E-Wallets and the Government

Many people like e-wallets because they enable them to process transactions safely and securely without worry, over the internet. They use products like PayPal to purchase retail items, or things on Ebay. However, there are also those that process online slot machines and gambling transactions and those are the ones under fire.

E-wallets are just like using a kind of virtual credit card. You can use them to take money from your bank account or a credit card, which is what the convenience of online shopping is all about. You give the company, make sure it is a reputable one, your personal information, including method of payment. You choose a login, they give you a password, and then anytime you shop you can use them at any participating site.

However, with the passing of the Unlawful Internet Gambling Enforcement Act, it is now illegal to gamble online using these e-wallets. Any bank and/or processor allowing payments to gambling sites will come under investigation and if found guilty, will be prosecuted to the fullest extent of the law.

Now all payment processing systems, all e-wallets, will have to have software installed and working before this July that will identify all illegal transactions that are being processed for online slot machines and gambling sites. They will need to identify and block those specific transactions; otherwise they will be prosecuted and shut down.




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