With secure transactions, greater flexibility and cashback rewards, the switch to a digital wallet starts to make more & more sense.
In recent years, the adoption of digital wallets in the US has been increasing steadily, driven by e-commerce growth and contactless payments.
According to reports, 82% of Americans now prefer payments through the best digital wallet apps in 2023. The revenue of digital wallets in North America is expected to grow to more than $80bn by 2026. Undoubtedly, the US mobile payment market is the second largest at $465.1 bn worth of transactions.
Whenever you hear the term "digital wallet", Apple Pay, GPay, and PayPal are some popular names that might probably pop up in your mind.
However, the market nowadays is overflowing with different mWallet apps that facilitate equally seamless & secure transaction processes. Apps like Cash App, Venmo & Zelle are also substantially making a breakthrough in the ecommerce industry.
In this blog, you will learn about the best digital wallet apps for Android & iOS platforms in the US based on consumer usage.
If you are a newbie about the "digital wallet" term, read important things about the digital wallet app.
Table of contents: -
Let's discover the most popular digital wallets for Android & iOS in 2023:
#1 - Apple Pay: Best for iOS
Apple Pay facilitates private & secure transactions. Hence, it comes at the top of our list of the best digital wallet apps for iOS in the US.
These eWallets use NFC technology to power contactless transactions. Device Primary Account Number (DPAN) technology protects account information, transaction data and personal details.
Key Features of Apple Pay:
Pros: -
Cons: -
Fees:-
Some Popular Stores Use Apple Pay:
Amazing Apple Pay Statistics 2023
#2 - Google Pay - Compatible with Both Android & iOS
Like other mobile wallets, GPay uses NFC technology to make payments. You just need to tap your phone on an NFC-enabled payment terminal.
Google Pay is a fast & secure digital wallet, ideal for both personal & business transactions. Ordinary users, customers, and merchants can get benefits from this app.
Key Features of GPay:
Pros:
Cons:
Fees:
Some popular stores use Google Pay:
Amazing Google Pay Statistics 2023:
More than 790,000 websites accept Google Pay in America
Millennials mostly choose Google Pay for digital transactions
Google Pay has around 25 million active users in the United States
Ideal for both Android & iOS platforms.
#3 - Cash App - Beginner-Friendly Stock Trading App
Cash App has reached a key milestone in Bitcoin payments development. It has become the most popular digital wallet app on the Google Play Store in the US. Square's cash app is a peer-to-peer money transfer service that allows users to send & receive money.
You can pay bills or shop, invest in stocks, and buy & sell bitcoins.
Key Features of Cash App:
Pros:
Cons:
Fees:
Some Popular Stores Use Cash App:
Amazing Cash App Statistics 2023:
Ideal for both Android & iOS platforms
#4 - Venmo - Ideal for Peer-to-Peer Payment Network
Whether you need to pay a friend's restaurant bill or split the rent with your roommate, Venmo is one of the best digital wallet apps in 2023 for all transactions.
PayPal owns it and is becoming the most popular digital wallet in the US market due to its fast & secure transaction process. This fast & free digital wallet lets you keep your activities private & secure.
Key Features of Venmo:
Pros:
Cons:
Fees:
Some Popular Stores Use Venmo:
Amazing Venmo Statistics 2023:
There are around 77.7 million active users of Venmo in the US in 2022.
By the end of 2023, the company is expected to grow its active users by 85.1 million.
Venmo processed $244 bn in total payment volume in 2022, a 6% increase year-on-year.
Approx. 61% of Venmo users are male, while 39% are female.
35% of Venmo's customers are under the age of 34 for P2P payment services.
Ideal for Android & iOS platforms.
#5 - Paypal - Ideal for Quick Transactions
PayPal is an online payment system that provides buy now, pay later (BNPL) services, payment administration, and an online wallet discount site. It allows quick and easy transfers from your PayPal account to your bank.
It uses encryption technology to secure your account from fraud and other malicious activities.
Unlike GPay, you can’t pay cashless in stores with contactless payment terminals. However, it's a trusted & most popular digital wallet app globally.
Key Features of PayPal:
Pros:
Cons:
Fees:
Some Popular Stores Use PayPal:
Amazing PayPal Statistics 2023
So, many popular digital wallet apps are available in the US market, which is growing rapidly and generating higher revenue. So, if you want to grow your business in today's competitive market, you need to develop an effective & secure digital wallet.
If you are looking for a dedicated fintech software development company to build the best digital wallet app for your business, VLink is the right choice! From contactless payments to highly secure bank authorization, our eWallet development services will keep you ahead of payment revolutions.
In addition, you will get customized digital wallet development services for secure payments.
Do you need a digital wallet app like Apple Pay for your business? Contact us today!
FAQs
An Ultimate Guide to POS Software Development: Features, Benefits, Tech Stacks & Costs