A digital wallet, which is otherwise known as a web wallet, an electronic wallet, or an e-Wallet, is a financial transaction service/mobile application that can be accessed from any modern smartphone, tablet, desktop or laptop with Wi-Fi-internet connectivity. Digital wallets are used to pay for things at online and offline checkouts around the world, and they can also be used for the storing of things like hotel reservations, concert tickets, bus tickets, plane & train tickets, coupons, gift cards, identification, car keys, and so much more.
Top 3 digital wallets you might like to try
There are lots of perfectly secure, reliable, and convenient digital wallets to choose from in 2022, but the exact digital wallet solutions that you can use and will have access to will depend on certain things, such as which country you live in, which smartphone or tablet device you have, and which online or offline store you are trying to purchase goods or services from. Some digital wallets are more widely accepted than others.
The top 3 digital wallets that you may like to try in 2022, which are now accepted at hundreds of thousands of trusted merchants in more than 200 countries, include the following:
- PayPal
- Apple Pay
- Samsung Pay
Other honourable mentions
Some of the other popular digital wallets that can also be used for things like paying for goods/services at the checkout, sending & receiving money anywhere in the world, and storing money and other digital assets are AliPay, Amazon Pay, Google Pay, Microsoft Wallet, Skrill, NETELLER, Venmo, Wise, Dwolla, Facebook Pay, and Cash App. As mentioned, some of these digital wallets are capable of doing more things than others, and they can be described as either semi-closed digital wallets, closed digital wallets, or open wallets.
A closed wallet, for example, Amazon Pay, can only be used at Amazon to pay for things. You, therefore, couldn’t use Amazon Pay to pay for chips at your average PayPal casinos UK. PayPal, on the other hand, can be described as an open wallet and can be used almost anywhere in the world (basically, where the PayPal logo can be seen at the checkout).
Are digital wallets free to use?
When using a digital wallet to pay for things, most of the time, they are free to use. However, some digital wallets may charge a tiny processing fee on top of each transaction. This nominal fee will be hardly noticeable, but it’s always worth checking how much they will charge before signing up to and using the financial/payment processing services of any digital wallet.
Why should I try a digital wallet?
Digital wallets are far more secure than traditional banking methods, and they are quick and easy to use. For example, digital wallets eliminate the need to carry around your credit or debit card with you, and they also eliminate the need to carry around a wallet stuffed with coins or banknotes. They are a great alternative to traditional payment solutions, and they are the future of payments.
If you would like to start using PayPal to pay for things, you can open up a new account in just seconds over on the official PayPal website. It’s easy to use, and all you need to do is connect your PayPal account to your bank account, debit or credit card so that you can start using PayPal to pay for things.
Aidan has been writing about personal finance for over 6 years. Prior to this, he worked as a Corporate Finance Analyst where he specialized in Due Diligence, Company Valuations and more. He is a CFA charterholder.
