What is a digital wallet?
a digital wallet is a software operating monetary system that serves as a bank online. These digital wallets don’t need a bank account nor does it require a physical branch because every needed information is stored online in fact, you don’t need to remember your password because a digital wallet has it in store.
15 Best Digital Wallets: Explained
Digital wallets have been useful to individuals and companies in terms of financial management. In the article, we are going to look at the top 15 digital wallets in the world and the factors required when choosing a digital wallet. We are going to move with more details below
Top 15 Digital Walllets
1) Apple Pay
Apple pay is the best digital wallet. You can make safe payments using this digital wallet. You don’t need to take your card along with you because Apple Pay transactions are fast, easy, and secured.
• Venmo
Venmo is an authorized payment app with over 70 million users. Venmo enables you to send and receive money anywhere in the world. With Venmo, you can share some personal information(name, address, etc) when transferring money to someone. .
• Google Pay
Google Pay is one of the best digital wallets used anywhere in the world. With Google Pay, forget about scammers because this wallet is best secured.
To effectively use it, connect your phone number and bank account and after that, you can send money instantly from your bank account. Google Pay can be used to pay bills. The best part is that Google Pay offers cashback to its users.
• PayPal: Mobile Cash
PayPal is one of the most used digital wallets with over 300 million active users all over the world.
The main users of this digital wallet are employees and businessmen, but why? because through PayPal, money can be transferred anywhere in the world.
If you do any form of international job, then PayPal is the best digital wallet for you. The transactions on PayPal are smooth, fast, and secure.
• Cash App
Cash App is a digital wallet that enables you to send and receive money through different methods. To make transactions using this app, you need to scan the QR code or enter a phone number or cash tag.
If you want, Cash App will customize a debit card for you for free.
• Dwolla
Dwolla is a very popular and safe modern digital platform that is accepted in most countries in the world. Built on secured technology, Dwolla helps users to buy and sell safely.
To use Dwolla fastly and effectively, add your card numbers and bank details.
• Zelle
Zelle is a digital wallet used to make transactions overseas. Zelle does not charge for transactions nor are there hidden fees on Zelle. As a result of this, Zelle is a cost-effective platform.
• Walmart Pay
Walmart Pay is owned by Walmart and it is one of the biggest companies located in the US.
To effectively use this wallet, add your card numbers and bank details. After adding your details, you will be able to transact through the app.
Walmart is available worldwide and can be used on any end of the world.
• Facebook Pay
Facebook Pay is powered by Facebook.. Facebook pay has been advancing ever since its unleashing. It enables you to pay and buy online products and pay using Facebook.
• Samsung Pay
Samsung Pay is an app on Samsung Mobile. Samsung Pay has features that are helpful daily and offers cashback and rewards.
If you want to use this app, then you have to add your bank details or card number.
AliPay
AliPay is a China-based digital wallet founded by Jack Ma. AliPay. AliPay Mobile wallet is recommended because of its high level of security. This is can be used anywhere in the world.
Adyen
Adyen is a digital wallet that not only stores your money and helps you promote your business. You can sell locally and internationally and get paid on Adyen.
Vodafone M-Pesa
Vodafone M-Pesa is supported by Vodafone-the largest fintech company in Africa with 48.3 million users, Vodafone M-Pesa allows you to send and receive money from any place.
With Vodafone, you can receive loans, salaries, and payments.
Airtel Money
Airtel money is powered by Airtel Telecommunications. Airtel money is a very safe digital wallet. You can link your phone number and bank account with this wallet. You can also receive money and pay bills with airtel money.
Factors To Consider When Choosing A Digital Wallet
Ease of use.
Security.
The user interface.
Reputation of the company.
Conclusion
Digital wallets are online e-banks that help in storing, buying, and selling online. There are many digital wallets online but some are exceptional. If you are new to digital wallets system, then you can choose a wallet that best suit you but make sure you consider the factors before choosing anyone.
- Is there a different name for digital wallets?
Yes, digital wallets can also be called e-wallets.
- How will I know if a digital wallet is legit?
Using the factors above, you can easily identify a fake from a real digital wallet.
- Are there rules that guide digital wallets?
Yes some rules guide digital wallets and if you go against them, you might be suspended or banned.
