![]() ![]() Jeanniey Walden, chief innovation and marketing officer at New York-based payments technology company DailyPay, compared e-wallets to tupperware containers: A place to store food before reheating or transferring to the good china. Just like the one you’d carry in your purse, an e-wallet is a place to store cards, tickets and coupons for future use. It looks and feels different than a traditional wallet, but in reality, e-wallet technology isn’t really all that different from what we’re used to. Simply stated, an e-wallet is a digital means for transferring funds or making transactions for goods and services. “The entire pandemic changed how consumers looked at things and made them try things that they hadn’t tried before.” “E-wallet and contactless technology transformed because of Covid - nobody wanted to touch things,” he said. Tucker compared the rise in e-wallet adoption to the jump in QR code adoption - both technologies seeing a rise in popularity partly because of the pandemic. adults use some form of e-wallet or digital payment technology, according to research from CivicScience. “It’s taken a long time for most consumers to feel safe about the security of an e-wallet.”īut things are changing, and quickly. “Globally, you have Paytm, Alipay, and WeChat Pay, but the US has been behind in the market,” Tucker said. Google Pay is available to users with a Google account. Google Pay: Similarly to Apple Pay, Google Pay can be used to store card info and to pay for purchases.Apple Pay can be used in many physical stores like a physical card. Apple Pay: An e-wallet only available on Apple’s mobile devices where users can store cards, coupons, plane tickets and more.Paypal: Paypal: An e-wallet available in both mobile and web versions, with which users can both pay for online shopping purchases and send money to family or friends.Venmo: A mobile app that can be linked to a user's bank account and that can transfer funds to other Venmo users to pay for services or goods.Cash App can be used to make purchases both online and in stores. Cash App: A digital wallet that allows users to store cards, send money to friends, and buy cryptocurrency.Although the technology isn’t new to the United States, Tucker said that much of the country is still card-centric, and thus behind the rest of the world when it comes to e-wallet adoption. However, since it allows you to store and transfer money to some degree, it is considered a type of e-wallets. For instance, Apple Pay can be accepted as a payment method in many physical stores, while Venmo and Cash App can be used to quickly send money to friends and family. Under that umbrella, there are a variety of apps with different functionalities that are all still considered e-wallets. “Then they bought Venmo, and the banks responded by creating Zelle.”īroadly defined, an e-wallet is a type of app that allows you to store or spend money digitally. “PayPal was probably the first example of an e-wallet alternative payment type here in the U.S.,” he said. ![]() In Tucker’s eyes, its genesis can be traced as far back as 1998, with the founding of PayPal. More on E-Wallets 20 Best Crypto Wallets to KnowĮ-wallets might seem like a recent development, but the technology for moving money virtually has actually been around for a while. E-wallets are about simplicity, convenience and safety - and now, they’re mainstream.”īut what exactly is an e-wallet, and how do they work? How did they get started, and where can you use them? Most importantly, are they safe? Below, leaders in the fintech space share their answers - and their predictions for the future. “You don’t need to type your billing address, your checking account number or your credit card number. “With e-wallets, purchasing is as simple as clicking a button,” said Tom Tucker, head of Americas at Australian fintech company Till Payments. E-wallet technology encrypts sensitive information like card numbers and personal data, which make it harder for fraudsters to steal a person’s money or identity. Within an e-wallet, users can store credit cards, coupons, plane tickets and other items they could store in a traditional wallet. An e-wallet is a digital tool for transferring funds or making transactions for goods and services.
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