A digital wallet is a system based on software that safely stores passwords and payment information of users for many websites and payment methods. The primary aim of the wallet is to allow users to complete purchases with their smartphones quickly. Besides that, you can also create a strong password without worrying about remembering them later.
It is straightforward to get a digital wallet as you can download the application on your smartphone. Keep in mind to do thorough research before you decide to opt for a digital wallet. For example, research the credibility and trustworthiness of the company as you will store your financial information there.
Digital wallets have multiple layers of security, which is why they are safe to use. Each transaction you make will be protected by the app and the company behind it. These wallets are one of the most secure payment methods you will find out there.
|App Name||Fee||iOS/Android||Download Link|
|Google Pay||1.50%||iOS and Android||Link|
|LG Pay||0%||LG devices only||Link|
|Fitbit Pay||0%||iOS and Android||Link|
|Garmin Pay||0%||iOS and Android||Link|
|Venmo||3% when using a credit card||iOS and Android||Link|
|Zelle||0%||iOS and Android||Link|
|PayPal Mobile||5%||iOS and Android||Link|
|Walmart Pay||$4 and up||iOS and Android||Link|
|Facebook Pay||0%||iOS and Android||Link|
|Amazon Pay||0%||iOS and Android||Link|
|Cash App||3%||iOS and Android||Link|
|Alipay||0.1%||iOS and Android||Link|
|Dwolla||0.5%||iOS and Android||Link|
Apple Pay is the best digital wallet for all iOS users out there. All major companies such as Disney, Amazon, Nike, and many others accept it as a payment method. So, if you use an Apple device, it is the ideal way to pay for your purchases.
All your financial information is stored in your account, and you can easily link it to your card to make payments. It is only available on Apple devices.
Download Apple Pay for iOS.
Google Pay is the perfect digital wallet solution for iOS and Android users out there. All you need is a smartphone, and you can make payments in no time. The app is available in more than twenty-eight countries, and it will keep on expanding operations.
Payments are accepted instantly, and there is no additional fee except the transaction fee charged on your bank account. So, if you want payment ease and convenience on your device, Google Pay is the way to go.
LG Pay will only work if you use an LG device as it is unavailable for any other device. It is compatible with Magstripe payment terminals and most NFC readers. Because of this, you can use LG Pay almost anywhere you like.
The best part is that it is also available through voice commands. LG Pay also supports many banks such as Chase and Citizens to make your transactions easier.
Download LG Pay on Android.
Samsung Pay came into existence in 2015, and ever since then, it has thrived. That is because Samsung Pay uses MST and NFC technologies to enhance user experience. You can also use the application to sire debit and credit cards, reward cards, gift cards, memberships, and much more. The most exciting part about Samsung Pay is that they have a personalized reward system for purchases.
Download Samsung Pay on Android.
Most of us already know Fitbits because of their smartwatches and fitness trackers. Now, they even offer a digital wallet service known as Fitbit Pay, through which you can make contactless payments. Many banks throughout America and the U.K support Fitbit Pay. It works like any other digital wallet out there.
If you are always on the move, then Garmin Pay is the perfect digital wallet for you. All you need is your smartwatch to make contactless payments through Garmin Pay. It is acceptable at almost all major stores, so it is a breeze to use for people who are always traveling.
Venmo is one of the most used digital wallets among people who need to transfer money quickly. They offer a high level of security and convenience, which is why people worldwide use this wallet. If you want to use your credit card, you can link it to your Venmo wallet and make fast payments.
Keep in mind that using a Venmo wallet requires no extra fee that you have to pay. However, if you use your credit card, you will have to pay 3% of the amount as fees.
Zelle is a digital wallet backed by many top banks, which is why you might face some possible fees while using the app. However, it is highly secure, and it is best for people running a business. You can quickly and effectively transfer your money between accounts with ease and convenience.
So, if you are running a company, you can easily add this digital wallet to your list of available payment methods.
Using the PayPal Mobile app, you can send and receive money to and from PayPal accounts of other people through your smartphone. The best part is that they don’t charge any extra fee when customers use this service. All you have to do is enter the recipients’ email address or phone number to request or send payments.
You also don’t need a bank account to receive or send money using PayPal. However, if you plan to withdraw money from your PayPal account, you will need a bank account.
Make grocery shopping convenient by using Walmart Pay to pay for your items. The application is all you need to make contactless payments. Once you are done shopping, go to the checkout lane, get your items scanned, hold the QR code on the app and pay for the items in no time. You can save your debit, credit, and gift cards on your Walmart account to pay for things.
To use Facebook Pay, all you have to do is add your PayPal account or debit card to Facebook Messenger. Once you do, the money is quickly transferred to your account. You can then use Messenger to send payments and pay whoever you like. They don’t charge any transaction fees, which means you can easily make payments without worrying about paying extra.
Download Facebook Pay on iOS and Android.
All you need is an Amazon account to start using their digital wallet service of Amazon Pay. They are partnered with many websites, which is why you can use it to pay on any third-party websites that accept Amazon Pay as a payment method. Besides that, if you make any changes to your Amazon account, these will also be reflected in your Amazon Pay account.
Download Amazon Pay on iOS and Android.
When it comes to using Cash App, there is no limit to the kind of transactions you can make. You can pay for products and services, receive and send money, and accept charity money. You need to keep in mind to ensure that the company you are paying is a Cash App partner; otherwise, the transaction will not work.
Initially, Alipay was mainly for China, but in 2016 it moved to serve Europe as well. The primary aim is to ensure Chinese tourists can make payments in-store beyond the country. So, if you are running a business in a popular tourist destination or have an online store catering to overseas customers, you can give this digital wallet a try. It will pleasantly surprise you and ensure all transactions are smooth.
Dwolla works like any other digital wallet, as you can receive and send money through the application to other Dwolla users. It will not connect to your credit or debit card, but it will transfer money to and from your bank account through the ACH system. The transaction fee is only charged if you send or receive money over $10.
Download Dwolla on iOS and Android.
You can use any of them depending on the device you own and your preferences. Once you do, making payments and receiving money will become a breeze.
You can use many of these digital wallets worldwide by simply linking them with your bank account. All platforms are secure and safe to use. So, choose one now and start making contactless payments in no time.
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.