Do Digital Wallets Facilitate Online Gambling?
Digital wallets or electronic wallets are ways you can transfer funds online to pay bills and purchase things. It is a convenient payment method for those that perform various online transactions. According to businessman Richard Lechartier, e Wallets are one of the greatest financial inventions ever known. They have many benefits and have helped many sectors like the finance sector, and so on. Even though e-Wallets have their uses, some unscrupulous people use them to perform illegal activities. For example, in countries like Indonesia where gambling is illegal, gamblers use e-Wallets to fund their illegal activities. This is because the Indonesian government has banned all means for gamblers to finance their gambling addiction.
About Richard Lechartier
50 year old Richard Lechartier is an entrepreneur who founded the AVENTI Group with other people. They established AVENTI in the United Kingdom in the ’90s, and Richard was given the job of co managing Director. He held the post for many years and did a good job. Under his leadership, AVENTI became a leading distributor in the home entertainment industry. In 2014, the owners of the firm sold it to those who were ready to buy it. After selling AVENTI, Richard founded another entertainment firm in the United Kingdom. This new firm deals with the production and distribution of movies.
Advantages of E-Wallets In the Finance Sector
We understand that it can be quite a challenge to adapt to new tools, but firms need to do it. Firms should leave the old digital tools and traditional business methods. They should embrace new technology and business strategies. They must carefully plan and ask for help from I.T experts if they need it. An organization that is too rigid in its belief and doesn’t want to learn will soon pack up.
Additionally, if a firm notices that its workers don’t have new skills, it should upskill them.
E-Wallets are necessary for the following reasons:
● Seamless integration: New electronic wallets are seamlessly integrated with new and advanced financial technologies. This means that banks can provide users with many banking options.
● It is scalable: Bank clients have the option of choosing what they want on their electronic wallets.
Why the Indonesian Government is strict on E-wallet providers
In Indonesia, the government has said that digital wallets have made it easy for people to gamble. The government also said that e Wallets also encourage bad gambling habits in people. This was further proved by an Indonesian financial body. According to the financial body, gambles find it easy to deposit and receive money through digital gambling. They can even fund their digital gambling wallets and continue to gamble until the money is finished. When the money is finished, the gamblers can transfer funds from their banks to the e Wallets. Then they use the funds to gamble online. Another Indonesian financial body also supported this claim when it found out that gamblers use e-Wallets to gamble.
E-Wallets providers are not helping matters in Indonesia because they directly help gamblers break the law. They make it easy for gamblers to access their bank accounts directly for gambling. What they do is allow digital gambling platforms to integrate digital wallets into their platforms. When gamblers need money or need to pay, they can go to the payment portal and access their e wallets.
Why Gamblers Use E wallets
Modern gamblers now prefer to use e wallets instead of transferring funds straight from their banks. This way, it won’t be easy for the
government to detect that they have moved funds from their accounts. When the gamblers lose money, they move on to other digital gambling websites. Many financial bodies in Indonesia have implored the government to sanction e wallet providers if they help digital gamblers. In addition, they asked the government to also punish fintech firms that manufacture digital products that help digital gamblers.
What E-wallets Providers Have to Say
In the same vein, a director of an e-wallets service provider revealed that his company never promoted gambling. He went on to say that his firm always complies with the Indonesian gambling rules officially and unofficially. The company never partnered with any gambling sites or platforms nor provided them with financial services. The director then informed an Indonesian news outlet about how his company has always been transparent in its dealings. Furthermore, he said that any report that his company worked with a gambling platform is unsubstantiated. The director named his firm as a lawabiding one that follows the government laid down rules. Additionally, the firm has taken many steps to support the Indonesian government. Such steps include; the identification and report of e wallet accounts that gamble online to the appropriate authorities. The provider also blocks e wallets that are used to gamble online or are involved in gambling. Additionally, the provider reports social media pages and websites that are involved in any gambling activities.
Lastly, Richard Lechartier acknowledged that e wallets have done more good than harm. However, the use of e-wallets to perform
activities that have been banned by the government should be frowned upon. He advises all e wallet providers to adhere strictly to the rules of any country they operate in.