10 Top Digital Wallets To Use in 2023

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It is possible to forget your wallet or lunch at home but forgetting your mobile sounds impossible. And with the growing use of phones as a daily part of our lives, digital wallets have become an efficient alternative to cash or credit/debit cards. This article will further discuss the Top 10 Digital wallets to use.

top digital wallets

A digital wallet is a mobile-based application that helps you make payments online without requiring you to remember your password or carry your debit/credit cards. So, you can use these 10 top-ranked digital wallets- Google wallet, Google pay, Apple pay, PayPal, Venmo, Cash App, Amazon Pay, Samsung Pay, Zelle, and Dwolla.

Here in the article, we will know about these top digital wallets in detail.

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Top 10 Best Digital Wallets You Must Try

Here are the top digital wallets:

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Apple Pay

Apple Pay is a digital app launched in 2014 by Apple Inc. Although it is available only for Apple users, i.e., on iOS devices like MacBooks, iPads & iPhones, it can be used anywhere for contactless payments regardless of whether the terminal is apple specific. Apple pay is easy to use in online and in-store transactions and is among the top digital wallets used worldwide.

apple pay

Pros

  • completely private  
  • Highly secure
  • simple one-tap transactions

cons

  • only for apple-users, which makes it limited for use 
  • a lot of software failure during payments
  • vulnerable to frauds

Zelle

Zelle is a one-way money transfer application; anyone with a registered mobile or bank account in the U.S. can make easy payments within a few minutes. Similar to PayPal, Venmo, and Google Pay, Zelle is a peer-to-peer friendly payment application that lets you send or receive money quickly.

zelle

Zelle transactions are free of cost, although you require a U.S. mobile number or a registered email with any bank situated in the U.S.

Pros

  • No additional fee for payments

Cons

  • one-way payments
  • This application does not maintain a cash balance
  • No payment cancellation
  • The account can’t be linked to a credit card

Amazon Pay

One of the most renowned digital wallet applications today is amazon pay. Anyone with an Amazon account can make purchases using this application, and Amazon Pay uses your available credentials saved in your Amazon account to make payments.

amazon pay

Pros

  •  Easy to use

Cons

  • The customer requires an Amazon account to make purchases and payments

Paypal

Paypal is the oldest and most widely used digital wallet. It is one application that has signed agreements with Mastercard and card processor First Data. 

paypal

Pros

  • easy peer-to-peer transactions
  • Easy to use
  • Highly efficient security system, 
  • company has significant measures for fraud
  • No extra costs charged

Cons

  • High charges on credit card transactions
  • Account suspension due to terms and conditions

Google Pay 

Google Pay has a well-placed defense system against system fraud. Using this application, you can easily make safe payments. A four-digit personal identification number and phone lock features are provided in your google pay account to protect your account from third-party infiltrations.

google pay

Pros

  • Well-defined application protection system 
  • Easy profile disabling feature
  • User-friendly interface

Cons

  • Not always accepted
  • Data security concerns
  • Costs 1.5% charge on withdrawal of funds
  • Data privacy is not adequate

Venmo

Venmo provides a quick, user-friendly way to send money. It is an excellent application as it encrypts your data to protect your financial information. 

venmo

Pros

  • low fee on credit card transactions
  • Unique messages are attached to your payments

Cons

  • Fees charged
  • Data privacy compromised
  • No interest on the deposited amount

Cash Pay

Cash App mobile application was published in 2014, and now it is one of the most secure top digital wallets. It allows customers to make contactless purchases using iPhone or iPad, but only in recent applications. You can also buy shares and invest using this application for as low as $1. 

cash pay

Pros 

  • Efficient fraud protection
  • Easy mobile payments
  • No fee for sending and receiving

Cons 

  • No international transactions

Samsung Pay

Samsung Pay is a digital wallet that helps you efficiently manage your money account. It was launched in 2015 and is available only for Samsung users. Samsung pay charges no extra or additional costs, and it helps users store gift cards, rewards cards, and memberships. 

samsung pay

Pros 

  • Adequate transparency
  • Non-Invasive process
  • Stored personal and professional details
  • Immediate activation

Cons

  • Limited area of use; only Samsung users

Dwolla

Dwolla digital wallet application provides a payment network that can transfer money between U.S. bank accounts and credit unions simply by using their email address or phone number. This top digital wallet also contains a feature to store personal and payment information. Dwolla, thus makes transactions quick and easy.

dwolla

Pros

  • strong customer support
  •  Transaction fees are low
  • No setup fee

Cons

  • No credit transactions
  • Not available worldwide

Google Wallets

The web application helps consumers send money to anyone in the U.S. by using an email address or phone number directly from their debit card, bank account, or Wallet Balance. Transfers occur in just a few minutes, and you’ll need your Google Payments PIN to access funds.

google wallet

Pros

  • Google Wallet is a server-side wallet, meaning users’ information is stored on Google’s system. 
  • Users can transfer as many funds as they would like to the wallet
  • Google wallet is focused on peer-to-peer payments

Cons

  • Google wallet’s support for the app itself could be better. 

Google Wallet charges high fees-Credit fees can be up to 4%, and debit fees will either be 1.5% or $0.31. There is no bank transfer fee; you can withdraw money in around 1-3 business days.

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FAQs

Which digital wallet is the best?

The above-listed digital wallets include the top 10 digital wallets that are- - Google Wallet, Apple Pay, Pay, Venmo, Cash App, Amazon Pay, Samsung Pay, Zelle, and Dwolla. There are other applications such as Android Pay, Mobiquick & Ali Pay.

Is Zelle a digital wallet?

Zelle is a one-way money transfer application; anyone with a registered mobile or bank account in the U.S. can make easy payments within a few minutes. Similar to PayPal, Venmo, and Google Pay, Zelle is a peer-to-peer friendly payment application that lets you send or receive money quickly. Zelle transactions are free of cost, although you require a U.S. mobile number or a registered email with any bank situated in the U.S.

Is Venmo a digital wallet?

Venmo is a digital wallet application that provides a quick, user-friendly way to send money. It is an excellent application as it encrypts your data to protect your financial information.

Does apple pay charge transaction fees?

No

Conclusion

Thus these were the top digital wallets that were in use. A Digital wallet is one of the easiest ways to do transactions, and it has become a huge market in recent times. You will not find anyone who is not using a digital wallet; hence although it is very efficient, it also comes with various loop holes, so if you are using a digital wallet, you have to be careful.

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