The advent of e-wallets has radically changed the way people manage and spend money. This payment system is a practical way to pay digitally through popular options like Visa and Mastercard. In addition to more convenience, e-wallets prevent the risk of fraud through strong encryption and password protection systems.
It is no surprise that big industries such as e-commerce and baking have started to implement digital wallets. Entertainment and iGaming platforms have also embraced the payment system, with online casinos accepting options from PayPal to Skrill. When looking to play mobile games online, players simply must select the e-wallet as their preferred payment method to proceed.
In what follows, we look at the best digital wallets for safe and secure payments.
Apple Pay
Developed by Apple Inc and introduced in 2014, Apple Pay is a digital wallet and mobile payment platform. It allows for online, in-app and in-store.
Apple Pay’s security level is high quality. Through the use of near-field communication (NFC) and tokenization, the digital wallet allows users to carry out secure contactless payments. It’s also possible to use Touch ID or Face ID to authenticate payments.
While Apple Pay is a convenient and secure payment solution, it exclusively works on Apple devices such as iPhones, iPads, Apple Watch and Mac.
Google Pay
Similarly to Apple Pay, Google Pay uses near-field communication technology. Yet, it opts for a more traditional, PIN-based authentication method. It allows users to make payments online and in-app as well as in-store contactless payments.
Released in 2018, the service integrates with other Google products such as Gmail and Google Assistant. However, Google Play tracks transactions, which might be an issue for the privacy-conscious.
Skrill
Skrill is a popular e-wallet comparable to PayPal. Released back in 2001, its services include bank transfers, direct debits and credit card payments. Users are able to safely transfer funds in more than 40 currencies around the world. However, fees for currency conversion apply.
Not only is the service easy to use, but it also provides a high level of security and transparency. Sensitive data is strictly guarded and an anti-fraud feature monitors each transaction.
It’s worth noting that, compared to PayPal, Skrill has a limited number of merchant acceptance.
Cash App
Initially introduced as Square Cash in 2013, Cash App is a peer-to-peer money transfer service. Those who need to pay for services, pay bills and split costs with trusted friends and acquaintances will find Cash App especially useful.
Distinctively, the service supports cryptocurrency, allowing users to buy or sell Bitcoin within the app.
Despite its many advantages, CashApp is primarily for U.S to U.S transactions.
PayPal
With 435 million users in 2022, PayPal remains one of the most popular e-wallets to date. Founded in 2018, the services help individuals and businesses to link their bank accounts and securely make payments, send and receive money, issue invoices and manage their finances.
PayPal works with 25 different currencies and has a high layer of protection in place. However, its transaction speed is lower than some of the aforementioned options.
The bottom line
Digital wallets are convenient tools used for numerous operations, including making safe and secure payments, transferring, exchanging currency and more. Apple Pay, Google Pay, Skrill, Cash App and PayPal are good options offering these and other helpful financial services.
