Paymentwall shuts down Neteller due to its low conversion rates

November 13, 2017 — Paymentwall shuts down Neteller, an e-money service and a subsidiary of Paysafe Group Plc (LON: PAYS, FRA: LX7), due to its extremely low payment conversion rates in online games and online stores.

“Such payment options like Neteller are only relevant for the gambling industry, where people has no other choice to make payments,” said Honor Gunday, CEO of Paymentwall. “In reality, there is no value added for the user by paying with Neteller.”

Paymentwall conducted an investigation that shows Neteller’s extremely low conversion rates in the gaming industry, particularly in online games, MMORPG, social games, mobile, and browser games worldwide with the average conversion rate of 1%. It makes Neteller the worst performing payment method among all supported methods by Paymentwall.

“Paymentwall strives to be the platform with the highest conversion rates,” added Honor. “As an alternative to Neteller, we suggest using Visa, Mastercard, Paypal or any of 150 payment methods supported by Paymentwall.”