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Everyone used cash and credit cards to purchase products and services just ten years ago. Today, almost everyone carries a cell phone that serves as a digital wallet.

These electronic wallets, also known as mobile or e-wallets, such as Apple Pay, PayPal, and Venmo, are well-liked because of the ease they provide to both customers and businesses. There are many different kinds of digital wallets, but they all have the ability to securely store bank account information and passwords. This feature enables us to make purchases without ever having to use a physical wallet.

The U.S. is now the second largest market for mobile payments, with millions of new merchants making them an option all the time. According to a 2021 report, in-store mobile payments grew by 29% in the U.S. in 2020.

An e-wallet (EC), sometimes known as an electronic means of payment (EMP), is a payment tool used for holding funds, making transfers, and making payments over the Internet.

In actuality, this is akin to a bank account, except that money is kept in a specialized computer program rather than a bank.

It is practical for those who enjoy online shopping as well as independent contractors like teachers, designers, copywriters, and programmers. For individuals who are concerned about the security of money in a bank account, transferring the necessary sum to an e-wallet and making a payment or transfer through it will prevent scammers from accessing the bank account because it’s a crucial step in developing eWallet apps.

Differences between electronic wallets and bank accounts

There is no cardinal difference between these payment methods, except for some points.

  • When we make a payment on the Internet, for example, when we buy something in an online store, we enter our card details. It is not safe. The site may turn out to be fake, and then scammers can easily steal all the money from a bank account or even from deposits and piggy banks. It is much safer to keep a small amount in an electronic wallet. In this case, even if the scammers steal money from it, they will not be able to get the rest of your funds.
  • Easier to open. To do this, you do not need to interact with the bank and pay money. Get an e-wallet for free on the Internet and start using it right away.
  • The e-wallet is convenient to use. Card data is not only dangerous to enter but also long enough. And to take off some money from an electronic wallet, you only need a password and a mobile phone.
  • Transactions through the e-wallet are instantaneous, regardless of the time of day, working days, or holidays.
  • Mobile wallets are not tied to a specific country and allow you to make payments and transfers regardless of location. For example, if you and the recipient are in different countries.
  • An electronic wallet does not always mean an exclusively virtual look. Some operators issue cards for offline payment. In an ordinary store, market, or cafe, you can pay with money from an electronic wallet and not endanger the funds in your bank account.

What are the best e-wallets for businesses to accept? Many different things affect it. It is the reason we created this list.

Let’s find out which e-wallets are most often used.

1. Apple Pay

Apple Pay is a digital payment solution for contactless payments, created and operated only on Apple devices. Apple Pay accounts can be used to pay for a variety of goods and services through bank terminals equipped with NFC technology, as well as online stores or within applications.

In the first case, a mobile device (smartphone or smartwatch) is used as a regular bank card with an NFC tag, and in the second case (applications and websites), the Wallet application is accessed through a special API.

The system’s mechanism is based on the technology of close data transmission NFC (at a distance of up to 20 cm) in conjunction with the Secure Element chip, which stores the bank card data in encrypted form. Secure Element represents the industry standard in financial transactions. This chip runs a special Java application.


  • all operations are performed using the gadget
  • the ability to track all costs to optimize them
  • the security of the service is at a high level, unauthorized intervention in work is practically excluded
  • if the phone is lost, the service data will be inaccessible to intruders


  • works only on Apple devices
  • devices are often discharged
  • system performance issues on outdated or refurbished models
  • not all terminals are equipped with a contactless payment function

2. Cash App

Cash App is a peer-to-peer money transfer service developed by Square Inc. that allows users to send and receive money. This service can help you pay bills, pay for purchases, share travel costs, or do any other money-sending tasks you want to do with other Cash App users. This digital wallet App also functions similarly to a bank account, providing users with a debit card called a “Cash Card” that allows them to make purchases using the funds in their Cash App account. The app also allows users to invest their money in stocks and buy and sell bitcoins.

Read Also: Ways to Improve Your Cash Flow

Mobile payment service Cash App has reached a key milestone in the development of Bitcoin payments and has become the most popular app in the finance category on the Google Play Store in the US, surpassing PayPal in terms of downloads. Initially introduced in 2013 as Square Cash, the service has changed little since its inception.


  • customers can buy and sell bitcoins directly from your Cash App balance
  • high level of data protection
  • encryption and offline storage of bitcoins


  • limited transparency when it comes to other transactions using the app
  • you have to pay a 1.5% commission to get money instantly
  • you cannot make international digital payments 

3. Dwolla

Dwolla attracts users due to low transaction fees, simple automation, and a high level of security. At its core, the system is an agent for both banks and individuals or entrepreneurs. Ideal for integrating bank transfers. To start using the service, you will need to create a personal account and then link a bank account to it. In total, this procedure will take no more than 10 minutes. Money is credited to the account within one day.

Dwolla actively cooperates with many major US banks, including Bank of America and Silicon Valley Bank, which is an indicator of reliability. The service offers three tariffs to choose from free or trial, standard and corporate.

Using the service will be most beneficial for residents of the United States; in other countries, it may be difficult to withdraw funds. The transaction limit is $5,000 for the standard and $10,000 for the corporate plans. The system only supports ACH payments, so it is not possible to make SEPA and SWIFT transfers. Dwolla does not plan to issue corporate or individual bank cards.


