The electronic wallet market is perhaps one of the quickest growing industries worldwide. With more people focusing on digital payments as a secure and convenient alternative to cash, the demand for eWallets is on the rise. eWallets work just like your physical wallet, except that it introduces a ton of features. Users not only have access to their bank accounts but can also add credit cards. eWallets are slowly revolutionizing industries, and online casinos are the prime example. COVID-19 travel restrictions influenced a massive jump in iGaming revenue. And the situation indirectly increased the demand for secure online payments. With governments around the world cracking down on gambling-related wireless transactions, the demand for secure eWallets is on the rise.
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1. PayPal – One of the oldest and the most recognizable names in the industry, PayPal is perhaps the most widely used digital wallet today. Available across platforms and on multiple devices, PayPal stepped up their game following the partnership with MasterCard and First Data. As of 2020, the company offers services like tap-to-pay and card-swiping, similar to its closest rivals.
2. Cash App – Released in 2014, Cash App allows users to make secure transactions across multiple platforms. The app securely stores the user’s financial data, including bank and credit card details. Like other popular eWallets today, Cash App converts your personal data into tokens that can only be accessed via authorized fingerprints.
3. Venmo – Owned by PayPal, Venmo is among the most popular peer-to-peer transactional apps today. Users can simply link a checking account, debit or credit card, and start making secure payments. The platform uses advanced data encryption for an extra layer of protection, while users can share transaction details on social media.
4. Dwolla – A digital payments platform allowing users with a US bank or credit union account to quickly transfer money using their registered phone number or email ID. The app also has an eWallet that stores personal and financial data to facilitate quick transactions. There are no transaction fees for Dwolla API, and customers can control the program to fit specific requirements.
5. Google Wallet – An innovative platform that allows its users to send and receive money using an email address or phone number. Transfers are usually made in under a few minutes, and the customer can use the Google Payments PIN to access funds. The app uses NFC for secure and quicker payments and offers exclusive deals across a reliable chain of partner networks.
6. Due – Launched in 2015, Due primarily helped small businesses and freelancers with invoicing. The app now offers eWallet, eBank, and ePayment opportunities. The app comes with project and client management capabilities and is a complete solution for companies of all sizes. The app charges a flat 2.8% transaction fee with no hidden costs or surcharges.