7 Best Digital Wallet Apps You Need to Know

Digital wallet apps provide modernized payment security and convenience, making them a popular choice instead of a physical credit card for today’s consumers. A typical digital wallet stores your payment information on your smartphone, tablet, laptop, smartwatch, and other mobile devices.

But many newer digital wallets have innovative additional features that make digital payments and mobile bank account access simpler and safer than ever.

If you’re ready to ditch your physical wallet and set up a new digital wallet, it’s time to narrow down the available options. Here are our picks for the 7 best digital wallet apps, ready for you to download.

Here’s What We’ll Cover:

What Is A Digital Wallet?

The Best Digital Wallet Apps

Benefits of a Digital Wallet

Conclusion

Frequently Asked Questions

What Is A Digital Wallet?

A digital wallet is an application or online service that stores your payment information on a mobile device. Including debit cards, credit cards, and bank account information, a digital wallet makes it simple to have all your available payment options close at hand.

Many digital wallets go beyond payment information, storing confirmation numbers, travel arrangements, and ticket numbers. Digital wallets create electronic versions of your cards and various payment methods, preventing them from directly storing your account numbers and personal information. This makes digital wallets ultra-secure and convenient.

The Best Digital Wallet Apps

If you want to make your life easier, you will want to check out the following entries. You can look forward to incredible convenience for personal or business use. So ditch that physical wallet and switch to a digital wallet.

FreshBooks Payments

FreshBooks Payments lets your clients pay you with invoices. And it automatically records these payments in your FreshBooks account. It is fast, simple, safe, and perfectly integrated. Providing your customers with multiple payment methods means you can get paid faster.

And because the pricing of FreshBooks Payments is transparent, you will always know exactly how much money you make. You can even accept credit card payments on the invoice with a single click.

Then, perform a few more steps, and FreshBooks will deposit your funds into the correct account. It’s fast, intuitive, and a breeze to use. You can even try it for free to see if you like it before you buy. Click here to get started.

Square Cash App

The Cash App came out in 2014, allowing users to make effortless, contactless purchases. Best of all, you do so right from your iPhone (or iPad).

However, it only works on iPhone 6 and later models. Thanks to Square’s digital wallet, you can store your debit or credit card info. It’s just like most other digital wallet apps.

The difference here is that your information gets converted into a special token. But this token only works when you provide your fingerprint. This makes it one of the safest wallets around. Cash App also has another app available.

Aptly named “Wallet,” this convenient app can store:

• Membership cards
• Boarding passes
• Concert tickets
• Movie tickets
• Coupons

Being able to keep so many things in one place allows for the ultimate convenience.

PayPal

PayPal is one of the most popular mobile wallets. It’s also been around longer than most others. You can use your PayPal account it to transfer funds or make online payments. Furthermore, you can use PayPal on an Android or iOS mobile device.

After signing an agreement with First Data card processor and Mastercard, PayPal stepped up its efforts. Customers now have the option to pay using PayPal’s desktop or phone app.

This uses the tap-to-pay process found in many other digital wallet apps.

Google Wallet

Until 2016, Google’s Wallet was still a mobile application. It is now a web-based application, that allows you to send money to family and friends in the United States. It does so directly from your debit card, bank account, or Google Wallet balance.

This service uses an email address or phone number. The transfer only takes a few minutes, but you need a Payments PIN from Google to access the funds.

Google Pay

Google Pay is another digital wallet from, you guessed it, Google. It is a fast and secure in-store smartphone payment option built into Android devices that connects to your device primary account number.

Similar to a lot of other mobile wallets, Google Pay uses NFC technology to make payments. You use it by tapping your phone on an NFC-enabled payment terminal.

The appeal of Google Pay is that Walgreens launched a loyalty platform for Google Pay customers. You can also order and buy food via Grubhub using Google Pay.

Samsung Pay

Samsung Pay came about back in 2015. It has features that other mobile wallets cannot do. For example, Samsung Pay uses both MST and NFC technologies.

As such, now you can make easy, contactless payments on NFC-enabled payment terminals. But Samsung Pay also works with magnetic stripe payment terminals.

With Samsung Pay, you can store:

• Membership cards
• Reward cards
• Credit cards
• Debit cards
• Gift cards

Samsung also has its purchase reward system that you can take advantage of.

Venmo

The same company that owns PayPal owns Venmo, perhaps the most popular application for peer-to-peer payments. To use Venmo, you just need to link your checking account, credit card, or debit card. Then, you can start sending money to friends and family. Venmo also lets you receive money.

Your financial data stays safe thanks to encryption technology. You may also share your transactions via messages on Foursquare, Twitter, or Facebook.

Money transfers are free when you use your debit card or bank account. But if you use a credit card, there’s a fee of 2.9%.

Benefits of a Digital Wallet

First and foremost, digital wallets make it easy to complete online and in-store purchases, pay bills, make deposits, or transfer money to businesses or individuals.

But an even better benefit is that the transactions completed with digital wallets are more secure, and there is less chance of fraud than with standard payment methods. Checkout with a digital wallet is effortless and straightforward, which leads to better sales and fewer abandoned online shopping carts.

Most digital wallets are free to get started and link your current accounts. Because digital wallets benefit many businesses as well, there are tons of deals, cashback offers, and access to exclusive products when you use one to pay.

Finally, more and more businesses are seeing the benefits of offering digital wallet payment, making it easy to find multiple locations with digital wallet payment integration, online and in person.

Conclusion

Digital wallets forever changed the way we make payments. If you’re a small business owner, you can streamline your operations by implementing digital payments. If you’d like even more advice regarding small businesses, head on over to our payment category.

FAQs on Digital Wallet Apps

Which digital wallet is most widely accepted?

Google Wallet and Apple Pay are the top digital wallets accepted in the United States. Both Google Wallet and Apple Pay integrate with your main Google or Apple account, making it easy to access your information from anywhere as long as you have your login information.

Venmo is the most popular digital wallet for transferring money, particularly between friends or from consumers to small business owners.

How do I set up a digital wallet on my phone?

Each phone will be slightly different. Google phones typically already have Google pay as a standard app. You can simply open the existing app and enter your bank account, debit card, and credit card information. Apple phones also come with Apple Pay and can be set up in a similar way to Google pay.

For other devices, or if you want to use a different digital wallet app than what comes standard on your device, you can search the app store for your preferred wallet app. All digital wallet apps will have a straightforward setup process when you open them the first time.

What is the difference between a mobile wallet and a digital wallet?

The primary difference between mobile wallets and digital wallets is that mobile wallets allow for contactless, in-person payment at many stores. Digital wallets store payment options that can be entered for online or digital purchases.

The terms can often be used interchangeably, but a true mobile wallet app allows for rapid contactless payments without the need for your physical card.

How do I get a digital wallet?

Chances are, you already have one! Most smartphones and tablets come with a digital wallet app pre-installed and ready for you to use. If you’re looking for a specific app, use your phone or tablet’s app store and search for the name of the digital wallet app you’re looking for. 

Can a digital wallet be hacked?

Yes, a digital wallet can be hacked if proper security measures are not in place. It is important to choose a reputable digital wallet provider and use strong passwords, two-factor authentication, and other security features to help prevent unauthorized access.

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