Paytrail was established in 2007 and is part of the Nets Group, a major provider of payment solutions in the Nordic market. Paytrail was originally known as ‘Suomen Verkkomaksut’ and is a licensed payment institution located in Jyväskylä, Finland. The company has over 10,000 online retail partners with services available to residents of Finland. Payment partners include adyen, Smart2Pay, Skrill and Prepaid Financial Services.
How Does Paytrail Work?
Paytrail may be used for a variety of online transactions including rental services, participation fees, fundraising, ticket sales and much more including online casino deposits. The idea behind the service is to combine all your payment methods, including e-payments to all 11 Finnish banks, credit and debit card payments, invoice and installment services, into one convenient account.
Once registered, the payment process is simplified with the use of a cloud based wallet without a download required. Additional verifications, entering card details and providing your address is eliminated with Paytrail. Your information is stored and handles all the tedious steps behind the scenes.
The purchase process is scaled back to just two steps. Provide your email address and Paytrail will send a unique on-time code to your mobile device. This code is then entered to complete the payment. The lack of a password and the use of unique PIN’s for every purchase also reduces the risk for fraud or unauthorized account access.
With all the apps out there, many of us are making in-app purchases, which this service also supports on iOS, Android, Blackberry, Windows Phone, Sailfish and more.
In terms of online gaming, Paytrail offers e-payments for all Finnish banks with one service.
Pros & Cons
A major plus to using Paytrail is the lack of a password. The one-time PIN provides safety and security like none other. Your payment information is stored within the cloud based wallet eliminating the hassle of entering payment information with every purchase.
The company is an authorized payment institution and abides by strict risk and anti-fraud protection procedures. The security is a plus and the use of the unique PIN makes fraud difficult but not impossible. It is worth noting that online casino deposits made using your bank account via Paytrail are irreversible. The service is also restricted to the Finnish market only at this time.
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