Neteller is an online wallet service provided by the PaySafe Group, which today also owns both their former main competitor Skrill, as well as the UKash pre-paid voucher service which has since been rebranded as PaySafeCard.
These mergers probably wouldn’t have been permitted in any other market or industry, considering that there was little to no genuine competition left once these services had been bundled together into one larger group.
The inevitable consequences of this were simple to predict: prices were largely synchronized across the three brands, except where a large disparity already existed that wasn’t raising any concern amongst their customers.
As an example, Neteller had always charged more to use their Net+ card than Skrill had asked for their equivalent ATM card, and this disparity remained in place for several years. Conversely, many of Skrill’s prices were increased to bring them in line with those of Neteller.
Today, things have changed a little; Neteller has been repositioned as more of a “premium” alternative to Skrill, with better customer support, more promotional partnerships with online gaming sites, and other benefits. Of course, nothing comes for free and Neteller’s customers can expect to pay more for cryptocurrency transactions and bank withdrawals in return for those added extras – despite the fact both services are effectively running on the same platform and server infrastructure.