Cashless society is basically an economic concept where all the financial transactions take place through the internet and connected devices; there is no need for paper currency and coins.
E-wallet is like a virtual wallet that can be installed in your smartphone to allow you to store your money digitally and use it for transactions. It can be linked to your mobile number and your bank account, to facilitate quick, easy, and secure monetary transactions. In today’s era, cashless payments are possible via several means including mobile wallet apps, point of sales (POS), mobile banking, internet banking, and so on.
Many countries are making active efforts to remove cash in circulation for a cashless society. For this more and more FinTech are investing in mobile wallet app development done – Sweden is its main example. In Sweden, Cash is no longer a king! Even buses haven’t taken cash for years. Not only in Sweden, the graph below shows rapid growth in cashless transactions over the years in different regions.
Top 6 Digital Wallet Apps of 2021
1. Google Pay
Google Pay, an e-wallet, allows users to make payments from their smartphones by powering in-app and tap-to-purchases in mobile devices. Google pay is the fastest and a secure way to pay. It is available in 28 countries. Google Pay provides many benefits like multiple layers of security, quick checkout in third-party apps, easy information management, utility bill payments, multiple payment options, cashback and rewards, an audio-based QR system for sending and receiving money, etc.
PayPal is one of the popular E-wallets dominating the market with over 250 million customers across the globe. PayPal app is available for both mobile platforms: Android and iOS. It supports 25 currencies across 200 markets. Users only need one PayPal account for shopping locally or globally.
PayPal ensures safety by not disclosing the financial information even with the seller or payee. The e-wallet ensures security and privacy by transaction monitoring, fraud prevention, payment tracking, and seller protection. In addition, it provides many benefits like one-touch checkouts (there is no need to re-enter the login details), easy resolution of conflicts, free return shipping services, professional invoice creation, email payment requests through PayPal account, and get paid faster through a personalized link that is shared with the clients.
3. Facebook Pay
Facebook Pay allows users to pay with its partner apps (Whatsapp, Messenger, and Instagram) seamlessly and securely. You can leverage many benefits with Facebook Pay like proactive in-app transaction notifications, customer support via email and live chat, access payment history from multiple apps. Facebook Pay provides privacy for all your purchases and doesn’t share unless you choose to, and it also ensures security like:
- Anti-fraud detection
- Secure payment account information via different verification methods like pin, facial recognition, or biometric system.
- Data Security where the financial information isn’t shared with anyone (buyers, sellers, and merchants).
4. Amazon Pay
Amazon Pay is the most widely accepted online payment service, and it is available for web and mobile. It provides secure, easier and convenient checkouts at online and offline stores. Amazon pay drives businesses with a flexible digital wallet service by optimizing donation experience and customer checkout for non-profit organizations and businesses.
Amazon Pay provides many benefits, like users can make online purchases on thousands of sites with a single Amazon Pay account, breeze through the checkout with the help of Alexa or pays by voice or through the Amazon Pay account. In Amazon Pay, eligible purchases have complete protection and also helps in reducing cart abandonment and increases conversions. In addition, it offers multiple transactions like deferred payments, recurring payments, split payments, etc., for a seamless user experience.
Venmo has more than 10 million active users and is owned by PayPal. It provides users an intuitive user experience to quickly repay their friends the money they owe using the Venmo balance or through the credit or debit card stored on Venmo. The only information required to make the payment is the email address or phone number.
If the user wishes, Venmo allows the app to access the entire contact list. Venmo provides many benefits such as sending and receiving payments to and from approved merchants, money transfer to your bank through Venmo, account monitoring to save against unauthorized transactions, uses encryption to protect account information, and so on.
Pro Tip: By syncing their mobile phone or Facebook contacts, users can start paying via Venmo. A standard 3% fee is charged for credit cards.
Zelle is an e-wallet app that is fast and secure to send money to friends, family, and others on whom users trust. With Zelle Pay, users can send money to their family members directly from their bank accounts. Zelle provides many benefits like P2P transactions in real-time, allowing banks to capitalize on the mobile payment trend, enhances higher customer engagement, and reduces expenses incurred due to processing cheques.
The biggest advantage of digital wallet app development is eliminating intermediaries, thus, reducing the transaction cost. I have mentioned the top 6 digital wallets above that improves business revenue and paves the way for potential growth.