A digital wallet app is a smartphone app that allows you to pay for goods and services using your phone. Digital wallets are becoming increasingly popular. The advantages of digital wallets are that they can be used anywhere, don't require cash, and are private.
Also known as a mobile wallet, a digital wallet or e-wallet stores your debit card credit card information that allows users to make purchases and send receive payments to friends and family digitally. Apart from storing your bank account information, you can store items such as virtual boarding passes, gift cards, loyalty reward cards, and driver's licenses, and much more. Mobile wallets, such as Samsung Pay, Google Pay, and Apple Pay are considered one of the most secure payment methods. Customers can also avail instant personal loans and student loans with digital wallets. However, digital wallets require users to follow terms to use their services and have rights reserved against the sale and purchase of some goods and services.
You can download digital wallet software from the app store on your smartphone, laptop, tablets, or iPads that links your bank account details to the vendor. You can use digital wallets created by your bank or third-party digital wallets. Different mobile apps allow different access. For example, open wallets that are accepted at most retail businesses allow users to make online purchases, contactless payments, and cash-backs. While some semi-closed and close wallets, such as Walmart Pay allow users to make payments to a set of retailers that issued the wallet.
To use a digital wallet, you need a POS system terminal that is compatible with your digital wallet. There are contactless symbols displayed at the checkout that will let you know whether you can use your digital wallet at the POS terminal. Once you find a POS terminal compatible with your digital wallet, you can pay using your mobile device or directly through a virtual card on the payment app. A digital wallet uses (Near Field Communication) NFC technology that allows users to make contactless payments by gesturing their smartphone near the POS system.

Digital wallets have many advantages over the physical wallet. Below are some of the benefits of using a digital wallet.
Easy to use
Digital wallets are convenient as you do not need to carry cash or many credit cards and debit cards in your wallet, you can pay digitally using your mobile device. You can streamline the online banking process with digital wallets that allow you to shop online hassle-free. Digital wallets are the easiest way to pay for goods and services and send receive money by using the tap to pay feature to make Payments Mobile. All you need is to wave or tap your phone on a POS terminal to make a digital payment.
Keeps your finances organized
Unlike a physical wallet, a mobile wallet allows you to easily organize all your card information in an orderly way, saving your effort and time shuffling through your wallet. With a physical wallet, where you need to search for your debit or credit cards manually, you can easily save your loyalty cards, receipts, etc., within the app. You can quickly access all your mobile banking information on a digital wallet with just a few taps on your phone.
Safety
Digital wallets are less likely to be stolen or lost compared to physical wallets. When your physical wallets are lost or stolen, it is tough to track your cash or cards and you need to go through a long process to replace or cancel your ID cards, credit, debit cards, etc. Even when your phone is lost, your payment information is safe as it is not easy to break your passwords as several smartphone phones need biometric Fingerprint Technology to access their digital wallets.

A major advantage of digital wallets is that you don't need to carry cash or other bulky debit credit cards in your physical wallet. You just need a smartphone where you can save all your banking information, such as credit card numbers, passwords, etc., and use it when you want to make a payment for purchasing goods and services. Users can easily transfer money by making a mobile payment.
There are many mobile payment apps available today that have specific advantages for users. Here are some of the best digital wallets for you-

Apple Pay is a contactless digital wallet app designed for the users of iPhone or Apple Watch. It is a digital payment app that allows you to make payments in-store as well as online using major credit cards, debit cards. Plus, you can send money and receive money using the Apple Pay wallet. Apple Pay is accepted by a large number of retailers and restaurants around the world. In the United States, more than 75% of retail stores and restaurants accept Apple Pay. In Australia, about 99% of stores and restaurants support Apple Pay. Apple Pay uses touch and face ID for authentication that provides a secure payment option. You can make in-store purchases, online and in-app transactions.

Google Pay, which was formerly known as Android Pay, is a digital wallet app and online payment system that allows you to make in-store and in-app purchases through iOS and Android mobile devices. Google Pay offers a contactless payment option for users to make mobile payments as they need to wave their smartphones to pay and no longer need to tap to pay on an NFC machine. Google Wallet stores customer data with multiple layers of security and does not send customers' actual card numbers to the merchants; instead, Google Pay uses a tokenization process that sends token stands in place of customers' real credit and debit card numbers. Apart from sending and receiving the money to and from friends and family, customers can use the app to save loyalty and gift cards, boarding passes, and event tickets.

Samsung Pay is an easy-to-use digital wallet and secure payment system designed by Samsung Electronics. Samsung pay allows users to make in-person, in-app, or online payments using Samsung phones. It supports contactless payments through NFC technology. Samsung Pay uses a fingerprint identification system and tap-to-pay for authentication of transactions. You can use Samsung Pay on several public transit systems across the world. Plus, Samsung Pay provides cashback promotions as well as bonus Samsung account points and vouchers when users pay using the app.

Venmo Wallet, which is owned by PayPal, is free to use digital wallets that allow users to transfer money between friends and family. You can download the Venmo app from the app store on your iOS and Android smartphones. Sending money through Venmo is as easy as sending a text message. You need a PayPal account that includes your banking details to use the app. Customers can also send messages to the person they are sending the money to. It is one of the most secured digital wallets and you can keep your activities private using the Venmo digital app. You can sync your phone contacts and with Facebook with Venmo app.

Zelle is a peer-to-peer app that allows users to transfer money among contacts through connected bank accounts. Zelle is a free-of-cost money transfer service that has many banks and credit card unions under its network. You can use Zelle directly with the Bank of America account. You just need an email address and phone number to use the app after enrolment. You can quickly transfer money within minutes using the Zelle money transfer app. Plus, checking your account details is fast and convenient with the app

Cash App is a digital wallet app designed by Square. It is a peer-to-peer money transfer service that allows users to transfer money instantly. You can also share utilities and split bills with your friends with the Cash App Wallet. It allows users to create a free account and transfer money using a debit or credit card linked to their bank account. You can also invest your money in stocks and bitcoins with the cash App wallet.