Best Digital Wallets and Payment Apps in 2024
You use your phone to do just about everything, from sending emails to watching your favorite sports team. You can also use it in lieu of pulling out cash, inserting your credit or debit card or manually typing in your payment information online. With a digital wallet or payment app, you can simply tap your phone on a store’s payment terminal or click a button on an e-commerce site, and voila! The transaction is complete.
Digital wallets and payment apps are becoming increasingly popular. The Consumer Financial Protection Bureau estimates tap-to-pay transactions from digital wallets will soar by 150% between now and 2028. But which one should you rely on? Read on to learn more about some of the best digital wallets and payment apps that can change the way you pay.
What are payment apps?
Mobile payment apps are designed to help you pay for things without using physical cash or cards. Many merchants accept payment apps in their stores and on their websites. Payment apps also allow you to send and receive money from individuals like friends and family.
What are digital wallets?
Think of everything that’s in your physical wallet — your credit and debit cards, health insurance card, the gift card your parents gave you as a holiday gift and more. A digital wallet is designed to store those kinds of items without having to carry anything besides your phone.
In some cases, a digital wallet serves double duty as a payment app. For example, Google Wallet and Apple Wallet are digital wallet apps that also include mobile payment services.
Are mobile wallets and digital payment apps safe?
Yes, reputable mobile wallets and digital payment apps are generally safe. Their enhanced encryption standards offer even stronger protection than you might find with physical cards, so you can feel comfortable using them. However, phones get lost and stolen, so be sure you have the ability to remotely wipe your device and/or cancel your payment information if you find yourself in this situation.
Methodology
We looked at a wide range of established and emerging digital payment services with a focus on positive customer ratings (at least a 4 out of 5 stars in the Google Play Store and/or Apple Store). Additionally, we focused on services with widespread acceptance that offered the ability to use them in as many places as possible.
