Many people in developing countries can now use digital wallets to participate more fully in the global financial system. Participants can accept payments for services rendered as well as receive funds or remittances from friends and family in other countries using digital wallets. Because digital wallets do not require a physical bank account or branch, they allow those in unbanked and underbanked communities, low-income or rural areas, to be served, allowing for greater financial inclusion.
Mobile payment systems allow customers to pay for purchases with their smartphones, can be used with digital wallets. Loyalty card information and digital coupons can also be stored in a digital wallet.
Top Digital wallet Companies
The list below is the top digital wallet companies in 2020.
- Google Wallet
- Samsung Pay
- Walmart Pay
Among these companies, the top three E-Wallets are those of Google, Amazon, and Apple. Google’s Wallet, for example, allows users to “store” money on their phones. Customers can use this money both in-store and online at merchants that accept Google payments.