Digital businesses in the UK are extremely popular, with upwards of 80% of the population making online purchases. The popularity and convenience of digital banking have also seen consumer trends shift, with e-wallets now becoming one of the most popular payment methods.
Digital wallets make it easier for consumers to make quick and safe payments to a variety of industries including retail, leisure, energy, and gambling.
What is a Digital Wallet?
Digital wallets are online systems that can safely store payment information and facilitate transactions. They are most commonly accessed on mobile devices on specially designed apps, but can also be used on desktop and laptop computers.
Users can rely on secure storage for debit and credit cards, travel and event tickets, gift cards, reservations, cryptocurrency, and identification.
This allows users to do a variety of things that would usually require cards, documents, and paper tickets all from a mobile device.
Most online retailers will allow some form of digital wallet payment, with users being redirected to their account where they can sign in and carry out transactions.
They have revolutionised the ticketing industry, with users being able to save on postage costs and printing costs, and also helping to reduce their carbon footprint.
The gambling industry is one of many that has also benefitted, with players able to deposit and withdraw winnings quickly and easily. These wallets also provide an additional level of security, especially for UK players looking for casinos not on Gamstop in the United Kingdom. Users should search for operators that are licensed, have good reviews, and have a variety of payment methods.
These types of payments have also proved popular among consumers trying to make time-sensitive purchases for in-demand tickets or products.
The Top Digital Wallets for UK Users
With so many benefits, e-wallets are becoming more of a necessity for modern consumers, and we have taken a look at some of the most popular among UK users.
Apple Pay
Apple Pay is the most widespread e-wallet available at the moment thanks to its integration with the iPhone. Users can easily upload their details and use their mobile devices to tap and pay in physical retail stores or make payments online with the click of a button.
Google Pay
Google Pay has undergone a few name changes and used to be known as Android Pay and Google Wallet. It is the second-most used digital wallet on the market and boasts industry-leading security.
Cash App
Around 50 million people around the world use Cash App which started life as a simple peer-to-peer payment system in 2013. Since then, it has grown to offer a variety of services including its e-wallet Cash App Pay.
PayPal
PayPal is one of the best-known digital payment services in the UK, with many retailers accepting PayPal payments. It can be easily linked to bank accounts and users can securely store funds that can be spent or withdrawn.
International payments are made easy with PayPal, and live exchange rates let you know exactly how much you will pay. PayPal has also entered the crypto market, making it easy for users to buy, store, and transfer a variety of cryptocurrencies.
Alipay
Alipay’s e-waller solutions are business-focused and facilitate convenient payments to improve the customer experience. Its range of services reaches around 1.3 billion people around the world and uses state-of-the-art financial technology.
Samsung Pay
Many digital wallets are designed for specific devices, and Samsung Pay is integrated into its popular Galaxy devices. Users benefit from contactless payments and fraud protection that can be bolstered with biometric identification.
Amazon Pay
As the world’s largest online retailer, Amazon is in the perfect position to market additional services to its users. Amazon Pay is ideal for customers who want to buy products on the platform and also supports SEPA and SWIFT payments.
Its low transaction fees and high security levels make it an appealing option for consumers, with an easy sign-up system.
