Today digital wallets have become more convenient to make payments with your smartphone. Even a right digital wallet may let you become richer.
With the convenient function of digital wallets, you can never bring cash any longer. In fact nowadays cash is losing its place. More and more people use mobile payment Apps to spend money, instead of using cash.
No wonder digital wallets are one of best mobile payment methods. As a new trend among the youngsters, digital wallets are more secure too.
It is not strange that every one want to share a piece. Traditional financial institutions like banks, credit cards, are also trying to develop their digital wallets.
But which one is the best wallets for you? We have tried and reviewed most, here are our suggestions.
What is a Digital Wallet?
First you should know the definition of digital wallet. A digital wallet is one of the mobile payment methods, which allows you to use your smartphone to pay with APP.
Actually the function of digital wallets are similar as traditional wallets. They are not only more convenient, but also more secure.
How do Digital Wallets Work?
Normally a digital wallet will be a mobile App, but sometimes you can just use your smartphone or new tech to pay without APP. No doubt mobile APP is the most popular types of digital wallets, you may have many different APPs too.
Mainly, you need to download the APP, so you can use it as a digital wallet. After downloading the APP, you may need to add your financial information, such your bank account. So you should make sure your APP is reliable.
When you want to use this digital wallet App, you have to find a store, both online and offline, which supports your APP. Different APP has different supporting points, usually you can pay your bills with a point of sale (POS) system.
Due to the flexibility of digital wallets, the payment could be contactless. It is easy for you to wave your smartphone near POS, then you will finish your purchasing process.
Types of digital wallets
- Prepaid digital wallets: PayLater(Passfeed), Amazon Pay
- Social media Apps: Facebook Messenger, Venmo
- Traditional Bank: Bank of America, Chase Pay
- Credit card APPs: Visa, Master
- Smartphone devices: Google, Apple, Samsung
- Gift Cards: iPonts(Passfeed), Paycloud
- Bitcoin APPs: Mobi, Coinapult
The benefits of using digital wallets
Compared with traditional payment methods, digital wallets have many benefits. Here are some benefits that why you should use a digital wallet for your reference.
More convenient
As we mentioned above, a can simply use you smartphone or APP to pay the bills without bring cash. Even you go shopping online, digital wallets are seamless with most eCommerce platforms.
You do not need to calculate your cash and the changes, it is pretty easy for you to pay anything.
More secure
Before you may have the experience of losing your physical wallets, or your wallets are stolen. All your debts cards, credit cards, ID cards will be lost at one time, this situation will cost you many time to renew them.
Fortunately now you can improve your security of payment with your digital wallet. Even if your smartphone is stolen or lost, your digital wallet is still protected.
More flexibility
Sometimes your physical wallets may take you more space. But a digital wallet can be your smartphone, you are using electronic money instead of cash. Even you travel abroad, you may not need to exchange your money.
Faster
Before you need to wait for getting back your changes. Now with a digital wallet, you can pay faster. Even you want to transfer your money to others users, you need not wait for a long time unlike the traditional banks.
Contactless
Right, you can wave your smartphone to make your payments. Digital wallets offer you a contactless payment solution.
Earn Rewards
Since digital wallets are the trend of mobile payment, many Apps offer different rewards to their users. Like PayLater by Passfeed, while you do any shopping at Passfeed, you can earn some iPoint rewards.
These rewards can let you have some discounts next time. In the other words, you can save more money.
Top 5 Digital Wallet APP
1. PayLater by Passfeed
PayLater is one of the most popular payment methods in the US. Offered by Passfeed, it lets you have a payment option of ‘Buy Now Pay Later‘. You can use it to buy all you need first, and pay the bills later.
Instead of paying your money in advance, you can take the products back home, and have another 30 extra days to pay in installments.
With the modern installment plans, everything becomes affordable. Before the due date, you can use your money freely. Even you can make another investment to earn more money. Moreover PayLater is interest-free, once you pay back on time, then you do not need to pay any extra fees.
Compared with other digital wallets, PayLater offers you another chance to save more time and cost. Now this modern payment option is available at Passfeed, you can simply download Passfeed, and enjoy your purchasing.
2. Google Wallet
Google Wallet is a digital wallet for most Android users. It allows you to make payments with NFC through your Android phones.
But this wallet is only available for Android devices. With the strong protection of Google, you can buy what you want with your smpartphone anywhere.
3. Apple Wallet
Apple Wallet named Passbook is aim to let you leave your physical wallet at home, you can use it to save various coupons, loyalty cards.
4. Chase Digital Wallet
Chase Pay is a digital wallet owned by JPMorgan, which ensures you can use smartphone to make purchasing. Besides online shopping, you can use Chase Pay in the retail stores.
5. Boost Mobile
Boost has most financial functions like other digital wallets. With it, you can deposit directly, chase your bills, transfer money to other users.
Are Digital Wallets Secure?
Most digital wallets are more secure, but you should choose the reliable one.
A reliable digital wallet like PayLater always take cares about users’ personal information. Compared with a physical wallet, your digital wallets would get more protections.
In fact, nowadays it is more safe to use your smartphone as a digital wallet than a physical wallet. Think about if you loss your physical wallet oversea, it will cause you so many issues. But if you loss your smartphone oversea, you can still buy a new one and you do not need to cancel your trips.
Final Thoughts on Digital Wallets
A digital wallet is like your bank account, credit card, but it may be powerful.
With an easy-to-use APP, you can simply make payments, transactions, or chase your bills via your smartphone.
To use a digital wallet, you just need to seek a reliable one, and download the APP.
Nowadays digital wallets have become more and more popular. Many online sellers, retail stores and business owners are accepting various mobile payment APPs.
No doubt it is a nice way to secure your money. It is never too late to use your digital wallet, just choose the one right meet your demands.