Digital wallets come in many forms. The one thing they share is that they are a tool for making electronic transactions. Often referred to as e-wallets, they can come as a software program, an online service, or even an electronic device. To acquire a digital wallet, you need to get the electronic device or program which provides the service. Alternatively, one could make an account with an online service that provides an e-wallet.
But just what can digital wallets be used for? For one, you could make easy and quick transactions when shopping. More and more businesses are accepting payments made through digital wallets in 2022. The most popular include Adidas, Abercrombie & Fitch, eBay, Starbucks, etc. So, just what are some of the best digital wallets in 2022?
Cash App
Cash App is among one of the more popular and widely used apps. It is worth noting that the Cash App service is only available to US and UK residents. Developed by Block Inc., Cash App is a mobile payment service that quite a few companies have embraced. The number of online gambling sites using Cash App has increased drastically.
Other than those, reputable companies like Abercrombie & Fitch, Adidas, Home Depot, and GameStop take Cash App payments. For any crypto investors, be informed that Cash App has been supporting crypto-based transactions since 2018.
Through Cash App, customers can make electronic payments and buy stocks and Bitcoin. However, it is worth noting that the option to buy stocks is available only to customers from the United States of America.
When using Cash App, remember that all transactions are final. So don’t make payments unless you are familiar with the person you are paying, doing it in person, or have already acquired the item for which you are paying.
Exodus
We briefly mentioned in the Cash App section that the wallet supports cryptocurrency transactions. Digital wallets, in general, are deeply intertwined with the world of crypto, and Exodus jumps on that bandwagon as one of the top crypto wallets of 2021.
Using the Exodus wallet, the customer gets everything they need in one. Cryptocurrencies can be bought, stored, and traded using the Exodus service. And with over 20 cryptos to choose from, you certainly will want a system that can do everything you need.
Be warned, though, that Exodus does have some failings. For one, it does not use open-source code, which means it is not part of a blockchain. This pushes quite a lot of seasoned traders away from the service. However, Exodus is a great service for newcomers to the crypto world.
PayPal
Perhaps the most popular digital wallet today, PayPal is among the most commonly used forms of electronic payment. It may not have been the first, but it certainly was among the first, and its popularity has endured through the years.
PayPal is internationally popular, accepting 25 different forms of FIAT currency, and quite a few cryptos. The most notable cryptocurrency which PayPal runs is, of course, Bitcoin. It provides quick, seamless, and secure transactions and an easy-to-understand layout, which you won’t need to spend too much time analyzing.
Alipay
In China, Alipay will be one of the biggest Asian digital wallets in 2022. Their popularity is well-earned, as they are one of the best e-wallets for user safety. Alipay uses the latest encryption tech to ensure their billion+ users feel safe and secure. With 80,000 stores all over Asia, Alipay is undoubtedly one of the best e-wallets for residents of India, Hong Kong, Vietnam, Korea, Japan, etc.
Electrum
Like Exodus mentioned above, Electrum is a fully crypto-based digital wallet. Before Ethereum or Tether investors get excited, be warned that Electrum only supports Bitcoin-based transactions. Electrum is relatively new, so you might rightfully ask what it’s doing on this list. Well, with customizable transaction fees, a heavy focus on safety and cybersecurity, and an easy-to-understand layout, we believe Electrum has already earned itself a spot on this list.
Due
What sets Due apart from the competition? Like most e-wallets, Due provides immediate transactions and lets users keep track of their expenses. However, unlike the competition, Due has a fixed payment fee, set at 2.8%. This is contrasted by all the other digital wallets mentioned, all of which charged varying fees, depending on your transaction.
Due came out in 2015, and since then, it has done quite well. It is an excellent wallet for newbies and seasoned e-wallet users alike.
Venmo
Like PayPal, Venmo is one of the world’s most popular mobile payment services today. While the service has been around since 2009, in 2012, it was purchased by PayPal and is now a part of the same company.
Venmo pushes peer-to-peer transactions and accepts payments made with numerous FIAT currencies and cryptocurrencies. Quick and easy transfers and a quick and easy transfer method make Venmo one of the best e-wallets.
Final Words
Many have claimed that digital wallets are the future. They are a great way to make faster and seamless transactions. Most of the popular ones are crypto-friendly or even solely focused on it. Some perfect digital wallets let you purchase stock and crypto right from the site, making your investment journey much easier. These are just a few reasons why people use digital wallets.
