Top 7 Emerging Digital Wallets You Should Know About in 2022

We live in a technology-driven world where people are highly dependent on their pocket devices. These days, mobile phones are not only limited to calling, chatting or gaming, but it has also become much more than that. Smartphones are now also used for making digital payments; hence act as digital wallets. And the demand has increased amid the pandemic, where people prefer the no-contact buying method. 

The reports by CPA Practice Advisor declared that digital payments hit $6.9 trillion in 2022. Hence, developing an e-wallet is a lucrative choice. So if you plan to build a mobile wallet, you should consider hiring a reliable app developing company to thrive in the business.

Enough said about the mobile wallet demand. Let’s now learn about the actual meaning of digital wallet apps. Subsequently, we will discover the different types of e-wallets you can spend on. 

What Is a Digital Wallet App?

A digital wallet is software with the user’s credit or debit card details, also known as an e-wallet (electronic wallet). Mobile wallets have made the payment process quick and easy. It has reduced the use of actual wallets, and you can also use it to store digital coupons. 

A digital wallet app is a service that allows users to make payments within seconds via mobile devices. Cashless payments have indeed impressed many users, which indicates that mobile wallets will continue to thrive in the coming years. 

To stand out in the market and beat your competitors, develop a digital wallet app by consulting one of the skilled digital wallet app developers and take your business to the next level.

7 Widely Popular Mobile Wallets to Use in 2022

• PayPal

PayPal is one of the best types of e-wallets. It is the most suitable choice for both entrepreneurs and existing business owners. As per Statista, there are nearly 392 million active users of PayPal in 2022. Now, that sounds huge, no?

PayPal allows users to make secure payments by adding the details of a bank account, credit card, or debit card. You can either select the default payment method, bank account, or card type and transfer the money effortlessly. 

Significant features of PayPal are:

1. IP Sensitive Software
2. Multilingual Functionality
3. Transaction Protection
4. Effective Customer Support
5. Information Confidentiality

• Apple Pay

Among different types of digital wallets, Apple Pay shines the same as PayPal does. It is also a non-contact payment method specially designed for Apple devices. Nowadays, people carry their credit or debit cards on their Apple Watch or iPhone and make cashless payments quickly and seamlessly.

Apple Pay supports American Express, Visa, and MasterCard. You can make the payment anytime you want without worrying about its limit. Make secure payments with Apple Pay and send (or receive) the money in the messages. 

Significant features of Apple Pay are:

1. Face and Touch ID Authentication
2. Rewards Program Integration
3. In-App Transactions
4. Returns Processing
5. Bank Account Transfer

• Amazon Pay

It is hard to decide between the different types of mobile wallets, especially when every single mobile wallet is excellent and comes with unique features. Talking about excellence, how can we forget about Amazon Pay? Well, Amazon Pay is another contactless payment method owned by Amazon.

If you already have an account with Amazon, you can easily make payments in applications, on a third-party system, or even by using Alexa. Amazon Pay drops the idea of creating an account on numerous devices and excludes undesirable interference during the checkout process. 

Significant Features of Amazon Pay are:

1. Merchant Website Interaction
2. Protection from Fraud
3. Automatic Payments
4. No Joining or Annual Fees
5. Zero Expiry Date on Rewards

• Google Pay

Google Pay is one of the popular types of digital wallets that behaves as a virtual wallet and lets users roam cashlessly. It is easily accessible on Android devices to make payments or transfer money fast and hassle-free.

Google Pay has multiple layers of security that secure the user’s private and financial data safe and secure with transaction encryption, fraud protection, and in-built authentication.

Significant Features of Google Pay are:

1. Numerous Cashbacks
2. Send and Receive Money via Audio
3. Pay Utility Bills
4. Free for both Sender and Receiver
5. Multiple Layers of Security

• Zelle

You cannot miss Zelle when it comes to e-wallets! It has the easiest way of making payments within seconds (or minutes). Zelle is as secure as your bank, and it goes with all the significant banks. To send or receive any payment, you need to provide your mobile number, debit card details, and bank details.

After specifying all the details, you can cautiously send or receive the money.

Significant Features of Zelle are:

1. Instant Transfers
2. Free to Use
3. No New Accounts are Required

• Samsung Pay

Samsung Pay is one of the types of mobile wallets owned by Samsung. Magnetic secure transmission and near field communication features of Samsung Pay make easy cashless payment for users. It allows users to make cashless payments from their Samsung devices or any other mobile phone.

Samsung Pay uses tokenization to protect user’s financial and personal data. Along with it, Samsung Knox regularly monitors the phone from any threat. 

Significant Features of Samsung Pay are:

1. Anti-Theft Protection
2. Fingerprint Authentication
3. Membership Card Transactions
4. Instant Activation
5. Tokenization

• Venmo

Venmo is a peer-to-peer payment method accessible on iOS and Android devices. It enables the users to make the payment in the blink of an eye. Initially, Venom was a text message-based payment system, but later, it got combined with a social network.

Venom is easy to use! The end-user needs to link his/her Venom account to a credit card or debit card. It is somewhat similar to PayPal, but Venmo permits the users to share and like payments.

Significant Features of Venmo are:

1. Passwords and Authorizations
2. Share Payments
3. Data Encryption
4. Payment Tracking
5. Facebook and Phone Contacts Syncing

Final Words

So, above listed were multiple types of mobile wallets that you as a business owner must consider in 2022. The digital wallet app has indeed made all the transactions for users easy. 

If you also want to be a hit in the competitive world of online business, launch digital wallet apps for your business and form a good impression on intended users.