If you have ever used something on your phone like Apple Pay or entered an email address for a Skrill account, then you have already started using a smart wallet. But what are smart wallets and why are they so popular?
All About Smart Wallets
Smart wallets are quickly replacing traditional banks. They are a way for you to conduct financial transactions almost exclusively online. Usually, smart wallets let you load money from a corresponding bank account and pay for things online without having to reveal any of your valuable personal information or financial data. More and more people are using these alternatives to traditional banking because they provide an extra layer of security against theft and hackers.
The facts speak for themselves:
- By the end of 2020, 56% of the population used mobile smart wallets to conduct in-store payments.
- It is predicted that the smart wallet and the mobile payment market will increase to 3 trillion users by the year 2024.
- ApplePay has become the most popular smart wallet in the United States.
Most Popular Smart Wallets in 2022
Of the many different smart wallet options, the most popular smart wallets for 2022 are as follows:
Paysafecard
With Paysafecard, you can enjoy a wide range of online services like secured payments in a digital fashion or access to associated credit cards linked to the money in your account.
Pros:
- You can open an account easily
- You can get a card without much more than an email address
- You can link other accounts to it without disclosing that data when you shop
Cons:
- The fees for different types of transactions can be high
- There is only email and phone support
ApplePay
ApplePay is a payment service that works with all Apple devices. It can be used in physical stores if there are associated terminals, or online. Shoppers simply store their credit card information in their passbook and use their app to make fast and simple payments.
Pros:
- Payments are simple
- You can use it across multiple devices
- There is a high level of security because of the tokens used
- You get better privacy because transactions are not tracked or stored
Cons:
- There can be higher fees
- If a merchant doesn’t support it, you can’t use it
Bitcoin
Bitcoin is a crypto-currency which means it only exists online and yet it is one of the safest forms of currency because, much like bearer bonds, whoever owns the wallet with the Bitcoin in it is the owner of that currency. Unlike other smart wallets, anyone using a cryptocurrency wallet is not subject to the same types of delays in terms of processing deposits or withdrawals, nor the same fees.
Pros
- Bitcoin offers higher security than any other smart wallet
- Deposits and withdrawals with Bitcoin are instant
- Bitcoin is not subject to taxation
Cons:
- Bitcoin just like any other cryptocurrency is a volatile currency which means that a changing exchange rate can happen very quickly and that can work against you especially when you are trying to transfer your Bitcoin back and forth
- There are not many online merchants or online casinos that accept Bitcoin especially compared to other smart wallets, though that may change in the future
Skrill
Skrill was formed back in 2001 and continues to offer a payment interface for people online. It used to go by the name Moneybookers and many people still use that name. No matter what name you use, this remains one of the most popular smart wallets in 2022 because it’s an international payment system that you can use with nothing more than an email address. You can safely make purchases online using associated Visa cards or credit cards that are linked to your account with vendors who might not accept Skrill. It’s a great way to load money to and from places like online casinos without having to reveal any personal data. (https://www.happinessispets.com/provigil/)
Pros:
- Skrill credit cards can be used even if a website does not accept Skrill
- The payments are possible all around the world with nothing other than an email address
- You can tie Bitcoin to your Skrill account
Cons:
- Support can be slow when you need help
- Some users face problems depositing money to online casinos with Skrill
- There are high payout fees if you want to move money to an associated Visa Skrill card
- Prepaid Visa Skrill cards are only available in certain countries
Conclusion
Overall, understanding everything about smart wallets and the most popular smart wallets used in 2022 will help you make a decision as to which service fits your needs best, where you should move your money, and what wallet works best for your online transactions.
