Tools

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

Contents
[hide]

Print/export

1 Creation and regulation

Languages

2 Online gambling

Deutsch
Edit links

3 Product capabilities
3.1 Neteller Net+ card
4 References
5 External links

Creation and regulation

[edit]

Neteller was created in 1999 in Canada and moved to Isle of Man in 2004.[2] The operation of
the Neteller service has an e-money record with the UK governments Financial Services
Authority (FSA).[3] It is listed as an "Authorised Electronic Money Institution".[4]
Neteller is not a bank and does not lend customers' funds. It is required under FSA 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.[5]

Online gambling

[edit]

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 US residents.[6]

http://en.wikipedia.org/wiki/Neteller[05/07/2014 2:31:24 PM]

Neteller - Wikipedia, the free encyclopedia

Accounts of US users were frozen as the firm exited the US, and funds were eventually returned
after 30 July 2007.[7] As a result of this enforced exit from the US 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 [8] to $44 million in 2010.[9]
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 Canada, Hong Kong, Israel
and Macau are not permitted to make transfers to gambling merchants.[10][11]

Product capabilities

[edit]

Consumers can sign up for a Neteller account on the companys website.[12] 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 methods including Giropay, iDEAL, Ukash, Direct eBanking or POLi.[13] 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.[14] 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 companys Net+
MasterCard debit card at point-of-sale and automated teller machines.

Neteller Net+ card [edit]

In 2003 the company launched the Neteller Card.[2] In 2007 it replaced these cards with
MasterCard debit cards and re-branded the card product line as Neteller Net+ in 2008.[15]
Under the Neteller Net+ name the company offers MasterCard prepaid debit cards and
merchant-brandable card programs, and formerly offered virtual cards.[16] The Net+ virtual card
generated a different virtual card number for each transaction instead of having a fixed card
number, preventing some forms of fraud. If unauthorised users obtain and try to use card
numbers, or if an otherwise legitimate merchant tries to take additional, unauthorised,
payments, the transaction fails as the card number cannot be re-used.

References

[edit]

1. ^ "Neteller case study"

. Isle of Man

Government. Archived from the original

on 2012-04-19.
2. ^ a b "Company History"

. Optimal

3. ^ "Basic details for: 229737 - Neteller (UK)

. Financial Services Authority.

4. ^ "Financial Services Register"

http://en.wikipedia.org/wiki/Neteller[05/07/2014 2:31:24 PM]

. Optimal Payments. p.46.

2010"

. Optimal Payments. p.64.

10. ^ Williams, Christopher (2007-03-27).

"Canada sticks the boot into Neteller"

. Financial

The Register. Retrieved 2012-11-04.

11. ^ "Serviced and restricted countries"

Retrieved 2013-12-04.
Conduct Authority.

Report"

9. ^ "Optimal Payments Plc Annual Report

Payments. Retrieved 2013-12-04.

Ltd"

8. ^ "NETELLER Plc: 2006 Annual

Neteller. 2013-02-11. Retrieved 2012-0717.

Neteller - Wikipedia, the free encyclopedia

5. ^ "Security"

. Neteller. Retrieved 2013-12-

12. ^ "Get started by creating an account"

Neteller.

05.
6. ^ "U.S. Charges Two Founders Of

13. ^ "Online Payment Account Fees"

Laundering Billions Of Dollars Of Internet

Gambling Proceeds"

14. ^ "Neteller Review"

15. ^ "Net+ card launched"

New York. 2007-01-16. Retrieved 201211-04.

. PredictEm!.

Retrieved 2012-11-04.

(PDF). United

States Attorney for the Southern District of

Neteller. Retrieved 2013-12-05.

Payment Services Company With

. Finextra. 2008-

10-21. Retrieved 2012-11-04.

16. ^ "Net+ card review"

7. ^ Hunt, Christopher (2007-07-29). "Poker

. Jeuxcasino-fr.com.

2008-10-26. Retrieved 2012-11-04.

News - NETeller Begins Long-Awaited

Payout Plan"

. PokerListings. Retrieved

2013-12-05.

External links

[edit]

Neteller official site

Categories: Electronic currencies
Online gambling

Companies of the Isle of Man

Payment systems

Electronic funds transfer

This page was last modified on 2 May 2014 at 06:51.

Text is available under the Creative Commons Attribution-ShareAlike License;
additional terms may apply. By using this site,
you agree to the Terms of Use and Privacy Policy. Wikipedia is a registered trademark of the Wikimedia Foundation, Inc.,
a non-profit organization.
Privacy policy

About Wikipedia

http://en.wikipedia.org/wiki/Neteller[05/07/2014 2:31:24 PM]

Disclaimers

Contact Wikipedia

Developers

Mobile view