Wallets might be the first profound thing one grabs before heading out the door, whether they are running out for basic family errands, picking up/dropping off their kids, making impulsive shopping trips to the mall, etc. Now, one might go by without their wallet and feel safe just leaving the house with their mobile phones.

Not only is your ID digitalized, but your wallet is as well. The concept of the digital wallet was familiar and extravagant. However, it caught on after the pandemic broke out in 2019. Since then, contactless payment has no longer been a trend; its momentum has rapidly escalated into the present time. Getting coffee at Starbucks, paying for your groceries, or just about anything else can be done through one’s digital wallet. Due to the popularity of digital wallets, the tech giants have also had their very own digital wallets while making the digital wallets market quite heated with various options. Which one should you be counting on?

Here are our picks on the top 10 popular digital wallets commonly used globally in 2024.

Apple Pay

The dominant Apple devices have successfully introduced the brand’s mobile payment, aka digital wallet, Apple Pay. This allows customers to make payments using compatible Apple devices such as iPhones, iPads, Apple Watches, and Mac computers.

Launched in October 2014, Apple Pay utilizes near-field communication (NFC) technology to enable secure contactless transactions. Apple Pay allows users to track all costs, and the service’s security is maintained at a high level, practically eliminating unauthorized interference. If you lose your phone, the service data remains inaccessible to intruders. Safety is always taken seriously at Apple, making their brand stand out among the crowd.

The only downside of Apple Pay is that it’s only available on Apple devices. Once your Apple device’s battery runs low, which happens quite often, you’re at a disadvantage if you’re constantly on the go. It’s an easy fix with a power bank, but always carrying a power bank is not ideal.

PayPal

Paypal has been around for decades and is known as one of the world’s largest online payment processors. Even before digital wallets were fully acknowledged and accepted, Paypal was favored by eCommerce websites in over 200 countries and supports multiple currencies.

PayPal is adaptable to both Android and iOS operating systems, creating a seamless and secure transaction across platforms. However, Paypal is limited in developing countries, where withdrawals from Paypal accounts to your local bank account often fail to go through, which is a minus point for those in urgent.

Though the withdrawal might not be successful, you’ll still be charged a transaction fee. If luck wasn’t on your side, you might have to carry out multiple withdrawals until it goes through and gets charged multiple times; the cost can add up and be quite a cut-off from your original revenue.

Cash App

Cash App – a convenient money transfer service developed by Square Inc. – can be used for multiple purposes, including paying bills, making purchases at stores, sharing travel costs, and so on. It presents a high-security level service for converting all payment information into tokens and is inaccessible without the user’s fingerprint.

Like PayPal, the Cash App is available for Android and Apple devices. However, transactions in the app are limitedly transparent. You would need to pay an extra 1.5% commission for instant money transfers, and international digital payments are not supported.

Google Pay

Google Pay is another mobile wallet that allows payments using NFC technology. Simply tap your phone on an NFC-enabled payment terminal to complete a transaction. The DPAN technology integrated into this digital wallet protects your financial information, making it a fast and secure solution suitable for both personal and business use.

Google Pay can be used on both Apple and Android devices. Businesses can use Google Pay to link loyalty rewards with their payment system and strengthen customer relationships.

Samsung Pay

Samsung Pay is famous for easy online and in-app shopping, developed by no other than Samsung itself, a top hardware manufacturer. Link this app to your credit card, and you can use it to make payments at the point of sale (PoS) machine. Samsung Pay stands out for its ability to work with NFC and MST payments. The MST technology enables Samsung Pay to work with traditional card readers; this expands the range of merchants available to Samsung users beyond the NFC payment systems. However, Samsung Pay cannot be used for P2P expenses and is exclusively compatible with Samsung devices.

Venmo

If you’re looking for a peer-to-peer payment application that makes money transfers between people easy, Venmo—founded in 2009—is right up your alley. It has multitasking features such as bill splitting, expenditure sharing, and buddy reimbursement. Your bank accounts or credit/debit cards can easily connect to Venmo to make transactions.

The social feed is Venmo’s unique feature that allows you to chat casually with other people since it displays transactions with optional emoticons and messages. Don’t worry about your privacy just yet! You can manage transaction visibility by changing privacy settings.

Amazon Pay

The expansion of Amazon has made Amazon Pay one of the most widely used and accepted e-wallets. With Amazon Pay, customers can make payments using cards or bank accounts in the blink of an eye, and the checkout process at Amazon stores has never been faster.

Amazon Pay recommends that partner companies combine a payment button on their websites to streamline customer transactions and make the process more efficient. Making payments using amazon.com profiles will ensure strong data security.

Zelle

Zelle is an online platform for fast sending and receiving money between US bank accounts. Recipients can receive payments promptly with Zelle without waiting or paying an additional fee using bank account information. Payments are primarily set up right on the bank’s website.

Zelle was designed and operated by seven of the largest banks in the US, including Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo. It is well-known for its high security level since it uses encryption to protect your payment information. You know how banks deal with security; they take extremist measures and are security-conscious every step of the way. It is one of the popular digital wallet choices as Zelle comes automatically with many bank accounts. Zelle also has a policy to help you get your money back “if a scammer or hacker gains unauthorized access to a bank account,” “victims can work directly with their bank for a refund.”

Dwolla

Dwolla attracts users with its low transaction fees, easy automation, and high-security level. It partners with major US banks, including Bank of America and Silicon Valley Bank, which is a testament to its reliability.

Though Dwolla offers advanced features for developers, superior technical support, and speedy payment processing, choosing Dwolla is still a consideration due to the expensive tariff plan, unavailable credit card transactions, and limited features for ordinary users. The service proposes three pricing plans: free or trial, standard, and corporate. Paying a subscription plan was only ideal for customers if they went long-term, which Dwolla’s vision seems to head toward.

Walmart Pay

Walmart Pay generates its own QR code for payments on its app. It is compatible with all smartphones on the market, any credit or debit card from all banks, and the company’s prepaid and gift cards.

All you need to do is install the app and scan the QR code shown at checkout. All you need is a smartphone with a working camera, no new generation mobile phone with NFC chips, or anything with unique technology. The only downside of Walmart Pay is its availability within the United States and in Walmart stores only.

Digital Wallets – kick-starting a cashless society

Digital wallets offer a faster, easier, and more convenient way to make online and in-store purchases, pay bills, deposit, or transfer money to businesses or individuals. They improve the checkout process experience by simplifying payment, boosting sales revenue, and lessening the percentage of online shopping carts. Digital wallets are usually free to set up and connect to your personal bank accounts or credit cards. Apart from the ease of access, digital wallets frequently launch purchase promotions, cashback, transaction rebates, and exclusive items.

Top digital wallet companies also acknowledge the importance of constantly updating their app to keep them relevant to the nonstop-growing online financial ecosystem. An excellent digital wallet app idea can restructure online payments and finance management for users. For flawless and functional digital wallets, these vendors must undergo intensive testing methodologies, including user acceptance testing, GUI testing, and other Functional testing. Some are done internally, while others outsource them to other software testing services professionals, like Shift Asia. If you’re seeking a private consultant for your latest software development, feel free to contact the Shift Asia support team to hear from the experts.