In the year 2021, more and more people no longer feel the need to carry an actual wallet around with them. Instead, they are using the increasingly popular digital version of wallets known as e-wallets.
An e-wallet is a software system that stores somebody’s credit card information and passwords in a safe and secure place. People can then easily make transactions by connecting their e-wallet to a device or through a website checkout allowing them to pay for their purchase.
The Future of Payments
E-wallets have been used for many years now in the online world. Ever since the early 2000’s when the likes of PayPal and its predecessors completely transformed how we shop, payment processing has grown enormously.
E-commerce sales are expected to reach nearly $4 trillion this year alone, and that’s largely thanks to e-wallets and online payment processors.
What we are seeing is that the key component that drove online payments has now made its way into the physical world of payments. So much so that in-store mobile payments were predicted to reach $503 billion by the end of 2020.
As more people use e-wallets to make a large portion of their payments, they feel less inclined to carry cash. Therefore with much of their payments done this way, it makes sense to use contactless payment systems and one method is through their e-wallet on their phone or smartwatch.
As the world becomes more technologically advanced, e-wallets’ popularity is only going to continue increasing. A growth in acceptance, better security, more awareness of these software, mobile shopping, more payment options, and the fact that this is likely going to be all the younger generations will know are great indicators that this is the future of payments.
Top E-Wallets for 2021
The clue is in the name in that they aim to provide a much better e-wallet alternative to what you can currently find in the market. It is built with world-class security that protects private information through device pairing, touch ID, dynamic security codes, and a transaction review system.
MuchBetter offers a bunch of different options for where they can be used. Whether it be for online shopping or for playing casino games that work with MuchBetter such as those found on BestCasinoSites.net, there are many great possibilities with this e-wallet.
Unlike some other e-wallets, they even offer a prepaid debit Mastercard and wearable devices allowing customers to pay wherever and however they like.
Most people in some way or another are using Google. GooglePay is one of the best ways to make a transaction online and many people will most likely have used it on their Android phone on the Google Play Store.
With Google being the ever so popular name that it is, GooglePay is unsurprisingly a popular choice for those looking for an e-wallet solution. It is therefore not a surprise that their system offers high security and plenty of physical retailers accepting this form of payment.
To pay through GooglePay, you require just your mobile.
If you lose your credit card, thieves can still make payments as they don’t always require PIN numbers. With payments made through your mobile, fingerprints and face recognition scans add an extra level of security that is not possible with a physical card.
PayPal is a pioneering name that drove the e-commerce industry into what it is today. And after all these years later, PayPal is still one of the top options in the market.
Payments here are incredibly fast and very safe in order to help make the customer feel at ease. This convenience is also represented by the number of websites and apps using PayPal, as well as the long list of countries it is accessible in and currencies that can be used with it.
Most of the popular apps today are using PayPal to receive transactions. Uber is a great example where customers frequently pay for rides by connecting their PayPal wallet.
One of the biggest talking points taking over the world in 2021 is cryptocurrencies. More and more people and businesses are looking to capitalize on this growing trend and are now accepting cryptocurrency payments.
As the basis of this is purely online, it is obviously going to need somewhere to store the coins and payment information. In steps e-wallets that are purpose built for cryptocurrencies.
2021 is a year that many are just getting started in the world of cryptocurrencies, so that’s why Exodus will be one of the best e-wallets for 2021. This cryptocurrency-based suggestion is for beginners, but there are plenty of other e-wallets for more experienced crypto enthusiasts.
The e-wallet generation
Fortunately for us, there are plenty of other amazing options for fast and secure e-wallets, and there are even those built for specialist areas such as cryptocurrencies.
Some of the other top e-wallets include Payoneer, Skrill, Due, Electrum, and Revolut just to add a few extra. Whether it be for online shopping, in-store mobile payments, or for online gaming, there are plenty of convenient solutions to store your details and make simple payments.
The popularity of e-wallets is only heading upwards as contactless payments become people’s preferred form of payment, especially as the younger tech-loving generations become the majority. This shift is not a surprise, as more in-store retailers allow mobile payments, and also more people grow more comfortable with storing their credit card information in an e-wallet.
It is clear to see, however, this will overtake physical wallets if it hasn’t already done so. This is certainly the future of payments.