Digital wallets, which many people and business operators around the world also often refer to as e-Wallets, electronic wallets, or web wallets, are financial applications/online payment processing services that allow users to pay for goods and services, and send money to and from anyone, anywhere in the world.
They can also be used to track payments/transaction history and store things digitally.
On this page, we will be taking a closer look at why so-called digital wallets are an enduring payment option for millions worldwide. We will also reveal 20 of today’s best digital wallets that some of you may already be familiar with.
Why do people use digital wallets?
There are many different reasons why people use digital wallets today. They are multi-functional and can be used for more than just paying for goods and services at the checkout.
For example, they can also be used to send and receive money anywhere in the world, provided the recipient also has the same digital wallet.
In other words, if you have a PayPal account, you can send and receive money to and from any other PayPal account holder in the world.
PayPal is the oldest digital wallet in the world. It was originally called an e-Wallet, but the term used by mainstream outlets and fintech companies has changed over the years. It’s also the most iconic digital wallet.
The company started as ‘Confinity’ in 1998, and it was the first to develop a traditional digital wallet payment processing system and software the following year. The company merged with another online banking company and was eventually renamed PayPal in 2001.
Not only can digital wallets be used online at the checkout of hundreds of thousands of trusted websites, but they can also now be used to pay for things in the real world at point-of-sale machines at a growing number of land-based/real-world shops, stores, and other places.
For example, people around the world can use the digital currency stored in their digital wallet to pay for things like Uber rides, taxi rides, meals and drinks at restaurants, as well as bus, train, and plane tickets at bus stops, on the actual buses, at train stations, and at airports.
People also use their digital wallets to pay for things like concert, theatre, and cinema tickets.
They are a great way to pay for things, and they eliminate the need to carry around physical cash (coins, notes, bank cheques) and physical bank cards (credit and debit cards) with you.
In other words, thanks to digital wallets, you no longer need to carry a bulky wallet or purse, which could easily be lost or stolen.
Can digital wallets be used to top up online casino accounts?
Yes. Digital wallets like PayPal are now accepted at hundreds of fully licensed casino sites with the best free spins no wagering offers. There are well over 30 trusted digital wallets out there today, and some are more widely accepted than others.
To find out if your preferred digital wallet can be used to deposit or withdraw at your favourite casino site, all you need to do is log in to your account and head straight to the banking/cashier section. Here, you should be able to find a complete list of digital wallets that are currently accepted there.
Failing that, all you need to do is contact the player support when logged into your account, and they should be able to let you know which digital wallets they accept. They can usually be reached 24/7 via toll-free live chat, telephone, and email support.
What else can I use my digital wallet for besides paying for goods and services and sending & receiving money?
Each digital wallet is different in terms of what it can be used for. However, digital wallets are increasingly adding extra features and services, which means you can do more than just pay for things or send/receive money.
Some of the other things digital wallets can be used for are storing things digitally, such as the following:
- Storing digital concert, cinema, and theatre tickets
- Storing bus, train, and plane tickets
- Storing hotel/accommodation/booking reservations
- Storing membership cards
- Storing personal identification (such as scanned digital copies of your driving licence, passport, or other valid form of ID)
- Storing digital coupons, gift cards, and vouchers
Some digital wallets can even store digital car keys (only for some of the latest and most advanced cars). Over the coming years, people will undoubtedly be able to do even more with their digital wallets.
A look at some of today’s most popular digital wallets
As mentioned, there are many different digital wallets to choose from today. You need to find the right kind of digital wallet that caters best to your needs.
For example, PayPal might work for your friends, but it may not work so well for you, so you might like to try another digital wallet that’s more convenient for you. Although most of today’s digital wallets can be used for pretty much the same things, some are much better and more reliable than others.
The type of digital wallets you can sign up for and use at the checkout (either online or out in the real world) is often determined by which website or store you are trying to purchase items from or which country you are based in. It can also depend on which device you use.
For example, the Samsung Wallet is available on Android devices and not Apple devices and Apple Pay is available on iOS devices and not Android devices, and so on.
The most popular digital wallets in the world today are the following secure, reliable, convenient, and user-friendly brands:
- Apple Pay
- Samsung Wallet
- Google Wallet
- Microsoft Wallet
- Cash App
- Android Pay
- Trustly Wallet
- Facebook Pay
Some of these digital wallets are called open wallets, meaning they can be used at thousands of land-based and online merchants worldwide. Others are classed as closed wallets, which means they can only be used at the checkout of just one or two websites.
There are numerous other perfectly secure digital wallets out there, examples of which include ClickandBuy, EcoPayz, Jeton, EntroPay, Citadel, WebMoney, and MiFinity. Others include Paytm, Zelle, Payz, eZeeWallet, EPS, and Dotpay, to name just a few.
Why are digital wallets an enduring payment option for transactions?
As mentioned, digital wallets are one of the most convenient ways to pay for things. You don’t need to carry a wallet with you, which could get lost or stolen. Instead, you can use the digital currency stored in your digital wallet on your smartphone or tablet device to pay for things.
Some people prefer not to pay for things with their credit or debit cards, especially at certain websites, which is where digital wallets come in handy. They are perfectly secure and usually free to use, which is why they are the preferred payment option for millions of people worldwide. The owners of digital wallet service providers are heavily vetted, and trusted watch dogs constantly monitor their day-to-day operations. In other words, you have nothing to worry about when using a digital wallet to pay for goods and services, send or receive money, or store any of the digital items mentioned above.
Do you need a digital wallet?
No. You don’t need a digital wallet. However, they can be extremely useful and are a great way to pay for things at websites using either a smartphone, tablet, laptop, or desktop computer.
Also, it appears we are heading towards a cashless society, so you don’t want to be left behind. You may want to sign up to at least one digital wallet to find out what all the fuss is about.
You never know; you might prefer using a digital wallet to pay for things rather than using your credit or debit card or physical cash. In fact, you will find that many people are signed up to several digital wallets.
For example, some people have active accounts with Apple Pay, NETELLER, PayPal, and Skrill. Each website is different in terms of which digital wallets it accepts, so it’s always worth having a few different digital wallet options available.
You can sign up to most digital wallets today in under a minute, and they are generally easy to use, which is another reason why so many people prefer to use them for transactions.
If, for example, you want to use PayPal, you would first need to open an account with them. Simply visit the official PayPal website from your desktop or mobile device and then fill out the online registration form and all of the necessary fields with correct/honest/accurate information about yourself.
You can then top up your PayPal account by getting another PayPal account holder (perhaps a friend, colleague, or relative) to send money to your account. Alternatively, you can connect your PayPal account to your preferred bank account or to your preferred credit or debit card.
When it’s linked to your bank account or bank card, you can then send money to your PayPal account from your bank. It’s that simple. Next, all you need to do is use your PayPal digital wallet wherever PayPal is accepted.
All of your transactions are stored, so you can keep track of your transaction history with a few clicks or taps when logged into your PayPal account.
You can process transactions instantly in your web browser or from within the perfectly secure PayPal mobile app, which is free to download and only takes a matter of seconds to successfully install onto most modern smartphones and tablets.