  • advanced features for developers
  • first-class technical support
  • fast payment processing
  • “virtual wallet” for sending, storing and receiving funds


  • high price for the tariff plan
  • no credit card transactions
  • limited features for ordinary users

4. Google Pay

Google Pay / Android Pay is basically a mobile application for the Android operating system. The digital wallet stores credit and debit cards in one place. All user data is safe. Adding a card to the system takes only a few minutes: it will be enough to download the application to the device and select the desired card in the “Cards” tab.

Google Pay accounts work anywhere where it is possible to pay using a contactless payment terminal. Thus, residents of almost all countries can easily use the system. For each payment, Google Pay receives a small fee, but it is always paid by the merchant.

The company issues its own Google Wallet Card debit cards. Their owners can withdraw cash from ATMs and pay for purchases in stores. A plastic card is linked to the Google Pay system, and no commission is charged for maintenance and issue. The card cannot be used outside the US. The service supports all possible currencies. Google Pay is not suitable for international SWIFT payments or SEPA transfers.


  • security and protection of personal data
  • the ability to add several cards at the same time
  • support for any gadget with the Android system
  • fast transactions


  • only supports Android devices
  • not everywhere there are contactless payment terminals
  • ATMs do not support the system
  • completely addicted to the phone

5. PayPal

We recommend getting a PayPal wallet if you often make purchases in foreign online stores. Almost all countries recognize it so that you can use the funds stored in your account anywhere in the world. PayPal is an electronic wallet that allows you to make digital payments. PayPal started in 1998. Until 2015, it was part of eBay, an American auction, and only from July 18, 2015, PayPal became a separate independent company.

You can use PayPal by adding your payment cards, but not only. You also have the ability to link a bank account to it and fund your PayPal account with funds directly from this account. The service also provides the ability to send money to friends. Another advantage of a PayPal account is the ease of registration, which does not even require a bank account. 


  • quick registration
  • cooperation with well-known trading platforms
  • high degree of protection


  • relatively low transaction speed

6. Samsung Wallet

Samsung is merging its two software services, Samsung Pay and Samsung Pass, into a single digital platform called Samsung Wallet. This will allow Galaxy device owners to securely and easily manage their digital keys, boarding passes, ID cards, loyalty cards, and more in one mobile app. The idea is that it “keeps everything your digital life needs” in a convenient location without sacrificing security.

This last point is obviously the key issue when you throw all your digital eggs in one basket. However, Samsung promises ‘‘defense-grade security’’y through Samsung Knox, the company’s security and management system preinstalled on most Galaxy devices.


  • immediate activation
  • fast and secure online payment 
  • rewarding application


  • works only on Samsung devices
  • and cannot be charged via ATMs, with paychecks, or at certain retail locations

7. Venmo

Venmo is part of the larger PayPal family of brands and is owned by PayPal. You can send and receive money instantly with this mobile payment app. The company advertises its service as ‘‘safe, easy, and communicative’’ when it comes to sending money. Venmo can also be used to make in-person or online purchases. It currently has a user base of 65 million people.

Venmo is a consumer-friendly digital wallet app with a social focus. It is intended to be a fast and free method for completing these transactions, whether you need to pay a friend’s restaurant bill or split the rent with your roommate. Venmo is also used by some small businesses to accept payments.


  • it is easy to transfer and receive money, as well as shop online
  • commissions are rarely charged
  • has interactive social features
  • debit and credit cards are available


  • available only in the USA
  • charges a 1.5% fee for instant transfers
  • transactions may be public to app users, making it difficult to navigate through privacy settings

8. Zelle

Zelle is an online platform for quickly sending and receiving money between US bank accounts.

Zelle was designed by banks and made to be secure. Zelle is a secure payment method because it uses encryption to protect your payment information. Zelle also has a policy that you can get your money back “if a scammer or hacker gains unauthorized access to a bank account” and that “victims can work directly with their bank for a refund.”


  • free application
  • easy and fast to use
  • funds you send or receive are protected up to $250,000 per account


  • does not protect approved payments from fraud
  • if you send money to the wrong person, you have no choice but to wait for that person to return it

9. Walmart Pay

Walmart Pay uses QR codes generated by its app so that any smartphone user can pay without using a new generation mobile phone with an NFC chip or their regular credit or debit card.

Walmart’s new payment system, in addition to being compatible with all smartphones on the market, allows us to use any type of credit or debit card, as well as the company’s prepaid and gift cards. The user just needs to install the application on their device and it is convenient to buy. When a user is about to make a payment, they just need to open the app on their mobile phone, select Walmart Pay, and scan the QR code shown by the establishment’s checkout. All you need is a simple mobile phone with a camera, no NFC chips or anything more technologically advanced.


  • works both for IOS and Android devices
  • stores your receipts, which saves on paper 
  • several layers of security
  • stores your credit, debit and even walmart gift cards information


  • works only in USA
  • works only in Walmart sto


A very useful tool is an e-wallet. It is used for a wide range of transactions, including paying for goods and services, transferring money between accounts, exchanging currencies, receiving loans with low fees, and also keeping money in electronic form.

There are numerous online wallets. Even if you are involved with cryptocurrency, you will unquestionably find yours. Even if commercial and regular users of electronic wallets have distinct objectives, they all essentially share the same features, with the exception of some digital payment choices.

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